The Victims of Predatory Mortgage Lending

"I receive calls every week from mortgage companies and credit card companies that are eager to lend me more money."
- Leah Pyy, a resident of Maine who nearly lost her home because of predatory lending

Being forcibly removed from one's home is one of the most stressful and devastating events a family can experience. In the U.S., the number of homes lost through mortgage foreclosures has climbed dramatically in recent years, causing families, lenders and investors to lose millions of dollars.

Each year we hear from hundreds of individuals who have been victims of predatory mortgage lending. They come from all walks of life and describe many different kinds of lending abuses, including being steered into loans packed with abusive terms and excessive fees when they could have qualified for a more affordable loan. Some families never fully recover from the financial loss resulting from such loans.

Leah Pyy has lived in Maine my entire life. She grew up in Falmouth, where her family lived in a clam shop with no running water. Owning a home has always been important to her. Having a house with a yard became even more important in 1992, when her grandchild, now 13 years old, came to live with Leah and her husband.

>> Read Leah's Story

Ira and Hazel have lived in their home in northern Portland for 21 years. They purchased their home in 1983, shortly after getting married, financing their purchase with a loan from the Veterans’ Administration. By 2002, they had nearly paid off their first mortgage. Then in December of 2001, they received a live check in the mail from Wells Fargo Financial for a little over $1,000.

>> Read Ira's Story