Foreclosure Rescue Scams: A Nightmare complicating the American Dream” – A research study by NCRC

Today, the National Community Reinvestment Coalition released a report addressing the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative solution and added public and private oversights and enforcement are necessary to prevent consumers from being harmed.

Foreclosure modification scams have been a problem for years. However, this insidious practice has become more prevalent in the recent increase of foreclosures. Scammers mislead homeowners into believing that they will get a modification that significantly lowers their payment, or stabilizes an exploding adjustable rate mortgage or “ARM.” Common scams perpetuated against consumers, include phantom help, reverse mortgages, title theft, and short sale fraud. Often times, scams come in the form of ads in the newspaper, internet, public files at local government offices, television and personalized letters to homeowners.

Click here to read the report in its entirety.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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