New York – Regulator Probes So-called ‘Hard Money Lenders’

    0

    File: A customer counts his cash in Flushing, New York March 27, 2010. REUTERS/Jessica RinaldiNew York – Regulator Benjamin Lawsky has launched an investigation into potential predatory practices by lenders who make short-term, high-interest loans secured by homes or other real estate.

    Join our WhatsApp group

    Subscribe to our Daily Roundup Email


    Lawsky, superintendent of the state Department of Financial Services, sent subpoenas to nine so-called “hard money lenders” seeking information about their loan policies and marketing materials, his office said in a statement on Tuesday.

    The regulator is probing whether the companies are intentionally structuring hard money loans with onerous terms that may be driving borrowers into default.


    Listen to the VINnews podcast on:

    iTunes | Spotify | Google Podcasts | Stitcher | Podbean | Amazon

    Follow VINnews for Breaking News Updates


    Connect with VINnews

    Join our WhatsApp group