Posted 12/20/2023, 5:11:03 PM
Feds Sue Texas Development for 'Bait-and-Switch' Sales Targeting Hispanic Buyers
- DOJ and CFPB are suing Colony Ridge development in Texas for "bait-and-switch" sales and predatory lending
- Lawsuit alleges Colony Ridge targeted Hispanic buyers with false statements and high-interest loans
- Development sold flood-prone land without infrastructure and exploited language barriers
- Colony Ridge has led to thousands of foreclosures and resells plots at higher prices
- Suit seeks to stop alleged unlawful practices, provide consumer redress, and impose civil penalties