Financial education can disarm predatory lenders
George Pope, a 62-year-old disabled man living in Queens is convinced by a smooth-talking mortgage broker to refinance his home at a rate of $535 per month. Pope, however, only receives $558 in monthly income from Social Security. Despondent, Pope recalls: “Not being able to read, I got a loan that was predatory and I didn’t know it.” He now faces foreclosure on his home.