Thursday 24th August 2017,

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SI Advance: Asian American homeowner accuses bank of preying minority borrowers

posted by Randall
foreclosure

Jeffery Turner

An Asian American homeowner on Staten Island has sued a bank alleging it preyed on minority homeowners with subprime loans, reports SI Advance (photo by Jeffery Turner)
 
“I was tricked. Honestly, that’s how I feel,” Tony Wong told the Advance. “It was a nightmare.”

Wong says he was desperate for cash after his divorce and took out a loan that Barclays Bank knew he couldn’t repay.

He said the loan was supposed to enrich his bank account, but it drained it instead with an 11 percent interest rate.

Manhattan-based nonprofit MFY Legal Services filed the lawsuit on Wong’s behalf.

“Barclays should be held responsible for its fraudulent conduct, and borrowers like Mr. Wong should be made whole for the suffering Barclays caused them,” his attorney Elizabeth Lynch said.

Barclays declined comment on the lawsuit.

You can read how the lawsuit alleges Wong is not alone in being taken advantage of in SI Advance.

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