Category Archives: Political & Legislative Developments

Senior Foreclosure Rescue Scams

It should be no surprise that senior citizens are the target of the latest financial scam – foreclosure rescue scams. At a hearing yesterday of the Senate Special Committee on Aging, Chairman Herb Kohl said seniors are three times more likely to have sub-prime mortgage loans than younger borrowers and these loans have driven the large increase in foreclosures.

“Senior homeowners are particularly vulnerable to rescue scams because many of them are on fixed incomes and rely on the equity in their homes as their primary financial asset. They are also particularly attractive to financial predators because they tend to have a larger amount of equity in their homes,” Kohl said.

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