Mortgage Lenders "Target Vulnerable Groups"
This blog has consistently denounced the push for subprime loans as a dangerous trend that will place people in over-priced homes with mortgages they can't afford. New York State Attorney General Eliot Spitzer has a different view, but is going after the industry none the less.
"Spitzer..is looking at whether minorities, the elderly and other "vulnerable groups" are being targeted by questionable lending practices. Subprime loans are made to borrowers with lower credit ratings because of past payment problems, high debt-to-income levels and other factors."
It's just another facet of the massive fraud, of course. Mr. Spitzer could have framed it as a doomed effort to keep the market from falling and to profit in the process. Countrywide Financial is a subject of the probe; there may be some justice left after all.