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Money Watch (Borrower Beware) #790762

ABC Evening News for Saturday, May 21, 2005
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(Studio: Bob Woodruff) Congressional investigation of abusive mortgage lending practices noted.

(Harrisonburg, Virginia: Gigi Stone) One case of "predatory lending" examined; details given about a loan from First NLC Financial Services of California; details given of mortgage reform laws in some states. [In Virginia, widow Wanda SMITH - laments the loss of her house.] [Smith attorney Tom DOMINOWSKI‡- says the company took advantage of her.] [Consumer advocate Mike CALHOUN - says predatory lending is rampant.] Statement from First NLC quoted.

(Studio: Bob Woodruff, Mellody Hobson) Advice on dealing with loan companies, for first-time home buyers & for investment in real estate discussed.

Woodruff, Bob;
Stone, Gigi;
Hobson, Mellody

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