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Seniors targeted in subprime refinancing

Susan Kelleher and Justin Mayo of The Seattle Times looked at how older borrowers and homeowners are targeted for predatory loans. Analysis of over 4,000 loans from Ameriquest Mortgage uncovered the trend of elderly homeowners being targeted for subprime refinancing that they would never be able to repay, resulting in the loss of their home and other assets. The project profiled a woman with Alzheimers who lost $2 million in assets, in part to predatory loans.

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