Tales Of Predatory Lending In North Minneapolis

Over the last seven years, more than 136,000 Minnesota homes have gone into foreclosure – and Minnesota isn’t out of the woods yet. Last month, one out of every 902 Minnesota households received a notice of foreclosure. North Minneapolis residents, more than others, have felt firsthand the devastating impacts of the nation’s housing crisis.

That’s why Commerce Commissioner Mike Rothman and Congressman Keith Ellison teamed up Wednesday for a town hall forum on predatory lending and foreclosure in north Minneapolis.

Commissioner Rothman and Congressman Ellison took testimony from north Minneapolis residents whose lives, finances, and neighborhoods have been adversely affected by predatory lending tactics. The forum included a discussion about information and resources available to help Minnesota consumers make informed financial decisions, safely modify their home loans, identify scams, and avoid foreclosure.

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