Thread: Suit: Bank, developer defrauded immigrants

Suit: Bank, developer defrauded immigrants




Feb 20, 2009 at 11:26 PM PST

Story Updated: Feb 20, 2009 at 11:25 PM PST
By KOMO Staff Watch the story KING COUNTY, Wash. -- An attorney has filed six lawsuits against the developer of a luxury condominium as well as JP Morgan Chase Bank for allegedly defrauding non-English speaking immigrants through predatory lending.

Bellevue Towers boasts luxury living at its finest. The units feature a state-of-the-art kitchen and floor-to-ceiling windows.

Attorney Jim Robinson said his clients, Daniel Kasimov and his wife, thought they'd sealed the deal on a $1.5 million unit in the complex.

But Kasimov only makes minimum wage, earning $20,000 per year.

"He was told, 'Don't worry about that. The bank would never loan you money that you couldn't afford to pay back,'" Robinson said.

Robinson represents six clients, all immigrants and many who can't speak English. He claims they've all fallen victim to predatory lending.

"Yes, they've been defrauded by lenders (through) predatory lending. And condo developers in general are desperate to pay off their construction loans, and they're looking to earnest money to do it with," he said.

Robinson said his clients lost hundreds of thousands of dollars in earnest money, which is now sitting in escrow. Kasimov borrowed $75,000 to put down as earnest money.

Robinson alleges JP Morgan Chase overstated Kasimov's annual income in order to pre-approve him for the loan. The pre-approval, however, never led to an actual loan and Kasimov lost his earnest money, Robinson said.

"I can't understand why they haven't given him the money back," he said. "It's come to this. I mean, this would not have been a lawsuit if they would've just given him the money back."

http://www.komonews.com/news/local/40018097.html

Are they immigrants or illegals? If they are illegals they have no rght to be here and got what they deserved. If they are immigrants that's another matter.

What I'd like to know is where all of the taxpayer money used to allegedly fund home buying education programs for "immigrants"......both legal and illegal.........really going?

From my understanding of it, these programs are supposed to be quite comprehensive in nature, providing everything from step by step education in the home buying process, definition of all the lingo, pro-bono real estate attorneys and other professionals to navigate contracts, etc.

And yet, millions of these people have been......we're told....outright swindled. Especially illegal alien Latinos. If they were doing what they claim to be doing with the funds they get, it stands to reason that these people would not be finding themselves in this mess.

Perhaps, right along with the "predatory lenders" the "predatory special interests" who are being given billions of dollars a year to protect the interests of these people, should be investigated as well.