Colony Ridge maintains marketing strategy despite DOJ lawsuit for predatory lending
Colony Ridge: A Controversial Land Development Under Fire
Colony Ridge, a massive land development in northeast Houston, Texas, has become a hotbed for illegal immigrants. Despite facing a lawsuit from the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) for their “predatory” practices, Colony Ridge has made no changes to its marketing strategy targeting the Spanish-speaking population with no credit requirements.
The DOJ and CFPB jointly filed a lawsuit against Colony Ridge, accusing the developers of engaging in a cycle of foreclosure and targeting Hispanic borrowers with false statements and predatory loans. However, the development continues to market to potential buyers in Spanish, assuring them that they can purchase property without credit checks.
Colony Ridge’s commitment to attracting buyers without credit checks is evident in their Instagram account bio, which boldly states “no necesita crédito” (no credit needed). Their marketing campaign includes engaging ads featuring dancing employees and captions in Spanish, emphasizing the ease of buying land without credit checks.
Public officials have criticized Colony Ridge for enabling illegal alien settlement in the United States and enticing desperate foreign populations with the promise of low-cost, no-questions-asked property ownership. The development’s advertisements, which encourage buyers to “own land in the United States,” have drawn attention for relying on Individual Taxpayer Identification Numbers, a form of identification often used by illegal immigrants.
Despite the lawsuit and warnings from the DOJ, Colony Ridge’s marketing campaign remains unchanged. Recent Instagram ads continue to promote the opportunity to own a home without credit checks, even after the federal lawsuit was filed.
While Colony Ridge boasts about not checking credit, it has faced criticism for its high foreclosure rate. Nearly half of the 35,000 properties sold by the development have ended up back in their hands, with buyers charged a steep 12.9% interest rate.
As illegal immigration reaches record highs, with millions of apprehensions and estimated gotaways, Colony Ridge’s practices have come under increased scrutiny. The development is now facing investigations from the Environmental Protection Agency, the Internal Revenue Service, the Army Corps of Engineers, and the Texas Commission on Environmental Quality.
Despite these controversies, representatives for Colony Ridge have not responded to requests for comment.
Bout loan terms and
Can PAA provide flexible loan terms based on individual borrower needs, such as repayment schedules or interest rate adjustments
Yes, PAA (Progressive Asset Accumulation) can provide flexible loan terms based on individual borrower needs. This may include options for repayment schedules and interest rate adjustments. PAA aims to cater to the unique requirements of each borrower and work towards a loan structure that is feasible and beneficial for them. It is advisable to directly contact PAA to discuss specific loan terms and inquire about their flexibility.
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