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Colony Ridge: Sued For ‘Bait-And-Switch’ Sales, Predatory Financing

Biden’s DOJ is suing Colony Ridge in Texas, claiming that they mislead customers, most of whom are illegal immigrants who cannot get a conventional loan to buy property. They sell property in flood plains and without water, sewer, or electrical infrastructure. The Biden administration’s Department of Justice and Consumer Protection Financial Bureau are the ones who are suing Colony Ridge for predatory financing at incredibly high interest rates. The lawsuit was filed with the U.S. District Court for the Southern District of Texas.

United States Attorney General Merrick Garland claimed:

“Today’s complaint alleges that Colony Ridge targeted Hispanic consumers with predatory loans, misled borrowers about the water, sewer, and electrical infrastructure on its lots, and exploited language barriers by conducting most of its marketing in Spanish while offering important transaction documents only in English.”

Previously, the Daily Wire had investigated the development and they found that the marketing plan for the development apparently was aimed at illegal aliens with all paperwork in English only, making it difficult for the buyers to understand what would be required of them. They would sell inexpensive plots of land at sky high interest rates. They could then repossess the land for nonpayment and then sell it again.

The announcement states that Colony Ridge, led by developers and brothers William “Trey” Harris and John Harris, is being sued by the DOJ and the CFPB for:

“operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.”

Assistant Attorney General Kristen Clarke stated:

“Colony Ridge promised the American dream, but we allege that in reality, it has delivered a nightmare for thousands of hardworking Hispanic families who hoped to build their homes in the Terrenos Houston community.”

She said the Harrises created a “set-up-to-fail scheme that has led thousands of families to lose their dreams of homeownership.”

From The Daily Wire

The announcement states that Colony Ridge, led by developers and brothers William “Trey” Harris and John Harris, is being sued by the DOJ and CFPB for “operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.”

The announcement of the suit states that Colony Ridge “churns through borrowers in a cycle of foreclosure,” allowing the company to repurchase foreclosed properties before reselling them, often at higher prices. It also states that the development “exploits language barriers at borrower’s expense.”

U.S. Attorney Alamdar S. Hamdani for the Southern District of Texas alleged that Colony Ridge “set out to exploit something as old as America – an immigrant’s dream of owning a home,” all by “Using 21st century social-media applications to target and mislead consumers.”

The complaint seeks to stop Colony Ridge’s alleged unlawful conduct, provide redress for affected consumers, and impose a civil penalty payable to the CFPB victims relief fund.

Colony Ridge has been the subject of multiple Daily Wire investigations highlighting the development’s marketing practices, which appear to be aimed at people who are in the United States illegally. 

 

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