How Does CIT Group Interact with American Seniors? By Foreclosure, Mostly

While the opportunity to be a spokesperson for a reverse mortgage company may be appealing to failed presidential candidates and Hollywood actors, the loans can have very real, very dangerous consequences for seniors and their family members.

A recent case in Minnesota illustrates this problem- and how a subsidiary of CIT Group, Financial Freedom, is playing an outsized role in foreclosing on seniors.  The story below cites CRC research finding that Financial Freedom has been responsible for 39% of reverse mortgage foreclosures since 2009- despite only servicing an estimated 17% of the market.

Fox 9: Commerce Commissioner calls ‘widow foreclosures’ a ticking time bomb (May 2016)

Financial Freedom foreclosing on Minnesota Widow

 

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