{"id":2129824,"date":"2023-12-20T12:43:02","date_gmt":"2023-12-20T17:43:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-doj-sues-colony-ridge-for-bait-and-switch-sales-predatory-financing\/"},"modified":"2023-12-20T12:47:14","modified_gmt":"2023-12-20T17:47:14","slug":"biden-doj-sues-colony-ridge-for-bait-and-switch-sales-predatory-financing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-doj-sues-colony-ridge-for-bait-and-switch-sales-predatory-financing\/","title":{"rendered":"Biden&#8217;s DOJ sues Colony Ridge over deceptive sales and predatory financing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-doj-sues-colony-ridge-for-bait-and-switch-sales-predatory-financing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2129824&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration Takes Legal Action Against Colony Ridge for Predatory Practices<\/h2>\n<p>The Department of Justice and Consumer Protection Financial Bureau, under\u200d the Biden administration, have filed a\u200d lawsuit against Colony Ridge, a massive development\u200c in\u2062 Texas, for engaging in &#8220;bait-and-switch&#8221; land sales and predatory financing practices. This legal action comes as the\u2062 development has become a hub for\u2064 illegal immigrants.<\/p>\n<p>The lawsuit, announced today\u2064 and filed in the U.S. District\u200c Court for the Southern District of Texas, alleges that Colony Ridge sold flood-prone land \u2064without \u200dessential infrastructure like water, sewer, and electricity. Furthermore, it is claimed \u2064that the company exploited a\u2062 language barrier to\u2064 deceive customers, conducting most of its marketing in Spanish while providing crucial transaction documents only in English.<\/p>\n<p>United States Attorney General Merrick Garland emphasized, &#8220;Today&#8217;s complaint alleges that Colony Ridge targeted \u200bHispanic consumers with\u2064 predatory loans, misled borrowers about the water, sewer, and \u200belectrical infrastructure on its lots, and exploited language barriers by conducting most\u200d of its marketing \u200din Spanish while offering \u2063important \u2064transaction\u2064 documents \u200conly in English.&#8221;<\/p>\n<p>A September investigation by The Daily Wire shed light on the development&#8217;s \u200cmarketing practices,\u2063 which seemed to target individuals residing in the \u200cUnited States\u2062 illegally. Colony \u200dRidge sold affordable plots of \u2062land at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawley-gets-pushback-from-banking-groups-for-bill-to-cap-credit-card-rates-at-18\/\" title=\"Banking groups oppose Hawley's bill to limit credit card rates at 18%.\">exorbitant interest rates<\/a>, specifically\u2064 appealing to buyers who were ineligible for traditional loans, such as illegal \u2062immigrants.<\/p>\n<p><strong>READ \u200bMORE: \u200c <a href=\"https:\/\/www.dailywire.com\/news\/inside-colony-ridge-the-fastest-growing-development-in-the-u-s-is-a-magnet-for-illegal-immigrants\">Inside Colony Ridge: The &#8216;Fastest Growing Development&#8217; In The\u200b U.S. Is A Magnet For Illegal Immigrants<\/a><\/strong><\/p>\n<p>The lawsuit names\u200c Colony Ridge, led by developers and brothers William &#8220;Trey&#8221; Harris and John \u2063Harris, as defendants. The DOJ \u200dand CFPB accuse the company of operating an \u2063illegal land sales scheme and targeting tens of thousands of\u2064 Hispanic borrowers with false statements and predatory\u2064 loans. Notably, Trey Harris is \u200ca significant political \u200cdonor in Texas, having contributed over $1 million to Republican Gov. Greg Abbott and other prominent politicians.<\/p>\n<p>The announcement of the suit reveals that Colony Ridge engages in a cycle of foreclosure, allowing them to repurchase foreclosed properties and resell \u2062them at\u2063 inflated prices. Additionally, the \u2064development \u2062takes advantage of language barriers, placing borrowers at a disadvantage.<\/p>\n<p>&#8220;Colony Ridge promised the\u200b American\u200b dream, but we allege that in reality, \u200bit \u200chas delivered a nightmare for thousands of hardworking Hispanic families who hoped to build their\u2064 homes in the Terrenos Houston community,&#8221;\u200b stated Assistant Attorney General Kristen Clarke of the Justice Department&#8217;s Civil Rights Division. CFPB Director Rohit Chopra described \u200bthe operation as a &#8220;set-up-to-fail scheme that has led thousands of families to lose their dreams of homeownership.&#8221;<\/p>\n<p>U.S. Attorney Alamdar S. Hamdani for the Southern District of Texas accused Colony Ridge\u200c of exploiting the age-old immigrant&#8217;s dream of owning a home, utilizing modern social media applications to target and mislead consumers.<\/p>\n<p>The complaint seeks to halt Colony Ridge&#8217;s unlawful practices, provide compensation to affected consumers, and impose a civil penalty payable to the\u200c CFPB victims relief fund.<\/p>\n<p>Colony \u200bRidge has been the subject\u2064 of multiple investigations by The Daily\u200b Wire, shedding light on \u2064the development&#8217;s\u2064 marketing practices, which appear to target individuals residing in the United States illegally.<\/p>\n<p> <\/p>\n<h2> How did Colony Ridge \u200dattract undocumented immigrants looking for\u200b a place to settle\u2064 down? <\/h2>\n<p><span>  \u2063Idge: The Fastest Growing Development in the U.S. is a Magnet for\u2063 Illegal Immigrants<\/a><\/strong><\/p>\n<p>Colony Ridge, located in\u2061 southeast\u200d Texas, emerged\u200c as a prime \u200ddestination for\u2064 undocumented immigrants\u200c looking \u200bfor a place to settle down. With its affordable land prices\u200d and seemingly easy financing options,\u200d the development attracted a \u200csignificant\u200c number of buyers who were unable to\u2062 obtain loans\u2064 through traditional means. However, the Biden \u200badministration sees these practices as exploitative and detrimental to both the buyers\u200d and\u2062 the surrounding community.<\/p>\n<p>According to\u2064 the complaint, many of the lots\u200c sold by Colony Ridge were \u200dprone to flooding, making them unsuitable for construction. Moreover, the \u200ccompany failed to\u2062 provide essential infrastructure such as water, sewer, and electricity, leaving buyers with unlivable properties. These predatory\u200c practices disproportionately affected Hispanic consumers, who were targeted with misleading marketing strategies and high-interest loans.<\/p>\n<p>The language\u200b barrier played a crucial role in Colony Ridge&#8217;s deceptive tactics. Although the majority \u2064of the marketing was \u2064conducted in Spanish, crucial transaction documents were only\u200d provided in English. This exploitation of the language divide allowed Colony Ridge to deceive customers and hide critical information about the properties they\u200d were purchasing.<\/p>\n<p>The legal action \u200ctaken by the Biden administration aims\u200c to hold Colony Ridge accountable for these predatory practices and seek restitution for those affected. \u200dThis lawsuit \u2064reflects the administration&#8217;s commitment to \u200dprotecting consumers and ensuring fair and transparent business practices \u200cin the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blm-co-founder-patrisse-cullors-rails-against-white-supremacist-housing-market-weeks-after-splashing-out-millions-on-real-estate\/\" title=\"BLM Co-Founder Patrisse Cullors Rails Against \u2018White Supremacist\u2019 Housing Market Weeks After Splashing Out Millions On Real Estate\">real estate industry<\/a>.<\/p>\n<p>Texas has long been\u2063 a hub for both legal and undocumented immigrants, and it is crucial to create an environment that \u2064safeguards the rights \u2062and \u200binterests of all individuals. The Biden administration&#8217;s legal action against Colony\u2063 Ridge is an important step in ensuring that vulnerable populations are not taken\u2064 advantage \u200cof and that developers \u200dare\u2064 held accountable for their actions.<\/p>\n<p>As\u200c the lawsuit \u200bunfolds, it will shed further light on the practices and policies within the real estate industry that exploit consumers and\u200c harm\u2062 communities. The outcome of this legal \u2063battle can set a precedent for future\u2064 cases and deter other developers\u200b from engaging in similar predatory practices.<\/p>\n<p>The Biden administration&#8217;s \u200ccommitment to\u2064 addressing predatory practices in the real estate market extends beyond Colony Ridge. It signals a broader effort to protect consumers and promote fair and equitable opportunities for\u2063 all individuals, regardless of their legal status. By taking legal action against Colony Ridge, the administration sends a strong message that exploitative practices\u200d will not\u2064 be tolerated, and those \u2062who engage in \u2064such \u200cactivities will face the consequences.<\/p>\n<p>As the case progresses, it \u2064will be important to closely monitor the \u200bdevelopments and outcomes, as they will have implications not only for the affected parties but also for the larger real estate\u200c industry and the protection of consumer rights. The legal action against Colony Ridge underscores the importance of increased oversight and regulation to \u200bprevent predatory practices and ensure the well-being of\u200c consumers in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-cuts-key-interest-rate-amid-property-slump-currency-risks\/\" title=\"China reduces interest rate due to property market decline and currency instability.\">real \u200bestate market<\/a>.<\/p>\n<p>In conclusion, the Biden administration&#8217;s legal action against\u2063 Colony Ridge is a crucial step \u200dtowards addressing predatory practices in the real estate industry. By targeting deceptive marketing strategies,\u2063 exploitative\u2064 financing\u200b practices, and inadequate infrastructure, the administration seeks to \u200cprotect vulnerable\u200c populations and promote fairness \u2064and transparency\u2062 in the market.\u2063 This case serves as a reminder \u200bthat consumer protection and social responsibility should\u2063 be at the forefront of all business practices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration is suing Colony Ridge, a large development near Houston, Texas. The lawsuit accuses the company of engaging in deceptive sales tactics and predatory financing practices, attracting undocumented immigrants. The suit was filed today in the U.S. District Court for the Southern District of Texas<\/p>\n","protected":false},"author":503,"featured_media":2129825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2129824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2129824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/503"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2129824"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2129824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2129825"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2129824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2129824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2129824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}