Post #4095196
2026-07-25 10:48 UTC
Lenders can tip the scales in their favor by making up arbitrary junk fees, and a smart lender waits until the house is almost paid off before whacking the borrower with a ton of these fees. The borrower misses a payment, the seller repossesses the house and sells it again:
https://ippsr.msu.edu/public-policy/michigan-wonk-blog/re-emergence-contract-buying-practice-rooted-mid-20th-century
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Replies (1)
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@pluralistic@mamot.fr 2026-07-25 10:48
Contract lending never went away. Wherever you find a desperate, disfavored group who are locked out of the credit system, you'll find scumbag contract lenders running this scam. Take long-haul truckers, among the most exploited workforce in America. 20/