"Texas Housing Developer Faces Federal Lawsuit for Targeting Hispanic Homebuyers in Alleged Predatory Scheme"
The Biden administration has filed a lawsuit against Colony Ridge, a housing developer in Texas, accusing them of predatory lending and dishonest sales practices that targeted predominantly Hispanic buyers. Federal prosecutors allege that Colony Ridge illegally targeted and pressured Hispanic buyers with little or no credit, offered financing without verifying the ability to pay, charged excessive interest rates, and misrepresented properties in their marketing materials. The development, which attracted attention for attracting undocumented migrants, has faced criticism from both Texas Republicans and local residents for straining local resources and causing damage to roads, flooding, and crime. Colony Ridge denies the allegations.