The Consumer Financial Protection Bureau, the nation’s top consumer watchdog, is stepping up an investigation into seller-financed home sales that target lower-income home buyers unable to get a traditional mortgage.
The regulatory agency on Monday disclosed that it recently ordered two major companies that offer high-interest installment contracts called contracts for deed to comply with a civil investigative demand for documents. The request is a sign that the investigation is advancing.
The two firms, which challenged the demand for documents, are Harbour Portfolio Advisors of Dallas and National Asset Advisors of Columbia, S.C….
Source: Federal Watchdog Agency Steps Up Inquiry Into Home Contracts – The New York Times