Community Group Claims CitiFinancial Still Predatory.(Statistical Data Included)(Brief Article)
Borrowers are still being charged high interest rates by subprime lender CitiFinancial according to a new study by a community activist group based here.
The study by the National Training and Information Center found that in the first six months of the year, the average interest rate CitiFinancial charged borrowers here was 15.6%.
CitiFinancial had been trumpeting that it had cleaned up its act, including cutting off large numbers of mortgage brokers.
Furthermore, NTIC claimed nearly 40% of CitiFinancial customers were steered into loans that carried rates that were higher than for which they were eligible. Almost three out of four said they weren't treated fairly, and a fourth were having trouble making their payments. …
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