Appearing in ProPublica on July 12, 2023, Jessica Lussenhop quotes Sarah Bolling Mancini in coverage of a U.S. Senate subcommittee hearing on alternative home financing deals that leave unwitting buyers financially devastated and unscrupulous sellers free to resell the properties.
These financial products are a “costly and harmful detour from homeownership….NCLC estimates that the failure rate for these transactions is well above 50%. And this is a conservative estimate.”
Sarah Mancini, co-director of advocacy at the National Consumer Law Center
Mancini testified that she believes that contract for deed agreements fall under federal laws like the Truth in Lending Act, but that they are “being violated left and right, and no one is enforcing it.” She said that the Consumer Financial Protection Bureau and state attorneys general should be tasked with enforcement.
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