Bills target ‘wraparound’ mortgages The small, often handwritten signs are common sights at busy intersections in Austin and El Paso: “House for Sale. No credit needed. $10k down.” But answering such advertisements is one way unsophisticated buyers come in contact with unscrupulous lenders who specialize in a practice known as “predatory wraparound mortgages,” according to legal aid attorneys and banking regulators.
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