According to the New Mexico Attorney General, lenders ignored numerous red flags in working with a 78-year-old Chimayó woman who clearly couldn’t afford her mortgage. The woman had filed a complaint with the AG’s office alleging her signature was forged and other information on the mortgage application falsified.
The lawsuit states the woman only makes $501 a month but was signed up for a mortgage with a monthly payment of $1,500.
“Three times the amount of money that she has available in total,” AG’s spokesman Phil Sisneros told KRQE News 13. “That should have sent a red flag to somebody somewhere in the very beginning in the mortgage application process.
This is likely the first time the AG’s office has gone up the full chain of command, if you will, from the banks, to the mortgage services to the individual brokers.”
A news release from the attorney general identified the defendants in the Chimayó suit as Deutsche Bank, US Bancorp, Saxon Mortgage Brokerage, North American Specialty Insurance Co., Orlinda Martinez, Angelica Duran and Mountain View Mortgage
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