Mortgage Lender to Underserved Groups Accused of Lying About Borrowers
- Community lender is designed to focus on underserved borrowers
- Company points to restraining order against former employee
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Change Company, a mortgage lender set up to focus on poor and minority borrowers, has been accused by a former employee in a lawsuit of lying to the government and its bondholders about who is actually receiving loans.
The lawsuit filed by Adam Levine, a former chief of staff who was fired from the company, alleges that the company misrepresented the race, ethnicity, and income level of its borrowers in reports to the US government. He is suing for unlawful termination.