"In New York City in 2005 and 2006 ... black "affinity marketing" mortgage brokers fanned out through the poorer areas, targeting homeowners with substantial equity in their homes. Edward Jordan, a seventy-eight-year-old retired postal worker, has owned his home since 1975 and was just a few years from paying off his mortgage. He was approached by a broker who told him that he was overpaying; she could get him a rate of only 1 percent. Jordan sought out another broker, who confirmed that that was so, and placed a mortgage for him with Countrywide. Total fees were $20,000.The Trillion Dollar Meltdown, Charles R. Morris (70-71)
"After the deal was closed, Jordan, who had trusted the brokers, discovered that the interest rate would quickly escalate to as high as 9.95 percent. When he complained to Countrywide, the firm's loss-mitigation group offered him an interest-only alternative, but at a higher rate, and with steadily escalating principal, so monthly payents would eventually rise to several times Jordan's income. Jordan, who lives solely on his pension, is now afraid he will lose his home. He also happens to have a credit score of 800, which places him among the 13 percent best credit risks in the country. On any construction of the deal, he was robbed by Countryside. The files of the legal services organization in the area where Jordan lives are bulging with cases like these. And the most active lenders were the big national players, like Countrywide, New Century (now bankrupt), and Fremont General."
See also "Blaming the Poor" at Commonweal.