New Portland Trail Blazers Owner Played Key Role at Company Oregon Accused of Predatory Lending
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Tom Dundon, the incoming owner of the Portland Trail Blazers, played a key role in a car loan company, Santander Consumer USA, that reached a $550 million settlement with Oregon and other states in 2020. The settlement stemmed from accusations of predatory lending practices. Internal documents reveal that Dundon, as CEO, pushed to waive income verification requirements for borrowers in 2013. Oregon officials alleged that these practices led to borrowers taking out unaffordable loans, almost certainly resulting in default and repossession. This news surfaces as Oregon officials consider allocating $870 million in public funding to renovate the Trail Blazers' arena, raising questions about the state's financial support for Dundon.
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Key Claims (5)
AI-ExtractedProof of income requirements protect borrowers from being sold loans they cannot afford.
Oregon is weighing $870 million in public funding to rebuild the Portland Trail Blazers' arena.
Oregon officials stated customers took out loans under the false pretense they would own the car.
Dundon pushed to waive proof of income requirements for car loans at Santander Consumer USA.
Tom Dundon's company agreed to a $550 million legal settlement in 2020 after being accused of predatory lending.
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