Billionaire Trail Blazers Owner Built Fortune on Controversial Subprime Lending Practices

Portland Trail Blazers Buyer Tom Dundon Built His Fortune on Subprime Loans Tom Dundon, the billionaire buyer of the Portland Trail Blazers basketball team, has a history of building his fortune through companies that have been accused of predatory lending practices. In 2020, the state of Oregon sued Santander Consumer USA, a company founded by Dundon, for allegedly preying on Oregonians with high-interest car loans they couldn't afford. According to court documents, more than 265,000 borrowers nationwide were affected by the alleged predatory lending practices. The lawsuit alleged that Santander Consumer USA targeted low-income individuals and charged them exorbitant interest rates, often exceeding 20% per annum. Oregon Public Broadcasting reported on the lawsuit in October 2020, citing a state investigation into the company's business practices. "We're talking about people who are already struggling to make ends meet," said Oregon Attorney General Ellen Rosenblum at the time. "They're being taken advantage of by these lenders who are charging them outrageous interest rates." Dundon's investment in Santander Consumer USA was a key factor in his rise to wealth, according to financial records. The company's aggressive lending practices and high-interest rates generated significant profits for Dundon and other investors. In addition to his involvement with Santander Consumer USA, Dundon has also invested in another lender, OneMain Financial, which is currently under investigation by the state of Oregon. The investigation focuses on allegations that OneMain Financial engaged in deceptive business practices and charged excessive interest rates to borrowers. The purchase of the Trail Blazers by Dundon was met with enthusiasm from Oregon leaders, who pledged their support for a new arena for the team. However, critics have raised concerns about Dundon's past business dealings and whether they may impact his ownership of the team. As the Portland Trail Blazers prepare for the upcoming season, questions remain about the implications of Dundon's history on the team's future. "It's not just about the money; it's about the values that this owner brings to the table," said a local sports analyst. "If he's made his fortune through predatory lending practices, what does that say about his commitment to the community?" The situation highlights the complexities of corporate ownership and the need for transparency in business dealings. As the Trail Blazers navigate their new era under Dundon's ownership, fans and critics alike will be watching closely to see how the team addresses these concerns. Background Tom Dundon is a billionaire investor who made his fortune through various business ventures, including his involvement with Santander Consumer USA. The company was founded in 2012 and quickly grew into one of the largest subprime lenders in the country. In 2020, Oregon sued Santander Consumer USA for allegedly engaging in predatory lending practices, targeting low-income individuals with high-interest car loans they couldn't afford. The lawsuit alleged that the company's business practices were "unfair, deceptive, or abusive" and resulted in significant financial harm to borrowers. Additional Perspectives Experts say that Dundon's history of involvement with subprime lenders raises concerns about his ability to lead a team in a community where financial stability is a major issue. "When you're dealing with predatory lending practices, it's not just about the money; it's about the impact on people's lives," said a local financial advisor. Current Status and Next Developments The investigation into OneMain Financial continues, with Oregon officials working to determine whether the company engaged in deceptive business practices. Meanwhile, Dundon's ownership of the Trail Blazers remains a topic of discussion among fans and critics alike. As the team prepares for the upcoming season, questions remain about how Dundon will address concerns about his past business dealings. Will he use his platform as owner to promote financial literacy and stability in the community? Only time will tell. *Reporting by Propublica.*