Discussion on Wells Fargo’s “Ghetto Loans” and the &qu

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 50055

http://mandelman.ml-implode.co.....ud-people/

Dud? Joined: 29 Jun 2009 Posts: 1

Martin,

I'm not a homeowner, I'm a single father. I spent13 years raising 2 kids and leading a mostly solitary lifestyle. What's this got to do with your topic? You decide: When I finally began dating again (2003) I was living in Dallas and allowed myself to be "set up" with many different females (mostly AA) within a relatively short period of time.

What did they all have in common (besides good taste)? All of them were young single women HOMEOWNERS. I was stunned. I had no idea so many women were making enough to afford very nice qtr mil homes on a single salary. Until I dated one who sold homes.

The way the whole thing has been perverted is intentional. No one will allow the victims to get punished again, right? These women weren't unintelligent, or gullible. They were "investing".

Flash in the pan Joined: 10 May 2009 Posts: 47

And what does the current administration have to say on the subject? Nothing...nada...zippo!

What is the Barrackracy that's already in place doing to ferret out and punish these predatory lenders? What?...you can't find them, you say? It shouldn't be that hard. Our government has their addresses. They're continuously sending them billions of dollars to perform loan modifcations for these victims. NEWS FLASH...THEY SUCK AT IT! BECAUSE THEY WANT TO SUCK AT IT! And our government knows it, and condones it.

Here's an idea Mr. Obama. Let's quit the charade. Let's have the banks write a $20,000 check to each predatory lending victim, and they'll agree to walk away from their home. Consider it both compensatory and punitive damages. Then send us tax payers the bill....we're used to it! At least these victims can get on with their lives.

This administration is pretending to be concerned with home owners losing their homes, while they aggressively pursue shutting down effective private loan modification companies. This administration has no "REAL" desire to help these home owners. It is PROTECTING the banks and lenders from their out and out fraud and predatory lending practices.

And I thought the Republicans were in the pocket of big business.
Sticks! We Need Sticks!

Posted: Wed Jul 01, 2009 9:13 am

ABD3, I think you missed the point. 16% of blacks earning over $68,000 had sub-prime loans, compared to 2% of white homeowners making the same amount of money. How many of those loans would not have defaulted if the borrower had one of the very low conventional rates available at the time?

I had plenty of first-hand experience with this; I worked from 2002-2005 for a company that did a lot of radio advertising, and I talked to dozens of African American clients who had good credit and terrible loans. 2-year fixed loans with a massive re-set and a 3-year Pre-pay was my favorite.

Dud? Joined: 01 Jul 2009 Posts: 3

Unless you have been living under a rock in America for the past 400+ years, you cannot absolutely in any form or fashion believe that pervasive racism is a thing of the past just because President Barack Hussein Obama is in the White House.

One of the things that ALL AMERICANS must re-embrace is personal responsibility for the decisions we make as individuals, which includes doing our proverbial homework and walking away when our best interests are not promoted or protected. When did "Caveat Emptor" become obsolete? To paraphrase R. Don Peebles, an African American real estate mogul, set your terms and be prepared to get up from the table and walk away if they are not met. We have to remember that banks/lenders make money by lending which puts Borrowers in the power seat, if they are prepared to sit there.

Dud? Joined: 09 Jul 2009 Posts: 1

I worked for a major bank lender and there was always a tacit understanding that minorities AND poor whites were easy targets. The main themes were lack of financial sophistication and desperation. The banks were VERY aware that this was going on (Wink/Nod) but would never admit it...Duh. Too much money was at stake....this will ALWAYS lead to corruption. The solution? IT'S REGULATION STUPID! But intelligent regulation meant to keep things under control. Bear in mind that numerous minority loan officers cut their piece of the pie......there is no denying this fact. Greed unchecked will always lead to this conclusion. Republican BS about free markets is just that.....Keep your hands off my stack! I'd welcome debate on this subject.