Foreclosure Crisis Hits Hard in Brooklyn
Milagros Munoz of Brooklyn blames a mortgage broker for lying about her income so she could buy a home she never could have afforded otherwise. And now she is a victim of predatory lending. Or is she?
Handouts to refinance risky mortgages amount to a giant subsidy to the financial institutions that looked the other way in the first place.
Why should Munoz be refinanced, versus anyone else going through foreclsoure and losing their house?
"I want it."
What happens to property if the projected 2 million people don't lose their houses?
Houses stay too expensive.
• 
• 
• 
• 
• 
• 191 reads
| |
Copyright © 2006–2009 by
clickcampaign marketing.
Some Rights Reserved.
Copyright Policy and Terms.
Designated trademarks and brands are the property of their respective owners.
This situation is not new. Predatory Loans/ Sub prime lending has been around for some time now (not just in mortgages). The current Sub Prime Market was issued in a way to get people PAID! at the expense of the borrower. Nothing wrong with that, people got to pay the bills as well.
Ms. Munoz could never fabricate her papers in a way that would attractive to a loan company, so the Broker has conducted high level of fraud and not only to the lender but to Ms. Munoz as well, creating a ring of appraisers, lawyers, broker that scam the potential homeowner into such a loan. But how can the Lender/ Banks act innocent, when they were aggressive in communities that were high in equity?
Ms. Munoz gets NOTHING for doing an interview such as this, she is not advocating just for herself, but for others as well. A REFINANCE WILL NOT SUFFICE in this situation. If that was the case she would have done that a long time ago. The homes are over appraised! NEW YORK CITY market is sick! sick! seriously.
WRITE DOWNS IS THE RIGHT WAY. 2 MILLION.
The economy has always been on the backs of low income people and this is prime example of one idea gone wrong.
Post new comment