November 28th, 2007
Unscrupulous lenders target minorities,
The esteemed Reverend Jesse Jackson Sr, referring to the current mortgage debacle of sub prime loans and ballooning adjustable rate interest payment strategies, as a crisis, warned of economic chaos not experienced since the great depression.
Rev. Jackson Sr. demanded city council meetings to investigate and apply political pressure. Articulating in a way, only he can, Rev. said, “Rats run in holes when the lights come on. The city council can expose the lenders.” He further said, “People who are trapped are suffering in the dark alone.”
There are 30,000 homes in foreclosure and 85000 more threaten by late payments. A study by the National Community Reinvestment Coalition shows blacks of all income levels are twice as likely to receive high risk loans that can lead to loss of one’s home.
Thank God for the leadership of Rev. Jackson, he is bringing attention to another program that is contributing to more suffering for blacks. Please read this link, Unscrupulous lenders, to discover more and let me know your thoughts. Keep Hope Alive!
December 2nd, 2007 at 9:56 am
Just when you thought loaning institutions couldn’t sink any lower.
December 4th, 2007 at 4:13 am
This is such a shame, I know some people who are in the midst of foreclosures. These loans are made to look so attractive, especially to buyers who didn’t think that they could get a home loan, and when the bottom falls out, there is very little that the homeowner can do.
December 4th, 2007 at 12:30 pm
Sheila, thanks for the comment. Thanks for people like Rev. Jackson this rip off is being exposed.
December 4th, 2007 at 12:50 pm
Shawn, you have to wonder about the credit score system’s fairness as well. Nice to hear from you
December 4th, 2007 at 7:31 pm
Education is the key to keeping this from happening again. These companies can find a way to get you in a home. Sadly, it’s usually at the expense of the borrower. This is a sad time for many people. The courts are full of our people getting foreclosured on.
December 5th, 2007 at 4:42 pm
Theo, thanks and when it comes to these lenders; we have discovered more and more about less and less, and soon will know all about nothing!
March 29th, 2008 at 4:11 pm
I agree with Theo. Education is key. Lenders hand people rose colored glasses when they walk in the door–they never gave these folks all the information to make an informed decision.