Comments on: Bush to expand housing bailout, Baltimore to sue mortgage lenders

By: Michelle Malkin » Bush and the minority lending shakedown

Michelle Malkin » Bush and the minority lending shakedown — Fri, 21 Nov 2008 04:29:06 +0000

[...] of pandering to the crony racial racketeers and exacerbating the mortgage crisis. (Background here, here, and [...]

By: Michelle Malkin » Chuck Schumer wants a second stimulus package

Michelle Malkin » Chuck Schumer wants a second stimulus package — Thu, 24 Jan 2008 18:18:58 +0000

[...] nose under the tent, as I’ve said before. I’m watching Chuckie Schumer on the Senate floor right now heralding Pelosi and [...]

By: Right Voices » Blog Archive » NYT’s: “There has been plenty of talk about “predatory lending,” but “predatory borrowing” may have been the bigger problem.”

Mon, 14 Jan 2008 00:11:28 +0000

[...] Bailouts for all! Bookmark to: Tags: NYT\’s,, Housing, Market,, Bailout,, Economy, ,, Media,, , Joel, Naroff,, Naroff, Economic, Advisors,, Jeannine, Aversa,, AP,, , Economics, Writer,, , Business, Coverage, Economy, Housing, Oil, &, Gas, Prices, Real, Estate, Stock, Market, Unemployment, Wages, &, Prices, Jeannine, Aversa, Larry, Kudlow, Paul, Ashworth, Morning, Call, Kudlow, &, Company, Associated, Press, CNBC [...]

By: Real Estate Radio USA Episode 37 | Real Estate Radio USA

Real Estate Radio USA Episode 37 | Real Estate Radio USA — Wed, 09 Jan 2008 23:29:14 +0000

[...] Bush to expand housing bailout, Baltimore to sue mortgage lenders [...]

By: Baltimore to sue mortgage lenders - Southern Maryland Community Forums

Baltimore to sue mortgage lenders - Southern Maryland Community Forums — Wed, 09 Jan 2008 05:57:46 +0000

[...] Meanwhile, Baltimore�s mayor is milking the subprime meltdown and doing her best Jesse Jackson imitation. Sheila Dixon announced that Charm City is suing Wells Fargo over alleged racial discrimination in lending: Hundreds of foreclosed homes in black neighborhoods resulting in millions of dollars of tax losses are the result of predatory lending, argues a federal lawsuit to be filed today by Baltimore City against one of the country�s largest mortgage lenders. The lawsuit accuses Wells Fargo Bank of targeting black homeowners in Baltimore with high-interest loans and deceptive lending practices, costing the city millions in tax dollars and resulting in one of the highest foreclosure rates of any lender in the city. �We can make the case that African-American homeowners were targeted by Wells Fargo with inferior mortgage products, and we have evidence that some of this practice may be illegal,� Sterling Clifford, spokesman for Mayor Sheila Dixon, said Monday. Citing �reverse redlining,� the suit alleges the bank targets black neighborhoods. The practice resulted in a foreclosure rate for the bank four times higher in the city�s predominantly black neighborhoods compared to white neighborhoods, the suit alleges. Baltimore Is Suing Bank Over Foreclosure Crisis – New York Times Michelle Malkin � Mr. Shakedown milks the subprime meltdown City sues Wells Fargo – Examiner.com Let the fun begin ……….. __________________ Kafir: infidel, non-Muslim (from kufr: disbelief in Allah), one who rejects the Arab/Islamic God and His prophet Muhammad; plural: kuffar Rebellions can be made by 2% active in a striking force and 98% passively sympathetic – TE Lawrence Guns don’t kill people. Morons with guns kill people. Pissing off Liberals one @ a time. Constitution Party on Republican Candidates Survival Blog Survival Preparedness http://www.constitutionparty.com/ http://www.anti-cair-net.org/ [...]

By: Michelle Malkin » New Hampshire verdict: Hillary exults

Michelle Malkin » New Hampshire verdict: Hillary exults — Wed, 09 Jan 2008 04:43:39 +0000

[...] crisis gets first mention (don’t worry, Hill. W. has it covered). Next: Corporate-bashing of “oil companies, drug companies, student loan companies, and [...]

By: Papa Louie

Papa Louie — Wed, 09 Jan 2008 01:17:11 +0000

zorro said:
Notice to socialist Americans: Suck it up! Pay your own mortgage like the rest of us. If you can’t, sell the house and live some place you can afford.

I bought a home with a low interest fixed mortgage in 2001. I never missed a payment. But when I lost my job, I put my home up for sale so I could move to a more affordable location. After 6 months, I have yet to get a serious offer. The market is very depressed in my area right now because of the subprime mess and all the houses on the market.

It is easy to say “suck it up” until it happens to you. If the situation continues to get worse, it will affect many of you and many other innocent bystanders. If President Bush can help some families stay in their homes and prevent an additional flood on the market without using tax money, what’s wrong with that?

Before condemning his efforts, at least provide some estimate of how much tax payer money he is proposing to spend. So far he has been working to secure voluntary agreements with mortgage companies to help some families stay in their homes. I haven’t seen any evidence, yet, that he has spent a dime of your money.

By: Eclectic Infidel

Eclectic Infidel — Tue, 08 Jan 2008 23:01:55 +0000

*sighs* This is not what homeowners need. Raising the jumbo loan amount will only add to the chaos. It may help with second mortgages but if the buyer can’t afford the payments, it matters little what the limit is. I agree with Michelle 100%+ on this – there wasn’t enough financial discrimination on the part of the lenders themselves. ANY subprime loan should have been outright refused if the borrower couldn’t provide full documentation of employment, income and debt. Suck it up? Damn right.

By: AlohaGuy

AlohaGuy — Tue, 08 Jan 2008 22:01:46 +0000

Sounds like a good time to buy in Baltimore.

Wait, that’s Baltimore – never mind…

By: Christian Soldier

Christian Soldier — Tue, 08 Jan 2008 21:50:54 +0000

…that that form be returned to us…

Someday I’ll get the hang of editing via the screen.

By: Christian Soldier

Christian Soldier — Tue, 08 Jan 2008 21:47:32 +0000

Democracy – REPUBLIC what did our Founders know that we’ve forgotten and for which we are no longer willing to battle?

They knew that aristocratic (royalty) governments and democracy (socialism) were the same. Just as the aristocracy of old could come and take your money and land (they owned most of it anyway) the democratic socialists could do the same.

Thus, the Founders formed a REPUBLIC.

The sooner we demand that that form form be retuned to us, the better we we be.

By: PurpleHaze

PurpleHaze — Tue, 08 Jan 2008 21:38:02 +0000

This will spread to the prime market. I know a lot of people who jumped head first into the the tail end housing boom with ARM and interest only loans believing that if they got into any trouble they could just flip it and retire. Many of them hadn’t even sold their old homes before they closed on their new ones. Now many of them can’t sell their old homes because they were asking too much. They were greedy like everyone else and now the shoe is fixing to fall off the other foot. I can’t afford a home right now because they are out of reach and Bush isn’t helping by keeping prices artificially high for a little longer making the problem even worse in the long term.

By: Pat

Pat — Tue, 08 Jan 2008 21:12:40 +0000

So true, Mike. That’s why we hear nothing about a consumer lawsuit–they do not come into the court with clean hands.

By: mike volpe

mike volpe — Tue, 08 Jan 2008 19:42:52 +0000

Pat,

the irony is that for most folks, they are the ones that could be sued.

Most of the troubled loans are so called stated loans in which income is stated but not proven. Well, you aren’t technically supposed to lie in those loans, however the reality is quite different. Now that those folks have gone bad, that is when banks can turn around and sue for fraud.

By: coffee

coffee — Tue, 08 Jan 2008 18:42:23 +0000

Silver lining… value priced properties coming to the market soon.