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States consider issuing bonds to aid subprime mortgage holders
oc register/reuters ^
| April 2, 2007
| Gilbert Le Gras
Posted on 04/02/2007 11:09:23 PM PDT by freedomdefender
A growing number of state housing agencies are developing or considering issuing bonds to assist subprime mortgage holders to refinance their obligations at fixed rates, officials at housing agencies said Tuesday.
The Ohio Housing Finance Agency intends to issue $100 million in taxable bonds on April 2 to refinance about 1,000 loans averaging $100,000 each, held by homeowners with poor credit histories, with a fixed rate of around 6.75 percent, an official with the body said.
(Excerpt) Read more at ocregister.com ...
TOPICS: Business/Economy; Front Page News
KEYWORDS: subprimeloans
To: freedomdefender
2
posted on
04/02/2007 11:13:55 PM PDT
by
c-b 1
(Reporting from behind enemy lines, in occupied AZTLAN.)
To: freedomdefender
Our government, once again on the cutting edge of stupidity.
This is aimed at helping the realtors and the home builders and propping up prices that are 150% higher than what they should be so the ones that didn't get suckered in can’t buy a home.
Democracy does not work! Let me change that; democracy works for the selected few.
3
posted on
04/02/2007 11:24:26 PM PDT
by
Herakles
(Diversity is code word for anti-white racism)
To: freedomdefender
I wonder where they find authority to spend taxpayers money like this in their State Constitution.
4
posted on
04/02/2007 11:51:27 PM PDT
by
Prokopton
To: freedomdefender
This is outrageous. More public subsidy for private profits.
If they don't make good home loans, they need to go out of business, not get bailed out by taxpayers.
To: Prokopton
I wonder where they find authority to spend taxpayers money like this in their State Constitution.One thing they don't take away in a forclosure is one's ability to vote. Politicians see the formation of a new underpriveleged class, the "subprimes."
To: Herakles
Wednesday, March 28, 2007
All too often, subprime = minority
"Behind Foreclosures, Ruined Credit and Hopes,"the story in today's NYT about the foreclosure crisis in Newark, NJ, emphasizes something that hasn't been talked about often enough in stories about the collapsing
subprime mortgage market. All too often,
subprime mortgages are
minority mortgages.
The tales of financially beleaguered Newark are not only about subprime loans. Unforeseen financial problems, misunderstandings about complex mortgage transactions and poor money management have been major factors in bringing some first-time homeowners to the brink of foreclosure.
And the situation mirrors conditions in large urban areas across the country and around the metropolitan region. Neighborhoods in Queens, the Bronx and Brooklyn also have large concentrations of subprime loans, which are at high risk of foreclosure, according to Home Mortgage Disclosure Act data examined by The New York Times. The study by the Center for Responsible Lending predicts that nearly 22 percent of the subprime loans in the New York area made in 2006 will go into foreclosure in the next few years, one of the highest rates in the nation. And in suburban counties like Nassau, Orange and Putnam, the percentage of households spending at least 50 percent of income on housing has been rising.
While the overall number of foreclosures nationwide remains low in New Jersey, it is less than 2 percent of all outstanding mortgages it masks the reality of conditions in lower-income, heavily minority neighborhoods like Mr. Abazies, where multicolored Avoid Foreclosure and Sell Your House signs seem to decorate most of the lampposts.
It's a story that actually takes on more force online. The accompanying slide show is in color and has more photos than the print edition has room for. The
Interactive Graphic lets you click back and forth between three views of Newark Census tract maps. The overlap between the locations of foreclosures, concentrations of
minority housing and
subprime loans is persuasive and disturbing.
Looking at the maps, I was struck by the fact that this is almost a kind of redlining in reverse. It used to be that minorities in redlined areas couldn't get credit, no matter how qualified they were. Then the rules changed, and credit became freely available to anyone on easy terms, except that, hidden in the fine print, there were adjustable rates and draconian terms that would make a Mafia loan shark blush, waiting to blow up. And now we're seeing the explosion.
So far this hasn't really been a political issue. But if this continues for a few more months, as it seems sure to do, there's no way poliiticians can avoid taking a stand.
http://letterfromhere.blogspot.com/2007/03/all-too-often-subprime-minority.html
7
posted on
04/03/2007 12:10:48 AM PDT
by
dennisw
("What one man can do, another can do" -- The Edge)
To: c-b 1
8
posted on
04/03/2007 12:13:32 AM PDT
by
dennisw
("What one man can do, another can do" -- The Edge)
To: dennisw
Mortgage defaults force out immigrant families
Mar 30, 2007 3:00 AM (4 days ago)
by Rita Chappelle, The Examiner
BALTIMORE (Map, News) - One of the biggest symbols of becoming an American is owning a home, and many immigrants from minority communities had to accept a subprime loan to make that dream a reality. Now those loans are forcing many immigrants into foreclosure and financial ruin.
Forty percent of Latino loans are subprime loans and a significant portion of these borrowers could have qualified for the prime, but were steered into the subprime market, said Janis Bowdler, a senior policy analyst for housing for the National Council of La Raza.
One in five Latinos will lose their homes to foreclosure, Bowdler said. Our homes are how we send our kids to college and pay for our retirement. This is very disconcerting not just for Latinos, but also for all groups that are in this situation.
With close to 40,000 Hispanics in Baltimore City, 60,000 in Baltimore County, 150,000 in Montgomery County, 82,000 in Prince Georges County, 10,000 in Howard County, and 20,000 in Anne Arundel County, the impact of those foreclosures will hit Marylands economy hard.
There are a lot of scams around that are taking advantage of Hispanic people who cant read, write or speak English, said Nelson Ortega, director of Centro de la Comunidad in Baltimore City. We have more than 6,000 clients, and of that number, 12 percent come to us seeking housing assistance.
A 2006 study conducted by the National Community Reinvestment Coalition, the Opportunity Agenda and the Poverty and Race Research Action Council, found that lenders across the country steer immigrant applicants from minority neighborhoods to subprime loans despite the borrowers economic status or credit worthiness.
The report revealed that more than 8 percent of middle- and upper-income borrowers in white neighborhoods received a subprime mortgage, while 13.6 percent of borrowers in immigrant neighborhoods received a subprime mortgage. Women, regardless of ethnicity or race, received more than 32.1 percent of subprime mortgages, though they only account for 29 percent of the nations households.
The report clearly outlines that regardless of how much money you make, if you are part of the traditionally underserved, then odds are you are receiving a high cost loan, John Taylor, president and CEO of NCRC, said in a statement.
9
posted on
04/03/2007 12:16:17 AM PDT
by
dennisw
("What one man can do, another can do" -- The Edge)
To: Prokopton
It is amazing.....
First, politicians bash banks for not lending to “Sub Prime” applicants, and now the “Prime” people will be bailing them out.
Another transfer of wealth.
If you work, go to any McDonald's in any major city and take a look around. Chances are, more than half the people you see are on some form of government assistance. On your tab.
If you work, and feel your getting crushed, its no surprise. You are carrying an obese freeloader on your back!
10
posted on
04/03/2007 4:40:22 AM PDT
by
PA-RIVER
To: freedomdefender
No. Let them fail. Let them go out of business. The short term pain is less than the long term damage.
11
posted on
04/03/2007 6:30:11 AM PDT
by
redgolum
("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
To: dennisw
There are a lot of scams around that are taking advantage of Hispanic people who cant read, write or speak English To become a US citizen, one has to know English. The US naturalization test examines both knowledge of American history and government and also knowledge of the English language. These lenders are obviously lending to illegal aliens. They are getting what they deserve.
To: Prokopton
Sub prime mortgages= illegal alien mortgages, legal immigrant mortgages, minority (Black) mortgages. They will all claim they were hoodwinked by the white mortgage broker. You and I will be taxed to bail them out
13
posted on
04/03/2007 9:08:19 AM PDT
by
dennisw
("What one man can do, another can do" -- The Edge)
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