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2004 GAO Report | Federal and State Agencies Face Challenges in Combating Predatory Lending 

By: capt_nemo in ROUND | Recommend this post (1)
Wed, 16 Nov 11 10:29 AM | 47 view(s)
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Too bad they never did anything with this............

Executive Summary

Purpose

Each year, millions of American consumers take out mortgage loans through mortgage brokers or lenders to purchase homes or refinance existing mortgage loans. While the majority of these transactions are legitimate and ultimately benefit borrowers, some have been found to be “predatory”—that is, to contain terms and conditions that ultimately harm borrowers. Loans with these features, often targeted at the elderly, minorities, and low-income homeowners, can strip borrowers of home equity built up over decades and cause them to lose their homes.

The Chair and Ranking Minority Member of


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And IMHO these people that blame these folks mentioned above for taking out these loans, I say BULL$HIT,,,,,,It is all part of the ultimate plan to screw us, period......

http://4closurefraud.org/2011/11/15/2004-gao-report-federal-and-state-agencies-face-challenges-in-combating-predatory-lending/




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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.




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