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Feedback ForumSend us your opinions, reactions, and ideas about "Mortgage Mess"Submissions for this question are no longer being accepted. Previously submitted comments appear below. Comments may have been edited for content or space. Poster: Simplicio Comment: As a bankruptcy professional, my personal sympathies lie with the consumers affected by the subprime mess as it impacts home ownerships, pensions, etc. My concern is that many of us are victims, indeed, of our own ignorance. I see a lot of externalizing of blame on this blog. When you elect the politicians that were elected, don't read the fine print on important documents, and engage in wishful thinking and heedless optimism. Sure many terms were onerous, but look at RALs. Poster: Edward Howell Comment: I saw your program on subprime mortgages. First let me say that I been informed by other news programs that 80% of subprime mortgages are not in default and that only 10% of the remaining 20% are in default while 10% are less than 30 days late in payments. Some subprime mortgages were going to fail any way or they would not be called sub prime. Some sub primes defaulted, there was some corrupt practices by some mortgage brokers, but the situation has been over-hyped causing a false panic and a tremendous under valuation of collateralized debt obligations (CDO’s). The media and the politicians are creating a panic by irresponsible reporting and accusations. So don't add to the fire. There is more to reporting than showing a poor family that lost their home because of an unscrupulous mortgage broker and generalizing to the entire subprime market. So tighten up your facts and conclusions expressed or implied. Your loyal viewer, Edward Howell Poster: Priscilla Rodriguez Comment: This Mortgage Mess has affected everyone in the United States. My husband and I bought our first home during the time that real state was in its prime. The American Dream has become the American nightmare. Why? Because lots of families including myself, got caught on these houses that where overpriced and dealt with Mortgage brokers/realtors that were hungry for money. Me and my husband helped a family of three stay in our home after Hurricane Wilma it caused us go into a hole so big that we have not been able to come out of it yet. Priscilla Rodriguez Miami Lakes, Florida Poster: Nicole Ringo Comment: Unfortunately, though these laws are set forth an said to help the struggling homeowners; there are no solutions given to how to get help. Most homeowners like myself with low credit FICO scores and other active loans have been told "no" by lenders near and far. What resolution is there for us to regain financial stability as a homeowner facing today's economy? What programs are set in place and what banks/lenders are willing to extend a helping hand to those homeowners suffering from a result of predatory lending? Signed Please help; I'm drowning in Chicago Poster: Nandinee Kutty Comment: Thank you for a well-researched story on the foreclosure crisis that has hit so many of our neighborhoods. But you, too, made no mention of race and ethnicity. There is solid evidence that America's minorities are targeted for abusive mortgage lending. These groups receive subprime loans and face foreclosures at higher rates compared to non-Hispanic whites. Excerpts of my my op-ed below: http://www.opednews.com < The only reason these homeowners have defaulted is that they were subjected to onerous terms, often without full disclosure. George Bernard Shaw in his Pygmalion made the point that the difference between a flower-girl and a lady lies simply in the way she is treated. It would seem that this is precisely the difference between some subprime borrowers and prime borrowers. Clearly, the way they are treated—higher costs and fees—significantly affects their ability to service the loan without default. Onerous terms of credit increase the likelihood of default and eventual foreclosure. Home mortgage markets that are segmented on ethnic lines did not come into existence recently, and nor did they occur by accident. This can be achieved through outreach by mainstream prime lenders and vigorous enforcement of non-discrimination laws. The other solution is to protect all borrowers by eliminating fraud. In a recent interview, Alan Greenspan identified addressing fraud as the only area where he supports more government regulation because, in his words, “fraud is destructive of markets, but more importantly it's destructive of families.” These policies will strengthen our confidence in markets and also help stabilize the general economy and maintain stable world markets. Dr. Nandinee K. Kutty is an economist and a policy consultant. She is a co-editor and contributor for a new book Segregation: The Rising Costs for America (Routledge, 2008). Her email address is nndkutty@aol.com. Poster: Anton Grambihler Comment: These lenders are engaging in Financial Slavery and they should be treated the same as anyone else that engages in Slavery. Poster: d.anderson Comment: Where is Teddy Roosevelt when we need him? Strong regulation of the large credit and mortgage companies is needed to insure the freedoms we hold dear. Home ownership is the one of the most effective means for including all Americans in the American dream. Mortgages must be understandable and reasonable so as to include the most citizens in our society. Credit card and other companies who benefit from the complicated regulations that the ordinary citizen cannot keep up with need to be regulated and the contracts simplified . Poster: Hugh Nutting Comment: I am a senior who is a victim of Americor Lending Group of Irvine, Calif. I was solicited by a random telemarketing call. (The voice, Paul Matthewes is believed to be electronically generated- no real person.) Americor Management and even a VP lied to everyone I sent complaints to in the agencies in California, Colorado and Washington, D.C. These companies have slick websites to make the public think they are well-established. Their treatment left me with no choice but to sell my home of 13 years at a loss of over $100,000. Your show was informative, but not enough to help to solve the problem. Americor Lending and Dana Capital Lending broke federal laws using telemarketing phone calls to the public's homes. The government law enforcement agencies do nothing. As a senior, I will never regain the losses they stole which were a large part of my retirement savings and plans for a secure old age. |
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