Posts with the tag predatory lending

SUBJECT: BANKING –What is your office doing to immediately stop these practices? Letter to Senator McCaskill

Dale — Sun, 19 Apr 2009 08:01:27 EDT

Small Business needs YOUR HELP TO STOP PREDATORY LENDING PRACTICES. Small businesses have filed complaints to the Federal Reserve in Washington, D. C. and St. Louis regarding Cass Commercial Bank in St. Louis, MO. I should tell you up front the Federal Reserve position is there is no mechanism for Small Business complaints, only consumer complaints. The Federal Reserve in St. Louis will send a Bank Examiner to review but SMALL COMPANIES DO NOT HAVE MONTHS!

S.1222- the only bill that could save the economy

Forensic Loan Auditor — Fri, 20 Feb 2009 02:04:38 EST

A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes.

STOP FRAUD Act

110th Congress 2007-2008

-- Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment Act

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.

Mr. President, for the love of the people and the country- pass this bill NOW.

Job Creation Ideas

Sharon M from West Palm Beach — Wed, 11 Feb 2009 18:05:55 EST

This may sound like a crazy idea but I have a proposal for the use of some of the funds that would otherwise be directed to banks and credit card companies. It seems that a lot of the people who have been losing their corporate jobs previously worked in banks, brokerage houses and administrative jobs in large corporations. Perhaps a new compliance branch of the government could be set up, then hire these individuals and train them to be compliance auditors and then send them to Wall Street and into all of the banks that received TARP funds. The purpose would be to find out just exactly what is going on in the market. What is motivating trading trends? Can we ferret out those people who are in Hedge funds that are using the stock exchange as Las Vegas? Can we figure out how the bankers who took TARP funds actually spent them? Can we figure out what is driving the corporations to do mass layoffs, thus creating a deeper recession by the moment?

This action would put a lot of middle class people back to work. Benefits would be restored. Mortgages and credit cards could be paid, thus eliminating bad loans and thereby eleminating the need to have taxpayers fund the finance industry. I personally would prefer to put money in the hands of employees rather than the hands of bankers looking for more cash to grow their banks.

As for the remaining bad loans that never should have been given, let the banks deal with the consequences of their predatory lending games.

We are all asking for transparency and accountability. The only way to achieve that is to have the adequate number of people working who can audit. We cannot go to war with Wall Street with guns and weapons of violence but we can go to war with pencil pushers descending on all of the businesses that have laid off vast numbers of employees and let them know that the party is over and greed is no longer an acceptable business plan.

Hope, Political Jujitsu and Evolving Republicans

David from Santa Barbara, CA — Wed, 29 Oct 2008 01:01:41 EDT

Thoughts on why I'm behind Barack Obama:

I first considered Mr. Obama after reading an article, "Barack Obama, Inc." in a magazine in late 2006. In that article, I was attracted by his work as early as 2000 on regulating against predatory lending in Illinois. I was impressed by his prescient early recognition of the systematic peril of deregulation aimed at inflating the housing bubble. In recent weeks, I’ve been even more amazed at his restraint in trumpeting his foresight on this very issue. Mr. Obama, it seems, favors action over ego.

In campaigning against Mrs. Clinton he responded to the Reverend Wright criticism with deep honesty and political jujitsu in his now famous speech. He has now handled the RNC with even greater jujitsu. For example, his campaign's work in preparing the short film on McCain's dirty hand in the $120 billion dollar Savings and Loan bailout was masterfully staged, and only released AFTER Mrs. Palin did the RNC's bidding and turned the campaign negative in Colorado 3 weeks ago.

This is how he will execute foreign policy. Just as he now has the RNC spinning while he builds momentum towards action and solution, Mr Obama will unite the country against unenlightened self-interest, and unite the world against Al Qaeda.

Back in late 2006, I had a conversation with Michael Powell, Colin Powell's son, who also served in the Bush administration as chair of the FCC. He also resigned from the Bush administration in early 2005. Thereafter I took great interest in the career of both father and son. They are great Americans, evolving conservatives, and, like my parents, republicans who will vote democrat on November 4th. The Uniting has begun.

We have great cause for hope in this country, and always have; but it has seldom been more obvious. Dare we be grateful that just when our citizens are feeling the full impact of banker greed ($1T) and oilwar profiteering (another $1T), Mr Obama arrives to address our despair with substance, style and the social network technology that reinvents community organizing and political fundraising, and destroys big money politics itself?

I'm feeling very grateful... for the Bush legacy and for Lehman and Countrywide and Halliburton and Enron and all the many thieves… for waking up America... but mostly for Mr. Obama and all his supporters, especially republicans who've put their ego aside.

And that's a good place to be at the start of something new. Thanks for taking the time to read this.

Senator Obama, Look into This: Victimization and Fraud in America

AHRC Homeowners for Barack Obama — Sun, 19 Oct 2008 23:25:13 EDT

Senator Obama, look into this—victimization and fraud. Victimization and fraud is paramount in the United States. Lean to the unpopular vote, focus on a message concerning the grassroots communities, where the low middle class to no income classes are being victimized and defrauded at. The upper middle class to rich income classes have no issues other than to find how to retain money they are losing due to the Wall Street credit crisis and how to get the people to spend, spend, spend to help prop them up. As we know it, we have a war on credit; the use of “other peoples money.”

The rich has always depended on the lower income classes to help them stay rich. Rich people have always victimized and defrauded the America’s poor. The rich has defrauded the poor for decades out of their money. It’s just being exposed now.

My question would be why the rich is relying on the “poor” communities to keep them rich? It has caused a wide void of resources in the poor communities statewide and nationwide, which has affected not only the individual, but employment for the “grassroots” poor and rural communities, and other small business and organizations; it has also stripped the public of fair and impartial rendering of services from local, state and governmental organizations that get thousands and millions of dollars to fill the void of disparity, homelessness, hunger and other economic struggles that hurt the people in the lower income classes so much.

Senator Obama, we need for real change. The rich has found a way to rig the votes to stop us again, our attempts to vote has turned into fraud. The poor and captive have fought and died to have the right to vote, and yet, some wise guy or gal can take a vote away by fraudulent means. It is against the “poor” people to have the right to vote for whom they choose—you.

The wealthy and the rich still feel you are not experienced enough to battle the issues of victimization or the fraud in the economy, money, credit, health care, our judicial systems, and other predatory issues. There are more of us than it is of them, and the Republicans are scared, what do they know about victimization and fraud in the low income communities? Not anything.

Consider doing away with securitization of mortgages and credit; the IOU’s, it has done no good in this society. Wall Street shows us that. Wall Street is using scare tactics to get the public to help them back into the game of theft upon the citizens of the United States again.

Credit (using other people’s money) has caused this whole world economy to fail. In the 1930’s was the great depression; in 1991 was another economic depression as well, now in the year of 2008, we are back to where history has repeated itself.

There is a war for Civil rights, war against mortgage fraud, foreclosure fraud, predators lending services and bankruptcy fraud, big corporations and agencies are the culprits in America and no one in the judicial system will help, men and women hide behind black robes pretending to give fair and impartial hearings without due process or access to justice. Senator Obama, we need real change the predators are eating us alive.

We the poor cannot get heard, the media is out of our reach. They are listening to the rich and the “other” blue collar workers that defraud the system through having businesses that are illegitimate and “unlicensed,” but they have big bank in their pockets, and pretending to be poor. They are getting heard even when they have been caught.

What about the brown, red and the other color collar workers, that are legitimate, that are licensed, when they will be heard, who are these people. Do the media care? Does anybody really care? The grassroots communities are the bottom of the food chain where the rich feed to get richer and the poor gets poorer.

Nothing is what it seems, we are denied the right to stand up, speak up or to speak out. We have really been duped to have real education, and to have support about this issue is rare. Everything is a lie from the law to the economy, there is nothing left to do, but to start all over. Now that would be real change.

There are small organizations that cannot get any funding because of the “big shot” organizations that collect thousands and millions of dollars from our government surplus, they are the reason we have a void in the communities at large.

Money is being pocketed, and less of the needy are being helped. Says who? “ The people writing at Ahrc.com, Families and Victims of Fraud, Wendy Clardy Ministries, Al Maun and many more up front and out spoken organizations” says it, ask us and we will tell you who it is, if you really want to know we are located on the internet contact us. Get our views on what is really going this is big news.

We need help to stop big corporations and organizations that are driven to help the needy and the poor by using economic duress tactics, by taking away their livelihood, life savings, homes, families, and the use of fear tatics that causes a lack of confidence in these communites to stand up for change. They keep the poor in economic hardship so they can spending money frivolously.

And, those that work for a honest living for these corporations, companies and organizations can not do their jobs that they were employed to do because it is rigged to make money off of the poor. The employees are forced to defraud and victimized the people or lose their jobs, even the employee is victimized to victimize and defraud others.
These organizations pretend they have a need or a void to fill when helping the low income communities. They are victimizing families that are not in the system to get more money from our government. The needy and the poor are not getting the help and support they need.

There is a void that needs to be filled: a crack down on victimization and fraud in local, state and governmental agencies that are not doing their jobs according to their company’s policies, most corporations, organizations and agencies are not rendering honest and safe services to the public. This is a public trust and safety issue here in Columbus, Ohio. Senator Obama, look into this, and help us to help you to make real change.

Alternative Plan for Economic Stability

Carol Werner — Fri, 10 Oct 2008 23:53:36 EDT

Problem Stated:

Continued market unrest of uncertain duration follows a decline of more than 10% in the value of the average tax favored retirement savings account invested in publicly traded stocks, bonds and mutual funds.

Indirect Cause:

General acceptance of the faulty economic theory that financial growth as well as fair wages and prices are best achieved by allowing "the market" to govern.

Direct Causes:

faulty accounting rules;
non-compliance by businesses and accounting firms with even those accounting rules;
deregulation of business, including prominently deregulation of banks, insurance companies and financial services companies;
general failure by government entities charged with regulation of business and finance to enforce remaining regulations; and
government-supported initiatives allowing the unregulated markets to prey on American consumers, workers and retirees.

Suggested Emergency Measures:

(i) immediate cessation of trading of public securities for a reasonable period of time (I suggest at minimum two weeks for proper reflection);
(ii) immediate enactment of an emergency federal usury law applicable to existing debt as well as existing lines of credit that prohibits combined interest and fees of all types payable on unsecured consumer and small business loans and credit facilities (including credit cards, revolving credit facilities and bank advances to cover checks exceeding available balances) to exceed an amount equal simple interest accrued, calculated in arrears, at 18% per annum (based on actual days elapsed from the date of advance to the date of repayment) with a similar limit of 10% per annum on secured loans, regardless of decreases in value of security;
(iii) create an emergency office of credit services (using funds from the $700 Billion bailout legislation and personnel of Fannie Mae, Freddie Mac, and other existing federally funded federal and state agencies currently engaged in banking-like services) to (a) provide the credit needed by viable businesses to meet payroll and amounts needed to maintain business at current levels (not to fund growth); and (b) to address current mortgage loan issues and to provide new mortgage loans to qualified borrowers for qualified home purchases;
(iv) establish price controls or subsidies to protect farmers and ranchers from losses due to increases in the price of their inputs that are not supported by market prices paid to the farmers and ranchers for their crops and livestock;
(v) enforce the antitrust provisions of the packers and stockyards act and require USDA to permit small-scale animal slaughter and meat processing facilities to be operated under state supervision by individual farms and ranches and by small local cooperatives; and
(vi) expand coverage of existing safety-net services such as unemployment compensation, disability compensation, Medicaid, USDA food programs for low income people, and food stamps to temporarily cover people who are unable to make payments for essential purchases and services.

A more complete discussion of these issues is set forth in the extended post below.

The Bush Bailout Plan: Let 'em have cake and eat it, too

Marjani — Sat, 27 Sep 2008 18:34:42 EDT

Apparently, the Republican "plan" isn't good enough.

The verbiage is sketchy, general, and not addressing the real issues here, which is the homeowners who got ripped off. The banks ripped themselves off trying to cheat others to meet their monthly quotas in loan closures.

This draft proposal of Bush's mentions not a damned thing about 'homeowners victimized by sub-prime lending'. It was constructed strictly around the rich lenders and the upper income "taxpayers" who have the bulk of their money invested in REITS and Capital Markets. Again, to protect the upper income sector who got rich ripping off the poor in the first place.

There is no consideration for the poor and the homeowners (according to John McCain that's "anybody making less than five million a year") who got burned in this Bush "bailout plan," not a dime's worth of consideration for them. You'll need to take that one to the people who don't do their homework and didn't see this coming years ago.

***

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

http://www.nytimes.com/2008/09/21/business/21draftcnd.html.

This Wall Street market crash, as Pat Robertson and John Hagee would say, must be "god's punishment" upon the rich. And rightfully so.

This bailout plan had better include giving those people who were cheated in the predatory lending market back their money and/or their homes...period. Because Wall Street asking for a $700b welfare check (a reward for screwing up the mortgage industry to prove a -wrongful- point about low income and minority borrowers) isn't going to cut it.

http://www.hud.gov/library/bookshelf12/pressrel/treasrpt.pdf

Predatory Lending, Unfairness in the Judicial System

Omar from Stone Mountain, GA — Wed, 19 Mar 2008 10:16:03 EDT

www.youtube.com/couples22

Predatory Lending, Unfairness in the Judicial System

Omar from Stone Mountain, GA — Wed, 19 Mar 2008 09:58:55 EDT

www.youtube.com/couples22

Mr. Obama, you already have my vote. There are so many issues, however I would like to like to hear from you regarding Predatory Lending, Mortgage Fraud, and Unfairness in the Judicial System. My lender inflated the value on a Duplex that I boutht 136%, using single family homes to appraise the Duplex and using a Fraudulent Appraisal that was not signed by a licensed appraiser and using an appraisal that was ment for another buyer. I was unable to refinance the property and the bank called the note due and foreclosed on me, sold the property filed a suit agnainst me. This is more common occurance that we think. Many of these lending institution have defrauded many homeowners. Luckily I was able to hire an attorney and expose the fraud. So please address the issue of Predatory Lending and Unfairness in the Judicial System.

Thank You, You got my vote.

Help for Homeowners Facing

UNIVERSAL REAL ESTATE OF ATLANTA GEORGIA — Sun, 20 Jan 2008 18:28:47 EST

For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events such as unemployment, can be financially and personally devastating. If you have been laid off or are facing unemployment, you can keep your home - - if you know the right steps to take. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to produce important basic information - - and key links to local groups and organizations - - that can help you get through difficult times without losing your home. Facing Money ProblemsFinancial problems are most often associated with the following life changes:

NY Times on Obama and Subprime Loans

Sam Graham-Felsen — Thu, 06 Dec 2007 14:28:50 EST

From a New York Times article today on how the mortgage industry has agreed to freeze interest rates for some of the 2 million people who purchased subprime loans in the last few years:

Senator Barack Obama of Illinois jumped ahead of many of his Democratic presidential rivals in September with detailed recommendations that included a government rescue fund, changes in bankruptcy law and a new tax credit on mortgage interest for people who do not itemize their taxes and cannot currently deduct their interest payments.

Click here for more on how Obama will address predatory lending and other issues affecting working people in this country.

Campus Credit Card Marketing

Lisa Beyer — Sat, 15 Sep 2007 04:46:27 EDT

----- Original Message ----
From: "info@affil.org" <info@affil.org>
Sent: Friday, September 14, 2007
Subject: And now for your weekend entertainment

Dear AFFIL Members,

Greetings from AFFIL! CLICK HERE to check out our new animated video parody about campus credit card marketing. Then take the follow-up action steps and PASS IT ON to your friends.

Here’s why campus solicitation matters:

Credit card companies sign up students even if they have little or no income, knowing they'll trigger high "penalty" interest rates and fees. That's where they make their big $$$.

College students, young workers, immigrants, the elderly and others who are not aware of the traps get solicited the most and hit the hardest.

Free t-shirts, frisbees and pizza come at a dangerous cost. A signature can lock in very unfair terms.

So this weekend, watch the video and spread the word!

Best regards,
Sarah Byrnes
Campaign Manager
Americans for Fairness in Lending

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Americans for Fairness in Lending (AFFIL), is a non-profit organization working to end predatory lending practices, provide information to help consumers, educate policymakers about the need for reform, and demand action to assist debt-burdened Americans. AFFIL was created through a partnership of national consumer, c ivil rights, faith-based, non-partisan and grassroots organi! zations, including ACORN, Consumer Federation of America, Consumers Union, National Consumer Law Center, and U.S. PIRG, among others. AFFIL’s goal is to establish fair lending principles and practices that will bu ild and preserve individual and community assets.
-----------------------------------------------------------

_________________________________________________________________________________

Thank you,

Lisa Beyer

Precinct Deputy Captain in Las Vegas Precinct 6475

Why I Support Barack Obama for President
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Opinions by Barack: Mortgage Lenders and Iran

Lisa Beyer — Sat, 01 Sep 2007 19:36:09 EDT

Financial Times: Fine Unscrupulous Mortgage Lenders By Barack Obama, August 29, 2007

NY Daily News: Hit Iran Where It Hurts: Democratic Presidential Hopeful Takes A Get-Tough Stance Against Tyrant Of Tehran By Barack Obama, August 30, 2007

Boston Globe: Obama Brings His Pen On Vacation, August 30, 2007

Barack responds to Bush on lending

Sam Graham-Felsen — Fri, 31 Aug 2007 15:44:09 EDT

President Bush delivered a speech on the subprime mortgage crisis this afternoon.

Here's how Barack responded:

For six years, the President and Congress have allowed lending industry lobbyists to block sensible regulations that could have prevented this crisis in the first place. Now, after many Americans have seen their homes, their credit histories, and their financial well-being jeopardized the President is finally offering a proposal that helps a small fraction of homeowners. These are welcome steps, but the President’s proposal does not go far enough. I have called for a plan that will help far more struggling borrowers avoid foreclosure, crack down on unscrupulous lenders with new penalties and disclosure requirements, and reduce the influence of lobbyists so that we will not face a crisis like this ever again.

In case you missed it, make sure you read Barack's op-ed on predatory lending in the Financial Times.

Predatory lending: An issue that affects us all

Gray Brooks — Thu, 30 Aug 2007 18:33:48 EDT

Yesterday, Kate posted a video which, if you have not seen it yet, beautifully covers Barack's time in New Orleans and the recovery that slowly continues two years after Hurricane Katrina hit the Gulf Coast.

One moment proves particularly striking. Talking to a crowd of neighbors, Barack spoke of the reconstruction of the Big Easy as a matter which affects us all.

       ...this is something that I think has to be done and the reason that I think it has to be done is because I think it is a symbol of what kind of country we are.

      If we don't get this right, then it tells me that we as a nation have forgotten to look out for one other.

Yesterday, in the Financial Times, Barack touched on another problem that, if we don't get right, reflects on the kind of country we are-- predatory lending.

The real victims in this crisis are the millions of borrowers who followed the rules, whose only crime was taking out mortgages that lenders told them they could afford. Normally, these borrowers could avoid foreclosure by refinancing their mortgages or selling their homes. The problem today is that they cannot refinance because no one will lend to them, and they cannot sell because the housing market has fallen. With some arguing that the effects of the worst subprime loans will not be felt until 2008 and 2009, this may be just the beginning.

We need to help struggling borrowers to weather this storm. One way to protect innocent homeowners - at least until this crisis passes - is to establish a fund to help people refinance or sell to avoid foreclosure. We can partially pay for this fund by imposing penalties on lenders that acted irresponsibly or committed fraud.

But we have to do more than just deal with the present crisis. If we do not address the root of these problems, it is just a matter of time before we will be dealing with them again.

Even if we are not personally affected by subprime mortgages, we share a common bond with those who are. We cannot continue to allow mortgage industry lobbyists to dictate the fate of our neighbors.