The sloppy lending habits that brought the recession on in the first place seem to be on their way back as sub-prime loans are getting more popular every day.
Not long after foreclosures started to take off in 2007 and the mortgage market’s collapse began to cripple the economy, one lesson seemed obvious: The predatory lending practices that led to the crisis had to be reined in.
But despite massive government bailouts of banks and lenders due to losses from toxic mortgages, that reform still hasn’t happened.
Some Cleveland, Ohio neighborhoods have a message for banks that abandon their foreclosed houses or unload them at fire sale prices to speculators: Stop dumping your trash on us.
As the government, housing advocates and banks like Citigroup and JPMorgan Chase struggle to streamline loan modifications and stave off foreclosures, one tactic keeps coming back to life as a sure-fire weapon: the 90-day mortgage moratorium.
John Head doesn’t like to say, “I told you so.” But the Denver real estate attorney who was the soothsayer of the terrible affects of aggressive, exploitative and sometimes fraudulent sub-prime lending does have a prediction:
It’s not…
The expression is “Think globally. Act locally.” That’s usually a good thing. But in a wicked twist, it’s now apparent how the actions of unscrupulous real estate lenders in Colorado have helped undermine financial markets worldwide.
For more than…
Do you know where to vote on Election Day? Do you know what to bring with you? Get comprehensive voter information for your state here.
rss