http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/ Real Lawyers, Real Solutions Tue, 10 Nov 2009 16:34:06 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/comment-page-1/#comment-35106 What Caused the Mortgage Crisis? : Mortgage Law Network Wed, 15 Apr 2009 09:57:01 +0000 http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/#comment-35106 [...] Sub-prime mortgages, securitized trusts, credit default swaps, collateralized debt obligations, mortgage brokers, investment bankers, credit freeze, it is all there. [...] [...] Sub-prime mortgages, securitized trusts, credit default swaps, collateralized debt obligations, mortgage brokers, investment bankers, credit freeze, it is all there. [...]

]]> http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/comment-page-1/#comment-7688 Why Consumers Are Paying Credit Card Debts Before Their HELOCs at Bankruptcy Law Network - Real Lawyers, Real Solutions Wed, 04 Jul 2007 14:37:44 +0000 http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/#comment-7688 [...] The foolish subprime lenders were banking on these strapped homeowners to refinance their mortgages every couple of years to avoid these monstrous mortgage increases. This is the subprime lending scam. What lenders didn’t count on was a collapsing real estate market and tightening of lending requirements. The result as been that these borrowers can no longer refinance, so they just give up. This is the reason that, even though home foreclosures are at an all-time high, the number of Chapter 13 bankruptcies has not risen to nearly the same degree. [...] [...] The foolish subprime lenders were banking on these strapped homeowners to refinance their mortgages every couple of years to avoid these monstrous mortgage increases. This is the subprime lending scam. What lenders didn’t count on was a collapsing real estate market and tightening of lending requirements. The result as been that these borrowers can no longer refinance, so they just give up. This is the reason that, even though home foreclosures are at an all-time high, the number of Chapter 13 bankruptcies has not risen to nearly the same degree. [...]

]]> http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/comment-page-1/#comment-7058 Feds Don’t Go Far Enough to Regulate Subprime Lenders at Bankruptcy Law Network - Real Lawyers, Real Solutions Mon, 02 Jul 2007 02:48:03 +0000 http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/#comment-7058 [...] The third suggestion that borrowers should have at least 60 days to refinance without penalty before the adjustable rate “resets” should be law. Predatory lenders have been penalizing borrowers for refinancing their loans before their ARM resets. This is a pure scam and should be outlawed. [...] [...] The third suggestion that borrowers should have at least 60 days to refinance without penalty before the adjustable rate “resets” should be law. Predatory lenders have been penalizing borrowers for refinancing their loans before their ARM resets. This is a pure scam and should be outlawed. [...]

]]> http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/comment-page-1/#comment-2000 Lenders are Sexist and Racist at Bankruptcy Law Network - Real Lawyers, Real Solutions Mon, 21 May 2007 05:23:18 +0000 http://www.bankruptcylawnetwork.com/2007/04/09/how-the-subprime-scam-works/#comment-2000 [...] While there is evidence of progress toward racial equality, a recent article published by Susan Tompor of the Detroit Free Press is a reminder that sexism and racism continue to affect the lives of their victims in real yet subtle ways. She reports that, according to the Consumer Federation of America, 33% of female mortgagees borrowed at subprime rates in 2005, compared to just 25% of males, and upper-income black women are five times more likely than upper-income white men to receive a subprime mortgage.  These statistics are surprising, considering women on the whole have better credit than men. [...] [...] While there is evidence of progress toward racial equality, a recent article published by Susan Tompor of the Detroit Free Press is a reminder that sexism and racism continue to affect the lives of their victims in real yet subtle ways. She reports that, according to the Consumer Federation of America, 33% of female mortgagees borrowed at subprime rates in 2005, compared to just 25% of males, and upper-income black women are five times more likely than upper-income white men to receive a subprime mortgage.  These statistics are surprising, considering women on the whole have better credit than men. [...]

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