Consumption and Real Estate
Everything else aside, how does this woman get a 225k mortgage when she only makes 13 bucks an hour?
Question : Everything else aside, how does this woman get a 225k mortgage when she only makes 13 bucks an hour?
http://news.yahoo.com/s/ap/20100808/ap_on_re_us/us_rwanda_genocide_citizenship
get a mortgage
Best answer:
Answer by You know you hate me
WOW! Talk about shady lending practices where someone making just $ 13 an hour gets a $ 225,000 loan.
When will people learn, just because you want it doesn’t mean you can get it? Living within your means is an unknown concept in America.
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#2 written by badd302 1 year ago
This is called a “preditory mortgage.” I have a friend who this same thing happened to her. They reported income that was clearly not the correct amount and cranked up the value of the property being mortgaged. You should have seen this property. It was in shambles and there was no way it was worth $ 5,000 much less $ 50,000!
But these preditory mortgages are hard to prosecute, as our beloved government, who loves to stick it to the people, had no laws in place to get the bankers and loan companies that did this to many people, who in the end, lost their homes as a result. AND it was also hard to prosecute becuase the original company, that did this fraud, sold it to another company and another company, like four times. So, by the time everyone realized it, the original company was far out of the picture and the current company couldnt be held accountable as they did not commit the fraud, only bought the mortgage. There are specialized groups and organizations that try and help these poor landowners, but in the end, there is very little a person can do.
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#3 written by yoyodude 1 year ago
I see a lot of people are saying it is the fault of the banks. Now don’t get me wrong they are at fault too, but did you know that the US Congress passed laws and regulations (in the ’90s) that forced banks to lend to financially unstable persons (this is called sub-prime lending) they did this primary through Freddie and Franny, both government created companies. The goal was to give every American a home they could not afford and this is a major, overlooked, reason for our currant economic state. The government also loosened their regulations on mortgage lenders.
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#4 written by Daisy 1 year ago
Mortgage brokers got paid a commission for every mortgage they wrote. They lied, they cheated, they changed, altered, substituted applicant’s information on forms so they could get that mortgage approved and draw their commission.
The Obama Administration is working to send some of those people to jail:
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Special circumstances under the revised regulations on housing and finance.
She should have been told to continue renting.
L8r