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Bad Mortgages 6PM Hr (1/5)
Wall Street Journal Outlines Rep. Joe Baca's Responsibility For Riff Raff Loans
[0:08:09] ... talk. These illegal. When the banks were openly. Marketing for illegal alien mortgage we knew that then I remember us talking about like what they don't. Listen to us. This whole economic collapse would not have happened. You get illegal aliens being pursued by major banks and you have a congressman Joe block who is it up to his hips. -- it and -- out they considered it the big untapped market particularly when the housing boom started the hell off a little -- 20042007. That's a lot of his focus is on your mortgage lenders flooded. Mr. pockets San Bernardino California district with loans that often didn't require down payments or solid credit ratings or documentation of employment still can't believe that. Payment no credit rating note employment here is X. It's got these months. Yes in fact they have another term in need. You know loans to. And I -- which stands for no income -- it's. No accident strikes. House they were originally intended for self employed ...
[0:10:00] ... and ranks number five among all congressional districts in percentage of home loans. Not tailored for prime borrowers to put that there but the caucus bullets of the initiative few years back old -- HO GA are the Spanish word for home to work with industry and community groups to increase mortgage lending to Latinos and we come back. Explain just how much money. Jill buck a senior in a regional pocket junior. From the mortgage industry owners. Voters -- intention to defiance exported stimulating talk radio. Tonight -- Kennedy and sets at 730 the lord has. ...
[0:11:02] ... district is number five among balking -- districts in percentage of home loans. That did not go to a crime borrower. Illegal alien loans illegal aliens sub prime loans have to show documentation and didn't come no down payment no credit -- didn't matter. And he helped create 88 housing initiative called whole -- That's Spanish for home. You know who provided the funding for this group -- we think this group was going to increase mortgage lending to Latinos. Well the national association of Hispanic real estate professionals they jumped right on this Wall Street Journal says they fielded an army to make the loans. To the Hispanics in the illegals. In years past minority borrowers were often stopped cold. By redlining. Lenders were reluctant to land ...
[0:12:03] ... was created in 2003. To work with industry community groups to increase mortgage lending to Latinos. I get this in Washington Mutual vice president was chairman. Of its advisory committee. Companies that donated a 150 ...
[0:12:40] ... districts. It found Hispanic homeownership on the rise thanks to new flexible mortgage loan products that the industry was a duck -- adopting. ...
[0:12:49] ... Yes -- flexible mortgage products -- No no proof of income. No down payment. History and I NA needle nose. No income no assets the national association of Hispanic real estate professionals one of the sponsors of -- are. She -- the research data built a large membership to market loans to Latinos. They grew to 16000 agents mortgage brokers and again. They didn't care that these illegal aliens couldn't pay the mortgages because all these mortgages were going to be ...
[0:13:59] ... seem minimal we would say is he breathing okay we'll give a mortgage yet and that's stupid. That that that -- ass tonight. These these coming real estate agents are -- many of camera wire ...
[0:14:52] ... Seller financed down payment assistance program seller France oh I see the mortgage company would put the down payment. Yes would make the down payment and higher for a buyer of the words they would love you all the money to buy a home builder would do it. And what they did was the home builders would donate to the nonprofit. And that money would be used so buyers make it down to announce the kickback Deanna kickback and organ donation to a marriage in order to get the government elected developed the land yet -- spent some money on the nonprofit. These Taliban and its loans comprise 13 of loans backed by the federal housing association and of default and nearly triple the rate. Of other FHA insured in case I get ...
[0:16:00] ... When work slowed of course he ran into trouble is adjustable rate mortgage the payments -- increasing the price of the house is going to drop. I started to think is really worth it and ...
[0:22:37] ... hold our housing initiatives. To work with industry community groups to increase mortgage lending to Latinos. They succeeded doing that. ...
[0:22:46] ... it didn't matter -- Latino walked in the door they got a mortgage. They -- didn't -- it and other Democrats and Republicans including George Bush worked for years promoting this idea that it's unfair ...
[0:23:45] ... aliens. And here the illegal aliens got all -- all the free loans. From Joe baucus crowd and that caused eight complete collapse in the housing market and nobody has instructions. Now nobody's making any ...
[0:25:54] ... From 2004. To 2005 total non crime non prime home loans was -- more than tripled. A 69 billion dollars from just nineteen billion and actually peaked in 6 at 73. Million dollars. That was the real running period for this vets and Joe -- and all of his buddies who were trying to get Latinos these home loans went crazy. An analog or defaulting similar tricks they used mania -- at a borrower's name two or relatives bank account which is an illegal maneuver. Not allowing that would make documentation what more Kosher. Many loans were not based on actual income histories but on a borrower's. Stevie didn't come we know about those you make up a number you just say and make a 100000 dollars here what do you do. I'm a gardener. He did not -- and yes C must feel pretty good garden path I get around that's right. Then there's the -- loans that we mentioned no income no assets. It appears these loans were disproportionately targeted towards Hispanics. Who had no incoming no sex got what it just belly to cross the border -- all your savings -- a higher rate. You really have anything left over a -- at billion dollar acts BC belida across the board. Yeah that's owns the number -- put that -- before. -- open the -- apparently Freddie Mac. Used to buy these loans he's -- loans that they stopped doing you know seven. So yes but we -- but the taxpayers had to bail out Freddie Mac so we only ones now. Regions of the country without housing bubble grew the biggest we've talked about this before California Nevada and Florida heavily populated by Latinos many worked in the can dust construction industry when these markets began to weaken bad loans depress the value of neighboring properties. And here we get the downward spiral neighborhoods now dotted with vacant opening up so this ...
[0:28:57] ... Cardoza 28000 dollar your office manager. He's now 30000 dollars behind on loans totaling 370000. Dollars. Gotta love for 370000. Dollars -- makes 28 grant. ...
[0:30:21] ... congressman. Working with this Hispanic real estate professional group working with the mortgage lenders working with other nonprofit we know. You wonder that this be time to read these stories nobody stopped and said I'm -- these people actually going to be able pay for these ladies are. What do I mean if you're given a loan to somebody who who's who's obviously a garden right. But there but that that your your -- a month three or 400000 dollars. Thank you take short term profit by you get your mortgage going to get get bonus whenever you get your cut you get your bonus the mortgages sold to somebody else. They all ...
[0:31:34] ... can't they -- name. But the loan officers the loan officers the mortgage brokers all these bastards who were involved in the change of making the deal. You're hoping there'll suffering right now that there were some rough justice -- all -- for all the sins committed there is also pretty good story in the New York Times about Washington Mutual. Not just -- lending to Latinos who couldn't pay the loans but just going crazy in general may actually talk to again. Who was one of their mortgage brokers who's now in prison. Few of these guys are in prison. Not a Fed up. He said I'd lie if I ...
[0:33:20] ... up again all sorts of problems. Are these these anchors are these mortgage brokers actually work. And -- that -- that their work indicate picnic -- house now that's what I want to here. After ...
Ghoul Pool 5PM Hr (1/5)
Ghoul Pool 2008 Winners & 2009 Entries
[0:21:42] ... he shall be yours I was busy lives in Jakarta propped up loans. And looks. -- at the desk with a make light he looks. -- at that point that make it. ...
[0:38:18] ... come back congressman Joe -- San Bernardino and his role in the mortgage disaster. Encouraging outpour of Hispanics and illegal aliens homes that it couldn't afford -- deserve. We'll tell you become bacterial grants and ...
Financial Advice_Hr4_1-5-09
Tom gives financial tips on how to save money in the new year.
[0:12:42] ... Things that are needed those. Get above in my paying off student loans and everything also -- I want to get that point I'm making. More income than what going. ...
[0:28:14] ... like death as promised this deal. -- this much credit cards car loans and mortgages except you didn't -- service or product. What on the promise that you'll pay -- appealing yeah this quality of ...
[0:30:52] ... are you buying it now I'm not asking how you paying the mortgage you read it funny bush said down payment. Please get -- truck. ...
[0:31:45] ... So how are you gotta pay the mortgage if you're gonna have my house in banning and you have no job -- ...
[0:32:19] ... you're gonna have to pay for what they call EMI which is mortgage insurance. And they add that to the price of your how -- And -- paying interest on forever. ...
[0:41:22] ... a corporation. I did a great. So you never -- anti corporate loans or anything like that small business slopes. ...
NPR: 01-05-2009 Talk of the Nation - Hour 1
Stories: 1) Building A Better Economic Stimulus Plan 2) Op-Ed: Backing Burris For Being Black?
[0:10:09] ... Robert Reich I would lower lower cost. Larger student loans should that be part of a stimulus package. I think it should be -- I think -- is actually right this is ...
[0:10:51] ... main street to students and two. Two small businesses in two. Distressed mortgage -- but it didn't work hasn't worked so maybe that's our program needs to be completely changed. And hopefully Kelly you can ...
[0:29:02] ... money out of their houses could no longer get to refinancing home loans. And that may or may also the good over the long term maybe we were consuming too much. But certainly in the ...
KNX Business Hour 01.05.2009
Stocks pull back on the second trading day of the new year on new concerns about the economy. After a triple digit run up Friday, the Dow closes down 82 points. Car companies report dismal December sales. President elect Obama says the economy is bad and
[0:10:39] ... SEC not only with triggered debate off but also with regard to mortgage backed securities. -- show that we need aid is much stronger SEC whether we repackage it under the new name. We do ...
[0:24:21] ... this later. Made else Charlie Ira Sorkin described the items as air loans that included cuff links and antique watches he said they were not significant assets guns were sent to laid -- children. And ...
[0:26:29] ... the they wanted to pipeline in the package. -- says sub prime loans and securitized in the nobody ever thought. You know they didn't want to see him again once they're prepared fees. And I ...