The California Reinvestment Coalition (CRC) sent an email earlier this week saying they’d updated and re-released a documentary they had on file. Here’s a bit of what CRC had to say about the video titled Mo’ Money, Mo’ Money, Mo’ Money: How Greedy Corporations Destroy the American Dream
[The documentary] shows the crisis affects everyone. Mo’ Money tells the story of borrowers who were lied to and ignored by their mortgage loan servicers, and the people who are working to keep them in their homes. It also reveals how this disaster could have been avoided if regulators and government officials did not ignore predatory lending practices.
How has the foreclosure crisis affected you? Have you had to deal with a difficult lender, or are you taking advantage of declining house prices?
CRC Foreclosure Crisis Documentary was first posted to justinll.com on August 1, 2008.
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Haven’t seen it. Everyone needs to beware that the Rich run our country and just like everyone they don’t want people getting their money. I’m not one of those who thinks that it is entirely the fault of the ignorant victims, but you need to beware when some traveling salesman comes around selling snake oil that cures all. I don’t think that the government should bail out any individual or corporation because of this fiasco. If you reach to far and your wings burn off the lesson learned is not to fly. Right? Corporations should pay the ultimate price, bankruptcy. So should the individuals who thought that a 3000sq ft. home in Elk Grove should be affordable to someone working the info kiosk at the mall. These people(and corporations are too under the law) are one of the reasons that the world economy is so precariously perched on its foundation of consumerism. If it is going to be based on such a system then it needs to adjust occasionally. Constantly bailing them out will lessen the blow, but only for so long until the next blazing inferno of volatility. Who knows how long these band aids will work. What happens when someone nukes Tokyo or New York. That would send the whole economy of the world into a huge depression. What if Saudi Arabia is lying about it’s reserves so it can pump the same amount of oil it has for years and get those wonderful loans from the US that it needs to build those fabulous yachts and oppulant buildings in the sand. All these things and more are very probable and could destroy this whole economy paradigm. I say let the suburbs and subdivisions burn so that we create a fire break for a far larger disaster in the future.
You have to believe me when I say this, I’m not pessimistic about the world just weary when they do stupid stuff like, bail out the Fannie’s and the Freddie’s . In the near future, the Hernandez’s and the Carillo’s. Hello America! My name’s Obama. Good luck.
I have scanned the CRC site for about 1.5 seconds and found something wrong.
“The California Reinvestment Coalition advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services.”
There are two things wrong with this and possibly more. First it says people of colour. This is in the same category as BET, BSU or “Coloured day at the Ballpark”. If you keep acting as if Blacks or minorities need to be treated like children and constantly need a guiding hand(Implied that the whites are the masters that need to help. Ironic?) to guide them through life, well that’s what you’ll get, children. Is it any wonder that Blacks are more likely to be incarcerated or have neglible net worth.
Do people need an advocate for their right for equal access to financial services? As far as I know the only thing that limits someone is their financial standing. So in essence this is an institution set up to lower the standards, by a sort of affirmative action type arrangement, that banks use to consider you as a commodity. Sounds fair to me if you’re coloured and need the extra help from your master.
Yep I think I’ve fanned the flames enough. Good night and god bless those less fortunate souls that will burn in the eternal flames of hell because they don’t believe in baby Jesus. Condescending is for all of gods children.
I agree with some of that. I love the sob stories about “I lost my house because of the evil lender…”. These are total BS. Anyone who has thumbed through a 75ish page loan package knows that 2 to 6 pages of that is the actual loan note, while the other 69 to 73 pages are warnings, disclosures, acknowledgments of warnings, and disclosures about disclosures. The so called “Neg Am” loans have a page with 3″ tall letters stating “This loan is not fixed, it is ADJUSTABLE” and then a whole other page explaining how paying the minimum makes your loan balance increase each month. These people didn’t get duped, they were just stupid. Answer me this, if you sit down and sign 75 pages of documents certifying that you have read, understand, and agree to the terms within.. who fault is it if you didn’t? The government? Your neighbor? The English language? Most of these shit loans came from people who assumed their home would never lose value, and their equity would outrun their mortgage. READ: They gambled on the real estate market never slowing down. Well just like with most gambling, they lost. I don’t go crying to the fed when I lose my paycheck at Harrah’s Lake Tahoe. “But they made it seem like I was going to win… I saw all the billboards of people who had won in the past, I didn’t know I could lose.” Excuse me but that is bullshit. People gambled, people lost. The end. Owning a house is not a “right”. These bail outs are just the next form of socialism.
http://www.hud.gov/news/releasedocs/barriers.cfm
From the HUD website in 2002
“Increases in minority homeownership have occurred recently in an extremely positive low-interest-rate, low-unemployment economic environment. Moreover, during the 1990s the conventional mortgage industry began offering a wider range of affordable lending programs. This is good, but not enough to close the homeownership gap. This initial increase of innovation in the conventional market has already reached many of those that were poised to become homeowners. ”
Looks like Housing and Urban Development was on board with these “innovative” loans back then.
Another great nuggest.
There are multiple barriers that prevent minority families from becoming homeowners. Those barriers include:
* lack of capital for the down payment and closing costs;
* lack of access to credit and poor credit history;
* lack of understanding and information about the homebuying process, especially for families for whom English is a second language;
* regulatory burdens imposed on the production of housing;
* continued housing discrimination.
Why wouldn’t you give a loan to people with these problems? What are you racist? You hate minorities if you don’t approve their bad loan and you are part of a “conspiracy of greed” if you do.
Perfect!
I think we said all there is to say about that. I think we are in agreement that this is not going to be the American Century.