Grim Perspective on Mortgage Crisis in Poor Nabes
Former FT scribe and Bed Stuy resident James Doran has a powerful piece on WNYC this morning about how the combination of lending abuse and outright fraud are combining to hit the borough’s poorer neighborhoods like Bed Stuy and East New York particularly hard. I wish I could say that the worst is over but…
Former FT scribe and Bed Stuy resident James Doran has a powerful piece on WNYC this morning about how the combination of lending abuse and outright fraud are combining to hit the borough’s poorer neighborhoods like Bed Stuy and East New York particularly hard. I wish I could say that the worst is over but the projections for NYC are not good,”says Sarah Ludwig, director of Neighborhood Economic Development Advocacy Project (NEDAP). “What you see is that the foreclosure actions filed are overwhelmingly concentrated in New York’s neighborhoods of color.” Doran reports that the number of mortgage fraud cases on the FBI’s plate quadrupled over the past year. One victim is James LeSure, who’s on the verge of losing the building he’s owned on Bushwich Avenue since 1969. After paying off his mortgage completely, LeSure refinanced a few years ago when, with medical bills starting to pile up, he received a cold-call from a mortgage broker promising to solve all his problems with an expensive ARM that would, the broker said, be refinanced into a fixed-rate loan within a few months. That never happened, and now LeSure is in the process of having his one asset taken away from him. New York Neighborhood Housing Services (NHS) did one study of Bed Stuy that “almost every other house on the block had risky loans that were likely to default.” Update: The transcript and audio are now available on the link.
Housing Crisis Hits City Hard [WNYC]
NEDAP: Foreclosure Map [WNYC]
With this many people forcasting doom and gloom I have to be the contrarian. Sorry but everyone was saying the worst about the Bush tax cuts and five years later there is still no recession, in fact we’ve had 5 straight years of GDP growth. Too many people listening to Paul Krugman and the like at the NYTimes waiting for the economy to “finally” collapse so that they can be vindicated in their political views. Sorry but too many were wrong on the idea that we would all be wiped out by a super hurricane season sure to follow katrina. That was two years ago and this season has been quite calm and will be over in a month. Too many were wrong about our certain loss in Iraq when the news I’m hearing is that violence is now down 70% there and people are planning a parade in Ramadi. It seems too convenient that there are too many people in a groupthink mode here. This points not to a lack of earnest intent but to a lack of earnest perspective. The larger economy continues to hum along and if we have one more month of mild weather in the northeast, the oil price scare will drop off nicely into the new year allowing for a controlled deflation of the housing market which had to come down from it’s dizzy heights at some point. People will refinance, banks will bend backwards to protect their investments and many will buy in at the right time. Remember the markets going crazy after 9/11? guess what, they went up again.
sorry friends
not = no
buttplug = pejorative
um, not it doesn’t 6:21pm, you buttplug.
http://www.m-w.com/dictionary/diction
Main Entry: dic·tion
Function: noun
2: choice of words especially with regard to correctness, clearness, or effectiveness
Always remember to consult Merriam-Webster before flaming … it makes you look stoopid.
To quote 5:38pm, FortGreener:
“And, frankly, those who are thoughtfully discussing the problems of seniors being preyed upon by mortgage reps, such as Montrose Morris…”
Shut-up! Montrose Morris is a mortgage rep who preyed on seniors?!?!
Oh how the tables have turned. Clauses are a bitch, eh?
Enjoy your trip (all of them) Count What!
BTW, if you get any of those billions, send some to Brownstoner Dude to help with the blog.
“yah, you be right 4:25.
forget the message, it’s all about diction!”
Actually, it’s about spelling and grammar. “Diction” refers to the spoken voice.
Openwide, eh Countrywide wants to help you. Now they want to give you a reach-around. LMMFAO
Countrywide Commits to $16 Billion Home Preservation Program
http://about.countrywide.com/PressRelease/PressRelease.aspx?rid=1065882
The What
Someday this syntax will end… Get it (syntax) Oh, I crack myself up!
You MoFo’s have been great. Thank you. I will be in the Pocono Mountains on 29th.
Derrr 5:16,
“Liberal hypocrisy”? Please.
First of all, your quote of “they were illiterate, uneducated poor people and we need to help them” wasn’t in this thread until YOU concocted it…And, frankly, those who are thoughtfully discussing the problems of seniors being preyed upon by mortgage reps, such as Montrose Morris, are not the grammar-whippers like me who find slogging through Monsieur Der Vas’s posts like reading the hate notes from a psych patient. Monsieur Le What is hardly illiterate…but delivers some real drek…or should I write, some “okay” ideas couched in drek?
And furthermore, when did Monsieur WandenWas become simply “some poster”? I guess you’re new to Brownstoner. Le marquis de Vas-am-What is famous here on the blog.
Fuck The What.