Comments on: In Brooklyn, Mortgage Crisis Eats Away Wealth of Several Generations of Hispanics

By: Beth Wellington

Beth Wellington — Tue, 30 Mar 2010 18:51:15 +0000

This series has been featured on NewsTrust. See: http://newstrust.net/stories/1158165/

By: Feet in Two Worlds

Feet in Two Worlds — Fri, 12 Feb 2010 15:12:28 +0000

Dear reader, this news website is produced by immigrant journalists trying to reach a mainstream media audience. You can read more about our mission here.
Hence, the emphasis on immigrant communities in this particular story and in most of the work we do.
Thanks for reading and joining the conversation.
Diego Graglia, web editor
Feet in 2 Worlds

By: toogoodtobetrue

toogoodtobetrue — Fri, 12 Feb 2010 00:10:08 +0000

The same thing happened to millions of Americans. Why is the focus of this story on Hispanics? There are crooks on every corner, waiting to take all you have. The bankers and brokers were allowed by law and government to give loans against the value of homes.
This story indicates that several equity loans were taken out. Did they think this was free money? The owner even mentions having a renter and believing he could make the higher payments. All I can say is WELCOME TO REALITY. You signed the papers, you lose.
Perhaps more news stories about the hazards of home equity loans or worse, reverse mortgage loans, would spare some victims from bad decisions. This economy and the housing crash caught many homeowners off guard. Protect your home. Do not take out loans against your home unless you accept the possibility of losing it. No one forced this family into debt.

By: Lynn

Lynn — Wed, 10 Feb 2010 16:40:23 +0000

Well now I can tell everyone that here in NC mortgadge companies reutinely hold people’s payment checks just so that they can declair them delinquent, then they can zap these people with late fee’s, collection fees, and eventually raise the interest rates on the loan itself.

Edited by Feet in Two Worlds.

By: another view

another view — Wed, 10 Feb 2010 06:33:02 +0000

I’ll show a different side of this ‘so called’ victimization. Plenty of hispanics are paying cash for homes in Southern California today. How they get to this …. well heres how it works. You buy a home with a zero down subprime loan. Cash out $180k like our friend Ortiz since the bubble market is making the free cash available. Then you sit on it and once the teaser rate kicks in you stop making the mortgage payments. Then you move in with family and wait for the drop in prices. Wallaaa !!! ….. cash buyer with no mortgage. This isn’t to suggest a hard working man couldn’t save and buy a home for cash on his own, but being in the business… I can state with accuracy plenty have done this.

By: Anthony

Anthony — Wed, 10 Feb 2010 02:21:19 +0000

Same old liberal BS. People do stupid things like suck out every bit of equity in their home and blow the cash on all sorts of nonsense and then blame everyone else for there stupidity. What if the house had gone up by 40% more. These same “victims” would be calling themselves smart investors. I am sick of our socialistic society that wants to blame capitalism for purely stupid business decisions. Good luck morons. P.S. Dont forget to come in from the rain.

By: justin

justin — Wed, 10 Feb 2010 01:13:12 +0000

amoral jackels

By: linda

linda — Tue, 09 Feb 2010 20:51:10 +0000

The mortgage broker is the only one here who speaks coherently. You can’t be “pressured” by a mortgage broker if you don’t take their calls, and the borrowers initiated the contact in the first place. The borrowers got the cash and now they have to pay it back or give up that dump.

By: where's the money

where's the money — Tue, 09 Feb 2010 20:17:15 +0000

where’s the 6 figures

even with the closing costs and fat commissions that were earned…

lets say closing costs were 20,000 for each of the 5 refinances.

thats $100,000. Not realistic, as in way too high, but lets just say.

330,000 – 100,000 = 230,000

then they paid 32,000 and 16,000 for credit cards, or $48,000.

230,000 – $48,000 = $182,000

where’d all that cash go???

noone has 180 grand hit the bank and not know where it came from.

wheres the loot? how can you be a victim with a spare 180 large?

somethings don’t add up here.