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Wall Street Journal Outlines Rep. Joe Baca's Responsibility For Riff Raff Loans
[0:08:44] ... 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 ...
[0:09:35] ... nearly -- 800 families in his district have lost their homes to foreclosure. Pocket beat out pulled out of office well naked. You happen. Really got to the -- explaining exactly what it should be stuff -- gonna explain to you how Joe baca. This evil acts he's chairman of something called the congressional Hispanic caucus. -- district is 58% Hispanic 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 ...
[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 ...
[0:13:04] ... 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 ...
[0:15:22] ... 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 ...
[0:23:45] ... 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 ...
[0:28:31] ... service in Virginia. And they're swamped with Latino borrowers who are facing foreclosure -- she loan applications and a complete fabrications. He says everything was marketed to borrowers and Spanish right up until the closing ...
[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. ...
[0:29:40] ... San Joaquin county one of every nine households was in default or foreclosure. Senate is that is that astonishing here and again it was fueled by the idea about right pocket does give a rat's ...
[0:31:51] ... 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. ...
New Year in Congress (The Brian Lehrer Show: Monday, 05 January 2009)
Yvette Clarke , Congresswoman from New York's 11th district, talks about national politics as well as how her district is weathering the current economic climate. Question of the Day: Should the Obama stimulus bill be put on line for one week before a vote as the Republicans are demanding? Comment below!
[0:03:46] ... most immediate thing that we see is via. The full quote the foreclosure crisis really impacting. People are really struggling just to stay in the air holes. Com and I think that's -- direct. You ...
[0:17:15] ... Truth out to Ottawa where you call for consumer protection force student loans which I think it's part of the financial bailout right right right. And and what what exactly will it where you're getting. ...
[0:17:38] ... capital and at the -- the bit bit vulnerable. To these private loans. Operations that that almost like loan shark. And the interest rates. The way that they are regulated. It's really. If it is ...
1-4-09 Your Money
Presented by the Wealth Enhancement Group.
[0:05:29] ... her -- in danger we don't want to be in danger of foreclosure. We're not talking about increasing the debt or talking about potentially. Potentially shifting it to someplace where it's more effective. If you ...
[0:22:50] ... too easy quote on quote for people to get credit people got loans that maybe shouldn't have. And now we've seen the pendulum go the other way it's it's over corrected and now it's probably. ...
01/01/09 Marketplace
Euro's looking good on its 10th birthday; Many workers see minimum-wage hike; What's deflation all about?; Looking back at 2008's housing crisis; Update: Recovering from foreclosure; Downturn could lead to baby bust; Sharing tales of money woes and wins
[0:10:36] ... government response was voluntary modification. A lot of lot of cases of loans by the banks where investors and borrowers would come together and agree on a way out. That didn't gain much traction. Indeed the problem got worse and worse and now where well beyond the phase where voluntary modifications going to get us out of this even the modifications that word done. A lot of those people ended up on for closure anyway. According to a recent study by the comptroller of the currency over half of the loans that were modified the beginning of the year have read defaulted. Calling into question whether loan modifications in fact were truly modifications. Where they would just very temporary stopgap measures. So nick what should have been done and and what might still be possible to save us from this ongoing. Foreclosure problem. Police -- at the end I don't know whether at this point it's possible to be saved none effect I think ...
[0:13:26] ... last year and today we turn to a family that experience the foreclosure story firsthand. Last February reporter -- Saito spoke with John and Vicki -- in Linda -- Ohio a suburb of Cleveland. When ...
12/30/08 Marketplace
What the GMAC bailout means for GM; Home prices continue to drop; Who's paying for those holiday sales?; Stock buybacks cause setbacks; Dissecting the auto industry pileup; Circuit breakers: Not just for electricity; A volatile market for home heating oil; Ethanol could kill your small engine
[0:00:18] ... Remember all the complaining about banks using bail out money to make loans congress wondering where that 250 billion dollars was going. Well news flash from Detroit GM's financing arm says it's got six billion ...
[0:01:19] ... thanks to the Treasury Department. Today it announced five year no interest loans to a lot of prospective buyers use credit scores had been to load qualifying. For now the GMAC bail -- is away ...
[0:04:26] ... states like Florida and California. With over built housing markets and high foreclosure rates. ...
[0:09:56] ... expect that there will be more concessions ahead. Among other things the loans from the government require that they get their pay rates down to roughly what the foreign carmakers in the US are paying. ...