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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 ...
[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 ...
[0:10:15] ... 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. ...
[0:11:27] ... 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 ...
[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 ...
[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 ...
[0:28:31] ... 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 ...
[0:29:40] ... 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 ...
[0:30:21] ... 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 ...
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 ...
[0:09:34] ... do 10% yourself. Castle just doesn't allow you need enough for a mortgage or rent payment car -- and food groceries and just to live on. That you can't get to 10% but if you ...
[0:22:13] ... she meant what percent of your income should be dedicated to a mortgage. What percentage to a Karl Paymah what percentage. Two -- groceries and food. And I know others formulas for that I honestly ...
[0:35:43] ... do is between this week -- next week maybe talk to some mortgage people on some lenders because for do you this discrepancy -- the difference. Frankly surprised me a little but I wouldn't of ...
Yearend Roundup
Part II of the in-depth review of the year's top stories. (1/4; 48:01)
[0:05:57] ... dollars over a thousand billion. If you really include all of the mortgage backed securities and and other things on the financial markets -- the government says it's now buying. ...
[0:07:34] ... imagine this woman was talking about. -- ask her declining stock portfolio. Mortgage foreclosure for the price of filling up a car. In the year 2008 any and all the answers could have applied. Nick Young ...
[0:38:14] ... So when the phone started -- and I knew it was the mortgage people calling I didn't pick up. He just couldn't. And in notices were coming in the mail to you. ...
[0:38:37] ... If you're facing foreclosure. Doing nothing only put you deeper in the home. Now's the time to dig yourself out. Call 1888995. Hope today. That's 1888994. ...
[0:41:49] ... the collapse of other financial institutions sometimes losing billions of dollars in mortgage linked securities that few investors ever understood. CBS news chief legal analyst Andrew Cohen they expect the laws governing investments on the ...
[0:42:28] ... ensure. That the sorts of risky schemes that really brought down the mortgage industry either have to be proven better to regulators to -- be allowed or will be disallowed I don't think we're going ...
Yearend Roundup
Part II of the in-depth review of the year's top stories. (1/4; 37:24)
[0:05:57] ... dollars over a thousand billion. If you really include all of it mortgage backed securities and and other things on the financial markets of the government says it's now buying. ...
[0:07:34] ... imagine this woman was talking about. -- asked her declining stock portfolio. Mortgage foreclosure for the price of filling up a car. In the year 2008 any and all the answers could have applied. Nick Young ...
NPR Hourly Newscast
A brief update of the top news of the hour
[0:01:42] ... private equity and hedge fund firms is going to by the failed mortgage bank indymac. The sale was announced today by the Federal Deposit Insurance Corp. which seized the bank in July and PR's Ina ...
[0:02:36] ... are expected to continue a loan modification program to help homeowners avoid foreclosure. Ina Jaffe NPR news. On the first trading day of 2009. The Dow Jones Industrial Average was up 258 points to close ...