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Banking giant must face suit accusing it of predatory lending

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Paydayloans247 | 18 Jan 2018, 08:15 AM Agree 0
The lawsuit accuses the bank of intentionally steering minority borrowers into high-cost mortgages
  • mark | | 18 Jan 2018, 11:41 AM Agree 0
    So, banks no longer have the rightto assess risk and assign appropriate fees? This is ANOTHER attempt by the left to cause UNCERTAINTY in the home mortgage industry. Loan costs and interest rates are determined by credit history and evidence provided by the borrower that indicate how credit worthy they are. Remember banks got into trouble '05,'06,'07,'08 when the government forced them to increase the percentageof mortgages in their portfolio granted to "the poor" and "minorities" Banks hadno lowcostmortgage product for that as THEIR job is to not LOSE money.So being forced into it they used mortgages normally used for people who were self employed. No income no asset mortgages, stated income mortgages.
    SUDDENLY anybody who could show they paid their cable bill and gas and electricity bill gota home mortgage.
    When the perceived risk is high you pay a higher rate of interest fee and sometimes moreof a processing fee because MORE WORK is done to try toestablish a credit history. In MY part of the country ,as a Realtor who started out 20 yrs ago as a mortgage processor and mortgage officer,I have a HIGH frequency of 30+yearold people coming to me to buy homes who NEVER even had a checking account or a credit card. THESE people will traditionally wind up paying more for their mortgage than a person with even a three year historyof credit worthiness.
  • | | 18 Jan 2018, 07:15 PM Agree 0
    Not only predatory Lending, but its almost impossible to modify with Wells Frago !!!!!
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