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Showing posts from October, 2007

Predatory Mortgage Lenders?

There is an editorial in today’s Concord Monitor entitled “Predatory mortgage lenders are destroying America's cities” by JimRokakis - treasurer of Cuyahoga County, Ohio.His premise is that the evil Wall Street financiers preyed on unsophisticated home owners. It was inevitable that these home owners would default on their loans, and that the Wall Street crowd knew this. And now, neighborhoods where hundreds of homes are in foreclosure are seeing drastic changes – all bad, due to homes remaining vacant. Criminals have moved in and the neighborhoods have declined.I feel bad for folks that will lose a home. I couldn’t imagine it. I also feel bad for the people left behind in the neighborhood who now have to deal with the aftermath. But the editorial makes absolutely no reference to the role of the homeowner in our current housing mess. No one put a gun to their head and made them sign these deals! The “victims” either did not know what they were signing, or knew perfectly well and …