that Just with a score of over 680 and stating your income got you in a home valued as over 200-400K and because at the time before it adjusted the loan was interest only you paid nothing into the principle of the mortgage therefore your monthly mortgage payment was affordable before it adjusted to reflect the current market interest rate.
Many many people within the flip the house mindset headed out and got into this mess because they felt the interest only program was the way to go! The Borrower felt that they had time to rehab and resell within a buyers market. Many did and many made lots of money until the purchasing slowed down due to loss of employment and news of financial markets drying up!
Then these loans began to get into the hands of the consumer who lived in areas where condo conversion became a reality! and the game was changed again to"If you do not own then you were not going to live within this society! The concept of being a renter was almost to dirty word! In fact in some areas you had different rights to policing and other programs due to being a RENTER!
On one of my programs, which was on television at the time I had a former Senator state "Americana's Need to own a home's to be a citizen and take part in the American Dream!" Thus began the Homeowners Boom in the US. The concept of buy to be American! Your class was being determined by the area where you lived, and this increase your marketability. I live in the burbs, I live in a Condo in the Gold coast you where defined within your neighbor! But then if you rented the area was indeed important but was not within the same impact statement as being a homeowner and the price tag on your home give you a class stamp!
Seniors who held on to they're homes and got then for $20-30 thousand dollars 20 years ago were getting knocks on the door for the golden opportunity to sell there homes for 200k in many cases. The nursing homes began to fill up with seniors who were removed from there homes within schemes and scams many were placed in nursing homes by Court judgements entered in because they were considered as being unable to take care of themselves within hospitals and nursing homes whereby their property ended up in probate court. And then their personal and privater property such as homes ended up in the hands of guardians so of which took their property right from under them.
Yes indeed I complaint when to all the justice agencies and no one care to look into it and or stop it. The Office of Banks and Real Estate loss funding within the state of Illinois whereby by 2004 there where only about 2 people who covered the State of Illinois on investigation of Mortgage Fraud. If you had knowledge of fraud they could not do nothing because they claimed that they were only interested in cased that were from the hands of the borrower.
Some Borrowers ran scams as well! Within the Western Suburbs people were posing as Landlords and property owners doing Rent to Option to buy programs seeing out property whereby the owners were not around a renting them out, Many of these properties were being leased to Black and Hispanics who had no clue of what was going on and then via a fraud and breach of Contract they sought relief within the courts and got ruled against because those who were working these schemes where being OKd by major fraud on the Court System. I found myself in a home where the owner of record was not the person who rented the house to me, they used a false name, then had a boyfriend who had another different name used within a senior housing scam where the owner was not there! These people then use my address the one to the house I had rented from them to get a first time mortgage! What was more interesting is that they got over $100k in cash on a purchase deal, then because I reported it I got kicked out, the deed was Illegally conveyed and I had proof of it and the law enforcement agencies did nothing why?
Yes indeed game after game was being played within many markets with consumers property and the more and more of these properties were being moved into the secondary market!
The Fannies, Lehman Brothers and others stated holding on to the paper! These properties were then used on the futures market, and other options plans to make money because at that time the
WHO IS D'ANNE BURLEY? She is a Historian, Activist, Radio Talk Show Host/Producer and Journalist who exposes the story behind the story to her listeners. You can contact D'Anne by calling her at 1-630-666-8528 or my e-mail danne.burley@gmail.com
D'Anne Burley is a Forensic Investigative Journalist and the daughter of the late Dan Burley first Managing Editor of Jet Magazine, Syndicated Journalist and the Hub of the Black Press. Her father was both a well known author and Musician who coined to word Beebop! Dan was also the "father of Hip-hop via the Harlem Hand Book of Jive, with his own band Called the Skiffle Boys featuring the McGee brothers. Dan authoring Music for Cab Calloway, Lionel Hampton. The Beatles's took from his work as did many other musicans then. Dan Burley was first to write Mohammad Speaks for the Nation of Islam. goto http://www. class="goog-spellcheck-word" style="background: yellow">harlemhandbookofjive.com for more information.D'Anne is also syndicated within a network of radio programs all over the world. She exposed corruption and is a member of Scholars for 9/11 and 9/11 truth. Bring forth the men and women from behind the scenes and forerunners within the controversy in current media stories and events. go to http://www.danneburley.wetpaint.com
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