Eric Holder and Obama shake down another Bank and redistribute wealth.

[Soul Crusher]

BofA settles unfair lending claims for $335 million
CNN ^


Attorney General Eric Holder said a federal probe found discrimination against at least 200,000 qualified African American and Latino borrowers from 2004 to 2008, during the height of the housing market boom. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.


(Excerpt) Read more at money.cnn.com ...



________________________ _______________________

How utterly absurd is this? 

[Vince G, CSN MFT]

BofA settles unfair lending claims for $335 million
CNN ^


Attorney General Eric Holder said a federal probe found discrimination against at least 200,000 qualified African American and Latino borrowers from 2004 to 2008, during the height of the housing market boom. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.


(Excerpt) Read more at money.cnn.com ...



________________________ _______________________

How utterly absurd is this?  

Its absurd that the banks did this and quite frankly, its been happening for quite some time.  Good for Obama and I hope they get more of these banks 

[Straw Man]

what kind of lawyer doesn't know it's illegal to steer qualified borrowers (of any race) into higher interest rate products

[Soul Crusher]

what kind of lawyer doesn't know it's illegal to steer qualified borrowers (of any race) into higher interest rate products

Oh please - without interviewing the person themself how do they know why this occurred?   Many people went in to those loans since it was less downpayment or lower initial payments etc.   

And guess who mostly the loan originators were in this?   99% chance they were other blacks or hispanics.   

And this did not occur to white people?




Fucking please - this is more redistribution of wealth to "Holders' People"  according to his words.   

[Straw Man]

Oh please - without interviewing the person themself how do they know why this occurred?   Many people went in to those loans since it was less downpayment or lower initial payments etc.   

And guess who mostly the loan originators were in this?   99% chance they were other blacks or hispanics.   

And this did not occur to white people?




Fucking please - this is more redistribution of wealth to "Holders' People"  according to his words.   

you are really dumb aren't you

it's quite easy to look a loan file and review credit  reports, debt ratios etc.. and see a pattern where people who would have been eligible for an a "A Paper" loan were given sub-prime or Alt A product for no reason

This was a very common abuse by lenders like Countrywide and others and quite simple to prove by simply reviewing documents

[Soul Crusher]

you are really dumb aren't you

it's quite easy to look a loan file and review credit  reports, debt ratios etc.. and see a pattern where people who would have been eligible for an a "A Paper" loan were given sub-prime or Alt A product for no reason

This was a very common abuse by lenders like Countrywide and others and quite simple to prove by simply reviewing documents

Absolutely not true - i know many people who went in to those loans because they required less up front money and less monthly payment amounts for a the first few years.   

And these people were so stupid they did not realize what was going on?  They did not shop around?   All all blacks and hispanics presumed to be so stupid and incompetent?   I guess so.   

[Bindare_Dundat]

Absolutely not true - i know many people who went in to those loans because they required less up front money and less monthly payment amounts for a the first few years.  

And these people were so stupid they did not realize what was going on?  They did not shop around?   All all blacks and hispanics presumed to be so stupid and incompetent?   I guess so.  

I obviously cant comment on each case but the above is true. Mnay people didnt even bother looking into or thinking about the changes in the near future. Now, its everyones fault without any form of responsibility for their own short sighted choices. This isnt an excuse for the bank but you need two to tango.

[Straw Man]

Absolutely not true - i know many people who went in to those loans because they required less up front money and less monthly payment amounts for a the first few years.   

And these people were so stupid they did not realize what was going on?  They did not shop around?   All all blacks and hispanics presumed to be so stupid and incompetent?   I guess so.   

and those would be legitimate Alt A borrowers

again, you're simply too stupid to waste time with

If everything in their file (required down payment, debt ratio, credit profile, etc..) made these borrowers eligible for "A Paper" products and they were steered to Alt A or SubPrime then Countrywide broke the law.   In this case the pattern was to steer qualified minority borrowes to sub prime products

Go google ECOA and stop being so fucking stupid

This is simple stuff that even a moron like you should be able to understand

[Soul Crusher]

and those would be legitimate Alt A borrowers

again, you're simply too stupid to waste time with

If everything in their file (required down payment, debt ratio, credit profile, etc..) made these borrowers eligible for "A Paper" products and they were steered to Alt A or SubPrime then Countrywide broke the law.   In this case the pattern was to steer qualified minority borrowes to sub prime products

Go google ECOA and stop being so fucking stupid

This is simple stuff that even a moron like you should be able to understand

LOL.   So these people couldnt shop around?  They could not compare?   Every real estate closing I ever handled the borrower shopped around the loan to two or three people before going with one bank or the other.   

 

[Straw Man]

I obviously cant comment on each case but the above is true. Mnay people didnt even bother looking into or thinking about the changes in the near future. Now, its everyones fault without any form of responsibility for their own short sighted choices. This isnt an excuse for the bank but you need two to tango.

there is definitely and element of "caveat emptor" but we have laws in place for this specific type of activity.
There is nothing nefarious about this fine.  It's not re-distrubution of wealth etc..   The lenders have a fiduciary responsibility to the public to lend based on established criteria and not to steer people into higher rate products (which are priced higher based on "risk factors") when they are eligible for better rates and when borrowers with similar credit profiles were receiving those rates.  

[Straw Man]

LOL.   So these people couldnt shop around?  They could not compare?   Every real estate closing I ever handled the borrower shopped around the loan to two or three people before going with one bank or the other. 

again, you are so fucking dumb you're not worth the effort

it's got NOTHING to do with being able to shop around

these lenders violated the law .....period

It's illegal to steer qualified borrowers to higher "risk based products" when they are qualified for better priced products

I swear you'd think even a low level lawyer such as yourself would understand that

[Soul Crusher]

again, you are so fucking dumb you're not worth the effort

it's got NOTHING to do with being able to shop around

these lenders violated the law .....period

It's illegal to steer qualified borrowers to higher "risk based products" when they are qualified for better priced products

I swear you'd think even a low level lawyer such as yourself would understand that

Ha ha ha - n ot true - I know of three personal circumstances tio where people went with those loans based on lower paymenrs and downpayment because they intended to either flip the house or use their existing savings for furnishings, etc instead of a higher deposit. 


many of these people had no intention of staying there for longer than 5 years.   i'm sure a few people were ripped off, but many ripped off the banks as well.  it was a mutual situation.       

[Straw Man]

Ha ha ha - n ot true - I know of three personal circumstances tio where people went with those loans based on lower paymenrs and downpayment because they intended to either flip the house or use their existing savings for furnishings, etc instead of a higher deposit. 


many of these people had no intention of staying there for longer than 5 years.   i'm sure a few people were ripped off, but many ripped off the banks as well.  it was a mutual situation.       

again idiot

a lower down payment (or no down payment) would be a LEGITIMATE REASON for an Alt A or even in some cases a Sub Prime loan

That is not what this case was about

your stupidity is just stunning sometimes

[Soul Crusher]

again idiot

a lower down payment (or no down payment) would be a LEGITIMATE REASON for an Alt A or even in some cases a Sub Prime loan

That is not what this case was about

your stupidity is just stunning sometimes

Without interviewing the people themselves and their circumstances there is no way to make these determinations.   I'm sure there was some bogus shit going, no doubt - but was it only contained to blacks and hispanics?

[Straw Man]

Without interviewing the people themselves and their circumstances there is no way to make these determinations.   I'm sure there was some bogus shit going, no doubt - but was it only contained to blacks and hispanics?

again IDIOT

you can easily make this determination by looking at the documents in the loan file (credit report, loan app, income/asset docs) without having to talk to anyone. 

[Soul Crusher]

again IDIOT

you can easily make this determination by looking at the documents in the loan file (credit report, loan app, income/asset docs) without having to talk to anyone. 

And?  Often times those loan apps and appraisals were all based on fraud.  i'm not saying this did not occur in some cases, but many of the borrowers were complicit in falsyfying loan docs.       

[Straw Man]

And?  Often times those loan apps and appraisals were all based on fraud.  i'm not saying this did not occur in some cases, but many of the borrowers were complicit in falsyfying loan docs.       

When was fraud ever mentioned ?

If verafiable eligible minority borrowers were steered toward higher rates than white borrowers with the same credit profile this is a violation of ECOA

how the fuck can you not know this?

Again, your stupidity on this simple issue is profound

[Soul Crusher]

When was fraud ever mentioned ?

If verafiable eligible minority borrowers were steered toward higher rates than white borrowers with the same credit profile this is a violation of ECOA

how the fuck can you not know this?

Again, your stupidity on this simple issue is profound

And by who?   The bank itself?   Mortgage brokers in the neighborhoods?  If it was so illegal - why not refer this for criminal prosecution? 

[Straw Man]

And by who?   The bank itself?   Mortgage brokers in the neighborhoods?  If it was so illegal - why not refer this for criminal prosecution? 

ECOA

go look it up

btw - you know banks are usually fined and no one goes to jail (which is unfortunate)

[Soul Crusher]

ECOA

go look it up

btw - you know banks are usually fined and no one goes to jail (which is unfortunate)

My experience is that most of these borrowers started out with a mortgage broker who shopped the loan to various banks.   Did mortgage brokers shop around to the bank who would pay them the most?  Absolutely!  Was it based on race alone?  I dont think so.  Most of the worst practices were going on in the inner city like in Brooklyn, Queens, So Bronx around here.   I would cringe when I saw the compensation of the mortgage Broker on the HUD1 form for some of these thiungs.  .     

[Straw Man]

My experience is that most of these borrowers started out with a mortgage broker who shopped the loan to various banks.   Did mortgage brokers shop around to the bank who would pay them the most?  Absolutely!  Was it based on race alone?  I dont think so.  Most of the worst practices were going on in the inner city like in Brooklyn, Queens, So Bronx around here.   I would cringe when I saw the compensation of the mortgage Broker on the HUD1 form for some of these thiungs.  .     

Steering any eligible borrower toward a higher priced product (i.e. higher risk based pricing) should also be a crime but it's harder to prove.   

this case was about a pattern of eligible minorities given higher priced products when they qualified for better terms

this practice used to be rampant which is why the ECOA was enacted

this has NOTHING to do with SHAKING DOWN a bank or REDISTRUBTION of wealth

[Soul Crusher]

Steering any eligible borrower toward a higher priced product (i.e. higher risk based pricing) should also be a crime but it's harder to prove.   

this case was about a pattern of eligible minorities given higher priced products when they qualified for better terms

this practice used to be rampant which is why the ECOA was enacted

this has NOTHING to do with SHAKING DOWN a bank or REDISTRUBTION of wealth

WELL - WHERE IS THE MONEY GOING? 


And personally?   Dealing with mortgage brokers to me is little or no different than sdealing w a car salesman.   You never really know what they are hiding from you.   

[Straw Man]

WELL - WHERE IS THE MONEY GOING?  


And personally?   Dealing with mortgage brokers to me is little or no different than sdealing w a car salesman.   You never really know what they are hiding from you.   

are you really this fucking stupid

[Soul Crusher]

are you really this fucking stupid

Yes - educate me oh wise one. 

[Straw Man]

Yes - educate me oh wise one. 

I'm sure Obama and Holder kept the money for themselves and probably shared some of it with Obama's cronies

No doubt Bill Ayers got some juice and probably Jeremiah Wright got a taste too

Seriously dude, where do you think fines like this go.

You're the one with the "redistribution" CT who doesn't even understand what the ECOA is