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Forclosure on the Rise: Is the American Dream Possible for Immigrants Today?
 | | Forclosure on the Rise: Is the American Dream Possible for Immigrants Today? | How would today's immigrant define the American Dream when he along with African-Americans and Hispanics are more likely to receive high cost or sub prime loans featuring adjustable rate mortgages which are contributing to a nationwide foreclosure crisis, the likes of which this generation has never seen? ....< MORE > | | View Comments (2) |
| RE: Forclosure on the Rise: Is the American Dream Possible for Immigrants Today? | | Posted On | February 25, 2008 | | Posted By | maher soliman | Los Angeles 02/2008 DATELINE --- ACCORDING TO RECENT REPORTS, IT'S amazing how many african american homeowners will not fight the foreclsoure process. According to borrowerhotline .com, more than 70% of american homeowners accept their fate and eat the pain of a forclosure. This information is offered by Maher Soliman, the web site publisher and managing director for NLS.
According to the website, in June this year the secretary of Housing and Economic Development of the Patrick administration Dan O’Connell took the initiative along with government officials and top mortgage firms’ executives from Massachusetts to develop means through which foreclosure can be avoided and the foreclosure victims can be aided.
Delinquent Sub-prime loans were accentuated to be the main reason responsible for the soaring rise of foreclosure victims. Borrowers with bad credit history were allowed with high risk loans as they were tempted seeing the initial rates were low. The ravaging effect started when the rates of interest shot up unexpectedly high. Enactment of laws checking the foreclosure rates were suggested by Governor Deval L. Patrick.
In April in meeting called by the Patrick administration it was suggested that the State should financially help to refinance loans to reduce foreclosure rates.
Reforms aiming to help all american debtors to catch up were planned and corresponding schemes were passed in 2006. The plan targeted to provide defaulting hose owners to catch up by extending the grace time from 60 to 125 days. Unfortunately the plan failed to go very far.
NLS and borrowerhotline are consumer homeowner advocates pushing to stop foreclosure due to predatory lending practices. Call Direct at telephone 310-435-2628
www.borrowerhotline.com ....and spread the word to friends and workers. This has to be stopped! Find out what you are entilted to receive! |
| RE: Forclosure on the Rise: Is the American Dream Possible for Immigrants Today? | | Posted On | February 17, 2008 | | Posted By | steve shafer | | The web site www.borrowerhotline.com is posting some interesting statistics on foreclosures and predatory lending. This I read according to Maher Soliman, A chief complaince officer, is overwhlemingly a race and descrimination issue. Is anyone else attacking the lenders from a perspective of negligent lending versus borrower hardship? Anyone can call the lender to complain about tough times but these people actually re underwrite the file and show where the lender committed an unlawful act. From blog: 360 yahoo.com/borrowerhotline |
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