Anotherwords, the Ameriquest business model. Tell a 770 they’re a 520 and charge them 12%.
Why couldn’t they shop around for a better rate?
Return of the Pigfords!
Good old American Communist Litigation Union again.
What the ACLPuke seems to forget is that the Feds leaned on these companies and forced them to give subprime loans to people who did not qualify.
I’m a little confused. Exactly where on the application form is the line for “race of applicant”?
Banks got sued by the fed if they didn’t give blacks loans they could not repay and now blacks want to sue them for giving them the loans. I think the banks ought to just name the persons in the fed that contacted them in the first place as participants in the lawsuit.
Damned if they didn’t and damned that they did.
Nothing in this article makes sense or rings true.
If you pay the mortgage you don’t get foreclosed on. If you don’t, you don’t get to blame the lender for loaning you money.
Or were poor people forced to take loans out and I missed out?
Well, well, the threat of lawsuits created the behavior that preceded the 2008 crash AND NOW companies are being sued for said behavior that will again create another crash.
Liberal logic: if you don’t loan to blacks, you’re being discriminatory in your loan practices. We will punish you if you don’t loan to blacks by harrassing you with regulators. Then, when you do loan to blacks, many of whom we all know cannot repay their loans, we’re going to sue you into oblivion. And one more thing, we are so enthusiastic about this that we’ll back up those bad loans with taxpayer money. Does that about sum it up?
They liked the rates and deal until they lost money like everyone else.