Posted on 05/18/2008 6:20:36 AM PDT by Maceman
During the frenzied days of no-down-payment loans and cursory credit checks in the early 2000s, two out-of-state lenders gave more than $1 million in mortgages to a Dorchester woman who lives in public housing and barely speaks English, the Herald has learned.
The loans, originated by New Jersey-based Equity One Inc. and the now-defunct Meritage Mortgage Corp., foreclosed last year, making 243-245 Washington St. and 16 Dacia St. among the 233 foreclosures to hit Dorchester in 2007, city and land records show.
The foreclosures have also left the borrower, Angela M. Torres, 47, a mother of two who speaks only Spanish, in financial ruin and under scrutiny from the Boston Housing Authority, which subsidizes her Dorchester apartment.
“I have nothing,” Torres told the Herald in Spanish last week. “I don’t have a business. I don’t have a car. I don’t have a house. I don’t have anything.”
Torres said a Boston real estate broker, Eloy C. Mariluz, helped her buy the properties. Mariluz said he had nothing to do with the loans, even though he took a commission on the property sales.
(Excerpt) Read more at bostonherald.com ...
And these banks want us to bail them out...
During the frenzied days of no-down-payment loans and cursory credit checks in the early 2000s, two out-of-state lenders gave more than $1 million in mortgages to a Dorchester woman who lives in public housing and barely speaks English, the Herald has learned.
The loans, originated by New Jersey-based Equity One Inc. and the now-defunct Meritage Mortgage Corp., foreclosed last year, making 243-245 Washington St. and 16 Dacia St. among the 233 foreclosures to hit Dorchester in 2007, city and land records show.
The foreclosures have also left the borrower, Angela M. Torres, 47, a mother of two who speaks only Spanish, in financial ruin and under scrutiny from the Boston Housing Authority, which subsidizes her Dorchester apartment.
“I have nothing,” Torres told the Herald in Spanish last week. “I don’t have a business. I don’t have a car. I don’t have a house. I don’t have anything.”
I’m sorry but.... did she have any of this before she took the loans?
Give me a break, please...
The politicians want us to bail the banks out. And the bailout will of necessity include the funds expended buying politicians.
So basically the Real Estate Agent and the Bank colluded to commit fraud, the folks who were involved should be looked at for Bank Fraud and Wire Fraud.
I think there should be some serious criminal investigations involved in some of these mortgage defaults, especially ones that it is obvious the borrower had no means of repayment, that is merely a strawman purchase.
Popular, Inc. Agrees to Sale of U.S. Consumer-Finance Operations to American General Finance, Inc.
Popular, Inc. is a full service financial institution based in Puerto Rico with operations in Puerto Rico, the United States, the Caribbean and Latin America. As the leading financial institution in Puerto Rico, with over 300 branches and offices, the Corporation offers retail and commercial banking services through its franchise, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, mortgage loans, consumer lending, investment banking, broker / dealer and insurance services through specialized subsidiaries.
Not to mention their whores, junkets, computers, third homes, and profligate expenses
as they IGNORE their constituencies (again).
Too late. We already have. FTA:
Meritage, which gave Torres loans for $489,000 and $584,000 in 2003 and 2004, has no employees and is being liquidated by the Federal Deposit Insurance Corporation (FDIC), a spokesman said. The subprime lender collapsed after its parent company, NetBank of Alpharetta, Ga., was closed by the Office of Thrift Supervision on Sept. 28, 2007, said FDIC spokesman Andrew Gray.
Several of Ms. Torres' mortgages were funded by NetBank, which failed last year and was liquidated by the Federal Deposit Insurance Corporation, a U.S. Government agency.
I agree, but this administration has basically said it isn't going to bother investigating any fraud. I just wonder sometimes why do we even bother with all these laws if they aren't going to be enforced?
And yet she didn't hesitate to purchase a $1million home.
Capitalism without bankruptcy is like religion without hell.
When there are clear cases of Fraud and Conspiracy, there should be vigorous investigations, to not do so is to put the American Taxpayer on the hook for FDIC deposit insurance costs that were incurred through criminal activity.
Business is Business, but robbing the taxpayer is not legitimate business whatsoever.
Robbing the taxpayer appears to be the business of all of washington, and most of wall street, these days.
“I have nothing,” Torres told the Herald in Spanish last week. “I don’t have a business. I don’t have a car. I don’t have a house. I don’t have anything.”
Oh yes you do, Señora Torres. A $1,000,000.00 DEBT to the CITIZENS of the United States of America. So start scrubbing floors, parasite.
And btw, since she speaks NO FREAKING English, I'm gonna take a WAG she's and ILLEGAL. So besides the loans, how did she get into "Public Housing". (Lemmee guess, someone else's SS number and a phony green card)
The woman was a knowing part of the fraud. She "loaned" her credit as a flower shop owner to the brother of a friend who was in the real estate business. The friend was actively managing these income properties. Nobody admits to completing the mortgage application which the bank accepted.
Taxpayers and/or stockholders, which is usually the same people ,will pick up the tab.
When you read the article, it sounds like a Mafia investigation.
“Nobody knows nothing, here!”
Most mortgage fraud in Texas was linked to foreign buyers who would rapidly flip deals and then send the money away. Keep a little to be a high roller, then the guys in charge would disappear, leaving the straw buyers to get the book thrown at them.
Get someone with so few assets that could be pumped up, have a crook helping out at the bank, then let the money men flee leaving little Miss Nothing to take the fall.
There are multiple crimes here, not just a little “oopsie” going on.
How about if you or I knowingly lied on a federal application for anything?
I’m curious...as to exactly how much of these two mortgages might have wound up in somebodies campaign coffers...IMHO that’s about the only way a mess like this gets momentum.
Business is Business, but robbing the taxpayer is not legitimate business whatsoever.++++++++++++++++++
Appears to be getting more “legitimate” in our society. The effort to bail out these businesses is proof enough that many must believe that any business is good business and there shouldn’t be any rules and that stealing from the government isn’t stealing at all and nobody is hurt when Government bails out crooks and idiots.
I am not in favor of bailing out anyone - homeowner, lendor or mortgage guarantor. These people did it to themselves.
good one -- hadn't heard that one before
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