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...
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.
And yet she didn't hesitate to purchase a $1million home.
Capitalism without bankruptcy is like religion without hell.
“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)
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.
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.