Loan protest at bank

Is the NAACP also questioning how Congresswoman Richardson got the loans to purchase her 3 homes, while having such a dismal credit record? There had to be favoritism involved. Is the NAACP protesting at her office, objecting to her lease of a car for some $1800 a month on public funds, the most expensive automobile lease of the entire 435 member Congress? When taking a position on fairness or ethics and against discrimination, which is an admirable thing, they need to be complete and fair in their complaints. Blacks are on both sides of the equation, including the management of WAMU.

She's right.

Any pictures?

Sub prime loans to people who NEVER should have qualified for home purchases in the first place, this should NOT be the taxpayers responsibility to bail them out!

The Constitution has no provisions for stupidity or ignorance in business transactions. If you made a bad investment or lost money speculating in real estate or pork bellies, then so be it! This is our system like it or not!

Ya pays your money and takes your chances!

Note to self:

When all else fails, play the race card...

LFF wrote:

Sub prime loans to people who NEVER should have qualified for home purchases in the first place, this should NOT be the taxpayers responsibility to bail them out!
The Constitution has no provisions for stupidity or ignorance in business transactions. If you made a bad investment or lost money speculating in real estate or pork bellies, then so be it! This is our system like it or not!
Ya pays your money and takes your chances!

Yet, if we were talking about corporate bailouts, the capitalists would be lining up with for their share. The bottom line is that this will help stabilize the housing market and, in turn, the economy.

As somoene who worked in a bank. During the last few years ALL peoples have lost their home, not just people of color, so bad loans were everywhere.

this bubblegum still has some flavor.

Yeah, we lost our home last year with bad loans. Trying to get a loan to get reduced rate all over the states but unable to get it. Don't have any choice but to move out. Like what says, what goes around, comes around. Whoever is in charge for these bad loans, sooner or later it's going bite them.

Since the end of segregation, there are so many black millionaires (and billionaires) that have done well in this country, and the new arrival of a viable black presidential candidate,the NAACP has to make work for itself whenever it thinks it can.
Imagine not working for the NAACP and having to get a real job. The prospect is terrifying to many it's employees.

Susana wrote:

Yeah, we lost our home last year with bad loans. Trying to get a loan to get reduced rate all over the states but unable to get it. Don't have any choice but to move out. Like what says, what goes around, comes around. Whoever is in charge for these bad loans, sooner or later it's going bite them.

you were not ready to buy a home in the first place. you gotta do your homework.

The saviour will be elected and everyone without money and a job will get a free house...

Susana wrote:

Yeah, we lost our home last year with bad loans. Trying to get a loan to get reduced rate all over the states but unable to get it. Don't have any choice but to move out. Like what says, what goes around, comes around. Whoever is in charge for these bad loans, sooner or later it's going bite them.

You did have a choice, Susana. You could have chosen not to buy a house you couldn't afford. Banks generally don't reduce their loan rates so that you can keep your house.
That's done at their discretion, it's not your right.
You screwed up. You got in over your head thanks to your really, really bad math skills, and greed for acquisition.
Own up to it. Lying to yourself costs me money.

Pretty much, from being in mortgage - hard money lending that is. If you cant afford a 30 year fixed loan - don't bother buying the dang house. Most of the people who lost their homes are people who signed for adjustable rates or "ARMS". They knew in 2 years the rate was going to sky rocket and yet they thought that buying that new car/boat and getting new carpet was totally worth it and they would just refinance again in 2 years.. WRONG like i said..if you cant afford to pay of your home in 30 or even better 15 years..dont buy your house! This whole "we black people got crappy loans" Don't buy it. You have the right to not disclose your race on your application for a mortgage, and the loan officer your applying with isnt the one who picks your interest rate, the bank does. And Mr. Jones doesnt even know what color your are becuase hes never met you..now maybe more black folk are loosing their home because there more gullable or ignorant is a different story, not in a racial way. Everyone who shouldnt have got that mortgage is loosing their house - white - black - latin. Theres miss Susies input.

You see they really are adjustable loans. When you are not able to pay the money you agreed to pay they adjust you from the nice house you were buying to some cheap rental in a poor neighborhood and they get to keep your capital. End part one, buying property 101.

Racist banks? if you're stupid enough to sign that kind of loan you deserve what you get. I'm tired of listening to the whining blacks.

I feel that regardless of race, everyone should stay away from any type of loan(i.e student loans,credit card loans car loans,house loans) because they keep you in debt for nearly the rest of your life.
Anyone who uses them has no choice but to blame themselves for the debt loans brought them. I plan to avoid any loans when I start college this August and for the future endeavors in my life.

wamu isnt the kind of company that discriminates. it's probably just a coincidence that more african americans have lower credit score compare to white or any other races. the NAACP needs to take the odds rather than pointing fingers at some big corporates because of a coincidence? i had respect for the NAACP but just for this, probably not anymore.

During the hey day of the real estate boom, any bank failing to provide loans to the (fill in the blank) community was accused of racist lending practices.

Essentially, folks who got into these low/no interest, adjustable teaser loans, counting on rapid appreciation of the property, were doing nothing more than gambling with their future. At the time, the odds were way better than Vegas... and besides, you were gambling with other people's money... a no lose proposition

Now, after having lost their bets, these gamblers are crying foul and want the people who make wise decisions, cover their losses. They just wanna say... "King's X", "I lost and now I wanna welch...".

These same (fill in the blank) folks, now claim that the lenders were predatory and they were taken advantage of.

A mortgage is a legally binding contract, both parties having rights and responsibilities. It is your, the borrower's responsibility, to read and understand the contract and what is expected of you. If you are unable to do so, hire an attorney versed in real estate contract law to review the agreement and make the documents crystal clear.

So, to those who bought more house than they could afford, I ask... when were you lying? When you filled out the fraudulent loan applications with inflated income figures or now, when you say you don't have the income to support the payments? You can't have it both ways.

And to those politicians and "activists", pounding their chests over this crisis... How is it "fair" that people who made the wise choices with their lives and money. Who purchased a home they could afford and obtained, say a 6%, fixed rate mortgage... then consistently paid their bills each and every month and are now relatively safe in their home... How is it "fair" that they continue to pay the higher interest rate and those who were foolish with their gambling are afforded lower, frozen (1%, 2%, 3%)interest rates?

Hey, ACLU, your all about what's fair and right... Right? How come your not shaking your collective fists in the air over that injustice?

Silence... what can you expect from the American Communists Losers Union?

Protesting the banks for providing home loans to "unqualified" "Blacks" might just be the muscle needed to shed light on their "plight". One can only wonder, though, what would be the response of "Black" organizations such as the NAACP had they NOT given loans to this "discriminated" segment.

While they are at it, Jessie Jackson urged his fellow "Blacks" to begin investing in stocks just as the stock markets were topping out. The dilemma the NAACP faces today should be whether to picket Jessie Jackson, or the stock exchanges.

Ronald