Foreclosure Crisis Paints Mortgage Lenders More Hateful Than Lawyers
July 22nd, 2008
The raging foreclosure crisis has made people think that mortgage lenders are more hateful than even lawyers. This has been the result of millions being at the receiving end of foreclosures.
Lisa Shawn has articulated these feelings on two of her websites named HateMortgageBrokers and AngryMobTshirts! The sites are showing outrageous T-shirts and other stuff hitting out at the mortgage industry. Visitors to the site can sign in online and submit their petitions about stronger regulations and restrictions for foreclosure causing mortgage industry.
Lisa says that the foreclosure victims are hearing about it on the television and the radio. Many of the programmes blame the borrowers for going beyond their limits and buying houses they could ill afford. Mark Levin, a radio celebrity figure repeatedly calls the foreclosure victims ‘idiots’. Although Lisa admires the presentations of these programmes, she feels that it is being unfair on the borrowers.
Lisa has worked for many years in the real estate field and she feels that mortgage brokers who lacked ethics had lured many into predatory loans. After working for a week with a mortgage firm she left in disgust. She says that these firms are like ‘boiler rooms’ where salaries are worked out on a commission basis. Intentionally and for the sake of high commissions the gullible were pushed into floating interest sub-prime mortgages. Those with weak credit were the prime targets. Borrowers were falsely assured that if they managed to pay timely the initial low interest rates then the mortgage firm would consider modifying their loans into low affordable fixed rates. This smart false talk also lured in people with good credit. The mantra was “You can always refinance later …”. This was dinned into all repeatedly. The hidden pitfalls remained hidden – the negative amortization, prepayment penalties and fees of all kinds.
But when the hour of reckoning came none – absolutely none could refinance. Millions found themselves glued to “exploding mortgages” that reached for the sky after the honeymoon period of teaser rates was over. Lisa describes these loans as “financial quicksand” that should never have been allowed to be sold by the authorities in the very first place.
Against the grim scenario of the cloudy foreclosure weather Lisa hopes that her website will provide some comic relief to the traumatized and depressed victims. Her most popular phrase is “Mortgage Brokers Suck!” She hopes to get 1 million signatures before New Years Eve.
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