How Does Lakewood Compare To The Top 100 Cities?

[Justine Cooper]

God forbid people read and understand what they are signing! Why is it the responsibility of the government to do this? Let us put the blame where it belongs, on the individuals who sign 20 pages of documents and do not take the time to read undertand the terms and conditions of their loan.. More government is never the answer... Hello! George Bush!

If you really knew the depth of the corruption and deception of the predatory lenders and mortgage brokers, you would know it is so much more than "not reading" documents. and much more than just bush. local politicians have a hand in the foreclosure rate in Ohio. To blankly defend one party regardless of the economy and what is right in front of us is not admitting the truth.

[Stephen Eisel]

Why should the government pass legislation to have laws in place to protect consumers? Is that a rhetorical question?????

So should the FDA not regulate the food and drug market?

There are already federal regulations that regulate the mortgage industry. Your logic is very faulty here (blanket logic). I am not saying that the FDA should not exist when I state that people should read and undestand a note that they are signing. There is a big difference between what the FDA does and understanding as an individual that you are liable when you sign a promissory note. If you do not unsderstand what you are signing then no government agency is going to be able to protect you. We do not need more bureaucracy when it comes to mortgages. That does not mean that I want the FDA to go away.. Yes, the FDA should regulate the food and drug market. The FDA also helps drives up the cost of healthcare in this country. I also do not want the FBI, CIA and local police to go away.. jsut sayin

[Stephen Eisel]

God forbid people read and understand what they are signing! Why is it the responsibility of the government to do this? Let us put the blame where it belongs, on the individuals who sign 20 pages of documents and do not take the time to read undertand the terms and conditions of their loan.. More government is never the answer... Hello! George Bush!

If you really knew the depth of the corruption and deception of the predatory lenders and mortgage brokers, you would know it is so much more than "not reading" documents. and much more than just bush. local politicians have a hand in the foreclosure rate in Ohio. To blankly defend one party regardless of the economy and what is right in front of us is not admitting the truth.

If it is not written into the contract then it cannot just magically appear out of thin air after the fact. Are you saying that these lenders are changing the terms and conditions of the contract after the note is executed?

[Justine Cooper]

I saw with my own eyes how these brokers did deception and hurt people. Why would I make that up? This isn't about me. I have never been late on a mortgage payment or borrowed against my house. This isn't even a Bush argument, as states can pass their own legislation. These companies targeted elderly and inner city people and buried them in paperwork and double talk. Traditionally, people trusted banks and didn't realize the "banking" industry had changed and was not run the same way.

What is a predatory lender?

* a financial institution that consistently engages in abusive or deceptive practices with regards to high-cost home loans
* a financial institution that is involved in originating, purchasing, or securitizing of 10 or more predatory loans or 5% of the total number of home loans made in a 12-month period.
* Predatory Lending targets elderly homeowners and homeowners of color:

a) Borrowers 65 and older were 3 times as likely to hold a subprime mortgage as borrowers 35 years of age.

b) From 1995 to 2000, the number of subprime purchase loans to African-American homebuyers rose 714%; the number of prime conventional purchase loans to African-American homebuyers fell 2.5%

* Predatory lending costs New York (state) homebuyers $177.9 million in 2000:
What does this legislation do?

This legislation is modeled after successful pieces of legislation such as the Burma and South Africa Ordinances, along with the Apparel and Textile Services Procurement by City (the “sweatshopâ€Â￾ bill).

1) No City Contracts with Predatory Lenders (or affiliates)

2) No Depositing City Funds with Predatory Lenders (or affiliates)

3) No City Subsidies to Predatory Lenders (or affiliates)

4) No City Investments in Predatory Lenders (or affiliates)â€â€￾subject to Comptroller discretion
How would this legislation be enforced?

The Comptroller will serve as the main enforcement body for this legislation and have the authority to investigate whether financial institutions or their affiliates are predatory lenders
The Department of Housing and Urban Development (HUD), U.S. Treasury Department, Freddie Mac, and Fannie Mae have all agreed that predatory lending is a serious problem that can contribute to the destabilization of communities by draining resources and increasing foreclosures. The Mortgage Bankers Association testified before Congress that predatory lending is a serious issue that needs to be addressed.

The Bottom Line:

While the state sets the banking regulations that oversee the mortgage lending industry, the City must assume the responsibility for making sure that predatory lenders do not thrive with our local tax dollars. This means that the City has the jurisdiction to set a standard that all potential contractors, depositories of city funds, and other financial institutions connected to the City must abide by in their lending and securitizing practices.

Hm I guess others share in my "faulty" thinking with all this legislation going on. Wonder where Ohio is?

Anti-Predatory Lending Laws Around the Country

States with Anti-Predatory Lending Laws that Provide Varying Levels of Protection:

California (signed into law October 2001, took effect July 2002), Georgia (signed on April 22, 2002; took effect October 2002), North Carolina (signed on July 22, 1999; some provisions took effect in 1999 and others in 2000), New York (signed Oct. 3, 2002; scheduled to take effect in April 2003 – 180 days after enactment), New Jersey (passed by legislature on March 20, 2003, signed by Governor on May 1, 2003), New Mexico (passed by legislature on March 21, 2003, signed by Governor on April 11, 2003), Arkansas (signed by Governor April 14, 2003).

hm didn't see Ohio there?Oh here it is:
Anti-Predatory Lending Laws Around the Country

States With Laws Designed Primarily to Preempt Local Consumer Protections:

Pennsylvania (June 2001), Florida (March 2002), Colorado (2002), Ohio (2002), Maryland (April 6, 2002), Michigan (December 2002).





This is not a politcal party fight. This is a humane fight and a fight to save all our property values while still caring about the humans that were victimized. Not the plasma tv argument. The whole picture.

[Justine Cooper]

May 25, 2006
Ohio Legislature Approves Predatory Lending Bill

The Ohio House and Senate approved SB 185, which regulates predatory lending by non-bank lenders, mostly regarding sub-prime loans. While the bill does not impose fiduciary duties upon lenders and brokers, it imposes "broker and lender duties". New ORC section 1345.02(F) creates unlawful "deceptive acts" by lenders under the Consumer Sales Practices Act. New ORC section 1345.031 outlines "unconscionable acts" under the Consumer Sales Practices Act, including: flipping mortgage loans; enforcing unreasonable contract terms; failing to weigh whether the borrower can afford the agreed-upon mortgage payments; and taking advantage of an illiterate person. Collusion between lenders and appraisers is also prohibited. County prosecutors and the state attorney general may prosecute violations, and borrowers may file civil suits for monetary damages. Governor Taft is expected to sign the bill. Measure Takes Aim at Lending Predators by Reginald Fields, The Plain Dealer, May 25, 2006.

[Stephen Eisel]

Again, if people are signing a note or contract etc. and the terms and conditions are not changed after execution then who's fault is it? Subprime comes with more risk.

[Justine Cooper]

OK so all this legislation NOW and all of the foreclosures around you hurting your property value, and you still believe it is just because people aren't reading? There is nothing more to say. But we will all see for ourselves as we look around us.

[Todd Shapiro]

Stephen no sense to keep asking that question because no one will dare address the issue of personal responsibility for willfully entering into a contract.

[Justine Cooper]

I'm sorry was that asked around the same time that the stock interest of Cheney in Iraq companies (that took the money and never did the work even) came up? Yea there are a lot of unanswered questions aren't there?

[Stephen Eisel]

OK so all this legislation NOW and all of the foreclosures around you hurting your property value, and you still believe it is just because people aren't reading? There is nothing more to say. But we will all see for ourselves as we look around us.

Yes,let us forget about personal responsibility... The person signing the subprime note has a responsibility to read the terms and conditions and understand what they are signing. Simple math is the key here.. Subprime is 14% of the total US mortgage market. And 11% of the total subprime market is on the edge right now.. The other 86% is in good condition. I am not shocked that people with less than perfect credit (subprime) are defaulting on their mortgages. They are subprime because of their credit history.

[sharon kinsella]

Todd and Stephen -

Your little "atta boys" are getting annoying.

Stephen - I don't care about your political affiliation - I do care about the positions that you take that come off as superior and elitist and I don't like them. I have told you this in private and am now taking it to the board. I gave you the opportunity to meet with me one on one and you refused. You'd rather just snipe and think your clever.

Todd -

Personal responsibility is something I take very seriously.

I am telling you that not everyone understands what they are signing and are double talked the whole time they are in the process - it's part of the game - and make no mistake - the perpretators think it's a game and let the loser be damned.

[Justine Cooper]

If you are asking the question "Do some people have personal responsibility in losing their homes" (which I didn't see that exact question), then duh of course some do. But if you read all the facts on predatory lending and all the legislation finally going into place and STILL defend predatory lenders and any politicians that support them, then I guess the facts don't really matter. Bet your property values do. While you are high fiving each other with your smug beliefs that NONE were victimized and ALL were greedy idiots, many intelligent people are running around trying to fix the problems that the ENTIRE country is suffering from.

[Justine Cooper]

Fannie Mae estimates that 35-50% of subprime borrowers could have qualified for a conventional mortgage.

[Stephen Eisel]

I'm sorry was that asked around the same time that the stock interest of Cheney in Iraq companies (that took the money and never did the work even) came up? Yea there are a lot of unanswered questions aren't there?

Halliburton can do things that other companies just cannot do.. That is a fact.. Halliburton has had contracts with the US Government for many administrations dating back to WWII. Cheney agreed to have 50% of his salary from Halliburton deferred over a five year period rather than receiving his full salary for 1999. I think that he took a pay cut to become VP..

Yes, Cheney own sstock in Halliburton, but all profits from his stocks are designated to go to charities; the University of Wyoming, George Washington University's medical faculty, and Capital Partners for Education, (to help low income students in Washington D.C. attend private schools), respectively. He doesn't see a cent of it.

KBR's profit margin on the military service contracts was 3.8%. The usual margin is 7.8%.

[Justine Cooper]

Some how I doubt that he doesn't see a cent of that!! So he took on VP as a charity? Wow we are blessed to have a social service volunteer! Bush does charity too! I heard his heart urges him to pardon people now because jail is such an ugly place. oh wrong thread.

No person in government office should EVER be tied to a company making a profit off of a war!!! (and didn't they take the money and not do the work?)