Saturday, June 21, 2008

Frank's fault?

Yes, it's all Frank Padavan's fault that you can't pay your mortgage...

Frank Padavan faces fury from ACORN, NAACP over foreclosure bill

22 comments:

Liliana Tsingerides said...

If you read the article, no one is blaming Frankie for their foreclosures. They are upset because he seemingly made a promise on a bill he didn't keep. But hey, he's just another lying politician with the personality of a house plant.

Anonymous said...

The fault lies with the morons who borrowed the money in the first place. I amazed at how people got loans for 500 0r 600 hundred thousand dollars thinking they could pay it.
Years ago if you couldn't afford a house, you just didn't buy it. Now there's going to be a lot of people in deep trouble. I think people are now thinking twice before they buy. And the mortgage companies are now doing what they should have done in the first place - deny loans.
That's just what may save our neighborhoods while we're waiting for that stupid City Planning to rezone Queens.

Anonymous said...

If ACORN cared so much for 'Affordable Housing' where are they with the Mitchel-Lama issue? the Styveasant Town issue? the hollowing out of rent stabilization?

These guys have earned a negative rating with their behavior on Atlantic Yards.

They only want massive new housing complexes.

They are on everyone's radar. I don't care if they claim 6 million members.

Anonymous said...

Padavan sponsored this bill - you'd think they'd be greatful for his attempt; meanwhile the dems in the Assembly blocked it - but do they picket Silver?

georgetheatheist said...

Again, the responsible citizen-taxpayer has to bail-out the profligate. [Hey, my stocks went down. Bail me out.]

Anonymous said...

christ you people are stupid. first, the bill passed the assembly months ago, so there's no need to picket Silver. second, why is frank introducing a bill he has no intention if passing - that's just pandering and dishonesty. third, owning a home is the american dream - the millions of people in the midst of foreclosure across the country should have been denied loans, but instead, billion dollar mortgage companies, knowing these loan applicants were high risk, gave them loans at incredibly high interest rates, essentially guaranteeing default. but who cares, now the banks own the home, they made a killing on the interest and another family is homeless. should the taxpayer bail everyone out? no. should Padavan get the senate republicans to get off their asses and pass a bill that would better regulate unscrupulous mortgage lenders and help keep families in their homes and off the streets? most definitely. i'm glad acorn and the wfp called a spade a spade and took lying frank to task on this.

Anonymous said...

ACORN is the group that consistently protested the mortgage banking industry for racial discrimination in the '80's. Due to political pressure, the Fed caved:

"No sooner had the ink dried on its discrimination study than the Boston Fed, clearly speaking for the entire Fed, produced a manual for mortgage lenders stating that: “discrimination may be observed when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants.”

Some of these “outdated” criteria included the size of the mortgage payment relative to income, credit history, savings history and income verification. Instead, the Boston Fed ruled that participation in a credit-counseling program should be taken as evidence of an applicant’s ability to manage debt."

As a consequence of the no debt/no income ver. loans which resulted, people are being foreclosed on. Now ACORN whines about the foreclosures. And, as per the NY Post:

"On the Web, you can still find CRA loans available via ACORN with “100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.” Credit counseling is required, of course."

Also, google ACORN voter fraud. This group should be prosecuted under the RICO stat.

Anonymous said...

"The Senate version has floundered as Republican lawmakers and Gov. Paterson have resisted the moratorium, fearing that banking institutions will freeze out New Yorkers from home loans and credit lines.

Assini said the reason for the delay was that the Senate is trying to draft legislation in line with the governor's wishes."

Go picket the governor, who is one of your own people. Oh wait a minute, he is looking out for the whole state and not just people who get in over their heads because they forgot to read their mortgage agreements.

Jim said...

When you look up "tweeded" in the democratic dictionary, there is a giant photo of ACORN.

Anonymous said...

Not sure I understand their issue. If you're in foreclosure because you can't afford a mortgage, then rent an apartment. Banks shouldn't be forced into allowing them to stay in property they no longer own.

Louis Collier said...

As always the truth lies in the middle granted many individuals in pursuit of the American Dream purchased homes way over their means, but much of the blame falls on the unscrupulous realtors and their one stop shopping. Aside from steering clients toward homes that they could not afford they arranged for sub prime mortgages, shady appraisals, fraudulent engineer’s reports, attorneys that failed to represent the best interest of their clients, because they were all in bed together. There is a lot of blame to go around and I think ACORN should concentrate their efforts on going after the real culprits who made a ton of ill deserved $$$$$.

Anonymous said...

We can blame the realtors, the banks, the market, etc. It's up to the buyer to know whether or not they can afford the loan.
There will always be people out there that will try to screw you. It's up to you to be informed.
I think the blame lies with the buyers. They need to take responsibility for their own stupidity and not blame everyone else.
I have zero sympathy.

Liman said...

I just left a screed on the Katz article regardign union involvement in politics. Then I read this. ACORN is a joke. They are finded by the SEIU, and are just the union's street muscle. If ACORN says something, you can bet it's because they are being paid to say it.

EW-3 said...

"Also, google ACORN voter fraud. This group should be prosecuted under the RICO stat."

ABSOLUTELY RIGHT.

Too bad not many people are aware of this. These people have subverted the democratic election process.

Anonymous said...

EW3-Acorn subverting the democratic election process, that job is well taken care of by Bush, Rove and all their cronies.
It is easy to blame the victim for being uninformed, but what excuse do you have for all the banks, brokerage firms, the government has bailed out? And... they are supposed to be the educated movers and shakers.

KG2V said...

RE: that failed to represent the best interest of their clients,

Folks - the Real Estate Agen works for the SELLER, not the BUYER - The SELLER pays the agent. He is LEGALLY required to do his best for the SELLER, not the BUYER. If he is found to be favoring the buyer over the seller, not only can he lose his license, he can be sued

You CAN hire a "Buyers Agent" - at which point the agent works for the BUYER, and need sto favor them

This is why it's best to have independent inspectors, etc, that were NOT recommended by the agent. Find your OWN mortgage broker, and do a little High School Math on the cost (oh, sorry, many of these folks can't do High School Math)

When Mrs KG2VNY and I were looking for our "new house" back in early 2001, the brokers were busy telling use that we could afford about 50% more than what we were willing to pay. They even had us "pre-approved" for that much. Saw some very nice houses for that kinda money, but Mrs KG2VNY and I said "No, the max we are willing to go was X, and we'd really like to keep it under x-10%" - we went X-5% on the house. Glad we did, when in 2005 she got laid off. Things got tight before she started working almost a year later, but we planned on "what happens if one of us loses our job" when we set that X figure

Could we have bought a bigger house? Yep - but we're more than happy where we are - nice neighbors who like trees, keep the place nice, and talk over the back fence

Anonymous said...

hey kg2v

"Could we have bought a bigger house? Yep - but we're more than happy where we are - nice neighbors who like trees, keep the place nice, and talk over the back fence"

Where is this place? Sounds nice.

KG2V said...

Bayside Hills

Louis Collier said...

KG2V- not everyone starts in life with the same resources and access to information and knowledge that you and many of us have (Thank God or we would all be in the same predicament). In a perfect world realtors would be working for the seller and or the buyer but$$$ distorts many of these relationships. If we were to report all the incidences of shady business in the industry it would be a world with few realtors. Bay Side Hills might be your example but there are so many neighborhoods were 1st time home buyers many new of them new Americans with no prior experience of the NYC housing market who are loosing their homes due to these predators. So it is ok to pat yourself in the back, but it is wrong to measure everyone with your measuring stick

EW-3 said...

....that job is well taken care of by Bush, Rove and all their cronies.

Another BDS sufferer heard from.
This happens in a one party town.

Anonymous said...

EW3- you neglected to explain the following "It is easy to blame the victim for being uninformed, but what excuse do you have for all the banks and brokerage firms the government has had to bail out and will have to again in the not to distant future? And... they are supposed to be the educated movers and shakers" I am interested to hear how you justify this.

KG2V said...

Louis,
Did you ever think that before you make an investment/purchase that is going to take you 30 YEARS to pay off, maybe those folks that did not have the "advantage" of education should have educated themselves?

Maybe even spend some money doing so?

Trust me, the house in Bayside Hills wasn't my first. My first was a small semi-attached. Bought it, fixed it up, worked hard at my job (and so did my wife), increased our salaries, socked away money, made extra payments on that starter house, went on one vacation in 10 years, didn't buy a new TV, saved money by driving cars until they were 10-15 years old, lived with the gift 19" TV that is still going 20 years later, never putting money on credit cards etc.

It's called being frugal, or "Money smart". Most people can learn that. Before we bought that first house, we talked to a lot of people, including a friend who was in the Real Estate business. Learned WHY the tradition earnings ratios existed. Why they wanted you to have a 3 month payment buffer AFTER your down payment to make you a loan.

There was a reason for those traditional requirements. I also learned from my parents the lessons of their childhood - aka the Great Depression. What could go wrong, and aquired a healthy fear of that happening to ME. Could I have made more money in the boom of the 90s? Probably, but I always steered the low risk course.

You gamble big, you can lose big. A house is the biggest investment you'll ever make. You owe it to yourself to learn the game before you play. Buy a book or two, and read them