This document summarizes the impact of the subprime mortgage crisis on the community of Fairwood, a majority-black subdivision in Prince George's County, Maryland. It describes how over half of the loans taken out in Fairwood during the housing boom defaulted, with entire blocks going into foreclosure. This was disproportionately impactful on African American residents and African immigrants. The crisis devastated home values and wealth in the community and displaced many residents, changing the demographic makeup of the neighborhood. The document attributes the high rate of defaults to the prevalence of risky subprime loans pushed by lenders like Fremont Investment and Loan, and the lack of assistance from relief programs for residents with these types of troubled loans.
This week I urged everyone eligible to participate in the U.S. process by casting their ballots by mail or in person on November 4. This will have a huge impact in ways I describe in the article.
The document summarizes election results from November 5, 2008. It reports that early returns showed Proposition 8, a ban on gay marriage in California, leading, but the outcome was still uncertain. It also reports that Barack Obama won the presidency by appealing to both change and reassurance. His victory represented a breakthrough as the first African American president.
The document contains several brief news stories, including an Arab-American man being mistakenly jailed in Detroit, Obama welcoming new governments in Greece and Italy, parents complaining about a former porn star reading to students in California, and analysis of Mitt Romney changing his positions on various issues over the years as he runs for president.
This document discusses how Oregon's Elderly Persons and Persons with Disabilities Abuse Prevention Act (EPDAPA) can apply to securities law cases involving financial exploitation of elders.
The EPDAPA allows for treble damages, attorney fees, and other substantial remedies in elder abuse claims. While family members are often the perpetrators of elder financial abuse, one-third of abusers in Oregon are strangers involved in investment schemes. Contemporary schemes increasingly involve investments presented as securities like real estate interests, annuities, and life insurance products.
For an EPDAPA claim to apply in a securities case, the investment at issue must meet the definition of a security. Oregon courts use the Howey
The documents discuss several criminal cases from Philadelphia between 1987-1994:
1) Charges were dismissed against two members of a gambling and money laundering operation, while charges remained for the alleged mastermind.
2) A prosecutor alleged that members of an elite police drug unit plotted to kill a witness during another member's tax evasion trial.
3) In a drug unit racketeering trial, the defense attacked a key witness's conflicting testimony and relationships with the defendants.
4) A lawyer was charged with and pled guilty to carrying out schemes to defraud his mortgage company and creditors through false financial information.
The document discusses issues with oversight of the real estate industry in Florida. It finds that investigations into misconduct by real estate professionals take an average of over 18 months to complete, allowing many to commit additional offenses before facing consequences. Of the most serious cases resulting in license revocation or suspension, only three faced criminal charges despite some involving theft of tens of thousands of dollars. The slow investigation times are straining the resources of the Division of Real Estate but its director defends the need for thorough investigations.
The document provides biographical information about Barbara Boxer, the Democratic incumbent Senator from California, and Carly Fiorina, the Republican candidate challenging Boxer. It discusses their backgrounds, platforms, and key issues in the 2010 California Senate election, including the economy, environment, health care, and immigration. It also summarizes some of the prevailing stories in the media about the race, including debates around the candidates' experience and character.
This week I urged everyone eligible to participate in the U.S. process by casting their ballots by mail or in person on November 4. This will have a huge impact in ways I describe in the article.
The document summarizes election results from November 5, 2008. It reports that early returns showed Proposition 8, a ban on gay marriage in California, leading, but the outcome was still uncertain. It also reports that Barack Obama won the presidency by appealing to both change and reassurance. His victory represented a breakthrough as the first African American president.
The document contains several brief news stories, including an Arab-American man being mistakenly jailed in Detroit, Obama welcoming new governments in Greece and Italy, parents complaining about a former porn star reading to students in California, and analysis of Mitt Romney changing his positions on various issues over the years as he runs for president.
This document discusses how Oregon's Elderly Persons and Persons with Disabilities Abuse Prevention Act (EPDAPA) can apply to securities law cases involving financial exploitation of elders.
The EPDAPA allows for treble damages, attorney fees, and other substantial remedies in elder abuse claims. While family members are often the perpetrators of elder financial abuse, one-third of abusers in Oregon are strangers involved in investment schemes. Contemporary schemes increasingly involve investments presented as securities like real estate interests, annuities, and life insurance products.
For an EPDAPA claim to apply in a securities case, the investment at issue must meet the definition of a security. Oregon courts use the Howey
The documents discuss several criminal cases from Philadelphia between 1987-1994:
1) Charges were dismissed against two members of a gambling and money laundering operation, while charges remained for the alleged mastermind.
2) A prosecutor alleged that members of an elite police drug unit plotted to kill a witness during another member's tax evasion trial.
3) In a drug unit racketeering trial, the defense attacked a key witness's conflicting testimony and relationships with the defendants.
4) A lawyer was charged with and pled guilty to carrying out schemes to defraud his mortgage company and creditors through false financial information.
The document discusses issues with oversight of the real estate industry in Florida. It finds that investigations into misconduct by real estate professionals take an average of over 18 months to complete, allowing many to commit additional offenses before facing consequences. Of the most serious cases resulting in license revocation or suspension, only three faced criminal charges despite some involving theft of tens of thousands of dollars. The slow investigation times are straining the resources of the Division of Real Estate but its director defends the need for thorough investigations.
The document provides biographical information about Barbara Boxer, the Democratic incumbent Senator from California, and Carly Fiorina, the Republican candidate challenging Boxer. It discusses their backgrounds, platforms, and key issues in the 2010 California Senate election, including the economy, environment, health care, and immigration. It also summarizes some of the prevailing stories in the media about the race, including debates around the candidates' experience and character.
The document provides biographical information about incumbent Democratic Senator Barbara Boxer and her Republican challenger Carly Fiorina. It also discusses some of the key issues in their Senate race in California, including the economy, environment, health care and immigration. Some of the prevailing stories in the media coverage of the race focus on the candidates' characters, the fact that it is a female vs. female race, anti-incumbency sentiments, and whether Fiorina's more conservative positions make her too Republican for California.
The document provides biographical information about Barbara Boxer, the Democratic incumbent Senator from California, and Carly Fiorina, the Republican challenger. It discusses their backgrounds, platforms, and key issues in the Senate race, including the economy, environment, health care, and immigration. It also analyzes prevailing stories in the media coverage of the race, such as attacks on the candidates' characters, the influence of it being a female vs. female race, and speculation about whether frustration with incumbents and the economy could make California competitive for Republicans.
The document discusses Hispanic political involvement in Jerome, Idaho. It notes that while Hispanics make up a growing portion of Jerome's population, none of the city's elected officials are Hispanic. Turnout for local elections is generally low, and involvement is even lower among Hispanics. Reasons given for the lack of Hispanic political participation include that many residents are not citizens, the community skews younger, and a lack of outreach from political parties. Increasing Hispanic voting could force politicians to address issues like immigration differently.
Mortgage companies and banks profited by disproportionately selling high-interest subprime mortgages to Black and Latino communities who had been historically denied equal access to credit. A former Chase vice president described how executives earned higher commissions from subprime loans and targeted less educated and non-English speaking borrowers, who were disproportionately Black and Latino, steering them to subprime loans with higher interest rates and greater risk of foreclosure. Studies found that subprime lenders were most active in communities of color even when they had similar incomes to white communities. Communities of color had historically been denied good loans through practices like redlining and faced continued discriminatory barriers to credit access.
Barack Obama was elected as the first African American president, breaking down a long-standing racial barrier in American politics. Obama defeated John McCain by tapping into voter frustration with the struggling economy and ongoing war in Iraq. Obama's victory along with Democratic gains in Congress represented a significant political realignment, with the Democrats now in their strongest position nationally since the 1970s.
17 USC § 107 Limitations on Exclusive Rights – FAIR USE
SLAVERY IN AMERICA - EXPOSING THE UNITED STATES' DESPOTISM Government's PRISON System. . .
This is the 06/19/18 EMAIL sent providing a SYNOPSIS on the 06/18/18 Court Matter – In The Municipal Court Of Washington County, Mississippi – Case No. GP10037737 – Involving Cary Cornelius Johnson who WHITE SUPREMACISTS and/or KKKlan Members are engaging in CRIMINAL Acts, WAR Crimes, etc. in efforts of getting Johnson off of the streets to keep him from EXPOSING the 13TH Amendment PRISON Scams and more being carried out by the UNITED STATES’ DESPOTISM Government Empire – In The STATE OF MISSISSIPPI – In WASHINGTON County, Mississippi – In The CITY OF GREENVILLE, Mississippi.
The 13th Amendment PRISON Scams being OPERATED and RUN in the United States of America are a matter of INTERNATIONAL Interests, because they are a THREAT to Domestic and Foreign Governments (as the Utica International Embassy) and are a THREAT to HOMELAND Security as well as the Rights, Privileges and Immunities of SOVEREIGN Citizens (as Cary Cornelius Johnson).
Such abuses by the United States’ DESPOT’s Nazis and/or WHITE Jews/Zionists/Supremacists are COMMON Terrorist/Racist Attacks that are CRIMES AGAINST HUMANITY, CRIMES AGAINST PEACE, WAR OF AGGRESSION and WAR CRIMES, etc. for which the Utica International Embassy is in a Legal and/or Lawful position to address before the applicable International Tribunals and to seek PROSECUTION as in the NUREMBERG Trials against the United States’ DESPOTISM Government Officials (Executive/Legislative/Judicial) as well as its STATE Government Officials (as in the State of Mississippi), etc.
With Warmest Regards,
UTICA INTERNATIONAL EMBASSY
c/o Interim Prime Minister Vogel Denise Newsome
Post Office Box 31265
Jackson, Mississippi 39286
(888) 700-5056 / (601) 885-3358 / (513) 680-2922
Website: https://uticainternationalembassy.website
This document discusses a campaign organized by a Kent State University student to support the Black Lives Matter movement. The campaign features a showcase of black art and poetry about the African American experience and police brutality. It will also promote supporting black-owned businesses. The event aims to bring awareness to police brutality issues while encouraging people not to shop on Black Friday and instead spend money at a local black-owned barbershop that will offer discounts to attendees. The primary audience is black college students at Kent State who will be reached through social media posts and word-of-mouth advertising through professors and students in African American studies departments.
The document discusses how increased border enforcement and immigration policies since the 1980s have disproportionately impacted women. Stricter border patrols have encouraged migrant workers to settle permanently in the US with their families instead of seasonal work. However, deportations have overwhelmingly targeted unauthorized immigrant men, leaving women as single parents struggling economically in a hostile environment without support. The document argues this is an overlooked feminist issue and that reform is needed to prevent further harm to immigrant families and women.
The document lists the five worst states for identity theft based on the number of reported identity theft complaints per 100,000 people to the Federal Trade Commission. Florida ranked as the worst state with 178.7 complaints per 100,000 people, an increase of 56% from the previous year. Georgia and California ranked second and third worst respectively. Southern and border states generally saw higher rates of reported identity theft.
Institute on Race and Poverty presentation from One Minneapolis: A Call to Action! conference December 2, 2011 hosted by the Minneapolis Department of Civil Rights
This section discusses opportunities to expand economic opportunity for LGBT communities in the South. It notes that LGBT Southerners are more likely to have low incomes than non-LGBT Southerners and their LGBT peers in other regions. Specific groups like transgender people and Black children in gay male households have disproportionately high poverty rates. A lack of employment and housing protections contributes to these disparities. Funders can support organizations providing services to LGBT people experiencing poverty, as well as advocacy groups working to promote economic justice. Strengthening partnerships across issues like poverty, housing, and employment can help address the challenges faced by low-income LGBT Southerners.
Death of the Last Drug Warrior - What Adelson's Death Means for Marijuana Leg...Evergreen Buzz
Sheldon Adelson was a billionaire who spent millions fighting cannabis legalization efforts. With his recent death, there is no longer a major conservative donor opposing legalization. This could mark a new era with the end of prohibition. However, the influence of money in politics through Super PACs still allows wealthy individuals to shape policy behind the scenes. Until political influence of large donations is reformed, legalization progress could still face opposition from other wealthy donors in the future.
This document provides information on gang types in the United States, including street gangs, prison gangs, and outlaw motorcycle gangs. It notes that street gangs pose the largest threat due to their size, geographical presence, and involvement in drug trafficking and violence. National and regional street gangs have thousands of members across multiple states and some have ties to drug trafficking organizations and criminal groups in other countries. Prison gangs also pose a serious threat through their networks in and out of prison and ties to drug trafficking. Local street gangs typically have smaller memberships and operate within single locations.
JUDGE BOBBY DeLAUGHTER - INDICTMENT
This is the Judge ASSIGNED the Mitchell McNutt & Sams Matter (i.e. Unemployment Benefits Issue). A TAINTED/CORRUPT Judge known to take BRIBES/KICKBACKS to "Throw Lawsuits."
Garretson Resolution Group appears to be FRONTING Law Firm for United States President Barack Obama and Legal Counsel/Advisor (Baker Donelson Bearman Caldwell & Berkowitz) which has submitted a SLAPP Complaint to OneWebHosting.com in efforts of PREVENTING the PUBLIC/WORLD from knowing of its and President Barack Obama's ROLE in CONSPIRACIES leveled against Vogel Denise Newsome in EXPOSING the TRUTH behind the 911 DOMESTIC TERRORIST ATTACKS, COLLAPSE OF THE WORLD ECONOMY, EMPLOYMENT violations and other crimes of United States Government Officials. Information that United States President Barack Obama, The Garretson Resolution Group, Baker Donelson Bearman Caldwell & Berkowitz, and United States Congress, etc. do NOT want the PUBLIC/WORLD to see. Information of PUBLIC Interest!
The Triangular Trade and Prison Slavery, by Neelam Sharma and Jalil Abdul Mun...RBG Communiversity
This document discusses the growth of the private prison industry in the United States and compares it to the historical triangular slave trade. It notes that while black people make up around 12.5% of the US population, they comprise 48% of the prison population. The private prison industry is growing rapidly and lobbying for tougher criminal justice policies to ensure higher incarceration rates and maintain high occupancy levels at private prisons. The document raises concerns about the use of torture and control techniques in prisons, including restraint chairs, stun belts, prolonged solitary confinement, and pepper spray. It argues that the exception clause in the 13th Amendment has allowed a new form of slavery to develop through mass incarceration.
Dan Herbert is a former police officer and current criminal defense attorney who represents police officers. He is now defending Jason Van Dyke, the officer charged with murder for shooting Laquan McDonald 16 times. Herbert projects confidence in Van Dyke's case, though Van Dyke seems withdrawn. Herbert believes officers often make "mistakes" due to fear and stresses of the job, and should not be "criminalized" for these mistakes. He has deep ties to the police community and sees himself as fighting for officers who have been unfairly treated.
The document discusses the foreclosure crisis and its disproportionate impact on communities of color. It notes that communities of color were targeted for subprime lending even if qualified for prime loans. This led to high rates of foreclosure in these neighborhoods. Concentrated foreclosures pulled wealth out of these communities and caused social disruption and crime. The practice of targeting these communities, known as "reverse redlining", violated fair housing laws and exacerbated the foreclosure crisis in minority areas.
Mortgage scammers on the rise in americakhadijahtgo
Mortgage scams are on the rise in America, with several high-profile cases emerging recently. Anvil Mortgage Bank collected over $7 million in application fees from 2001-2003 by falsely promising to provide mortgages without credit checks. In another case, Sean Zauser and others agreed to pay $18.8 million for scamming struggling homeowners seeking mortgage modifications. Mortgage fraud rings involving inflated loan applications and kickbacks have also been prosecuted. Experts warn that equity stripping, phantom help, and bait-and-switch schemes are becoming more common, targeting desperate homeowners.
1) Juan Jose Perez hatched an elaborate foreclosure rescue scheme in California, pretending to be a lender and scamming hundreds of struggling homeowners out of up to $1.2 million in advance fees.
2) One of Perez's victims was Jose Serrano, a dump truck driver who was facing foreclosure after falling behind on his adjustable rate mortgage payments. Serrano was sent documents by Perez's company that falsely stated his loan had been modified.
3) Prosecutors have charged Perez and seven others in his operation with grand theft, money laundering, and conspiracy for their rescue scam. Perez has fled to Mexico and prosecutors are seeking his extradition. The case highlights the proliferation of scams that
This document analyzes home mortgage and small business lending patterns in Baltimore City and surrounding counties. It finds that in Baltimore City, the racial composition of neighborhoods is the strongest predictor of lending levels, with majority-white neighborhoods receiving significantly more lending than majority-black neighborhoods. In contrast, in the surrounding counties, economic factors like income and homeownership rates are better predictors of lending. The report concludes that disinvestment has left many Baltimore City neighborhoods, especially majority-black areas, as "islands of decay" surrounded by thriving communities in the counties seeing more lending activity.
The document provides biographical information about incumbent Democratic Senator Barbara Boxer and her Republican challenger Carly Fiorina. It also discusses some of the key issues in their Senate race in California, including the economy, environment, health care and immigration. Some of the prevailing stories in the media coverage of the race focus on the candidates' characters, the fact that it is a female vs. female race, anti-incumbency sentiments, and whether Fiorina's more conservative positions make her too Republican for California.
The document provides biographical information about Barbara Boxer, the Democratic incumbent Senator from California, and Carly Fiorina, the Republican challenger. It discusses their backgrounds, platforms, and key issues in the Senate race, including the economy, environment, health care, and immigration. It also analyzes prevailing stories in the media coverage of the race, such as attacks on the candidates' characters, the influence of it being a female vs. female race, and speculation about whether frustration with incumbents and the economy could make California competitive for Republicans.
The document discusses Hispanic political involvement in Jerome, Idaho. It notes that while Hispanics make up a growing portion of Jerome's population, none of the city's elected officials are Hispanic. Turnout for local elections is generally low, and involvement is even lower among Hispanics. Reasons given for the lack of Hispanic political participation include that many residents are not citizens, the community skews younger, and a lack of outreach from political parties. Increasing Hispanic voting could force politicians to address issues like immigration differently.
Mortgage companies and banks profited by disproportionately selling high-interest subprime mortgages to Black and Latino communities who had been historically denied equal access to credit. A former Chase vice president described how executives earned higher commissions from subprime loans and targeted less educated and non-English speaking borrowers, who were disproportionately Black and Latino, steering them to subprime loans with higher interest rates and greater risk of foreclosure. Studies found that subprime lenders were most active in communities of color even when they had similar incomes to white communities. Communities of color had historically been denied good loans through practices like redlining and faced continued discriminatory barriers to credit access.
Barack Obama was elected as the first African American president, breaking down a long-standing racial barrier in American politics. Obama defeated John McCain by tapping into voter frustration with the struggling economy and ongoing war in Iraq. Obama's victory along with Democratic gains in Congress represented a significant political realignment, with the Democrats now in their strongest position nationally since the 1970s.
17 USC § 107 Limitations on Exclusive Rights – FAIR USE
SLAVERY IN AMERICA - EXPOSING THE UNITED STATES' DESPOTISM Government's PRISON System. . .
This is the 06/19/18 EMAIL sent providing a SYNOPSIS on the 06/18/18 Court Matter – In The Municipal Court Of Washington County, Mississippi – Case No. GP10037737 – Involving Cary Cornelius Johnson who WHITE SUPREMACISTS and/or KKKlan Members are engaging in CRIMINAL Acts, WAR Crimes, etc. in efforts of getting Johnson off of the streets to keep him from EXPOSING the 13TH Amendment PRISON Scams and more being carried out by the UNITED STATES’ DESPOTISM Government Empire – In The STATE OF MISSISSIPPI – In WASHINGTON County, Mississippi – In The CITY OF GREENVILLE, Mississippi.
The 13th Amendment PRISON Scams being OPERATED and RUN in the United States of America are a matter of INTERNATIONAL Interests, because they are a THREAT to Domestic and Foreign Governments (as the Utica International Embassy) and are a THREAT to HOMELAND Security as well as the Rights, Privileges and Immunities of SOVEREIGN Citizens (as Cary Cornelius Johnson).
Such abuses by the United States’ DESPOT’s Nazis and/or WHITE Jews/Zionists/Supremacists are COMMON Terrorist/Racist Attacks that are CRIMES AGAINST HUMANITY, CRIMES AGAINST PEACE, WAR OF AGGRESSION and WAR CRIMES, etc. for which the Utica International Embassy is in a Legal and/or Lawful position to address before the applicable International Tribunals and to seek PROSECUTION as in the NUREMBERG Trials against the United States’ DESPOTISM Government Officials (Executive/Legislative/Judicial) as well as its STATE Government Officials (as in the State of Mississippi), etc.
With Warmest Regards,
UTICA INTERNATIONAL EMBASSY
c/o Interim Prime Minister Vogel Denise Newsome
Post Office Box 31265
Jackson, Mississippi 39286
(888) 700-5056 / (601) 885-3358 / (513) 680-2922
Website: https://uticainternationalembassy.website
This document discusses a campaign organized by a Kent State University student to support the Black Lives Matter movement. The campaign features a showcase of black art and poetry about the African American experience and police brutality. It will also promote supporting black-owned businesses. The event aims to bring awareness to police brutality issues while encouraging people not to shop on Black Friday and instead spend money at a local black-owned barbershop that will offer discounts to attendees. The primary audience is black college students at Kent State who will be reached through social media posts and word-of-mouth advertising through professors and students in African American studies departments.
The document discusses how increased border enforcement and immigration policies since the 1980s have disproportionately impacted women. Stricter border patrols have encouraged migrant workers to settle permanently in the US with their families instead of seasonal work. However, deportations have overwhelmingly targeted unauthorized immigrant men, leaving women as single parents struggling economically in a hostile environment without support. The document argues this is an overlooked feminist issue and that reform is needed to prevent further harm to immigrant families and women.
The document lists the five worst states for identity theft based on the number of reported identity theft complaints per 100,000 people to the Federal Trade Commission. Florida ranked as the worst state with 178.7 complaints per 100,000 people, an increase of 56% from the previous year. Georgia and California ranked second and third worst respectively. Southern and border states generally saw higher rates of reported identity theft.
Institute on Race and Poverty presentation from One Minneapolis: A Call to Action! conference December 2, 2011 hosted by the Minneapolis Department of Civil Rights
This section discusses opportunities to expand economic opportunity for LGBT communities in the South. It notes that LGBT Southerners are more likely to have low incomes than non-LGBT Southerners and their LGBT peers in other regions. Specific groups like transgender people and Black children in gay male households have disproportionately high poverty rates. A lack of employment and housing protections contributes to these disparities. Funders can support organizations providing services to LGBT people experiencing poverty, as well as advocacy groups working to promote economic justice. Strengthening partnerships across issues like poverty, housing, and employment can help address the challenges faced by low-income LGBT Southerners.
Death of the Last Drug Warrior - What Adelson's Death Means for Marijuana Leg...Evergreen Buzz
Sheldon Adelson was a billionaire who spent millions fighting cannabis legalization efforts. With his recent death, there is no longer a major conservative donor opposing legalization. This could mark a new era with the end of prohibition. However, the influence of money in politics through Super PACs still allows wealthy individuals to shape policy behind the scenes. Until political influence of large donations is reformed, legalization progress could still face opposition from other wealthy donors in the future.
This document provides information on gang types in the United States, including street gangs, prison gangs, and outlaw motorcycle gangs. It notes that street gangs pose the largest threat due to their size, geographical presence, and involvement in drug trafficking and violence. National and regional street gangs have thousands of members across multiple states and some have ties to drug trafficking organizations and criminal groups in other countries. Prison gangs also pose a serious threat through their networks in and out of prison and ties to drug trafficking. Local street gangs typically have smaller memberships and operate within single locations.
JUDGE BOBBY DeLAUGHTER - INDICTMENT
This is the Judge ASSIGNED the Mitchell McNutt & Sams Matter (i.e. Unemployment Benefits Issue). A TAINTED/CORRUPT Judge known to take BRIBES/KICKBACKS to "Throw Lawsuits."
Garretson Resolution Group appears to be FRONTING Law Firm for United States President Barack Obama and Legal Counsel/Advisor (Baker Donelson Bearman Caldwell & Berkowitz) which has submitted a SLAPP Complaint to OneWebHosting.com in efforts of PREVENTING the PUBLIC/WORLD from knowing of its and President Barack Obama's ROLE in CONSPIRACIES leveled against Vogel Denise Newsome in EXPOSING the TRUTH behind the 911 DOMESTIC TERRORIST ATTACKS, COLLAPSE OF THE WORLD ECONOMY, EMPLOYMENT violations and other crimes of United States Government Officials. Information that United States President Barack Obama, The Garretson Resolution Group, Baker Donelson Bearman Caldwell & Berkowitz, and United States Congress, etc. do NOT want the PUBLIC/WORLD to see. Information of PUBLIC Interest!
The Triangular Trade and Prison Slavery, by Neelam Sharma and Jalil Abdul Mun...RBG Communiversity
This document discusses the growth of the private prison industry in the United States and compares it to the historical triangular slave trade. It notes that while black people make up around 12.5% of the US population, they comprise 48% of the prison population. The private prison industry is growing rapidly and lobbying for tougher criminal justice policies to ensure higher incarceration rates and maintain high occupancy levels at private prisons. The document raises concerns about the use of torture and control techniques in prisons, including restraint chairs, stun belts, prolonged solitary confinement, and pepper spray. It argues that the exception clause in the 13th Amendment has allowed a new form of slavery to develop through mass incarceration.
Dan Herbert is a former police officer and current criminal defense attorney who represents police officers. He is now defending Jason Van Dyke, the officer charged with murder for shooting Laquan McDonald 16 times. Herbert projects confidence in Van Dyke's case, though Van Dyke seems withdrawn. Herbert believes officers often make "mistakes" due to fear and stresses of the job, and should not be "criminalized" for these mistakes. He has deep ties to the police community and sees himself as fighting for officers who have been unfairly treated.
The document discusses the foreclosure crisis and its disproportionate impact on communities of color. It notes that communities of color were targeted for subprime lending even if qualified for prime loans. This led to high rates of foreclosure in these neighborhoods. Concentrated foreclosures pulled wealth out of these communities and caused social disruption and crime. The practice of targeting these communities, known as "reverse redlining", violated fair housing laws and exacerbated the foreclosure crisis in minority areas.
Mortgage scammers on the rise in americakhadijahtgo
Mortgage scams are on the rise in America, with several high-profile cases emerging recently. Anvil Mortgage Bank collected over $7 million in application fees from 2001-2003 by falsely promising to provide mortgages without credit checks. In another case, Sean Zauser and others agreed to pay $18.8 million for scamming struggling homeowners seeking mortgage modifications. Mortgage fraud rings involving inflated loan applications and kickbacks have also been prosecuted. Experts warn that equity stripping, phantom help, and bait-and-switch schemes are becoming more common, targeting desperate homeowners.
1) Juan Jose Perez hatched an elaborate foreclosure rescue scheme in California, pretending to be a lender and scamming hundreds of struggling homeowners out of up to $1.2 million in advance fees.
2) One of Perez's victims was Jose Serrano, a dump truck driver who was facing foreclosure after falling behind on his adjustable rate mortgage payments. Serrano was sent documents by Perez's company that falsely stated his loan had been modified.
3) Prosecutors have charged Perez and seven others in his operation with grand theft, money laundering, and conspiracy for their rescue scam. Perez has fled to Mexico and prosecutors are seeking his extradition. The case highlights the proliferation of scams that
This document analyzes home mortgage and small business lending patterns in Baltimore City and surrounding counties. It finds that in Baltimore City, the racial composition of neighborhoods is the strongest predictor of lending levels, with majority-white neighborhoods receiving significantly more lending than majority-black neighborhoods. In contrast, in the surrounding counties, economic factors like income and homeownership rates are better predictors of lending. The report concludes that disinvestment has left many Baltimore City neighborhoods, especially majority-black areas, as "islands of decay" surrounded by thriving communities in the counties seeing more lending activity.
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In Phoenix, a Realty Check as Market Moderates
From Bust to Rebound to a Return to Normal as Sales Cool
Updated Aug. 18, 2014 9:22 p.m. ET
2014 Polls: Senate, Governors, More
Sign Up: Get Capital Journal Daybreak
Obama Weighing Business-Friendly
Immigration Actions
Tensions Flare Again in Ferguson
To understand why the U.S. housing
market this year isn't providing the lift
many economists expected, look to
Phoenix.
Among the cities most battered by the
2006 bust, Phoenix was the first to snap
back in 2011. Prices, off by 56% from
peak, then rebounded sharply, trimming
that drop by a third. The number of
homes in some stage of foreclosure has
fallen to about 4,300 today from more
than 50,000 four years ago.
Now, prices and sales are cooling off.
Inventories of homes listed for sale have climbed to their highest level in three years
while the number of houses sold in June fell 12% from a year earlier. The rebound
during the past two years "gave people a false sense of how quick we would recover,"
said Jim Belfiore, who runs a local home-builder consulting firm.
Sales in other once-hot markets also are slowing. Inventories in Washington, D.C.,
rose by a third in July from a year earlier, while sales were down 8%. Listings in
Sacramento were up 44%, as sales dropped 11%. In Las Vegas, sales slid 10%, while
the number of listings without offers rose 53%.
Economists predicted double-digit gains in home sales nationally this year would help
spur economic growth, but sales are down more than 5% over last year.
"There appears to be a conservatism among consumers and their willingness to take
on big-ticket purchases," said Doug Duncan, chief economist at Fannie Mae, whose
view of the housing market has deteriorated recently. In a report Monday, Fannie cut
its national housing forecasts for this year and next.
Fannie now expects new-home sales of
431,000 this year, down 11% from last
month's forecast, which would represent
a gain of just 0.6% from last year.
While activity is expected to pick up next
year, it still won't be "the breakout year
some are expecting," said Mr. Duncan,
who cut the 2015 forecast for new-home
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In Phoenix, a Realty Check as Market Moderates - WSJ http://www.wsj.com/articles/in-phoenix-a-realty-check-as-mark...
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sales by 14%.
As the foreclosure boom that fueled much of the recovery fades, income and
population growth are reasserting themselves as drivers of ...
The document discusses issues of racial inequality and opportunity in Detroit and beyond. It argues that while some see Obama's election as signifying a post-racial era, racial disparities persist and disadvantage marginalized groups. Specifically, foreclosures have disproportionately impacted black and Latino communities. The document calls for a focus on targeted universalism, coalition building, and empowering community organizations like MOSES to promote social justice and equal opportunity.
A brief overview of redlining and its impact on black homeownership, residential segregation, and discriminatory lending practices in the United States
V. The Lived Experience of the Great DepressionA Hoove.docxjessiehampson
V. The Lived Experience of the Great Depression
A Hooverville in Seattle, Washington between 1932 and 1937. Washington State Archives.
In 1934 a woman from Humboldt County, California, wrote to First Lady Eleanor Roosevelt seeking a job for her husband, a surveyor, who had been out of work for nearly two years. The pair had survived on the meager income she received from working at the county courthouse. “My salary could keep us going,” she explained, “but—I am to have a baby.” The family needed temporary help, and, she explained, “after that I can go back to work and we can work out our own salvation. But to have this baby come to a home full of worry and despair, with no money for the things it needs, is not fair. It needs and deserves a happy start in life.”14
As the United States slid ever deeper into the Great Depression, such tragic scenes played out time and time again. Individuals, families, and communities faced the painful, frightening, and often bewildering collapse of the economic institutions on which they depended. The more fortunate were spared the worst effects, and a few even profited from it, but by the end of 1932, the crisis had become so deep and so widespread that most Americans had suffered directly. Markets crashed through no fault of their own. Workers were plunged into poverty because of impersonal forces for which they shared no responsibility. With no safety net, they were thrown into economic chaos.
With rampant unemployment and declining wages, Americans slashed expenses. The fortunate could survive by simply deferring vacations and regular consumer purchases. Middle- and working-class Americans might rely on disappearing credit at neighborhood stores, default on utility bills, or skip meals. Those who could borrowed from relatives or took in boarders in homes or “doubled up” in tenements. The most desperate, the chronically unemployed, encamped on public or marginal lands in “Hoovervilles,” spontaneous shantytowns that dotted America’s cities, depending on bread lines and street-corner peddling. Poor women and young children entered the labor force, as they always had. The ideal of the “male breadwinner” was always a fiction for poor Americans, but the Depression decimated millions of new workers. The emotional and psychological shocks of unemployment and underemployment only added to the shocking material depravities of the Depression. Social workers and charity officials, for instance, often found the unemployed suffering from feelings of futility, anger, bitterness, confusion, and loss of pride. Such feelings affected the rural poor no less than the urban.15
II. The Rise of the Suburbs
Levittown in the early1950s. Flickr/Creative Commons.
The seeds of a suburban nation were planted in New Deal government programs. At the height of the Great Depression, in 1932, some 250,000 households lost their property to foreclosure. A year later, half of all U.S. mortgages were in default. The foreclosure rate stood ...
In 2010 President Obama allocated $7.6 billion to the Hardest Hit Fund to benefit the 18 states with the worst foreclosures of over 4 million homeowners. This money was from the landmark federal fraud lawsuit of 5 of the largest banks settling for $25 billion.
The document summarizes how structural racism and a lack of systemic thinking contributed to the subprime mortgage crisis. Mortgage lenders targeted minority neighborhoods with predatory lending practices like subprime loans. This disproportionately impacted black and Latino homeowners and neighborhoods. Courts have recognized that housing policies must address the systemic nature of racism and its cumulative impacts across domains like education and employment to promote fair housing opportunities.
4.16.24 Poverty and Precarity--Desmond.pptxmary850239
Poverty persists in America for two main reasons: 1) Not all anti-poverty funds actually reach poor families due to inefficiencies in the system. Only 22 cents of every TANF dollar makes it to poor families. 2) The poor face exploitation in labor, housing, and financial markets. They are underpaid for their work, overcharged for housing which consumes over half their income, and targeted by predatory financial practices like payday loans and rent-to-own schemes that trap them in cycles of debt. Discriminatory practices have also historically restricted opportunities for non-white families to build wealth through homeownership.
This document discusses the disproportionate impact of the subprime mortgage crisis and foreclosures on African American communities in Baltimore. It notes that homeownership represents 80% of net worth for many African American and Hispanic families. Data shows that African American neighborhoods in Baltimore have higher rates of subprime and adjustable rate loans, leading to more foreclosures. This results in significant losses of wealth and assets for these communities. The document argues for using social networks and community organizations to provide financial education and prevent further foreclosures.
The document is a calendar of events for the Exchange Club of Irvine, which is a service organization focused on community programs. It lists upcoming events in July and August, including guest speakers on topics like education grants and women's development. It also provides meeting location details.
Presentation at Texas Christian University\'s AddRan Festival Of Undergraduate Scholarship and Creativity, April 2009 and winner of TCU\'s Economic Department Award to Best Presentation in Economics.
The document compares and contrasts Edinburgh, Scotland and France. It notes that Edinburgh has a blend of medieval architecture, nature, and modernity. Specifically, it highlights landmarks like St Giles Cathedral, alleys, and Edinburgh Castle. It also mentions the busy Princess Street and parks like Arthur Seat and the Meadows that always have people. In contrast, it finds France lacks diversity, making the author feel like a foreigner. While France has renowned cuisine, Edinburgh also offers variety like Scottish dishes, fish and chips, and international options due to its diversity.
Leonard Millman and Larry Mizel of MDC, a Denver-based financial conglomerate, are alleged to have engaged in organized crime including illegal mortgage-backed securities that led to the 2008 financial crisis and bank bailouts. Eric Holder and Lanny Breuer failed to prosecute these crimes during their time at the Department of Justice. The document outlines extensive evidence of fraud, forgery, and illegal foreclosures by banks related to mortgage assignments and MERS, the electronic mortgage registry system. It suggests a high-level criminal network has long been laundering money and committing mortgage fraud.
The case against washington mutual bank and california reconveyance companyHamasha Juman
The document outlines a case against Washington Mutual Bank and California Reconveyance Company regarding fraudulent foreclosure practices that negatively impacted many homeowners in California. It provides details of a meeting between members of the California Attorney General's office and a homeowners advocacy group to discuss issues like predatory lending practices, legal issues regarding loan documentation and transfers, and failures of loan modification programs. The document also gives a history of Washington Mutual's risky lending strategies that prioritized profits and contributed to the foreclosure crisis, as well as examples of fraud found in some of its offices in California.
The document discusses rising foreclosure rates across the United States according to a recent RealtyTrac report. Some key points:
- Foreclosure filings increased 23% from Q4 2007 and 112% from Q1 2007. One in 194 US households received a filing.
- Nevada, California and Arizona had the highest state foreclosure rates, with one in 54, 78 and 95 households receiving a filing respectively.
- Stockton and Riverside-San Bernardino metro areas in California had the two highest metro foreclosure rates, with one in 30 and 38 households receiving a filing.
- Other metro areas with high foreclosure rates included Las Vegas, Detroit, Phoenix and several cities in Florida
The document provides information on housing counseling and direct services for homeowners transitioning to rental housing. It discusses the current housing landscape and trends of increased renting. It also outlines homeowners' rights under the Fair Housing Act and Equal Credit Opportunity Act. The presentation covers the rental process including locating a unit, applying, signing a lease, and obtaining renters insurance. The goal is to assist clients through the transition and ensure a comfortable, affordable rental situation.
1. F
Published on January25, 2015
airwood is a sprawling 1,800-home subdivision in Prince George’s County built on a former slave plantation
that was once owned by the state’s 34th governor, Oden Bowie. It should have been a success story for black
Americans.
The decade-old neighborhood is 73 percent black and its residents have a median household income of more than
$170,000, according to the census. Some houses there once sold for more than $1 million.
But half the loans on newly constructed homes in Fairwood during the housing boom in 2006 and 2007 wound up in
foreclosure — 723 of 1,441 so far, according to a Washington Post analysis of private and public mortgage data.
B r o ke n by
t h e bub b l e
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2. On some blocks in Fairwood, nearly every house went under. On Burkes Promise Drive, an arcing street of broad
lawns, 20 of the 34 homes fell into foreclosure. Neighbors awoke each day to the tell-tale signs: rental trucks in
driveways and piles of old furniture, strollers and garbage bags dumped on the curbs. A neighborhood security guard
papered hundreds of houses with notices that homeowners were being sued for outstanding association dues and
would soon be locked out of the pool.
Nationwide, the disproportionate impact of the mortgage crisis on African Americans has been well documented.
Less understood is how the crisis played out block by block and continues to reverberate in Prince George’s, the
wealthiest majority-black county in the United States. It was also the epicenter for mortgage failures in Maryland.
Today, far fewer blacks are getting home loans in the county, foreclosures are on the rise again and the African
American share of the population has started to decline there for the first time since the civil rights movement.
Fairwood, one of the nation’s most aspirational black communities, is a symbol of what blacks lost in the crisis. For all
its wealth, the community had the second-highest foreclosure rate in the county for a neighborhood with more than
100 loans, behind only one in Adelphi, which had a much-lower median income of $64,398.
In Fairwood, houses once valued at $700,000 are going for $350,000. Legions of homeowners who bought high have
seen their equity evaporate, and still labor under hundreds of thousands of dollars in debt. And the percentage of
blacks being approved to buy in the neighborhood has declined, even as deal-seekers of every demographic move in.
“Maybe for blacks, 10 years ago, this was the up-and-coming black area,” said Kris Marsh, a Fairwood resident who is
also a sociologist at the University of Maryland. Now, people are just looking for deals, she said. “Today, people could
be thinking, ‘I want the most bang for my buck.’ ”
A Washington Post analysis reveals what a drive through the neighborhood’s stately houses might not: the effect of
subprime lending on the community. Of the 1,441 loans made in Fairwood between 2006 and 2007, 416 were
subprime, which are riskier loans that carry higher fees and interest rates that adjust frequently, according to federal
home mortgage data.
In the lead-up to the crisis, borrowers in Prince George’s earning more than $200,000 per year received subprime
loans 31 percent of the time, the highest rate in the nation for a county where 750 or more subprime loans were made.
The data also reveals a crisis within the crisis: African immigrants, who make up 5 percent of the population of Prince
George’s, accounted for nearly one-third of the families affected by foreclosure in Fairwood, according to a Post
analysis of mortgage data provided by Lender Processing Services.
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3. Billy Okoye, a real estate agent who lives in Fairwood, said that during the boom the neighborhood was very attractive
to immigrants from West Africa, who favor new construction.
“They went down and found communities like Fairwood, where builders were offering a lot of incentives,” Okoye said.
“They were loan products that could give you 100 percent financing, and you can actually build with zero down
payment, interest only.”
He said home buyers did not see what was coming.
“They had lots of programs at the time back in 2004 and 2005. And they figured, why not? If this is where we can get it,
why not?” Okoye said. “When the downturn happened, reality set in. The balloon burst, and mortgages started to go
up.”
That reality is apparent to those who live in Fairwood now.
Solon Phillips, a 41-year-old lawyer and Fairwood resident, bought his 6,000-square-foot home in February 2009 for
$460,000. The home originally sold for more than $600,000 in 2005.
“The crisis, I believe, has changed the face of Fairwood,” said Phillips, a Brooklyn-born Trinidadian. “Once the housing
crisis hit, the value and prices of the homes in Fairwood dropped. This drop opened the door for less affluent
homeowners to purchase and move into the community.”
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4. S
Fairwood resident and real estate agent Anthony Thomas, 40, bought there with his wife, Germaine, 37, in the early
days of the neighborhood, before the crisis.
“I know that a lot of families were displaced, neighborhoods shaken, and economies placed in turmoil,” he said.
But Thomas sees Fairwood’s new diversity as a virtue. “As the region continues to grow as a melting pot of ethnicities,
Fairwood now serves as one of Prince George’s County’s brightest stars that exemplifies diversity in a planned
community,” he said.
Marsh, uniquely trained to understand just such a neighborhood transformation, can see both sides of the equation.
“As a resident, I welcome and celebrate the socioeconomic and family type of diversity present in Fairwood,” she said in
an e-mail to The Post. “As a sociologist and demographer, I am troubled that Fairwood was hit hard in the housing
crisis, especially given the number of black Fairwood residents. It begs the hypothetical yet sociological question:
Would the same magnitude of predatory lending have taken place in Fairwood if it were a predominantly white middle-
class area?”
ubprime loans were largely prohibited until Congress in 1980 passed legislation lifting state interest rate controls
on out-of-state banks.
At first, just a handful of small lenders made subprime loans. But as investors in the 1990s sought more mortgage-
backed securities, which bundled subprime loans with other loans, demand grew. The high rates of return on the
securities quickly made subprime loans the darlings of Wall Street.
Advocates and regulators soon began to point out that minorities were being harmed by the aggressive loan terms. In
1999, the four major federal banking regulators issued warnings that the elements were in place for predatory
practices.
In 2006, Sheila Bair, who was appointed by President George W. Bush to run the Federal Deposit Insurance
Corporation, had her staff look closely at subprime loans. She was distressed by what she found.
“These were absolutely predatory loans,” Bair, who now works at the Pew Charitable Trusts, said in a recent interview.
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5. Bair’s first target was the California-based Fremont Investment and Loan, located in Brea, Calif. Fremont was Prince
George’s largest subprime lender, records show. Of the 4,320 home loans in the county that the firm made in 2006 and
2007, 94 percent were subprime. Almost half failed.
Fairwood borrowers received 32 loans from Fremont, according to federal mortgage data. More than half the loans had
interest rates five percentage points or higher above prime rates.
“I trust all those mortgages that they made in Prince George’s County were pretty bad,” Bair said. “It had gotten out of
control.”
Bair ordered Fremont to shut down in 2007, the first such government action in the nation against a subprime lender
in the years leading up to the crisis.
Although Bair managed to stop Fremont, other lenders continued to see opportunity in Prince George’s.
One of the top subprime lenders in Fairwood was National City Bank, which made 95 loans to the community between
2006 and 2007. Last year, the financial company that acquired National City in 2008 agreed to pay out $35 million to
settle claims that the bank charged higher fees to black and Hispanic borrowers than similarly creditworthy white
borrowers.
Using court and land records, The Post analyzed 173 home purchases in Fairwood that wound up in foreclosure
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6. between 2006 and 2008.
In 43 of those home purchases, borrowers financed 100 percent of the cost of the home with loans that had high
interest rates and reset periods within three years. The loans were of the type that Angelo Mozilo, the CEO of defunct
subprime lending powerhouse Countrywide Financial, had called “toxic” because they offered such onerous terms. He
warned his own company in internal e-mails that the loans were “the most dangerous product in existence.”
Nearly all the remaining loans The Post examined contained features associated with high default rates, such as low or
no down payments, interest-only payment periods and higher rates than prime loans.
Only seven out of the 173 defaulters received the most favorable lending terms, known as conventional 30-year fixed
interest rate loans. These “prime” loans are the least likely to fail, experts agree.
The Post was unable to determine from the documents several factors that are likely to influence the types of loans
borrowers are able to secure, including credit history, income and assets. The race of the borrowers also could not be
determined.
Debbie Bocian, a researcher at the Center for Responsible Lending based in Durham, N.C., said the type of mortgage
product had a lot to do with the failure rate in general.
“There is this pervasive narrative that the crisis is due to irresponsible borrowers, that they did something wrong,”
Bocian said. “Borrowers were steered to loans that were more expensive and abusive, when they could have qualified
for much better loans.”
The mortgage crisis has been blamed on everybody, including lenders, regulators, government policymakers and
consumers. But there is wide agreement that subprime lending was a proximate cause.
Prosecutors and academics have shown that blacks were more likely to get subprime loans, more likely to pay higher
fees and less likely to receive mortgage relief. Of blacks earning more than $200,000 nationwide, more than 1 in 3 were
sold subprime loans, twice the average of the overall population, according to a Post analysis of federal mortgage data.
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7. Fairwood sits in Bowie in the heart of Prince George’s, just off Annapolis Road. Developers broke ground in the
neighborhood in December 2001 and did most of their building during the housing bubble. Fairwood’s spacious
houses and the prospect of a new elementary school attracted upper-middle-class black families, who wanted a safe
place for their children to grow up among members of their own race.
The first neighborhood was called “The Promise,” and developers named the streets after prominent African Americans
from the county’s history. Quanders Promise Drive, for example, honors the family of two of the first slaves brought to
the 13 colonies. In other neighborhoods, the streets bear the names of Bowie’s family members, horses and workers.
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9. Five-bedroom houses sit back on deep, neatly trimmed yards. Many have large windows above their front doorways,
providing glimpses of sparkling chandeliers in two-story entryways.
On a hill overlooking them all is a 6,600-square-foot stucco Federal-style house out of which Oden Bowie operated a
1,000-acre plantation named Fairview. It was one of the state’s largest slave holdings, with more than 100 slaves before
state law freed them in 1864. Descendants of the Bowie family lived in the 225-year-old home until this fall. It is now
listed for sale at $874,000. The town of Bowie is named after the patriarch and Bowie State, an historically black
university, is named after the town.
In 1989, the Bowies and two prominent Maryland families who owned the surrounding land partnered with builders
planning the largest mixed-use development in the state. A protracted court case over zoning and opposition from the
town of Bowie delayed the project for 13 years.
In February 2003, the first residents moved into Fairwood. The development was buzzing with new buyers.
Seven builders displayed different models, which allowed buyers to shop, but also created intense competition. Buyers
were frequently barraged with incentives, such as finished basements, to buy a home or to finance through a preferred
lender.
In August 2006, Edith Garner, who taught special education at Benjamin Tasker Middle School in Bowie, was one of
those who fell in love with Fairwood.
She bought a townhouse in an area called “The Retreat at Fairwood” for $427,213. The 2,200-square-foot home looked
sturdy, with a red brick facade and blue shutters.
She signed an agreement for an adjustable-rate mortgage with an interest rate of 8.875 percent through First
Guarantee Mortgage, which declined to comment for this article. She was counting on a rising house market.
“Everything was going up and up and higher,” Garner, 58, said of the housing market. “I wanted to make money, too.”
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10. A
But the home purchase was 100 percent financed with a loan that carried a high interest rate.
Soon after Garner moved in, her hands began to tremble. She was diagnosed with Parkinson’s disease.
Garner was able to refinance her loan at a lower rate with SunTrust Mortgage.
Eventually, she was forced to retire. But her $2,324 monthly disability payment did not cover her $2,549 mortgage.
In February 2008, Garner stopped paying altogether. By June, SunTrust, which also declined to comment, moved to
take her house. She was $15,260 behind. Garner fought to save her house, and in 2010, the bank agreed to drop the
foreclosure case as she worked out a repayment plan.
But she fell further behind, owing $176,596 by 2012, and she had to file for bankruptcy to stave off foreclosure. The
bankruptcy did not erase any mortgage debt, but it allowed her to reduce her monthly payments.
Garner lives alone. She’s unable to afford a home-health aide and earns too much in disability to receive one under
Medicare.
“Who is going to call 911 if something happens to me?” she asked.
She hired an attorney to help her get a further mortgage modification. In October, her modification came through: Her
mortgage is now $1,465, which she fears is more than she can afford.
“I don’t want to lose my home,” she said.
lonzo M. Walker Sr., a 56-year-old pastor, bought a $1.1 million home on land where the plantation’s tobacco
barn once stood.
He had worked for years as a supply manager at the federal government’s Bureau of Engraving and Printing before
founding Bethel Deliverance Outreach Ministries in 2001 in Upper Marlboro. It has 300 members.
Walker bought the courtly brick 6,000-square-foot house in 2006, putting down about 10 percent. He obtained two
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11. M
loans. One was an adjustable-rate interest-only loan for $917,928 at 6.375 percent interest from Wells Fargo. He also
got a second mortgage for $114,741.
His total monthly payment came to $5,000 per month.
As a pastor, he often comforted parishioners who had fallen on hard times during the crisis. Many lost their jobs and
homes.
In 2011, Walker’s wife, Wanda, suffered a stroke and could not work. He defaulted on his loan less than a year later.
In September, Wells Fargo moved to foreclose on the home. Walker was 132 days behind and owed $31,016.
Walker filed paperwork to forestall foreclosure and to renegotiate the terms of his loan.
“I got the right person on the phone who could help me, and that was the difference,” he said.
But the loan modification was not cheap. Wells Fargo, which declined to comment for this article, refused to eliminate
his debt or reduce his principal. Instead, the bank gave him a third mortgage, which is still an adjustable rate loan but is
capped at 5.5 percent. The loan term is 40 years.
Meanwhile, the house has lost a lot of value — Walker says it is worth about $650,000.
“I know my money is just disappearing into this house,” Walker said.
Despite the cost, Walker wants to stay.
“I never thought a kid from LeDroit Park could have a place like this,” Walker said. “I just can’t walk away.”
any borrowers in Fairwood did not qualify for the main government programs that helped homeowners
with mortgages.
When the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP)
were started in 2009, the only people who qualified were those with loans backed by Fannie Mae and Freddie Mac.
Most of the troubled loans in Fairwood were not backed by Fannie or Freddie.
Bair said banks should have shouldered more of the burden brought on by the spate of subprime lending.
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12. “The bank should have taken the loss, not the homeowners,” Bair said. “That people are still paying on these types of
mortgages makes me sad.”
She said regulators disagreed over what was best for the teetering economy — saving banks or saving borrowers. In the
end, regulators decided to emphasize keeping banks solvent.
Former U.S. Treasury Secretary Timothy Geithner, while promoting in his new book “Stress Test” during the past year,
said he remained frustrated at how little the administration was able to do to offer relief to homeowners. Geithner said
in his book there were many logistical hurdles as well as an issue of fairness, when 9 of 10 families were paying their
mortgages on time.
The homes in Fairwood sell for a fraction of what they used to, and new buyers face tougher restrictions in qualifying
for loans. Subprime loans are rare now, so those who can qualify are getting traditional loans at good rates, loan data
shows.
One of those benefiting from the collapse in housing prices was Kris Marsh, the associate professor of sociology at
University of Maryland who moved into Fairwood in 2009.
“I would not be able to live here if the bubble had not burst,” she said. “I did not make enough money.”
She paid $365,000 for a house that originally sold for $656,000 in 2006 when it was built. She put down $100,000,
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13. which came from her parents.
Marsh, who is African American and an expert on segregation and the black middle class, liked that Fairwood was a
planned community with million-dollar houses within walking distance of a grocery store. She also liked that it was still
largely black.
But she said the crisis has made Fairwood less affluent and slightly less black than it once was.
Today, fewer blacks are getting approved for homes within the county, according to federal home mortgage data. Home
loans to blacks in Prince George’s have decreased from 14,679 in 2004 to 3,766 in 2013. The share of home loans in the
county going to blacks is also dropping, from 61 percent in 2008 to 51 percent in 2013.
Census data show that the percentage of black people in the county in recent years has stopped growing for the first
time since the civil rights movement. Bart Landry, emeritus professor of sociology at the University of Maryland at
College Park, said the county will probably become increasingly diverse as Asians and Latinos move in.
One of the new residents is Reiner Castillo, a 39-year-old from the Philippines who works in information technology at
Fort Meade. His wife works at Anne Arundel Medical Center in Annapolis.
The couple had lived in a townhouse in Bowie, but with two young children, they needed a larger home. Fairwood
seemed ideal.
“When we passed through here and all these big houses, we said it’s a beautiful neighborhood,” he said.
They bought a house on Nichols Promise Drive on June 25 in a short sale for $360,000. It had originally sold for
$645,000.
After closing on the house, they met the former homeowner as he stopped by to throw away the last of his belongings.
“We were just talking about our lives and how beautiful this house is,” Castillo said. “That’s when he started opening
up.”
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14. The man told the Castillos how embarrassing it had been to put his belongings on the curb.
The Castillos were moved by his plight.
“We hired someone to help move his stuff,” Castillo said.
Danielle DeCourcey, Justin Warren, Cathaleen Chen, Pietro Lombardi, Mariam Baksh, Mel Jones, Miranda Strong
and Moriah Balingit contributed to this article through a partnership between The Post’s Investigative Unit and the
Investigative Reporting Workshop at American University.
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