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  1. RACHAEL COHEN

    RACHAEL COHEN New Member

    0
    Jan 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Net Branch Sued Over YSPs to Hispanics
    A net branch firm based in California has been sued by the government over allegations that its originators charged higher yield-spread premiums to Hispanic borrowers. The 45-branch operation says it originates $2 billion annually.
    Golden Empire Mortgage Inc. was sued last week in U.S. District Court For the Central District of California by the Federal Trade Commission, according to a copy of the complaint.

    Also named as a defendant is owner Howard D. Kootstra.
    www.MortgageDaily.com/DiscriminatinGoldenEmpire051109.as



    Any comments especially CA appraisers?
     
  2. Novajehova

    Novajehova New Member

    0
    Oct 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I bet you!... these LO's were also hispanic!~ cannibalistic world we live in! beware!
     
  3. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
    Subprime at it's finest.

    Check out Countrywide's own foreclosures site. Look carefully at areas with the highest levels of foreclosures-run some demographics on them and you'll notice what appears to me to be a PATTERN. I wouldn't be surprised if the majority of these 'lenders' were all doing the same things.
     
  4. Karl

    Karl Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Arizona
    Lenders HAD TO lend to many that couldn't, wouldn't pay back the money or face the fines & possibly shut down, from the goverrnment for discrimination!! Not saying the banks are the good guys just saying the government are the "Badder" guys.
     
  5. MikeinLA

    MikeinLA Junior Member

    1
    Jan 6, 2009
    Professional Status:
    Certified General Appraiser
    State:
    California
    Yes, the Leftist dogma that EVERYBODY deserves to own a home has been proven to be a disaster. Reminds me of the GREEN (I'm beginning to hate that word) light bulbs they are trying to mandate that contain so much mercury that there is a 15 step EPA guideline on what to do when you break one. Yeah, that's good for the environment. Or the Prius batteries or.....don't get me started.m2:

    Mike
     
  6. Cob

    Cob Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    You do know that the "the Leftist dogma that EVERYBODY deserves to own a home" was going on while Bush was in office. I really wish people would stop being blinded by the whole left/right thing, because all of the public is just really in the middle getting screwed. I live in Austin and they mandated a recycle system that give you a BIG container to put paper and plastic items in, it was suppose to be great for everyone, well in an article in the paper about a month ago it was revealed that Dallas and San Antonio have both made a handsome profit from the exact program. But Austin has LOST $987,000 and collected about 33% more paper/plastic than Dallas. But hey as long as people feel good about themselves.
     
    Last edited: May 14, 2009
  7. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    Bush was just another leftie.He sure wasn't a Conservative.Obama knows knows the fundamentals of Marxism...He is running left...so enjoy lefties...buy some beans and ammo with food stamps...
     
  8. timd354

    timd354 Elite Member

    55
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I am sure that you are absolutely right....I have friends in the mortgage business that have said that being a Spanish speaking loan officer is like having a license to kill.
     
  9. murray stroupe

    murray stroupe Senior Member

    0
    Apr 27, 2005
    Professional Status:
    General Public
    State:
    Tennessee
    Re

    ==================
    Probably mean bilingual, but reguardless of that;
    it may not really be related to hispanics at all.

    For example wonder what % of those Hispanics that Rachel Cohen mentioned had an interest bearing bank account????????????????
    Innocent til proven guilty reguardless.

    And by the way, i like doing business with Hispanics..............................
     
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