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  1. #1
    Pedro56's Avatar
    Pedro56 is offline Englewood Ranger/Infidel Extraordinaire
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    Speak English and it Wouldn't be a Problem. Novel Concept Huh?

    Mortgage broker scams targeted
    Gutierrez (Latin King Banger now State Rep) wants all penalties, fees spelled out


    February 26, 2007
    BY JIM RITTER Staff Reporter

    The Spanish-speaking mortgage broker offered what seemed like a great deal to Des Plaines homeowner Jose Cortez.

    Cortez was told he could pay off his credit cards and car loan by simply refinancing his home.

    The broker didn't mention Cortez would owe $17,000 in closing costs. And contrary to what he was promised, Cortez's new payments don't include property taxes and insurance.

    Spanish speakers, seniors and other vulnerable homeowners often don't spot astronomical fees and other ripoffs buried in the fine print by predatory mortgage brokers, consumer advocates say.

    Another scam is to offer an initial monthly payment that doesn't even cover the interest. Homeowners wind up owing more on their house each month.

    Retired office worker Delores King said she now owes thousands of dollars more on her South Side home than when she refinanced in 2004. And monthly payments nearly doubled after the 1.5 percent "teaser" interest rate expired.

    "I'm going to lose my house if something doesn't give," King said at a news conference Sunday called by U.S. Rep. Luis Gutierrez.

    Gutierrez is introducing a bill that would require brokers to disclose -- in writing -- all fees and penalties associated with loans. Predatory brokers would be liable for homeowners' losses, plus legal fees.

    A similar bill died in committee last session, but Gutierrez is more confident now that Democrats control the House.

    Gutierrez's bill is one of several pending in Congress. But the National Association of Mortgage Brokers says new regulation could restrict loan options for consumers. The association instead proposes criminal background checks for brokers and better education for consumers.

    jritter@suntimes.com
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  2. #2
    Rhino's Avatar
    Rhino is offline Meat-eater & Fire-breather
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    Spanish speakers, seniors and other vulnerable homeowners often don't spot astronomical fees and other ripoffs buried in the fine print by predatory mortgage brokers, consumer advocates say.

    I found this downright insulting. Seniors are old people who have become feeble with age. Spanish-speakers do not speak English by choice. I'm with you, Pedro. Don't want to get taken advantage of? Then learn the local language. Or better yet, stay out until we give you permission to come here in the first place.
    "If everyone is thinking alike, then someone isn't thinking." -Gen. George S. Patton

  3. #3
    gozling's Avatar
    gozling is offline the gene pool could use a little chlorine
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    or pay for the interpreter lol
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    We dallied under
    Vine maples and sapling alders
    Searched for lady slippers
    But instead
    Found blackberry riots and
    Desiccated branches

    An old skid road
    Brought ghost ferns and
    Hollows filled with
    Skunk cabbage
    While waves wrapped
    Intricate lacings of weeds
    'Round mule spinners

    His cyanotic eyes
    Were hard enough to make
    The sun turn tail and
    Tender enough to attract me
    To his world of illusion

  4. #4
    BEB
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    It's not a problem of a language barrier. It's a case of scam artists expanding into a new market. The result would be much the same if the transactions were done in English instead of Spanish so long as the guy pitching the scam is Hispanic. I didn't know it had a name.."affinity fraud" is what it's apparently called, or so this columnist describes it.

    http://directory.northjersey.com/pag...Y3dnFlZUVFeXk5

    It's a fact of human nature that we tend to trust people with whom we identify. But that also leads consumers to let their guard down when "one of us" comes peddling his wares.

    Thus we have seen thousands of African-Americans scammed in recent years by black financial advisers pushing non-existent tax claims for slavery reparation, or church groups preyed upon by fellow believers pushing illegal pyramid schemes.

    In a similar vein, more con artists are putting a Latino flavor on established scams, counting on the comfort level that comes from a marketer who is "one of us."

    It's known as "affinity fraud," and anecdotal evidence shows it is growing in the state, said Kim Ricketts, director of the New Jersey Division of Consumer Affairs.

  5. #5
    Pedro56's Avatar
    Pedro56 is offline Englewood Ranger/Infidel Extraordinaire
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    The only reason this Gang Banger State Rep is making a big deal out of it is because his non english speaking constituents are getting raked over the coals. The other thing is this my Pollack and German ancestors learned how to speak English when they immigrated here, legally I might add, why is it so different now? My spousal unit endured the proper process for becoming an American citizen why should it be different for some Mexican? I went through the proper process to get my Irish citizenship why couldn't I just sneak over there in a boat and go on the benefit and whip out my mickey for every slapper that walks by me. Having 300 kids?
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    "I am the guy that keeps Mister Dead in his pocket." -'Mad' Max Rockatansky

    "An Englewood Ranger is no stranger to Danger.." -Unk

    Good Night Chesty Where Ever You Are.

    A Good Friend will bail you out of jail, but a true friend will be sitting next to you in the cell saying, "That was Awesome."

    God Made Police Men so Fireman Would Have Heroes.

 

 

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