Can This New York Senator Prevent Foreclosures?
Saturday, June 21st, 2008Welcome back!
Enlightenment was something NY homeowners wish they had before taking out that subprime loan. From the post “Schumer looks to prevent foreclosures in New York,” Sen. Charles Schumer (D-N.Y.) points out,
“…Thousands of middle-income and lower-income New Yorkers were tricked into borrowing these loans, and they are loans designed to fail. The first step is making sure that borrowers are protected from these usurious lenders…”
The senator then made a few recommendations that would make it tougher on the lending side of a real estate transaction. But what about making it tougher for the borrower to get a mortgage? Were the New Yorkers really tricked? Or were they so desperate to get a home that they didn’t care about the risks? What do you think? Feel free to leave your comments here.
