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American Dreams Mortgage

Ameriquest Mortgage, Not the American Dream!

Ameriquest taking on water , ship is sinking 1 2 3 4 5 6 ... Last Page Rust Consulting Ameriques Multistate Settlement - Delayed ...

America is house-rich but cash-poor — and these businesses see opportunity

When Mike Lindsay’s energetic young wife was diagnosed with cancer, it was a shock. To Mike, it seemed like one moment Vanessa was happily gardening in their spacious backyard, and the next she was gone.

The couple and their two sons lived in a rambling Spanish-style house at the end of a cul-de-sac in Orange County, Calif. Soon after Vanessa’s death, Mike Lindsay found himself with medical bills and child-care costs that he called “devastating.” Between credit cards and friends who’d offered help, he owed thousands of dollars.

“I always felt it would all turn around,” Lindsay said. He just wasn’t sure how. The surest bet seemed to be the house, which was appraised at $1.2 million, and in which he had about $500,000 of equity. Lindsay tried to refinance his existing mortgage, but his bank was unwilling. He’d already done one loan modification, after losing his job. And his debt-to-income ratio put a new mortgage out of reach.

The very same day Lindsay learned he wouldn’t qualify for a refinance, help arrived. It was a direct-mail solicitation, in the form of a fake check “payable to Michael Lindsay for $186,000.

Federal Regulator Ready to Reform CRA But Won't Say If Discrimination Exists

When the Community Reinvestment Act (CRA) was enacted in 1977, urban disinvestment, redlining and blockbusting were widespread across the country. Credit was also tight in rural communities where the mortgage needs of rural residents were mostly served by smaller banks. In both types of communities, little oversight paid attention to fair lending.

For communities of color, CRA was welcomed with hopes that banking and credit needs would be as fair as they were accessible. Clearly CRA was intended to address lending discrimination aimed at individuals and businesses in low-to-moderate income communities.

Years later when the law was amended in 1992, meeting the credit needs of all communities was added to the criteria covered in bank examinations. Investments with minority-owned financial institutions was also added and included Blacks, Latinos, Native Americans, Asian-Americans and multi-racially-owned banks.

Yet when the Trump-appointed Comptroller of the Currency, Joseph Otting testified in a House Financial Services Committee hearing on June 13, he dodged questions about whether he believed discrimination exists in America. Instead, Otting responded by saying he had never personally observed discrimination but had heard about it from others.

Is the American Dream causes mortgage crisis? 10 points for the best advice. Thank you?

I know there are various reasons that lead to the current mortgage crisis such as the banks, the loans, the economics, the government.

If the American dream is to do incredibly stupid things with your finances and credit, then you are probably right.

Banks and mortgage brokers were contributors, but in reality it was people's own greed and stupidity that was the main cause.

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