Predatory Lending: Joint Hearing Before a Subcommittee of the Committee on Appropriations, United States Senate, One Hundred Seventh Congress, First Session, Special Hearing, May 14, 2001, Baltimore, MD. |
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able Adams Ambrose appraisers Balti Baltimore City Baltimore Task Force Baltimore's Beeman block borhoods clearinghouse committee Community Law Center consumer education Department of Housing Development dollar house efforts families Fannie Mae Federal FHA loans FHA-insured flippers flipping and predatory foreclosed foreclosure fraud Freddie Mac funds going GRAZIANO happened hearing home buyers homeowners homeownership housing counseling HUD homes HUD houses investors issue Joe Evans Ken Strong Laurie Maggiano law enforcement legislation lenders Lending Task Force licensed look Maryland Mayor O'Malley ment months mortgage scams nonprofit North Robinson Street overvaluation Patterson Park pending percent Predatory Lending Task prevention problem property flipping property repair purchase of HUD QUAYLE re-review real estate refinancing SCHENNING Secretary Martinez Senator MIKULSKI Senator SARBANES subprime subprime lending talk thing tion trying U.S. Attorney vacant house victim Vinnie want to thank Watch System
Popular passages
Page 45 - I want to thank you for the opportunity to come before you today and...
Page 5 - We are delighted that you are able to be here with us to give us some testimony.
Page 40 - As it stands, lenders have no incentive to be more careful in checking values on lending, and secondary market purchasers have no incentive to do more due diligence with regard to the loans they are purchasing.
Page 40 - HUD said it would demand that lenders reduce mortgages to appropriate levels when it found loans that exceeded 120 percent of fair market value. Unfortunately, lenders refused to voluntarily make the mortgage reductions, and FHA apparently has no authority to force them to do so.
Page 6 - ... not just because it is the compassionate thing to do, but because from a public policy perspective it is the most cost-effective thing to do.