Earlier in the week, the Wall Street Journal had a great article about the push for Latinos to buy homes, especially in light of the recent mortgage industry meltdown. The Congressional Hispanic Caucus, under Congressman Baca’s leadership, launched a housing initiative called Hogar (how original!) to increase mortgage lending to Latinos. Specifically, the Latino community was being sold risky, high price loans, a kind of reverse red-lining, making credit easily available and encouraging the purchase of homes.
The Wall Street Journal article cites the following from a Latino consumer lending advocacy group:
“‘We saw what we refer to in the advocacy community as reverse red-lining,’ says Aracely Panameno, director of Latino affairs for the Center for Responsible Lending, an advocacy group. ‘Lenders were seeking out those borrowers and charging them through the roof,’ she says.
Ms. Panameno says that during the height of the housing boom she sought to present the Hispanic Caucus with data showing how many Latinos were being steered into risky and expensive subprime loans. Hogar declined her requests, she says.”
It seems that the Hispanic Caucus did not want to listen to the warnings because the subprime loan industry executives were advisers to the Hogar initiative and had funded research to justify the push for eased lending standards. Hogar’s studies were conducted by subprime loan industry lobbyists, and the CHC/Hogar accepted donations in return for the caucus promoting a lender’s commercial products designed for the Latino market. So essentially, the CHC was selling its influence to the subprime industry without reading the writing on the wall about the housing bubble, the loosey goosey no document or light-documentation loan requirements, and the speculation accompanying this disaster.
Even more disturbing, Congressman Baca’s charitable foundation accepted a $25,000 donation from AmeriDream, Inc., a nonprofit housing company and Hogar sponor. AmeriDream had pushed a seller-financed down-payment program, which has now been outlawed. The donation given to the Joe Baca Foundation was supposed to be used to buy firefighter equipment, but take a look at “Working Joe’s” Foundation website. Do you see anything remotely related to firefighters here?
Joe Baca’s eldest son, Joe Jr., collects an annual salary of $51,800 from the Joe Baca Foundation according to IRS records, but he has told the Wall Street Journal that he only takes about half of that as a salary from the foundation. The Joe Baca Foundation has given away scholarships and turkeys for poor families, and those activities certainly are charitable. However, if this foundation is so heavily funded by the mortgage interests that have helped create the monster that is the making families homeless and ruining their credit and then is not using funds as intended by its donors, I question the nature of the foundation’s activities.
Just this week, the Pew Hispanic Center released a report showing that almost one in ten Latino families have skipped a mortgage payment or were not able to make a payment last year. The same survey revealed that more than a third of Latinos have fears that their homes may face foreclosure. Furthermore, unemployment for Hispanics and Hispanic youth are higher than for the general population.
Even though economic conditions remain uncertain, Joe Baca still opposes stricter lending rules. He declined to be interviewed for the WSJ piece, but his office released the following statement: “We need to keep credit easily accessible to our minority communities.”
My thought is that the Latino community does not need more easy credit. We need lessons in financial literacy and access to better education to make more informed decisions. Buying homes for the sake of living the “American dream” only to be financially strapped is not good for our families, our credit ratings, and certainly will not propel us forward. I have walked around Joe Baca’s congressional district, and it doesn’t take a rocket scientist to see that there are vacant homes on nearly every street. Every weekend, families are selling their rags and other second hand items in garage and yard sales just to scrape up extra cash. Businesses are failing, and homes with sale signs sit for months on end. Easy credit for our community comes at a high price. My hope is that Joe Baca will rethink the relationship that he has established with these lenders who encouraged “tricks of the trade” (fraud) to get people qualified for home loans.
Photo Credit: Joe Baca’s portrait from his website
28 responses so far ↓
1 dfdeportation // Jan 11, 2009 at 10:05 am
Of course Joe Baca did. Anything to get brown Illegal Aliens foot-in-the-door would ensure themselves of not being deported when discovered.
2 Gail Devine // Jan 11, 2009 at 11:53 am
Did Joe Baca and the Congressional Hispanic Caucus encourage Latinos to buy bad mortgages? Or should the question be how many of our congressional leaders including our presidential elect, encourage homes they could not afford
The percentages of sub-prime loans may indicate the Hispanics having a higher ratio of defaults, but the sub-prime problem is more complex than discussed and it cannot be construed as a racial problem.
I work for MD Design Homes and I cannot tell you how many times I have heard conversations among white lawyers (who got their real-estate license because the commissions on sales were so good), or white Real Estate Agents, etc. bragging how easy it was for them to get anyone into a house with no money down, no jobs, and no viable credit. So, when we look at this sub-prim mess we cannot only blame the home owners who bought outside their means (I agree they should have none better). We must also look at everyone who pushed the paper work to get these individuals into a house. It reminds me of drug dealers, push the loans get a great commission. Paper pushers no doubt knew what they were doing made no sense what so ever helping someone to fail, but they were getting a commission for every home they closed. It may have been justified as its “just business nothing personal” (how I hate that phrase), but as these paper pushers sit back now through these tough economic times, either they have a real nice bank account from all those sales commissions, or they are wallowing over loosing half of their commissions because they invested in the stock market.
During the peak of the housing boom, my husband and I sat back and discussed on several occasions, how long this housing balloon could grow and what was going to happen when it popped. Never did we think it would affect the economy the way it has nationally, and globally. So, now we look at the winner’s and the losers from this popped housing balloon and unless you stuffed your money under a mattress you no doubt lost a great deal of money, and or jobs.
Also, I’m not necessarily talking about money lost from this economic disaster; I’m talking about thousands of jobs lost, I’m talking about the core of our housing market. Architects/Designers start the design process which generates jobs for Engineers and the title 24 compliance jobs if you live in California. Those jobs generate jobs within our states and counties for permits that happen to generate funds to help keep local counties/cities offices running. I’m talking about the contractors and sub-contractors that need supplies to build. I’m talking about the companies that make those supplies to build or remodel homes; I’m talking about state the tax dollars from selling supplies to build and so on.
This housing disaster we happen to be in was instigated from key government officials (no names mentioned here since there are so many) pushing the need to get poor people into homes they could not afford and other’s who pushed the sub-prime paper loans to enable a individual who didn’t qualify for a home. If they have any conscience what so ever I would think they feel bad for their part in this disaster, but from personal experience these types of individuals are saying “it’s not my fault their was a legal loop to use, the home owners should have know better”.
gail
mddesignhomes.com
3 Prof. Samuel D. Bornstein // Jan 11, 2009 at 12:25 pm
Financial Literacy Will No Longer Do: The Solution is “Immediate and Specific Financial Guidance” .
There is a schism between what we need to know and what we actually understand in our complex financial and credit-based economic environment. This is because, at least in part, we teach remarkably little about money and credit in our schools, and unfortunately, what is taught is often not understood.
Most Americans are like a “Boat without a Paddle” when it comes to the ability to use Financial Understanding for sound financial decision making. We are living in a very complex financial environment. We lack the financial “understanding” to make informed decisions that affect our lives. Our level of Financial Literacy has lagged far behind the pace of the complexity of financial matters. This is the cause of our problems.
There is a need for “financial guidance” as is evidenced by the Subprime Mortgage Crisis, the growing number of personal bankruptcies, the dangerously high level of credit card debt, the low savings rate, the lack of retirement planning, etc. Financial guidance will be especially effective for the Subprime Mortgage borrowers who are currently at risk of mortgage default, foreclosure, and financial distress.
We will repeat our financial errors, UNLESS we direct our national attention to addressing this weakness in our national character.
Samuel D. Bornstein
Professor of Accounting & Taxation
Kean University, School of Business, Union, NJ
Tel: (732) 493 – 4799
Email: bornsteinsong@aol.com
4 Prof. Samuel D. Bornstein // Jan 11, 2009 at 12:43 pm
When there is discussion of the concern for Latino borrowers who fell prey to Subprime Lending Abuses and are at-risk of suffering the lose of their homes to foreclosure, I wish to express concern for the many Latino Small Business Owners who will not only lose
their homes to foreclosure, but also their businesses. This will result in Job Losses in the Latino community.
The Wall Street Journal article quoted Rep. Joe Baca’s concern that Hispanics will be hit hard by foreclosures. “Housing Push for Hispanics
Spawns Wave of Foreclosures”
There is another important fact that should not be overlooked. Hispanics had the largest increase in Self-Employed Small Business ownership. Furthermore, California, Florida, and Texas had the largest concentration of “Toxic” mortgages. My concern is that Hispanic small business owners will be part of the foreclosure problem. As they suffer the lose of their homes, their small businesses may fail which will result in millions of lost jobs.
The foreclosures will not only come from individual borrowers, they will come from small business owners who fell prey to the “toxic” mortgages that will be resetting in 2009. These foreclosures will further exacerbate the stresses on these small businesses that may fail. The
result will be a spike in unemployment and job loss.
On December 14, 2008, CBS’s “60 Minutes” had a segment on the 2nd Wave of Foreclosures. They indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf
the Subprime Mortgage Crisis. CBS MISSED A VERY IMPORTANT FACT!
Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the
mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs.
So, here we have a major problem… Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand …
“JOB RETENTION IS AS IMPORTANT AS JOB CREATION”.
I authored a survey which was conducted by the National Association for the Self-Employed (NASE) to its national membership. The NASE Survey disclosed disturbing facts. The NASE survey is at http://advocacy.nase.org/research.asphttp
Please read my Commentary.
According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.
The solution lies in the hands of Congress as they develop an economic stimulus package. Congress should take note of this survey and be “proactive” in addressing the situation, rather than “reactive” as the case has been in the Subprime Mortgage Crisis.
We can’t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss.
I welcome discussion and bringing this to the attention of Rep. Velazquez of the House Small Business Committee and Sen. Menendez of the Senate Banking Committee. They are our best spokespeople who can address a “proactive” solution before it is too late.
Thank you,
Samuel D. Bornstein
Professor of Accounting & Taxation
Kean University, School of Business, Union, NJ
Tel: (732) 493 – 4799
Email: bornsteinsong@aol.com
5 Michaelr // Jan 11, 2009 at 3:54 pm
The key word in this discussion is affordable housing. And affordable housing has been beyond the monetary reach of the California middle class for well over a decade. Wages have not kept pace with cost of living expenses since the Reagan Administration began their systematic dismantling of American unions and turned a blind eye to white collar crime on Wall Street and the banking industry. Mortgage qualifying monthly guidelines have gone from one-quarter of your net monthly income to half of your monthly income. At that point the American dream reverses itself and becomes the American nightmare. Mortgage companies designed these variable lending opportunities to churn money and paper, knowing well in advance homeowners would eventually default, and brokers would have more opportunities to generate commissions selling these variable mortgages over and over to a long line of victims.
It would be absolute flattery to believe Working Joe Baca had the intelligence and foresight to see these mortgage scams run through their entire lifecycle in his mind. However, Joe Baca has an intelligence quota similar to Antonio Villaraigosa, except of course Joe Baca spends a lot of his time creating public opportunities for his children and worrying about that Nancy Pelosi fund raising phone call, and Antonio Villaraigosa is more focused on happy hour and ladies night. Xavier Becerra would be more understanding of this potential profit taking here, but he has a long line of felons making donations to his campaign so he can write letter to the U.S. Attorney to commute their sentences. I am sure Joe Baca saw an opportunity to generate income for his foundation (his children) and he was more than willing to sell out his Latino constituents in the 43rd Congressional district to accomplish that. All this is mainstream political behavior from a politician who has been selling his elected office since 1999.
6 dfdeportation // Jan 11, 2009 at 7:04 pm
Prof. Bornstein,
Nobody “fell prey” to anything. All participants were more than willing. Whorehay Boooooosh, Barney Frank, Chris Dodd, Franklin Raines, Joe Baca, NCLR, MALDEF, white lawyers, latino business people, etc…Every single one of them were more than willing to let the American taxpayer pick up the tab, as usual!!!
7 Jesus (Hay-soos) // Jan 11, 2009 at 7:35 pm
I seriously doubt you can blame foreclosures of Latino households on Joe Baca. I rarely ever heard of him until I stared reading this blog about six months ago. He would have had to been a very important driving force in the banking industry. I hardly think that to be the case, perhaps only in his mind.
The blame of the foreclosure/sub-prime crisis we are living now lies squarely on the lending institutions involved which, BTW, are mostly defunct now. Their loose lending standards of the last 5-7 years were a direct cause of this crisis. There is also a long list of bit players and extras (Baca?) along the lines of fault. We Latinos just wanted a piece of the pie as is the case in just about every aspect of The American Dream.
As Gail Devine states above, this crisis is multi-layered with local and global causes and cannot be construed as a racial problem.
Contrary to what Baca stated, we do not need easily accessible credit for home ownership. It was this easily accessible credit that helped get us into this mess. His advice is shortsighted and toxic.
There needs to be sensible parameters to available credit for us minority households. The first thing we all need is a professional financial education as Prof Bornstein encourages. Luckily, I got it at an early age and employ it now in my small business.
8 theKaiser // Jan 11, 2009 at 11:45 pm
Joe Baca’s comments to Ben Goad of the Press Enterprise paper media are typical of the ignorance and the misrepresentation he brings to his constituents in the 43rd California Congressional district. http://www.pe.com/localnews/inland/stories/PE_News_Local_S_baca12.3d0d65f.html
I am sure Joe Baca had a very limited understanding of what he was actually promoting when he began discussions with AmeriDream. In his limited cerebral capacities, and his ongoing desire to acquire as much money as possible to further fund his foundation and Congressional campaign fund, he probably only heard that he was going to receive a $25,000 donation from AmeriDream, Inc., and that it could be deposited into his foundation. The firefighter equipment this money was intended for was instantly forgotten the moment they signed over the check to his foundation. This is not the first time Joe Baca has washed public money and sought to utilize it for personal reasons, and it will not be the last time he will do something very similar to this in fashion. This is the way he has run his public office, and this will be the way he will always run his public office. He has no comprehension of public service, and his limited intellect and leadership abilities guarantees he never will. Joe Baca simply works and exists to financially profit from his elected office. The Congressional Hispanic Caucus, as an elected group should all bear some responsibility for introducing this Hogar Initiative, which has thoroughly exploited their Latino constituents, but again, this isn’t the first time they have done this, and it will not be the last time. Latino politicians exploiting Latino constituents…this is beginning to sound like a broken record.
9 webmaster // Jan 12, 2009 at 7:47 am
Jesus,
I don’t think that anyone here is blaming the mortgage and foreclosure mess on Baca entirely. I will acknowledge that he was one cog in this wheel.
Greedy, unethical mortgage companies should take a large part of the blame, but I also think that individuals need to be more savvy about the products they buy. You know the old saying “If it’s too good to be true…”
And I think you are definitely correct about Joe Baca’s advice being toxic.
10 Mary Thiel // Jan 12, 2009 at 10:28 am
Wow, I didn’t know the collapse of the world’s economy was because of the hispanics, probably all illegals, getting all of those mortgages. What’s wrong with those people? And our evil Hispanic elected leaders . Aren’t there any decent ones?
Just kidding. But your site adds so much fuel to the fire of those who want to blame everything on the minorities, and the liberals who some times really want to find solutions.
Your allegations, as of yet, are only allegations. You need to find much more positive proof.
I seriously doubt that Joe Baca is responsible for the world-wide recession.
11 webmaster // Jan 12, 2009 at 11:28 am
Mary,
You have a big imagination it seems, but none of the bloggers here have suggested that Hispanics caused the collapse of the world’s economy. We are merely pointing out some relationships among Joe Baca, the Congressional Hispanic Caucus, and the subprime mortgage companies.
This title of this post poses a question, “Did Joe Baca and the Congressional Hispanic Caucus encourage Latinos to buy bad mortgages?”
Perhaps Joe Baca and one of his staffers will chime in and tell us why he wants more easy credit for home loans.
12 Michaelr // Jan 12, 2009 at 12:11 pm
I seriously doubt Joe Baca, or anyone of his staffers has any clue regarding the role they’ve all played in this scam. Like theKaiser wrote;
“he probably only heard that he was going to receive a $25,000 donation from AmeriDream, Inc., and that it could be deposited into his foundation. The firefighter equipment this money was intended for was instantly forgotten the moment they signed over the check to his foundation. This is not the first time Joe Baca has washed public money and sought to utilize it for personal reasons, and it will not be the last time he will do something very similar to this in fashion.”
I am always amazed at the blatant stupidity conveyed here by taxpayers (or maybe these people don’t pay taxes) rationalizing Joe Baca’s actions as a Congressional representative. Do these people know the definition of public theft?
13 Johnny Dilznik // Jan 12, 2009 at 3:09 pm
Just google the Community Reinvestment Act and start there. This problem was created by many but Chris Dodd, Barney Frank and Maxine Waters are a few names in the mix. I do remember many lending instituions celebrating the fact that they were able to get mortgage loans for “illegal alines”. This practice seems counter-intuitive to what should be happening. When you put all your eggs in one basket because the politician has a lation surname you are going to be disappointed. Keep doing it and you are doomed to fail.
14 dfdeportation // Jan 12, 2009 at 9:53 pm
Baca was only a part of the disaster. Webmaster had that right.
http://www.pe.com/localnews/politics/stories/PE_News_Local_S_baca12.3d0d65f.html
15 XicanoPwr // Jan 13, 2009 at 11:30 am
Gail makes a good point. When I was working for the county, one of the fund we oversaw was the HOME entitlement dollars. At that time, the late 90′s, the unwritten definition for “low income” really meant for young couples starting out, where employed and where in good credit standing. If they weren’t, they needed to enroll in a credit counseling program. Somewhere along the way, something went wrong and it became a free for all.
When I was engaged, my ex was pushing for us to buy a home. She insisted there was nothing to it because the person she talked to told her, lenders where literally giving money away and it really didn’t matter if your debit to income ratio was out of whack. I knew something was not right and I am glad I stuck to my guns.
There is no question that everyone is to blame for the amount of debt that Americans have. One thing we have to keep in mind, when Black and Latino borrowers came up with the same credit scores as their white counterparts, mortgage lenders targeted them with subprime loans even if the lenders knew they couldn’t afford to pay them back. In fact, research by the Local Initiatives Support Corporation found that approximately half of all mortgages made in 2006 in Black and Latino communities were high-cost subprime loans.
They also found that Blacks and Latinos who already owned their homes for over 25 years and were looking to refinance where being targeted. In fact, my parents must have been hounded every day with with robo calls pleading with them to refinance.
Those who did take the bait, the damages: ruined credit, vacant houses, more expensive loans that are harder to find, falling homeownership rates and little to no chance to build net worth for the future.
Instead putting the blame on the homeowners. The real question that should be asked is why is there little attention being paid to why so many Blacks and Latinos were targeted and solicited by lending institutions in ways one would never see in an upper-middle-class white neighborhood?
16 Tony Herrera // Jan 13, 2009 at 12:25 pm
The involvement of the Congressional Hispanic Caucus in this home loan/foreclosure fiasco demonstrates how sometimes well intended Politicians like Joe Baca can get in way over their heads and cause untold damage to the Latino communities they represent.
Simple economics would tell you that if someone is spending more than 30% of their take home income for housing, whether they are buying or renting, such individuals are at greater risk of defaulting.
That being said, the fact that Joe Baca and other Latino leaders would promote risky home loans to Latinos warrants serious investigation.
Joe Baca and any other leader with an ounce of good sense must have known that these loans being promoted to the Latino community would eventually cause them more harm than good.
I’m usually willing to give someone the benefit of the doubt, but I’m becoming increasingly more dismayed and angered by the lack of Latino leadership on so many fronts.
Surely, we can do much better, No!?!?
17 Anna // Jan 13, 2009 at 3:23 pm
Re: “But your site adds so much fuel to the fire of those who want to blame everything on the minorities…”
Exactly. They don’t even see it. They’ve internalized the racism that’s directed at them. It’s called crabs in the bucket syndrome. The financial crisis is so much bigger than Joe Baca and the Community Reinvestment Act. The core of the problem is deregulation.
18 pablo // Jan 13, 2009 at 7:32 pm
You have a great point Anna…
19 Michaelr // Jan 14, 2009 at 11:43 am
So what do you want Anna…more lies to cover up the bigger lies? Just because a politician has a Spanish last name we’re supposed to be singing their praises. Nearly 30% of your net income funds the CEO like incomes for these pretend public servants. Are you content fiscally supporting Latino politicians who promise the world, but don’t achieve any promised objections, and don’t even attempt too, and in some cases openly brag about not keeping their campaign promises. All this posting said, and it used the Wall Street Journal as a reference is that Joe Baca’s foundation was paid $25,000 by AmeriDream, Inc., a nonprofit housing company to purchase firefighter equipment that never materialized. Entities who give money to politicians expect something in return, so Joe Baca then steered the Congressional Hispanic Caucus to support a housing initiative named Hogar to offer mortgages to potential Latino homeowners, and those seeking to refinance current mortgages. As usual those loans were risky and expensive subprime loans and a large number of Latino families lost their homes. So in other words, it took only $25,000 to get Joe Baca to utilize the influence of the Congressional Hispanic Caucus to implement risky and expensive subprime mortgage programs that exploited his constituents in the 43rd California Congressional district. Someone like Xavier Becerra would’ve demanded $250,000 to do this, but AmeriDream got Joe Baca to do this for $25,000. This is not a very complicated scam, and nothing regarding Joe Baca is ever very complicated. But this is simply another example of a Latino politician exploiting his own constituents for money. Is that so hard for you to decipher, or accept? Or are you Joe Baca’s wife and feel a moral obligation to defend him right or wrong?
20 theKaiser // Jan 14, 2009 at 6:44 pm
I don’t think Anna even reads the posting. She just likes to sing that same old song of hers. You should just ignore her Michaelr, and save your thoughts for someone with a little bit of brains.
21 El Cholo // Jan 15, 2009 at 12:43 pm
As you read through most of these comments, it’s obvious this happens to be too complicated an issue for the Latino political community to decipher and understand… which is all very sad. And we wonder why we’re continually victimized by our own Congressional representatives and civil rights organizations and we don’t have a clue as to why. This says a lot about us and how far we have to go to develop an understanding of the world around us. We are so far behind the Black community when it comes to political issues. Joe Baca, Xavier Becerra, and Loretta Sanchez could never get away with the things they do, and the things they don’t do if their districts had politically active Black communities. That’s why Antonio Villaraigosa is in such hot water.
22 Anna // Jan 17, 2009 at 5:11 pm
Re: “Nearly 30% of your net income funds the CEO like incomes for these pretend public servants.”
CEO like incomes? LOL
Members of Congress make a little over one hundred thousand dollars a year. Whatever other wealth they have does not come from our tax dollars.
And 30% of my net income does not fund Congress.
Spewing allegations without facts makes you a crackpot.
23 Anna // Jan 17, 2009 at 5:22 pm
Re: “As you read through most of these comments, it’s obvious this happens to be too complicated an issue for the Latino political community to understand…”
As if this website represents the Latino political community.
And I do not agree with this notion that Latinos are victimized by our public servants. I don’t see Latino public servants being hauled off to jail, like some others. I don’t know what world you’re living in. And Villaraigosa isn’t in any “hot water” or trouble. Again, big allegations, but no facts.
I will say, though, that Latinos need to become more politically active. Politicians, regardless of background, respond to whoever put the most pressure on them. Some of the problems you seem to want solved aren’t going to be solved from the top down.
There needs to be more organization, and not just around immigration and/or labor issues. There needs to be a change in the culture. Watch what the very successful ethnic groups do. Watch how they think of work and its relation to money and time.
As for your other comment about “being behind.” That’s your own depression talking. I would not trade places with them for the world.
24 theKaiser // Jan 17, 2009 at 8:00 pm
Save your words Michaelr and El Cholo…this woman isn’t worth your time engaging with.
25 Anna // Jan 17, 2009 at 8:53 pm
Yeah, because I don’t hate myself or other Latinos. Because I don’t have the crabs-in-the bucket syndrome. Because I don’t throw around accusations of corruption without any facts to back it up.
26 Gail Devine // Jan 23, 2009 at 9:36 am
This news article is specific to latinos, but as far as subprime goes you need to see how our politicians were involved and should be held accountable for putting all Americans in this position, it goes way beyond Joe Baca. I read this interview on January21st with Fannie Mae’s first Chrief Credit Officer Edward Pinto, by Chip Hanlon of Safehaven. It spreads light in a way that will have any reader complete angry with our government in general. I do hope and pray Obama ‘changes’ things, but there is a lot of change needed.
Gail Devine
mddesignhomes.com
27 Joe Baca Loves Lenders // Apr 10, 2009 at 6:41 am
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