This study proves and interesting point that our senior citizens are not as financially secure as perceived. The study was conducted last year from June 07 to December 07 and within that period nearly 700,000 Americans over 50 where either in foreclosure or delinquent in their mortgage payment. One can only assume that those numbers are higher as 2008 comes to a close.
The study also reveals that African Americans and Hispanics where hit harder that White Americans. I watched Showtime Documentary “Maxed Out”, sometime ago and the showed exposed how the customer credit industry preyed on the poor, uneducated, African Americans, and Hispanics and offered them credit cards and loans with terms that should be outlawed. The same thing happed here with the sub prime mortgage boom.
When I was a mortgage broker, sub prime lenders constantly offered loan products to sell to people with bad credit. I refused to put anyone in those types of mortgages because didn’t feel right putting someone in a mortgage that was not beneficial for them just so they buy a home that they really couldn’t afford. Instead I educated them on how to repair their credit and on credit responsibility. As a result, many of my clients improved their credit, got a loan that works for them and I can hold my head up high knowing I served my clients well. I still have those clients calling me to do their loan to this today because I put the client first.
You know, if everyone in the mortgage business had more concern for their client and not the commissions we would not be in this mess in the first place and our country would be a much better place. Unfortunately though, greed was the only concern for not just the mortgage industry but corporate America in general and we now have hundreds of thousands of Americans young and old losing their homes, many of them will end up homeless all for a few dollars. .
The study also reveals that African Americans and Hispanics where hit harder that White Americans. I watched Showtime Documentary “Maxed Out”, sometime ago and the showed exposed how the customer credit industry preyed on the poor, uneducated, African Americans, and Hispanics and offered them credit cards and loans with terms that should be outlawed. The same thing happed here with the sub prime mortgage boom.
When I was a mortgage broker, sub prime lenders constantly offered loan products to sell to people with bad credit. I refused to put anyone in those types of mortgages because didn’t feel right putting someone in a mortgage that was not beneficial for them just so they buy a home that they really couldn’t afford. Instead I educated them on how to repair their credit and on credit responsibility. As a result, many of my clients improved their credit, got a loan that works for them and I can hold my head up high knowing I served my clients well. I still have those clients calling me to do their loan to this today because I put the client first.
You know, if everyone in the mortgage business had more concern for their client and not the commissions we would not be in this mess in the first place and our country would be a much better place. Unfortunately though, greed was the only concern for not just the mortgage industry but corporate America in general and we now have hundreds of thousands of Americans young and old losing their homes, many of them will end up homeless all for a few dollars. .
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