Tuesday, May 20, 2008

The $300 Billion Question

Will funds from the tax payers' $300 Billion Senate Housing Rescue Deal go to people like this? (HT: WizBang):
$1M mortgage mess: No English? No income? No problem! How a single mother in public housing got a million in mortgages

During the frenzied days of no-down-payment loans and cursory credit checks in the early 2000s, two out-of-state lenders gave more than $1 million in mortgages to a Dorchester woman who lives in public housing and barely speaks English, the Herald has learned.

The loans, originated by New Jersey-based Equity One Inc. and the now-defunct Meritage Mortgage Corp., foreclosed last year, making 243-245 Washington St. and 16 Dacia St. among the 233 foreclosures to hit Dorchester in 2007, city and land records show.

The foreclosures have also left the borrower, Angela M. Torres, 47, a mother of two who speaks only Spanish, in financial ruin and under scrutiny from the Boston Housing Authority, which subsidizes her Dorchester apartment.

“I have nothing,” Torres told the Herald in Spanish last week. “I don’t have a business. I don’t have a car. I don’t have a house. I don’t have anything.”...


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