Report: "Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods"

New Report Alleges Discrimination And Racism

A newly released report by the the National Fair Housing Alliance indicates foreclosed homes in white neighborhoods, were treated better than those in minority areas. This means, after evicting occupants, homes in white neighborhoods received better maintenance by banks, than properties in predominantly black and Hispanic areas.

These prejudices are prevalent in the banking system. For example, the now defunct Washington Mutual Bank, was forced to pay a large settlement for targeting blacks and Hispanics for high risks loans. In another legal action against the kaput bank, it was discovered they targeted non-English speaking customers and those with black or Hispanic sounding names, to saddle with extra mortgage fees, for services they did not need. Regrettably, racism is alive and well in the corporate sector.

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Report: Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods

By Chris Morran on April 4, 2012 2:15 PM - While Americans of every possible ethnic and racial group were hit by the massive foreclosures when the economy went KABOOM! a few years back, a new report claims that banks are often giving short shrift to the upkeep and marketing of foreclosed properties in areas with predominantly non-white residents.

Earlier today, the National Fair Housing Alliance released the result of its undercover investigation into how bank-owned properties are treated in nine major metro areas — Atlanta, Baltimore, Dallas, Dayton, Miami/Fort Lauderdale, Oakland, Philadelphia, Phoenix, and Washington, DC.

http://consumerist.com

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Millionaire Singer Justin Bieber Was Turned Down For A Home Loan On $7,000,000 Mansion

Justin Bieber and Selena Gomez

Millionaire pop star, Justin Bieber, 18, was recently turned down for a home loan. What exactly did he try to buy? An island. Actually no. Bieber was attempting to purchase a $7,000,000 Hollywood mansion and was told to kick rocks by bankers, when the appraisal value came in below the asking price.

Bankers told Bieber to kiss home loan goodbye

Bieber has been living in sin with Disney actress, Selena Gomez, 19 and seeks a mansion for them to move into, rather than sharing hotel rooms, rented homes and apartments. He has viewed a few homes in Los Angeles, mainly Calabasas, but has his eye on one in particular, which as mentioned above, does not match up to the appraised value. This would mean, buying it cash at the current asking price, could mean immediate negative equity, especially with home values continuing to decline.

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Justin Bieber has been denied a mortgage, so he is currently without a love nest

President Obama's Attorney General Eric Holder Connected To Banks Responsible For The Mortgage Crisis

Attorney General Eric Holder and President Barack Obama

President Obama's Attorney General, Eric Holder, who is the head of the Justice Department, is in the midst of another scandal (as if "Fast and Furious" wasn't enough of a disgrace). Reuters has done an expose on Holder, stating he has deep ties to banks engaging in mortgage fraud against Americans, which led to the ongoing crisis that began in 2008.

Holder, a longtime employee of the Justice Department and his co-worker Lanny Breuer, "Were partners in a law firm that worked on behalf of those very same firms" that are responsible for "the housing bubble collapse." Holder and Breuer worked for the law firm of Covington & Burling.

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Holder, Breuer connected to players in foreclosure fraud?

Posted at 10:25 am on January 20, 2012 - For years, the Left has asked why the Obama administration hasn’t pursued prosecutions against lenders who arguably engaged in fraud when foreclosing on mortgages in the wake of the housing-bubble collapse. It turns out that these lenders had friends in high places in the Department of Justice. Reuters reports that both Attorney General Eric Holder and his lieutenant Lanny Breuer, who ran the DoJ’s criminal division, were partners in a law firm that worked on behalf of those very same firms (via JWF’s Just A Grunt):

U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows. The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for...

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