Regulations finalized yesterday by Attorney General Martha Coakley require lenders and brokers to treat all borrowers fairly, with the aim of eliminating excessive fees and sales of loans that borrowers cannot afford.
Treat all borrowers fairly? How informative.
"There's been mortgage after mortgage where there's clearly been no ability to pay," she said, citing one example where a borrower had a monthly income of $1,800 and received a loan with a monthly payment of $7,000. "It cries out for some reasonableness here," she said.
And...how many rental units were in that property? How much of the $7000 payment was to come from expected rental income? The Boston Globe doesn’t ask and doesn’t tell.
And…once again there is no mention of “former Ameriquest director Deval Patrick”, though we do hear about “Governor Deval L. Patrick's proposals for increased regulation”.
And…ironically the Globe’s lead editorial today accurately criticizes the Chinese Communist Party for Orwellian speech, while in the same paper our local official's verbal horse manure is reported verbatim and without question.
Physician, heal thyself!