Friday, October 26, 2007

Who was that mortgage lender?

From today’s Boston Globe lead editorial “A workout for dubious lenders”:

MORTGAGE ORIGINATORS who specialize in subprime loans are the buffalo hunters of the financial services industry. They aren't queasy about tactics, and they rarely seem concerned about the havoc they leave in their wake…US Representative Barney Frank, who chairs the House Financial Services Committee, is scheduled to meet this morning with mortgage brokers and lenders at the Federal Reserve Bank in Boston, including those who market loans to borrowers with weak or subprime credit. Among the invited guests are the Countrywide, GMAC, Washington Mutual, HSBC, and Wells Fargo mortgage companies.

Since you mentioned mortgage bankers who leave havoc in their wake…

Wasn’t there one other mortgage company that Mayor Tom Menino mentioned by name at Barney Frank’s hearing 2 weeks ago? Wasn't it the #1 subprime mortgage company in the US? And Menino named it while he was sitting next to a former board member of the very same company? And didn’t that guy next to the mayor once say that he joined the board not for the hundreds of thousands of dollars they paid him each year (NO!) but rather so that he could “deal with the allegations of predatory lending and to put in place policies that will protect low-income consumers.”?

What was that company’s name? It was some funny sounding bank-like name. It’s SO hard to remember now! Amerisomething?

And who was that guy next to the mayor? The former Ameriwhatever board fellow. Don’t you recall him from somewhere?

Give us some help here, Boston Globe. Surely Together We Can remember the name of that former “buffalo hunter who left havoc in his wake” and report it to readers. There might even be a story here!

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