{"id":9146,"date":"2012-10-15T11:12:57","date_gmt":"2012-10-15T18:12:57","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=9146"},"modified":"2012-10-15T11:12:58","modified_gmt":"2012-10-15T18:12:58","slug":"vulture-capitalists-prey-on-seniors","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2012\/10\/15\/vulture-capitalists-prey-on-seniors\/","title":{"rendered":"Vulture Capitalists Prey on Seniors"},"content":{"rendered":"

Before the onset of the financial collapse a broad spectrum of bottom feeders were doing Banksters\u2019 dirty work for them shilling their subprime and ninja loans to those whop would never afford to pay them.  Now that the Republican recession has dried up that market, the same people are now preying on Seniors.  Not surprisingly, the Republican Party is fighting to allow them to continue.<\/font><\/p>\n

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\"15GOP-Seniors\"<\/p>\n

The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out.<\/p>\n

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former subprime lenders<\/strong>, flood the market after the recent exit of big banks and as defaults on the loans hit record rates. <\/p>\n

Some lenders are aggressively pitching loans to seniors who cannot afford the fees associated with them, not to mention the property taxes and maintenance<\/strong>. Others are wooing seniors with promises that the loans are free money that can be used to finance long-coveted cruises, without clearly explaining the risks<\/strong>. Some widows are facing eviction after they say they were pressured to keep their name off the deed without being told that they could be left facing foreclosure after their husbands died<\/strong>. <\/p>\n

Now, as the vast baby boomer generation heads for retirement and more seniors grapple with dwindling savings, the newly minted Consumer Financial Protection Bureau is working on new rules that could mean better disclosure for consumers and stricter supervision of lenders<\/strong>. More than 775,000 of such loans are outstanding, according to the federal government\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <NY Times<\/a>><\/p>\n

Photo credit: Huffington Post<\/a><\/font><\/p>\n

You may ask how I support my statement that Republicans are fighting to allow this practice to continue.  The CFPB has only an interim Director, a recess appointment by Barack Obama, because Senate Republicans vowed to block any nominee for CFPB Director, not on his or her own qualifications, but because they object to the existence of the CFPB.  Furthermore, both Lord Willard and Lyin\u2019 Ryan have promised the repeal of Dodd-Frank, eliminating the CFPB.  The bottom line is this.  Republicans oppose anything intended to protect the 99% from 1% vulture capitalists.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

Before the onset of the financial collapse a broad spectrum of bottom feeders were doing Banksters\u2019 dirty work for them shilling their subprime and ninja loans to those whop would never afford to pay them.  Now that the Republican recession has dried up that market, the same people are now preying on Seniors.  Not surprisingly, […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-9146","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/9146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=9146"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/9146\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=9146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=9146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=9146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}