I was reading the news online this morning and was shocked to see that on Yahoo they had this article http://finance.yahoo.com/news/NAACP-says-bank-giants-apf-14626774.html read it and then come back and read over my BLOG.
Did the lady say she had no choice? WOW. You always have choices. Let me tell you about our first home purchase. I found the house and my now husband met me at the house he said it looked okay and decided to purchase. He never gets excited...and he says rule number one is never become emotionally attached!!! Car, home, property...nothing that is able to be purchased. OK with that said all the paperwork was done and we received a RATE LOCK for 6.25%. Great this was back in 1998, we met at the attorney's office to sign the papers to purchase the home!! Well Well Well the paperwork had a rate of 6.50% (difference of about $10 a month), regardless the brakes squealed and he asked " Why is this rate different from the one I signed?" No broker at the closing, not a problem let's call them. We called and look out...they did a entirely new packet with the RIGHT RATE because my husband said we will just leave and not get the house. Believe me when I say this he has walked out on deals before that didn't look or feel good!!
The lady said she had no choice. Leave, Call, Please you can always do something different. Now what does that have to do with the lawsuit? Well I can't say whether this is correct or not because I did a lot of loans from SC up to NY and have no idea how the rate was decided from the lender, but I can say this for sure that on the application there is a block for you to check your Race! I had several sent back before processing that didn't have the race block marked...so I guess anything is possible, but regardless it is all about EDUCATING yourself about the OPTIONS available to you.
Look at the foreclosures due to trying to Keep up with Jones and not job loss. You know you have heard people say I will sign for this rate now and just REFINANCE in a couple of years...well that isn't always an option..LOOK AT THE ECONOMY TODAY!! Signing off for today Friday March 13, 09' Check out the new look on www.LeaveTheJonesAlone.com click on the Newsletter and share with your friends and family!
Send me your comments...don't be 'fraid!