But according to Tim James, national sales director of the Mortgage Auditors of America, hope is on the horizon. “We are able to help families locally and nationally who are really in trouble. There are a lot of lenders our there who took advantage of good people in what’s known as predatory lending. They targeted African Americans and put them into subprime loans,” explains the finance expert with a hint of controlled admonishment in his voice.
In fact, James is more than just a little disturbed about the mortgage debacle, he is appalled about the borderline criminal process that has cost millions their homes and devastated their lives.
“Ninety three billion dollars has been lost on home loans to African Americans, simply because of subprime lending. … But, let’s keep it real … here in the state of Michigan, the African American population is about 14 percent. So, why [are] 70 percent of the African American homeowners in the state of Michigan in subprime loans? It’s the highest subprime percentage [of lending] in the entire country,” James says angrily.
Mortgage Auditors of America is one of the nation’s leading champions of extricating homeowners from what often turns out to be fraudulent lending practices and freeing them from the burden of being overextended.
“Simply put, what Mortgage Auditors of America does is level the playing field. When homeowners try to deal with lenders on their own, it’s like sending them into a gunfight with a knife; they can’t win. We help our clients gain leverage by conducting forensic investigations to identify and expose [lending] violations — and there are tons of them,” explains James about what he describes as despicable behavior on the part of banks. “We can get those loans rescinded … the results that we can get for our clients [are] just amazing.” –roz edward
