Comments on: Increasing McKinney Funding in FY 2011 http://www.njaneh.org/2010/01/12/increasing-mckinney-funding-in-fy-2011/ Advocacy on a local, state and federal level for adequate funding and sound practices that will end homelessness. Sun, 15 Aug 2010 11:15:29 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: jmb27 http://www.njaneh.org/2010/01/12/increasing-mckinney-funding-in-fy-2011/comment-page-1/#comment-1908 jmb27 Mon, 08 Mar 2010 00:43:23 +0000 http://www.njaneh.org/?p=4928#comment-1908 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.<br><br>Here is an example of what I am talking about: <br>Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)<br><br>Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:<br>"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."<br><br>The Center for Responsible Lending says YSP "steals equity from struggling families." <br>1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.<br><br><a href="http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F" rel="nofollow">http://merkley.senate.gov/newsroom/press/releas...</a> Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/releas...

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