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To recap, mortgage brokers lending to Black and Hispanic families they believed | suspected | pretended - labeled -  were high risk, are guilty of…..

• racial profiling, since documentation showed the minorities in the experiment were better able to pay back their loans
• stealing money from the minorities by charging them two percent, or more, higher interest on the loan
• stealing opportunity from them by not telling them they qualified for fixed rate loans at a time when fixed rate loans were the lowest of this generation
• stealing time from them by requiring four times as much additional documentation as from whites
• placing at risk their creditworthiness for a decade or more, in case the families could not pay mafia-like surcharges on their loans and might have to go into foreclosure or declare bankruptcy
• demoralizing and embarrassing the borrowers
• defrauding underwriters, because they believed the loans were high-risk and wrote them anyway
• accepting the "bribes" of higher commissions they were not due, because they should have written lower-rate loans
• defrauding the investment sector by issuing too many real sub-prime loans–not the ones in the experiment where minorities provided superior documentation
• using teaser rates of 1, 2, or 3% interest as a come-on that would soon reset to 8% or more!
• in some cases colluding with appraisers, false buyers, and ring leaders to scam the entire system for profits equal to drug money but with fewer guns involved
• wrecked the whole borrowing and lending reputation for who knows how long?
• glutted the market with resales at a time ill-prepared for that
• took over news headlines for a year or so when folks are concerned with, and need to be informed about, more long-term issues in the world (though these lending scams seem long-term enough)…

This is all so disgusting I can't continue…but I reserve the right to come back to this topic at a future date. I'd like to hear from you and people you know. Tell me your stories. Email your friends a link to this blog. Tell me about your home loan or your broker-scammer acquaintance. There's a comment box below, on this blog page. Please use it.

In my opinion, every single one of these representatives needs to be censured to the degree to which they lied, cheated and stole. Perhaps they would like to turn over their lavish homes this holiday season to some deserving Black or Hispanic family who could make the payments very well at 6-7%, but not at 15%. Perhaps these deserving families could even pay off their homes years sooner had they been given a fair starting point. If you know me, you know that's my deal–helping  the 90% or so of home-loan borrowers who aren't in trouble to pay off what I believe are usurious fees even under the best of circumstances.

Folks, we have to stop this. This is why I've created The Great Mortgage Revolt . com. I'm not trying to change the lending world from within. I'm reaching out to intelligent borrowers. Let us get our acts together and simply pay less. One day it may result in our being charged less. Either way, we win!

Become part of the revolt…be the change you want to see in the world. Get tips, get the emails…