It’s too bad that this type of thing doesn’t go viral like other youtube vids...
TimMillerDotCom — May 14, 2010 — A little while back I listened to an interview on the radio involving predatory lending practices. On one side, they had a family on the verge of being homeless because of these predatory practices. On the other side, they interviewed a twenty something year old lender.
I know there are a lot of borrowers out there who were greedy and got burned because of it. This family, however, was not one of those borrowers.
Essentially, this family trusted the lender and was taken advantage of. The family was persuaded to “lock in” a variable rate loan because of its “favorable” terms. Because of the “favorable” terms, of course, the lender told the family they could borrow much more money than, in reality, the family should have.
The lender prospered by exploiting families like this – actually saying in the interview how he and buddies would fly to Vegas, go to the best clubs, etc. etc.
Not surprisingly, the family’s home was foreclosed after their interest rate was “reset” according to the terms of the loan.
The interview had a profound effect on me and inspired me to write a song about this American tragedy.
I stopped by producer/engineer Chris Bell’s place and we ran it down using his Canon 7D camera.
LOVE, YOUR BROKEN HOME
By: Tim Miller © 2010
Tim Miller – “Love, Your Broken Home”