Tim Miller
“Love, Your Broken Home”
(some language)
Repost from May 2010…
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
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4closureFraud.org
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I sure could use some…
Ah. I remember the day we all got to hear this on The Power Hour.
http://archives2010.gcnlive.com/Archives2010/jul10/PowerHour/0708102.mp3
http://archives2010.gcnlive.com/Archives2010/jul10/PowerHour/0708103.mp3
How far we have come.
Why is it that a handful of thugs and plunderers can commit unthinkable atrocities and when it’s time for their gravy train to crash under the weight of their gluttony and overwhelming stupidity, the government has no difficulty coming to their aid . Yet at the same time, the joke we call the American medical system, including the drug and insurance companies, are murdering tens of thousands of people a year and stealing from the corpses and victims they cripple, and this country’s leaders don’t see this as important as bailing out a few of their vile, rich cronies. It’s clear they see no crisis as long as the dead people don’t get in the way of their corporate profits . JUSTICE ? are you kidding ?
JS
He gave me the chills….Great song, thanks for sharing.
This situation is true a great percentage of the time. I have a real estate brokers license but quit selling over 10 years ago. The corruption in the industry is rampant, the developers, the investors, the mortgage banks and brokers, the realtors and appraisers. Any industry which has pay based on commission and has over 90% of the people in the industry unable to make a decent living simply because there are not enough transactions to support them all will become corrupt. I saw it and got sick of all the lies and got out. The consumers which are the buyers of the properties have no legal representation in the process and are not educated about the products they are buying, meaning the loans. I saw this, but no one can fight a whole system that’s corrupt, and I got out. The system needs to be changed to protect the consumers, not the leaches who prey on them in order to make the highest commission possible.
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