Victims Tricked Out of Their Homes

Im extremely concerned about foreclosures and their impact on my district and the nation as a whole. A lot of people are suffering alone, not telling anybody whats happening, and theyre just walking away from their homes. Were trying to get them not to do that and to call us because when the community starts to recognize that theres a scheme going on, mortgage brokers in the neighborhood trying to get people to refinance and sign, the whole community can come together behind that and put some of these people in jail, Rep. Waters told the Final Call.

In her 35th Congressional District, which includes South Los Angeles and Inglewood, there are 640 properties in pre-foreclosure, 301 in the auction process and 581 properties that are owned by the bank. In Inglewood alone there are 335 properties in some stage of the foreclosure process and worth over $95 million, Rep. Waters said.

Along with representatives from the non-profit HomeFree-USA and the Multicultural Real Estate Alliance of Urban Change, Bank of America, Washington Mutual, Countrywide and Wells Fargo Bank, the Democrat talked about sub-prime and adjustable rate mortgages, loan modifications and the difference between predatory lending and legitimate lending.

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