Building Sustainable Homeownership:
Responsible Lending and Informed Consumer Choice
Federal Reserve Bank of San Francisco
101 Market Street, San Francisco, California 94105
June 16, 2006
skip to contents
Printable version (310 KB PDF)
Pages 1-25 | 26-50 | 51-75 | 76-100 | 101-125 | 126-150 | 151-175 | 176-200 | 201-225 | 226-250 | 251-254
| Transcript | Line | Page |
|---|---|---|
| here, sign," but he never said for what. After signing the | 1 | 251 |
| broker told him for what, "The house is yours." | 2 | 251 |
| The house said in the paper four rooms, two | 3 | 251 |
| bathrooms, but there, right there, the broker said it only | 4 | 251 |
| has registered three bedrooms and one bathroom. | 5 | 251 |
| They gave them until the 10th to call in, say | 6 | 251 |
| whether he wanted the house or not. Mr. Reyes called the 8th | 7 | 251 |
| of May, "I do not want the house because it doesn't have what | 8 | 251 |
| you told me." He said, "The house is yours. We did not | 9 | 251 |
| place a gun on your head so that you could sign." | 10 | 251 |
| We have lawyers -- we have lawyers so that we don't | 11 | 251 |
| go to court. But I don't understand why. Court why? | 12 | 251 |
| Someone already looked at our papers and we are | 13 | 251 |
| scared for the payments. The broker never explained the | 14 | 251 |
| consequences, anything. He did not explain the payment was | 15 | 251 |
| going to increase. | 16 | 251 |
| We would go and see houses of some prices and we | 17 | 251 |
| would ask can we afford this house and the broker would say, | 18 | 251 |
| "Yeah, we are right there. We are right there." | 19 | 251 |
| MS. BRAUNSTEIN: Can I ask a question? Have you | 20 | 251 |
| gone to see anyone like a housing counselor, like Acorn or | 21 | 251 |
| anybody like that since this has happened? | 22 | 251 |
| MS. JIMENEZ: They have already went to Lao Family. | 23 | 251 |
| The papers say that the interest can go up to 18 | 24 | 251 |
| percent. Even the price of the house was not initial price | 25 | 251 |
| that they initially heard from the broker. The papers had a | 1 | 252 |
| different number than what the broker told them initially. | 2 | 252 |
| MS. BRAUNSTEIN: Thank you much very. And we wish | 3 | 252 |
| you good luck. | 4 | 252 |
| MS. RIOS: Thank you for listening to us. | 5 | 252 |
| MS. HARTSCHEN: Good afternoon. My name is Mary | 6 | 252 |
| Hartschen and I'm a volunteer for AARP and I'm also a | 7 | 252 |
| commissioner on the advisory board to the Area Agency on | 8 | 252 |
| Aging in Alameda County and CSL, California Senior | 9 | 252 |
| Legislature. So as you can see, I'm strictly on the senior | 10 | 252 |
| side. | 11 | 252 |
| But from what I've been hearing, this involves | 12 | 252 |
| everybody all around, young, old, or whatever, mostly | 13 | 252 |
| Latinos, which I'm one of them. And there's not much that I | 14 | 252 |
| can say because I think that my colleagues at -- that are | 15 | 252 |
| also volunteers in AARP have said everything, very grand, in | 16 | 252 |
| a grand way of anything that I could add to it. | 17 | 252 |
| But I will say that we need a lot more | 18 | 252 |
| accountability on the people that do the lending, and we also | 19 | 252 |
| need people like the ones that are here that are sentinels | 20 | 252 |
| and watch over seniors and everybody else because it seems | 21 | 252 |
| that the cheating goes on for everybody, not only for | 22 | 252 |
| seniors. | 23 | 252 |
| So what I think -- the reason I'm here is because | 24 | 252 |
| I'm asking from the Board of Governors and the Federal | 25 | 252 |
| Reserve Board that maybe they should take a long hard look at | 1 | 253 |
| the language which is written regarding mortgage loans so | 2 | 253 |
| that maybe perhaps people that will be needing a loan won't | 3 | 253 |
| be having this problem. And if the board really looks at it, | 4 | 253 |
| maybe they'll insist on having a meaningful, protective | 5 | 253 |
| predatory lending that won't have so many problems. | 6 | 253 |
| Thank you. | 7 | 253 |
| MS. BRAUNSTEIN: Thank you very much. | 8 | 253 |
| And I'd like to thank everyone who participated | 9 | 253 |
| today, all our speakers during the last hour, as well as all | 10 | 253 |
| our panelists. | 11 | 253 |
| I'd also like to say thank you, a big thank you, to | 12 | 253 |
| the San Francisco Federal Reserve Bank, who hosted us today | 13 | 253 |
| and did an excellent job with that. | 14 | 253 |
| And I want to thank Jack and everyone else, John | 15 | 253 |
| Olson, and everyone else, our timekeepers and everyone who | 16 | 253 |
| was involved in that. | 17 | 253 |
| And with that our meeting is adjourned. | 18 | 253 |
| (Whereupon the hearing was concluded at 4:15 p.m.) | 19 | 253 |
| 20 | 253 | |
| CERTIFICATION | 21 | 253 |
| 22 | 253 | |
| I, the undersigned, a Certified Shorthand Reporter | 23 | 253 |
| of the State of California, hereby certify that the foregoing | 24 | 253 |
| hearing was held at the time and place herein stated; that | 25 | 253 |
| the hearing was reported by me, a Certified Shorthand | 1 | 254 |
| Reporter and a disinterested person, and was thereafter | 2 | 254 |
| transcribed under my direction into typewriting; and that the | 3 | 254 |
| foregoing is a full, complete, and true record of said | 4 | 254 |
| hearing. | 5 | 254 |
| I further certify that I am not of counsel or | 6 | 254 |
| attorney for any of the parties in the foregoing hearing, nor | 7 | 254 |
| in any way interested in the outcome of the cause names in | 8 | 254 |
| said action. | 9 | 254 |
| IN WITNESS WHEREOF, I have hereunto set my hand | 10 | 254 |
| this ______ day of ________________, 20____. | 11 | 254 |
| 12 | 254 | |
| _______________________________ | 13 | 254 |
| LAURA A. REDING, CSR NO. 9711 | 14 | 254 |
| 15 | 254 | |
| 16 | 254 | |
| 17 | 254 | |
| 18 | 254 | |
| 19 | 254 | |
| 20 | 254 | |
| 21 | 254 | |
| 22 | 254 | |
| 23 | 254 | |
| 24 | 254 | |
| 25 | 254 |
Professional Reporting Services, Inc., Walnut Creek, California, 800-261-4814
Pages 1-25 | 26-50 | 51-75 |
76-100 | 101-125 | 126-150 |
151-175 | 176-200 | 201-225 |
226-250 | 251-254