The following is from Banker & Tradesman:

Where Were Bank Regulators?

Why would you commit yourself to a loan that you know you can’t really afford?

A special investigation in today’s Banker & Tradesman offers some clues about how and why that could happen.

The report highlights what happened to Latino homebuyers who were misled into mortgages that were way beyond their means.

Some of the buyers were told their mortgage payments would be a certain amount, only to come to the closing table and find out their monthly payments amounted to thousands of dollars more.

So why didn’t they just walk away?

The mortgage brokers, who they trusted, assured them they could refinance the loans at a later time or the brokers threatened to keep the buyers’ hard-earned deposits.

So where was the Massachusetts Division of Banks, which licenses brokers and lenders, during all of this?

According to the special report, the division failed to act on some complaints — or if it did the regulators didn’t take formal enforcement action. (The division only reports on formal punitive actions.) Regulators revoked or suspended less than 3 percent of brokers and lenders between 2007 and June 1, 2009.

In that time, over 24,000 foreclosures have occurred in Massachusetts, according to The Warren Group.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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