Foreclosure focus: Why Cleveland? - Nov. 13, 2007: "or Rokakis, this long-term lack of accountability enabled lenders to continue to make bad loans virtually unchecked. These included many subprime, hybrid ARMs, also called 'toxic ARMs,' products he considers predatory.
Rokakis told of a 78-year-old Cleveland woman recently saddled with an unaffordable, 30-year ARM arranged by her minister, a mortgage broker. 'I asked him why,' said Rokakis, 'you would give an elderly woman an ARM. He said, 'She wanted the house.''
Rokakis shook his head. 'I want a date with Uma Thurman,' he said, 'but you have to be realistic.'"
Wednesday, January 7, 2009
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