Elana Levin

Mark on Predatory Mortgages on Air America’s Sam Seder Show

"Exotic mortgages" may sound nice, like a vacation in the tropics. Those predatory, or "exotic" mortgages may get you just as hot but they'll leave you without a cold pina colada and worse, with enough mosquitoes to drain out all of your blood. They suck you dry of your money, your home and more.

Mark Winston Griffith was invited on to Air America's Sam Seder Show yesterday to talk about how those predatory mortgages are not just destabilizing communities and destroying borrowers lives they are also backfiring on the companies issuing them (read his post from last week's blog post "Sub-Prime Mortgages Come Home to Roost")

Mark is on minute 11 of the show (right after Sam plays "Kick Out the Jams" by the MC5) . You can listen here: In the interview Mark explains exotic mortgages:

"they were ticking time-bombs ready to go off so now the bombs are detonating and we're seeing the impact not just on individuals but on entire communities....exotic mortgages are usually concentrated on low and moderate income neighborhoods or communities of color...and so its not just effecting individuals when entire areas are being destabilized and being drained."

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Posted at 1:13 PM, Mar 07, 2007 in Banking | Economy | Financial Justice | Housing
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