BlogHer - 60 Minutes - Comments

Thanks for the additional info on the Ethical Lending Foundation

Kim Pearson — Mon, 04 Feb 2008 05:29:26 -0600

It's amazing that the notion that lenders have a fiduciary obligation to their clients is not already part of the law!

Kim
BlogHer Contributing Editor|Professor Kim|

Ethical Lending Foundation

jschlicke — Fri, 01 Feb 2008 15:22:55 -0600

Hi Professor Kim,

Thanks for the nod. Ethical Lending Foundation was actually formed way back in 2006 before the subprime crisis hit the market in 2007 and conceived years beforehand as we tried to dialogue with existing industry trade associations about increasing their ethical codes. Everyone turned us down so we decided that there's always room at the top and formed our own group. Now we provide referals to consumers who are looking for an ethical lender but our main missioin is still research and education.

The dialogue in Washington state has turned toward the idea of requiring that mortgage brokers owe fiduciary duties to consumers which would require a broker to act in the best interest of his or her client.

Changes are also in the works at the federal level but this won't stop the states from enacting tougher laws.

Ethics code for lenders

Kim Pearson — Fri, 01 Feb 2008 12:25:42 -0600

Hi Liz,
Apparently, some lenders have read your mail. There is a new organization called the Ethical Lending Foundation that has a proposed code of ethics for review. Meanwhile, the Center for Responsible Lending seems to be the leading resource for consumers who want to avoid getting taken by all kinds of predatory lenders, including those payday loans and tax refund loans that rip off so many lower income people.

Kim
BlogHer Contributing Editor|Professor Kim|

I was thrown, too...

Liz Rizzo — Thu, 31 Jan 2008 08:56:41 -0600

To hear that couple say that they *had* clearly expressed what they could afford a month. Like, that is how they expressed what they could afford.

They still signed on a mortgage with variable terms, but surely if you are sitting across from a couple, selling them a mortgage you *know* they will ultimately default on because of what they have clearly told you they can afford... Well, that does seem criminal to me.

At the very least, highly unethical. Maybe lenders should have a code like doctors.

Liz Rizzo

I blog at Everyday Goddess.

Sadly, you may be right, but here's the thing

Kim Pearson — Wed, 30 Jan 2008 23:01:05 -0600

Last fall, I heard Sen. Charles Schumer (D-NY) say that nearly half of the people who were drawn into the subprime market were eligible for regular mortgages. He expressed frustration that the press wasn't picking up that aspect of the story.

Kim
BlogHer Contributing Editor|Professor Kim|

Amazing video on sub-prime mortgage crisis

Liz Rizzo — Wed, 30 Jan 2008 13:44:04 -0600

What a mess. I tend not to sympathize with people who took out mortgages they couldn't possibly pay when the rate increased (although I have a little more understanding after watching the 60 minutes interview), but the predatory nature of the lending is pretty unbelievable, and the fact that sub-prime mortgages increased home prices so that people who wouldn't take a sub-prime mortgage (or pay $400,000 for a shack) couldn't ever afford a house... What a mess.

That people high up who should have known better allowed this, and profited on this is completely disgusting.

It needs to all crash. How else can the market right itself?

Liz Rizzo

I blog at Everyday Goddess.

Thanks -- and welcome to BlogHer!

Kim Pearson — Mon, 08 Oct 2007 15:38:33 -0500

Hi Rue,
The greatest compliment that can be paid to a writer is a reader's attention. I'm honored by your comments. I look forward to reading more of your thoughts on BlogHer.

Sincerely,
Kim

BlogHer Contributing Editor|Professor Kim|

I am new to blogher and

unitsi — Sat, 06 Oct 2007 01:58:18 -0500

I am new to blogher and stumbled upon your post, I had to go about reading them all. You are a strong writer, balanced, and fully researched. I loved reading this post and found some things I had not known otherwise. The comments you stimulated were even drawing to read. Thank you for sharing your knowledge and skills.
Blessings'
Keep being intellectually fearless!
Rue
(unitsi)

Indeed

Kim Pearson — Fri, 05 Oct 2007 07:01:33 -0500

You make a good point, Maria -- the Sanders verdict came down as I was preparing this post. Anita Hill has said on many occasions that she believes her testimony helped raise awareness of sexual harassment as a serious issue. It's very likely that Sanders would have had a different outcome in the courts without her.

Also, so many women were incensed at the treatment Anita Hill received that they ran for Senate seats themselves, making1992 "The Year of the Woman" in popular discourse. I remember being mystified that people were allowed to utter all kinds of hearsay and speculation about her behavior and motives. Meanwhile, not one expert on sexual harassment was called to talk about the range of responses that victims can have to the experience.

And the heightened awareness of the issue almost certainly played a role in the 1995 demise of Sen. Bob Packwood's career. He was expelled from the Senate that he sexually victimized 17 woman, as well as using improper influence to get a job for his wife.

Kim

BlogHer Contributing Editor|Professor Kim|

The irony

Maria Niles — Thu, 04 Oct 2007 13:34:15 -0500

I wonder if a jury would have found in favor of Anucha Browne Sanders in her case against the Knicks and Madison Square Garden if Anita Hill had not testified years ago. Although many women will find themselves worse of if they complain about harrassment and most will not have the resources to see a court case through, when women like Hill and Sanders speak out we make a bit of progress and hopefully the road becomes a little less rocky for the women who walk it in the future.

Kleenex® Let It Out™ Blog
Beyond Help

Clarence Thomas

losangelista — Thu, 04 Oct 2007 10:33:22 -0500

Clearly he's trying to do a revisionist history job on himself and is failing miserably. Anita Hill has class and I'm so proud of her.