DORA stated the defendants focused their advertising in traditional Spanish media markets and used affinity marketing techniques, such as using bilingual sales staff to lure buyers to specific properties that they were not financially qualified to buy, according to a prepared release.
Many homebuyers were promised that they would refinance in a few years and make a profit. When they tried to refinance, the complainants were told the homes weren’t worth what they paid for them and that they had no equity, the release stated.
The lawsuit states that Strodtman made discriminatory statements such as, “The whole Hispanic population can be likened to trained pigs coming to a trough; you give them reason to come and they’ll come and give you all their money.”
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Sellers are obligated to disclose the truth. Buyers are obligated to be responsible and educate themselves so they know how to make decisions as to what is best for them. I hate seeing anyone take advantage of somebody because of language or just because they can.
So, would Judge Dan Maus, in his efforts to punish a few he has found in his little community and who he deems greedy in this global bubble crunch, allow this mortgage broker to counter-sue these people who defaulted on their loans, that he had to foreclosure on, if housing values rose dramatically in a month or two? Or would he allow them double-jeopardy?
Both parties here own responsibility but only one is being held responsible.
Had the value of those homes increased in value these buyers could have converted that equity into an equity loan and enjoyed plenty of cash to make their house payments and to buy a lot of toys along the way.
What they instead are complaining about is that it ‘just didn’t workout that way for them this time’.
What this judge is doing here is only to insures that they will try again next time as they can’t lose!