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"Eakes, Martin."
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Subprime Mortgage Industries Will Tighten Up
What's going on here? At a recent Senate hearing, a leading consumer-protection advocate, Martin Eakes, CEO of the Center for Responsible Lending, called the subprime market \"a quiet but devastating disaster.\" Eakes' organization published a study last month that estimated that 2.2 million overextended subprime mortgage borrowers will lose their homes to foreclosure - a projection hotly disputed by the mortgage industry. Eakes told the Senate banking and housing committee that subprime lenders have \"virtually guaranteed\" high levels of delinquency and foreclosures by offering borrowers excessively risky loans with teaser rates and low payments for the initial two or three years that later explode into sharply higher payments. Lenders also have allowed unqualified borrowers to merely \"state\" - not verify or document - their incomes, putting large numbers of them into loans they should never have been granted, said Eakes. He quoted industry research that found that 90 percent of stated-income mortgage applicants \"had inflated incomes compared to IRS documents,\" and that 60 percent of them exaggerated their incomes by 50 percent or more.
Newspaper Article
CHIEF DISRUPTION OFFICER
At the February 8 board meeting of the Center for Community Self-Help in Durham, CEO Martin Eakes described an offer seemingly easy to refuse. The center's credit union had an opportunity to acquire part of a failed bank about $200 million in deposits, plus eight branches serving Chicago's South Side. With directors gathered around folding tables in the office lobby that doubles as Self-Help's boardroom, Eakes explained that they'd be assuming the costs of running the offices while riot receiving any profit-generating loans. The deal is the latest example of Self-Help's strategy of making investments spurned by traditional banks and lending to individuals, many of them people of color, who often get pegged as had credit risks. Since it's 1980 start, Self-Help has built a national reputation for working with low- and moderate-income borrowers, investing in communities and, more recently, leading research and lobbying efforts to fight predatory lending. Eakes traces his interest in economic justice to his upbringing in Greensboro in a large white house abutting the black Marytown neighborhood.
Trade Publication Article
ECONOMY-U.S: BANK BAILOUT NOT FLOWING TO HOMEOWNERS
\"The foreclosure problem is getting worse, not better,\" said Martin Eakes, CEO of Self Help and Center for Responsible Lending, a nonprofit, community development organization. He spoke Thursday at the hearing of the Senate Banking, Housing and Urban Affairs Committee. \"We continue to explore ways to reduce the risk of foreclosure,\" he told reporters. [Henry Paulson] mentioned a new program under way by the quasi-public mortgage lenders to make new loans currently being written more fair. The private lending industry is being encouraged to voluntarily follow suit, Paulson said. \"Today's financial crisis is a monument to destructive lending practices -- bad lending that never before has been practiced on such a large scale, and with so little oversight. Unfortunately, the entire country is paying the price,\" Eakes said.
Newsletter
Self-Help Does More Harm Than Good; Capital Research Center Study Says Eakes' Agenda Hurts His Mission
In the October 2005 issue of Organizational Trends, author David Hogberg explores [Martin Eakes]' tactics and real motives behind his organization. Hogberg is available for comment regarding Eakes and Self-Help. Media can view the full report at http:// www.capitalresearch.org. Eakes' tactics include playing the race card to intimidate his opponents and promoting pseudo-scholarly research to backup his claims. Eakes tries to penalize the for-profit financial intuitions that do not give into his demands. However, the real victims of his actions are the poor and disadvantaged - those Eakes claims to help.
Newspaper Article
Medidas para ayudar a familias en peligro de perder sus casas
'Estan dadas las condiciones para un verdadero desastre economico', advirtio el jueves Susan Wachter, de la Escuela de Economia Wharton de la Universidad de Pennsylvania, en una audiencia de la Comision de Bancos, Viviendas y Asuntos Urbanos del Senado estadounidense. 'El problema de las ejecuciones hipotecarias se esta agravando, en lugar de mejorar', senalo en la misma audiencia Martin Eakes, director de Autoayuda y Centro para los Prestamos Responsables, organizacion de desarrollo comunitario sin fines de lucro. 'Continuamos explorando alternativas para reducir el riesgo de ejecucion hipotecaria', declaro a la prensa. Menciono un nuevo programa, por el cual los prestamistas otorgarian a los deudores nuevos creditos a una tasa de interes menor.
Newsletter
We have the potential for a true economic disaster
'We continue to explore ways to reduce the risk of foreclosure,' he told reporters. [Henry Paulson] mentioned a new programme underway by the quasi-public mortgage lenders to make new loans currently being written more fair. The private lending industry is being encouraged to voluntarily follow suit, Paulson said. [Martin Eakes] said he supports [Sheila Bair]'s proposal, and [Barack Obama]'s idea that judges should be allowed to modify mortgages. 'Today's financial crisis is a monument to destructive lending practices -- bad lending that never before has been practiced on such a large scale, and with so little oversight. Unfortunately, the entire country is paying the price,' Eakes said.
Newsletter
MORE PEOPLE RISK LOSING HOMES BECAUSE OF UNAFFORDABLE MORTGAGES ; REAL ESTATE
Dozens of smaller subprime originators have ceased operations or are scaling back on new lending. One of the mortgage industry's top executives, Angelo Mozilo, CEO of Countrywide Financial, was quoted as saying \"there's probably 40 or 50 [subprime loan originators] a day throughout the country going down in one form or another. And I expect that to continue throughout the year.\" [Martin Eakes]' organization published a study last month that estimated that 2.2 million overextended subprime mortgage borrowers will lose their homes to foreclosure - a projection hotly disputed by the mortgage industry. Eakes told the Senate banking and housing committee that subprime lenders have \"virtually guaranteed\" high levels of delinquency and foreclosures by offering borrowers excessively risky loans with teaser rates and low payments for the initial two or three years that later explode into sharply higher payments.
Newspaper Article
