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Imagine a mortgage loan that only gets more expensive, even if you make payments on time
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Imagine a mortgage loan that only gets more expensive, even if you make payments on time
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Newspaper Article
Imagine a mortgage loan that only gets more expensive, even if you make payments on time
2017
Overview
According to the documents, the Bank of New York Mellon, acting as trustee on behalf of bondholders, had started the long legal process to evict Silva from the two-bedroom home she bought in 2006 and shared with her daughter, son-in-law and granddaughter. The Bank of New York Mellon, which declined to comment, sold off its Mexican banking subsidiary in 2014. *** The subprime loans that led to the U.S. housing market collapse a decade ago had some guardrails against skyrocketing payments, including lifetime caps on interest rate increases; these Mexican loans had none. “Instead I was killing their dreams.” *** A large source of funding for the UDI loans came from the World Bank and the Inter-American Development Bank, which provided about $3 billion to Mexico’s social development bank, the Federal Mortgage Society. In a statement, the bank said, “Similar to the experience in the U.S., the 2008 financial crisis restricted available financing for Mexico’s housing lenders and exposed poor credit practices in the home-loan industry.” *** Silva, the gas station attendant, used to hand-deliver her mortgage payment at her lenders’ storefront office.
