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Baltimore’s Tale of Sub-Prime Woe by Matthew Price of the BBC (6/30/09)

Posted by CM on June 30, 2009

Baltimore’s Tale of Sub-Prime Woe by Matthew Price of the BBC (6/30/09)
{Dear BBC, I will pay a fee if needed!}

This story is about the city of Baltimore taking action against Wells Fargo for selling sub-prime loans to mostly minorities.  The story brings up an interesting avenue for action.  Lets see if we could work with our individual towns to find a way to get PHH Mortgage to work with us.  So, start with statistics about your town.  Does your town have an abnormally high rate of foreclosures and short sales?  Is there primarily one bank responsible? Is PHH Mortgage responsible for most of the defaulted loans? 

For example, in my tiny suburb, according to my real estate agent, there are 45 short-sale or foreclosure listings.  However I doubt that any of these are serviced by PHH Mortgage.  But, there could be a way to work with the city to curtail the defaults.  I will add more when I think of more actions.  If you have any suggestions, leave a comment or email at


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