Search Results: mortgages (3)

The collapse of the U.S. housing bubble wreaked tremendous amounts of misery on homeowners, who suddenly discovered that they owed more on their mortgages than their houses were worth, or found themselves in overbuilt and mostly vacant subdivisions, or could no longer afford ballooning mortgage payments. But whereas they saw their hopes for future solvency flushed down with the rest of the global economy, Julius and Jarrod Williams, two brothers from McKinney, Texas, saw opportunity.
For the rest of this strange and weird saga, check out the Dallas Observer.

Mother Jones

​​By Jack Rikess
Toke of the Town
Northern California Correspondent

​The man under the faded Giants cap wiped his forehead again for about the thousandth time. It was hot and it was late. Harvey should have been here 30 minutes ago. 
The duffle bag in the back of his ancient Charger ticked like a tell-tale bud wanting to get out. The man wanted to go. He had pressing business at 2:30 that he couldn’t be late for. Then there was this other guy to hook-up with. 
His long mane fell out of the cap as he ran his hand through that swamp of molted hair looking for dust on the horizon. It was a little before 2 and the temperature was deep into the red. 
Between the LB’s in the trunk, the Charger’s engine actually ticking under the midday sun, and the clock in his head counting off like a nasty verbal egg timer telling him he needs to get moving if he wants to make his hook-up and his 2:30, he was getting nervous — for a man who doesn’t get nervous. The man would have started pacing if it wouldn’t have looked too suspicious. 

Photo: Ken Lambert/The Seattle Times
“I am a wolf”: Emiel Kandi, 34, has made hundreds of thousands of dollars in a lending industry with few consumer protections. Now he’s in the medical marijuana business.

​Operating Cobra Medical Group, a medical marijuana dispensary in Tacoma, Washington, isn’t Emiel Kandi’s only business. The former mini-casino operator also charges desperate people as much as he can get away with — up to 45 percent interest, in one case — in deals set up so that he can quickly take borrowers’ homes, and in some cases, flip them for a profit.

Unsophisticated borrowers trying to avoid financial collapse or foreclosure then lose their property, reports Christine Williamson of The Seattle Times. “I am a wolf,” Kandi, 34, said to the paper.
“He’s in the business of taking people’s property,” said Martin Burns, a lawyer who sued Kandi on behalf of an unemployed mechanic. “He finds vulnerable people and exploits them.”
“I’m not your friend,” Kandi said. “If you step off the tightrope, I’ll take your house.”
A Seattle Times examination of numerous Kandi loan deals showed that they take advantage of lax regulations in the lending industry, which provide little protection for consumers.
Kandi knows this, and skirts mortgage requirements and disclosures by writing up his loans as “commercial,” the Times reports. Mortgages have interest-rate caps, consumer protections and full disclosure of all costs, while commercial loans do not.