Mortgage numbers not whole story
Mark Fogarty’s article (“Indian-owned bank cracks top 10 in Indian mortgages” Vol. 30 No. 22) on the increased number of mortgages to Native Americans/Hawaiians/Pacific Islanders is certainly interesting, but is it complete?
It noted that Bank of America (through its acquisition of failed mortgage lender Countrywide) had a huge number of mortgages to Native Americans. But the article makes no mention of the effects of the national foreclosure problem on Native Americans.
With Countrywide having been determined to have promoted many adjustable rate “no income verification” mortgages to folks who are now losing their homes and successor Bank of America now being stopped from foreclosing on many homeowners because of the bank’s alleged fraudulent paperwork, what “mischief” has been done to Native American mortgagees?
I hope you will encourage Mr. Fogarty (or another investigative writer) to dig deeper. Go beyond the number of mortgages granted to the effects of poor lending practices on the lives of ordinary Native Americans. If you don’t do the research, no one will.
– Chaplain Matthew Shulman