The greed of Deval Patrick’s pals in the subprime mortgage industry knows no boundaries. As an offshoot of the predatory lending practices that Deval Patrick was a part of during the early 2000s many multi-family housing units in Boston have been foreclosed upon. The victims in these foreclosures are not only the families that Deval Patrick and his cronies preyed upon to give loans that no reasonable person could think those families could afford. Its also the tenants, many of whom have never missed a rent payment that get stuck in the crossfire.
Today’s Boston Globe has a story about the mortgage companies refusal to provide basic services to their tenants, including working heating sytems and fuel for those heating systems as specified in lease documents.
Tenants in some foreclosed Boston apartment buildings are living without adequate heat because the new landlords – mortgage companies often based in other states – have not repaired broken systems or paid for the delivery of heating oil.
Karla Herrera, who gave birth to a daughter Wednesday, has lived without heat in her Roxbury apartment since November, when the system broke. “Sometimes, I turn on the oven for 20 minutes for heat,” she said in Spanish, speaking through an interpreter.
Some foreclosed buildings also lack electricity, or hot water, or even running water, and the tenants may have no one to call: The new landlords often fail to provide tenants with a contact number, as required by Massachusetts law. And when landlords can be reached, the response is often so limited – half a tank of heating oil, for example – that the problems recur within a few days.
Deval Patrick has gotten a free ride for his role in creating this crisis. The mainstream media should stop giving him this free ride.
On Friday the Massachusetts Republican Party again called for Deval Patrick to put the earnings he made as senior executive with Ameriquest in to a victims trust fund. The mainstream press has yet to pick up on the story.
In light of alarming news about a rise in foreclosures, the MassGOP is again calling on Governor Deval Patrick to place the $720,000 he was paid by a controversial subprime mortgage lender into a trust fund to benefit victims of mortgage fraud.
“An increasing number of Massachusetts residents are seeing the American dream slip through their fingers because they were victims of predatory lenders, and meanwhile Governor Patrick looks forward to spending Christmas at one of his two Massachusetts mansions financed by the money he received as a board member of a subprime mortgage lender,” said Robert Willington, Executive Director of the Massachusetts Republican Party. “Governor Patrick should silence his hollow rhetoric and put the money given to him by a subprime lender into a fund to benefit victims of mortgage fraud,” stated Willington.
Patrick served in 2005 and 2006 on the board of ACC Holding, the parent company of Ameriquest Mortgage, which has been accused of predatory lending. Patrick earned $360,000 per year, according to the March 6, 2007, Boston Globe.
IMAGE SOURCE: Killer Coke
Disclaimer: In 2002 I interviewed with and was offered a job by Ameriquest. I did not take the job due to my reservations about their lending practices after further review.