The lawsuit became a touchstone for media reports about

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Can something good come out of the biggest real estate collapse and mortgage fiasco in Memphis history?

canada goose Mayor A C Wharton hopes so. On Wednesday, Wharton along canada goose outlet toronto with Shelby County Mayor Mark Luttrell and Wells canada goose outlet toronto factory Fargo officials held a news conference to talk about « our relationship » canada goose outlet in new york and the settlement of a lawsuit over people who had « unpleasant experiences » with home loans. The harmony was in stark contrast to the nasty lawsuit canada goose outlet in uk alleging that Wells Fargo made deceptive loans to poor canada goose outlet buffalo people that canada goose outlet store quebec caused a foreclosure crisis and depleted city coffers. The lawsuit became a touchstone for media reports about subprime mortgages and poverty in Memphis at a time when the city is losing residents to the suburbs and trying to improve its image. canada goose

canada goose deals In the agreement, canada goose outlet store uk described as a « term sheet » with details yet to be canada goose outlet store near me completed, Wells Fargo gives $7.5 million to Memphis canada goose outlet winnipeg address and Shelby County to assist low income canada goose outlet in toronto borrowers who want to buy or fix up homes. Some of that will go to financial education (« Hands On Banking » Wells Fargo calls it) for students as young as middle school as well canada goose outlet vancouver as adult would be homebuyers. A total of $4.5 million is marked for grants of up to $15,000 for renovation assistance. The homes do not have to be financed by Wells Fargo. Luttrell said « the lion’s share » of the money will go to Memphis. canada goose deals

canada goose coats « This is a good and sound starting point, » Wharton said. « Quite frankly, if you look at the age at which most lawsuits come to an end, this one was filed in 2010, and now its may 2012, to bring about this kind of relief, that’s a baby walking in two months. » canada goose coats

Wharton said he was mainly concerned about putting money in the hands of consumers now as opposed to what they might get six or seven years down the road.

« Lawsuits tend to canada goose outlet in montreal go on and canada goose outlet uk sale on, » he said. « When you see an opportunity to canada goose outlet hong kong get some money on the table, sometimes it’s best to take canada goose outlet orlando that opportunity. »

canada goose black friday sale Wells Fargo was represented by Leigh Collier, regional president for the Mid South. canada goose black friday sale

Canada Goose Outlet « What a win win for the citizens of Memphis and Shelby County, » she said. She touted canada goose outlet in usa the benefits of « financial literacy » and said « we are thrilled to come to an agreement with the city and the county. » Canada Goose Outlet

Canada Goose Jackets Wells Fargo has set a goal of making $425 million in loans to local borrowers in the next five years, with $125 million of that targeted for low income and middle income buyers. Collier said the amount is « based on historical data we don’t publish » when asked how it compares to the amount that Wells Fargo loaned in the five years preceding the housing collapse and the amount it would probably have loaned in Memphis and Shelby County over the next five years without this agreement. Canada Goose Jackets

Canada Goose Parka The loans will be market rate, currently under 5 percent, rather than the sub prime loans with confusing details and higher rates that got so many borrowers in trouble, Collier said. Canada Goose Parka

buy canada goose jacket cheap Memphis City Councilman Harold Collins, whose Whitehaven district was the focus of a story in The New York Times in 2010 about blacks losing decades of economic gains because of foreclosures, was not impressed with the agreement. buy canada goose jacket cheap

cheap Canada Goose « Typical of most settlements like that, » he wrote in an email. « They place some crazy restrictions on people that might apply. You have to go to some training from a canada goose factory outlet non profit? They know most people will NOT do that stuff and thereby Wells Fargo will not have to forgo the money. Question: Did Wells Fargo impose these kinds ofchallenges on these people BEFORE they approved their loans? canada goose factory outlet vancouver What about doing these BEFORE they were foreclosed? » cheap Canada Goose

One question is whether anyone will want to buy a blighted house in a declining neighborhood canada goose outlet under any terms. Wharton said that with the assistance of community development corporations, he thinks there will be a market.

canada goose coats on sale « Some of these canada goose jacket uk neighborhoods are remarkably stable, and with the idea that I am not gong to be the only one trying to renovate a house, that is what’s going to bring them in, » he said. canada goose coats on sale

City Attorney Herman Morris, who grew up in the Binghampton neighborhood in Memphis, said the deal will help stabilize neighborhoods by promoting ownership over renting.

« I think folks would rather live in homes that they own if they can, » he said.

canada goose clearance sale Webb Brewer, the former head of Memphis Legal Services now working as a private attorney with the city and county on the housing issue, said « We were in for a long haul had we continued on with the litigation. It would have been a long, grueling, expensive fight for everyone. You don’t know what you would get down the road. » canada goose clearance sale

Canada Goose online Brewer said the important parts are the $7.5 million in « hard money » and the commitment to make $125 million in standard loans in low and moderate income areas once targeted for sub prime loans. Canada Goose online

buy canada goose jacket He agreed that the issue of fraudulent loans remains unresolved. buy canada goose jacket

canada goose store « Education does not address cases where pretty sophisticated borrowers were deceived. I am an attorney who practices in that area and sometimes I wold look at a loan and say, ‘hey, what does that mean?’ Education doesn’t fix that, but a lot of that lending has gone by the wayside anyway with the change in the market. » canada goose store

canadian goose jacket If nothing else, the settlement lets Memphis move on with a best foot forward campaign that was going to be difficult enough without the worst foot forward campaign in the lawsuit against Wells Fargo canadian goose jacket.