The Making of Another Great Depression

Yes, also balloon payments, addons, ARM agreements disguised as fixed rate, etc...

http://www.bbb.org/us/article/ftc--deceptive-mortgage-ads-what-they-say;-what-they-leave-out-4743

HankD

 

This reply wasn't addressed to you. I didn't say anything about your support of George Bush. You're the one who is continuing this not me.

 

Anyone entering into a mortgage for a house purchase should understand the terms of the agreement before signing.

The ad is to get business in the door and of course would not have all the details for every possible borrower.

I know from personal experience that at the closing the mortgage company spells out the payments, rate, balloon date, etc.

I don't think that there were a lot of mortgage companies misleading borrowers at the closing - but I do think that there were quite a few borrowers that rationalized taking terms that they could never actually meet.

 

When all else fails blame the victim.

Read the article and others like it.
Dishonest mortgage agents and bank officers have been prosecuted.

Most of us lock and secure our homes, some even with a burgler system when they are away, but thieves break in anyway.

We lock our cars, but they still get stolen.

Loan shark thieves are no different except for the tools they use; personality charm, stealth, cunning, deception, etc.

OK what about protecting oneself through theft insurance you might ask? AIG?

Agreed, fraud happens on both sides of the desk.

My original post was an exception to your rule of a Christian honoring a contract.

If a contractor has swindled the contractee through deception there is no moral obligation on the part of the victim to honor said fraudulent contract.

HankD

 

Well, yes there may be a legal obligation, especially if the government is the victimizer.

HankD