dsi1 wrote:
> Nancy Young wrote:

>> I can't call it a scam if they told you up front what the deal was.
>
> It's a scam in that most folks fail to comprehend the full
> implications of the deal. The banks use the fact of the buyers lack
> of experience to sell a better deal for themselves. ARMs should only
> be offered to persons experienced with procuring loans.

Is it only where I live that you get a truth in lending statement?
You don't even need to read the fine print.

Or get a lawyer to do that for you. Remember when you used
to have a lawyer at closing? The bank would insist, probably
just so you oculdn't come back and say I didn't understand I
would have to pay this back.

> OTOH, I have heard that my friend from high school had such a loan. He
> has had numerous chances to get a refinance for his one bedroom condo
> at a great rate many times in the last 10 years. He has not. He's a
> loan officer.

How many times have I seen mortgage brokers, loan officers
on Suze Orman or the like, in trouble because they thought they
thought the market would go up forever. Surely they understood
the terms of their loans.

> Obviously there's something going on here but my info
> is a bit sketchy as I'm hearing this through a mutual friend.
> However, there is a chance that he's the dumbest guy I know. That's a
> pretty major accomplishment. :-)

Maybe there is some reason he knows he won't qualify.
Like he's upside down on his mortgage.

nancy