Nancy Young wrote:
> 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.

This is true. People should be responsible for themselves and I
subscribe to most all those things that a good conservative believes in.
The reality is that I don't really care if an inexperienced buyer get
burned - just as long as it doesn't affect me. I don't care much if most
people get into an ungodly amount of debt - just as long as it doesn't
affect me. Guess I'm a horrible person.

>
> 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

Of course, that's probably why he won't qualify - he's way upsidedown.
Thanks - I must be the dumbest guy I know! :-)