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View Diary: Predatory Lending doesn't have to be Bankruptcy sequel (80 comments)

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  •  You make my point for me... (none)
    If someone did the things you talk about they are violating already existing laws. I do all types of mortgages; prime, sub-prime, HELOCs, seconds, etc... If I can help convert high interest credit card debt into a much lower interest mortgage, how is that "predatory?" If I can help someone keep their home or buy a new one, how is that "predatory?" Don't buy everything that ACORN is selling.
    •  No, they're not (4.00)
      Your credit card company can't take your home. Your mortgage company can.

      And they focus on monthly payments only. Never mind that your debt is vastly increased, that your interest rates are double-digit, that you'll never be able to pay off your new loan. Your sub-prime shark will never explain it to you.

      And when these companies do "comply with the law," they do so with obscure disclosures that even Harvard Law professors have publicly admitted they don't understand.

      Are you really not sure how this market works, or are you shilling for it?

      •  I have been originating loans since April 2001.... (none)
        ...and have yet to do a "double digit" mortgage. I started with one of the subprime shops that another blogger is probably referring to (the one that sponsored the Superbowl halftime show) but got tired of their "one size fits all" 2/28 loans and slapping a prepayment penalty on everyone, and left just before 9/11(great timing, huh?). I work for a small indy shop and we don't do those kind of things, and most small brokers are fairly honest, in my experience. Yes, the "big boys" use "telemarketers" and it's all a numbers game, but the local and regional brokers play by the rules, by and large. Don't paint the whole industry with the same brush, okay? I'm sure that whatever your occupation, there are good and bad apples in the barrel, right?  

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