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View Diary: Remember Who Made This Subprime Mess (323 comments)

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  •  No issues here (0+ / 0-)

    I knew what I was doing and I'm happy with the results. I have no issues.

    The general point is that if there's an unscrupulous mortgage broker or other agent in the mix, then there's nothing in the way of consumer protection to guard against fraud and/or misdirection.

    It might be nice if all mortgages came along with a one-page, ultra-simple, truth-in-lending disclosure form, something like the energy efficiency rating on your water heater. Here are the closing costs, here is the APR, here is the total cost of the loan, here is how much you'll pay in interest over the life of the loan.

    One page that takes no more than 2 minutes read.

    One page that anyone can understand.

    Molly Ivins wanted WHO for President? But WHY?

    by Positronicus on Tue Oct 16, 2007 at 06:43:54 PM PDT

    [ Parent ]

    •  You can make an 'if' scenario for just about... (0+ / 0-)

      ...any transaction.  

      And we can't condense life to one page!

      As long as people DO NOT pay attention to the details, especially in large purchases, there remains potential for harm.

      I don't know the numbers, but I'll bet for each foreclosure we hear about, there are 100 other home buyers who are making it work!  And because of the relaxed mortgage plans, many many people are living the dream of owning property; so this story is not only about doom and gloom...

      Hoping we can do better before we annihilate ourselves...

      by OldManOnFire on Tue Oct 16, 2007 at 06:56:41 PM PDT

      [ Parent ]

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