"The reality is that the borrowers were supplied with a Note and Truth-in-Lending which outlined (a) how the rate could adjust, (b) when it would first adjust, and (c) how to calculate the adjustments."
Of course, you are correct, Petronski. But my experience with RE borrowers is that they get a bit giddy and euphoric, and have a tendency NOT to read the fine print.
"Of course, you are correct, Petronski. But my experience with RE borrowers is that they get a bit giddy and euphoric, and have a tendency NOT to read the fine print."
You mean they act like the majority of people do when they are close to realizing a cherished dream, and aren't necessarily idiots?