No kidding. Ahhh, the poor Philbrooks.
...And the Philbrooks, who had about $900 saved up for their daughter’s future, a few hundred more for emergencies and nothing in reserve beyond that, realized their entire dream now stood ready to fall.
But why is that?
Ahhh...here it is...
...Having not understood the small print of their contract, the Philbrooks were unaware that the loan’s rate would never be lower than its starting rate--meaning all the risk attached to the variable rate fell on them.
If they didn't understand the documents, why did they sign them? No sympathy.
You can't legislate stupidity.
I don't think they even read them. That stuff is written right there in the note.