ABC sub-prime tearjerker ping to Today show list.
DUPED: To have something go differently from the way you wanted it to go.
(c) 2008 Liberal Dictionary, inc.
;->
I have to say that if the couple was not informed that their rate could nearly double, and likely would double, and what that rate would be, that the lender was not being forthcoming. Even with gasoline, we’re being told months ahead of time what the shocking gas price will be. With something as important as a mortgage, the borrower SHOULD BE FULLY INFORMED, and that is the lender’s job. I’ve been shaking my head for years at all the promotions for variable rate, low introductory rate, zero down payment mortgages. I don’t feel sympathy for lenders or politicians that mislead us about this. It was one thing when typical household incomes were stable or increased yearly. It is unconscionable now.
There are few degrees less demanding than one in “Journalism”. In many places you can get one without ever having to take a science or math course. Journalists are scientific illiterates and would probably need a calculator to figure the correct change if you gave them $10 for a 2.50 purchase.
Don’t buy $hit ya can’t afford, ‘specially when that $hit costs more than $100K.
she and her husband knew....and not only that, they signed a document at closing saying that they had been informed...lenders have you do that to cover their butts...and if she was too cheap to hire a lawyer at closing then I don’t feel sorry for her...I’ve bought seven houses over the years and don’t go to settlement without an attorney....
They have a regular segment on the Evening News called "The Kitchen Table" - more of the sob stories.
Last week they featured a couple with four jobs between the two of them, they also have two kids. They were whining about not being able to make ends meet. Oh, and guess what? She's pregnant again :-(
I only had one bad experience with a loan. I got a variable rate loan on a car while I was in college. I knew it was variable. The only part I didn't know to check was that the introductory rate quoted had absolutely nothing to do with the index rate plus the spread. After three months the rate jumped from 9% to 14%. I went back to the loan documents, checked what index was quoted, found it in the Wall Street Journal and realized that I had been screwed. I will never make that mistake again.
Love the “Register To Vote” shirt. Can’t tell if it is union issued or not.
Does this woman really believe she has the credibility to advocate for competent voting?
I bought my first house at 21 with a variable rate mortgage. Even as 21 year old non-college educated guy I knew EXACTLY how long until the first rate adjustment, how much it could go up each year, how frequently it could adjust and what the interest rate was tied to.
If I’m buying something that costs four time my annual income I’m going to be careful.
The borrower SHOULD be informed. But like anything else you buy, the promotions are misleading. When I read something like FREE or LOW INTRODUCTORY RATE, I STOP READING. But I know people with near genius IQs that are still tempted by it. If people really understood what they are getting themselves into, they wouldn’t go for it in the first place. Would YOU have gone for these mortgages? Whether or not there are LEGAL obligations, many on the board here also talk about MORAL obligations, and they don’t stop with sex.
When I got mortgages, there was a blizzard of points and extra costs, and many papers to sign, and fast talking bankers glazing over details.
My position is that these people should have known, but they didn’t. I don’t think they went in thinking about the government bailing them out for the most part.
The media of course wouldn’t do stories about the downside of these mortgages because these mortgage companies were providing a huge portion of their advertising revenues.
I don’t think this is a Left Wing or Right Wing viewpoint or issue. It is a MORAL issue.