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Posted by Jahari Davis on 5/14/06 12:46pm
Of course we cant say anything at the table during the closing. The laws are pretty clear on that one. However we can spread the word amongst our friends, family, co-workers, contacts...our general SOI. I'm just thinking in terms of how many people are being taken by predatory lenders because of the openings given to them in the bankruptcy bill that passed last year. That bill should NEVER have passed because the banking industry practically wrote it, paid off the congressional leadership via K Street lobbyists to introduce and rally the vote in favor of it and pass it knowing The Decider would sign anything you put under his nose. I know people who have been stung by predatory lenders. I have been a victim. My gf was a victim and her sister was a victim. I had a closing disintegrate because of predatory lending practices that were uncovered by the borrower at the table.
Now this does not mean that all interest only loans are bad, but in my opinion they arent the greatest either. A 50 year mortgage may lower your monthly payments but you'll choke and drown on the interest. Dont believe me, look at the TIL for just your standard mortgage or refi and the total sum of payments. Then imagine that number after 50 years or 600 months of payments and the amount of interest paid. I agree with you no one stays in a mortgage the full term but good God, imagine the people that do thinking the cant get a better deal and feel trapped? Life-debt servitude is NOT the American Dream. |
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