Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (458549)	2/22/2009 1:56:55 PM
From: i-node	Read Replies (2) of 1573809

You damn fool, they weren't told the rates would go to 12%. And when they said they wanted a fixed rate, they were told that was the only rate open to them. So they took it because they too, like you, wanted to belong to the American dream. What kind of idiot signs a 1" thick mortgage document without knowing the content of it? Whose responsibility is it to know what the terms of a mortgage commitment are? There is literally no way you could get through the process of signing a mortgage loan without having it pointed out to you time and again what the rate limits of the mortgage were. No way in hell. If you did, you would certainly have legal recourse against the lender. But you would have initialed your acceptance of that rate multiple times. The truth is their view of the American Dream was to enter into these agreements and recognize gains, free money, based on the continued appreciation in the housing bubble, MOSTLY on the Left Coast, not in Arkansas where us stupid old hicks realize you don't get something for nothing out of life.

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