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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Dr. Voodoo who wrote (30064)	2/28/2008 8:36:41 AM
From: Ilaine	Respond to of 217830

You're now morally offended because the poor unemployed bankrupt guy (who thought housing prices could only go up)...and his lawyer only made this one bad decision? Actually real estate lawyers don't advise people on the wisdom of mortgages. Would that they did, but they don't, unless the client asks, and they generally don't. Most mortgage brokers have settlement attorneys they try to steer clients to, and the settlement attorney just makes sure that all the t's are crossed and all the i's dotted. The loans that are blowing up were made, in large part, to minorities and rubes. People with shaky credit, steered into no-doc loans, dazzled by low teaser rates, unable to grasp what would happen when the loan locked. Part of the bill I have been pushing will require stronger Truth In Lending (TILA), e.g., in large letters how much they would have to pay when the loan locked, although who can say since they're pretty much all tied to Libor. The forums on Mortgage Implode are very informative, as the posters are almost all in the mortgage business. I have been exchanging posts with an underwriter who is pissed off because the borrowers lied on their applications, but who facilitated that? The ones getting a commission. implode-explode.com