Quote:
Originally Posted by legion
I guess my answer depends on this question:
If a loan is rescinded, who keeps the house? The borrower or the lender?
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I'm not sure but it's a good question.
Quote:
Originally Posted by Porsche-O-Phile
We shall reward the idiots.
The fiscally conservative/smart must be made to pay for it.
Welcome to Newmerica.
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I don't think these folks are idiots - they may be ignorant but not all of them are idiots. Typically the media does not report on the people very well so it really is hard to tell what these folks really are. What I do know it that you are probably right - the more intelligent folks will pay based on their reasonable choices to not do something generally dumb.
Buying a home for the first time is a daunting experience. It was not easy reading over all of the paperwork involved and while we got our mortgage generally right we did make some mistakes. Due to the complexity in the entire transaction I can understand how the TILA is required and I can understand how someone could 'miss' the fine print - but lets say the 'fine print' wasn't there? Which seems to be what the article is saying. In this case you can't fault the borrower can you?