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Housing Discussion
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Re: Who's to blame for the housing mess?
Posted by: thefinancedude
Date: 03/20/2007 10:46AM
My definition is as follows. Friend calls up broker and sez he wants 30 yr. Signed paper work two yrs ago and finds out he has arm loan. No he is not the smartest guy, but I "coached" him and he asked the broker MULTIPLE times if this was an arm b/c the rates and pymts sounded low IMO. He got screwed because he paid a penalty for refinancing before 2 years. Tell me that's not predatory because my friend was smiled at as this man lied to him. He is trying to get someone to do something in terms of criminal proceedings but that's laughable.
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