JoB
DP..
Have you ever been to a closing on a house?
I ask.. because there are a lot of papers to sign and not a lot of time to sign them. And although you are given copies of a settlement statement so that you know what the basic terms are.. you are not given copies of all the paperwork prior to signing… and you are not given much time to read and understand them either.
In fact.. you aren’t given much more time to sign the paperwork on a house than you are to sign the paperwork on a car loan…
or those lease papers.. that people really should read more closely.
And in this state lenders are not legally required to disclose all of the terms of the loan including exclusion or escalation clauses as long as you sign on the dotted line.
it’s all well and good to say that individuals need to take responsibility for themselves…
as long as businesses are regulated so that an individuals doesn’t need to hire an atty to sign every contract.
What happened and is still happening in the housing industry is institutionalized fraud…
and although it will never happen.. that should have been prosecuted.
When you blame the housing mortgage collapse on the people who took on what turned out to be fraudulent loans.. you blame the victims.