Not Ranked
GS
So your telling me you have never been misled in any business transaction you have ever been involved in? You have never been lied to? You have never been given wrong information under false pretenses?
Yes I do believe that people should have read the contracts and understood them. But if you refi'd during that period you know the process was well honed. Everyone that buys a home is not a real estate attorney. Some simply do not understand anything except the payment is $___________. They do not know what it will be next month, but they are not told that.
WOW. Congratulations. I am not trying to be a smarta$$ here OK. I believe these people were out right lied to and cheated. The mortgage brokers had their plan well rehearsed and polished. They had to or they would not been paid and they themselves could not have afforded the monster homes they were living in.
I personally refi'd a home during this period. When I got to the settlement table I read the doc and found out for the first time it was a LIBOR based ARM. Needless to say we walked away. We were not told the loan type. It was not disclosed in our good faith estimate or in anything we had from the mortgage broker. It was a complete and total surprise. We simply transferred the doc to another lender and went on with business. Most people would not have caught that as most people sadly do not read the docs word for word.
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