If the Fed Lowers rates again ....

[GeorgiaSnake]

Originally Posted by 4RE KLR

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.

Yes to most of what you ask. However the problem, as I see it, people wanting far more than they could or should pay for. Ego economics if you will.

Lied to - conspiracy - how about people not reading what they were signing. To busy "movin on up" to pay attention. Sorry but I have little sympathy for people that knew they couldn't buy a house the old way so they did it the new way.

I did refi my house - moving from a pretty decent 30 year adjustable to a 15 year fixed - took no equity out to buy plasma tv's or Cobra's. And no I'm not a lawyer, financial guru, banker, real estate agent just a simple old contractor - but I did stay in a Holiday Inn once.

I have a buddy that sells cars - his first question to the customer - How much do you want your payment to be? Then the bleeding starts - damn fools have Ugo money and BMW taste.