Friday, Aug 24, 2007
People really should read the things they sign
BBC News: Shrewd lenders spark US mortgage chaos
"In Milwaukee alone, 20 to 25 new homes with a combined market value of some $2m (£1m) are being foreclosed, or repossessed, every day. State-wide there was a 34% rise in the number of people who faced eviction in 2006 and Ms Derus believes that that number will double this year."
Posted by night @ 12:00 PM (309 views) Add Comment
6 Comments
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1. crash bandicoot said...
I would have thought it quite obvious that consolidating all of your debts into one easy monthly payment might have some less desireable side effects. I think that a borrower who does not ask about this is as much at fault as a salesman who "forgets" to mention it. This is a two-way process with bad borrowers being told what they want to hear rather than what they need to hear. If you told these folks to spend less and borrow less they'd only go to another lender anyway.
2. su said...
People who are vulnerable have always been targetted by unscrupulous salesmen. What may be obvious to some, may not be obvious to others, for not everyone is financially literate and some people are more trusting than others (and lets face it - a hundred pages of financial jargon is enough to turn most people's brains to jelly.) This article reminds us not every victim of cheap borrowing has got into this situation for purely selfish & greedy motives.
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