Dan's Foreclosure Story (3min.)

[LargoWinch]

Runtime: 3min.25sec.

[raja]

Re: Dan's Foreclosure Story (3min.)

He says his truth-in-lending statements did not show that they had received a teaser rate mortgage. So wouldn't upping the mortgage payment be fraudulent?

This smells fishy to me . . . .

[swgprop]

Re: Dan's Foreclosure Story (3min.)

He says his truth-in-lending statements did not show that they had received a teaser rate mortgage. So wouldn't upping the mortgage payment be fraudulent?

This smells fishy to me . . . .

It is extremely unlikely that his disclosures were inaccurate.

It is likely that his loan agent didn't properly explain the terms - most agents at the peak of the bubble probably didn't understand the loan programs they were selling. And if the terms were explained, the homeowner probably didn't care or didn't understand.

Standard "waaaah" story. He got fucked, not his fault.

Don't disagree with his stance on failure to address the underlying problems in the financial sector.

[ThePythonicCow]

Re: Dan's Foreclosure Story (3min.)

The truth-in-lending statement is just one of five or ten docs he likely signed. Perhaps (I've forgotten) that particular statement only shows the initial rates. No doubt other docs included the full terms. But the other docs are written so most people cannot read them. Most people are inclined to, and basically forced to, trust the mortgage broker.