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Old 08-20-2008, 02:22 AM
47 posts, read 140,772 times
Reputation: 17


I worked in loan administration for a sub-prime servicer for more than 5 years. I saw a lot of crazy stuff and strange terms including daily simple interest loans (now that was a mess to amortize....), however, they all had one thing in common.... a RESPA required Truth-in-Lending disclosure statement. It was the same form on every loan irregardless of the terms. I believe RESPA (Real Estate Settlement Procedures Act) was passed in 1992, partly because of the housing mess of the 80s (another period when ARM loans became popular because people couldn't get into a 13%, 14%, 15% loan....). That Truth-In-Lending disclosure statement spells out all the facts. Even if the title company, closing agent, whatever doesn't explain it well, you should be taking the time to read that document. If someone signs for a loan worth $200k, $300k, $400k, or more and hasn't used enough common sense to read that document, maybe that person is not sophisticated enough to be getting loans for those amounts.... I'm truly not laying all the blame at the borrower's feet, as has been discussed there is a lot of greed to go around. But, I certainly don't think a bail-out is the answer.
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Old 08-20-2008, 09:32 AM
Location: Fort Myers, FL
1,286 posts, read 2,599,707 times
Reputation: 249
Originally Posted by olecapt View Post
Love to see it. Just extract Las Vegas, Phoenix, San Diego and Charlotte.
i checked my google account and thought it was there, but wasnt. it must be in outlook on my old work pc. give me a week or two. ill get it out.
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