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Originally Posted by Sam
Nice sarcasm, justin. Your point is valid. But some people are unable to pay not because of the interest rate they agreed to in the past, but because they lost their job, and could not find anything else. These particular people deserve some help, imo.
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Sam,
What type of help would you propose individuals defaulting on their mortgages receive? Who pays for it? What tests for eligibility for said "help" would you have in place?
I know $hit happens. I've seen a few family members in the last few years lose their houses to foreclosures or turn them over to the bank. I'd have to say it was "poor decisionmaking" on my family members' behalf, and not the mortgage co's fault.
If folks get into a loan that consumes half their income AND the loan will probably consume much more of their income in the future, what other outcome besides foreclosure would one expect?
How much more disclosure should be required beyond that required by the Truth in Lending Act and state TILA's?
I do feel sorry for the folks losing their houses (and their wives, kids, parents, etc. that have their lives turned upside down temporarily). It sucks. I'm glad I'm fortunate enough to most likely not face that situation in the near future. However I'd like to think my "luck" was of my own creation.
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