[Bram]

Quote:

Credit. It is the consumers responsibility to determine if a credit product being sold to them is good for them, not the salesman. Would any of these people who are complaining they were lied to believe a salesman in another situation? I doubt it. It is very simple if it is not in writing then it was not said. I've dealt with many people who some would classify as low to moderate income. Many in my family are in the low income category. I work with people who have a very simple view of the world. Pretty much everyone I know and have had dealings with want a promise in writing. Why would a CONTRACT be any different. If a salesman says one thing, but the contract says something else, why believe the salesman? It doesn't make sense. I read and article not too long ago about a woman who was being foreclosed on a loan for over 400k. This woman made just above minimum wage. Why, when looking at the paperwork did she think she could afford the payments? She would have to work all day every day to afford to live. That's not 8 hours every day, it's 24 hours a day every day. She was upset that the loan officer lied. Simple mathematics would have prevented her from obtaining the loan.

I'm sorry but let me be the first (perhaps the only one) to take exception to this specific point. I just don't believe that all the responsibility for the bad loans should be heaped upon the consumer and none on the loan salesman.

In an ideal world, yes everyone should be able to do the math and discern truth from lie.
• What about the stories here on this forum where the 80 year old is sold an annuity he can't tap for 10 years?
• What about the man who flew to Florida to get his "guaranteed" winnings from PCH, and he did this TWICE?
• What about the stories of people who are ripped off by "I was in the area & noticed your bad roof & can fix it cheap."
• Unscrupulous lawyers, doctors, accountants, financial advisors, do we blame their victims?

People lie, cheat, & take advantage of others all.the.time. Young, old, smart, dumb, savvy, naive, short, tall, fat, skinny... no one is immune. And face it, some people can't even do simple math.

But why should we give immunity from blame to the lying loan salesman?