It appears that people aren’t learning….
by Tom on May 21, 2007
in Uncategorized
well, the mortgage business got into a lot of problems because of the exotic loans that they were making to people who can’t afford them. So you’d think that would clean things up? Nope….
Check out: http://money.cnn.com/2007/05/21/real_estate/new_mortgage_products/index.htm
It talks about a number of different “creative” loans that are coming out. Each of them has a “catch” to it, but do they spell that out? Nope, you need to try to figure out the “catch.”
Good luck with that, and I hope that people figure out the catch before it’s too late.
This is exactly the type of “double speak” that the mortgage business needs to get away from. Yeah, a 30 year fixed rate mortgage isn’t exciting, but if it’s best for the customer…….?
Have a good day!
Tom
