Helping South Carolina Consumers When They Need it Most
Predatory Lending
Monday Morning Quarterbacking the Closing
Far be it from me to suggestively place doubts inside a consumer’s head. So instead I’ll leave it to CNNMoney.com staff writer Les Christie, who gives us “Wow, I Could’ve Had A Prime Mortgage” - a heartbreaking tale of consumers being taken advantage of by mortgage lenders. (What?! Outrage! It would never happen …. oh. Wait. Never mind.)
Bottom line: lenders make more money with subprime loans. Lenders like money. They want more money. Ergo, they fail to disclose the best deal the applicant could get, steering them instead into the higher-reward (for the lender, anyway) subprime products.
And Christie says you’ve got “no one to blame but yourself.”
Ghastly.
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