December 8, 2007

Help on Mortgage Rates

I believe this is politically motivated due to the general election, but nonetheless it gives hope that something will be done to resolve the issue. Good for government. I have been thinking for a long time that this would be one temporary solution. The mortgage brokers and lenders have behaved very badly over the past several years and now must pay the piper. They have deliberately deceived and miss-lead innocent non-sophisticated buyers who were told that they could refinance at the end of the teaser rate periods that they offered. Many mortgage brokers have done a bate and switch routine at the closing table. The current laws regarding disclosures by lenders have no consequences to the offending lenders that are of any significance. There be have monetary penalities imposed for offenses committed.

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