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Originally Posted by Lateralus
Figures out how to take advantage of someone? Are you sure you're talking about the same thing?
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Erm. . . yes, I believe so. I read the title of this thread, and read Wolf's post.
Quote:
Originally Posted by Lateralus
Taking advantage of someone through lies and deceit is fraud, and that's already illegal.
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Yes, I know. However, there is an issue of proof and resources. Likewise, laws have to be in place to specifically deal with the issues we are discussing - which I believe they will be soon.
Quote:
Originally Posted by Lateralus
If you're an honest lender and a borrower doesn't perform their due diligence before signing a loan worth hundreds of thousands of dollars, that's no one's fault but the borrowers. If you want to force lenders into more obligations regarding that issue, then loans are going to be more expensive. The people who lose out the most are the people who could barely afford loans in the first place. Regulations have financial consequences.
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You have a lot of "if's" in your statement.
But I do know, and I believe you realize this as well, there are numerous folks out there who thought or tried to do their "due diligence," but we're given loans that the relator's and loan officers knew would be difficult to pay when the adjustable rates adjusted two to three years out. Therefore, what do you do with those folks?
My reason for getting into this thread is because you and Wolf would like to proclaim them "stupid." However, being conned, defrauded, tricked, out-knowledge, whatever you would like to call it, is a producer of victims, rather than simply a justifiable method of ridding our society of "stupid" people.
Enjoy your debate.