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Current Events » in reply to I see it as politics as usual

re: I see it as politics as usual
Lindy — (archived)

At what age did you take a fixed rate mortgage?

Young couples applying for car loans or mortgages haven't got a clue as to what all that mumbo-jumbo means. Throw in some ethnicity, and you have even more of a problem.
You just want the loan. The kids are waiting out in the car, or at home waiting to be fed dinner. All they want is the loan, they aren't going to read through the 15 pages of mumbo jumbo they are asked to sign.
They don't know what an "adjustable rate mortgage" is compared to prime.
Sometimes they tell you it won't go up more than 3% the first three years adjusted to prime.
Huh?

I think unless they're a broker, banker or investment analyst; they might not understand they are being taken to the cleaners by unscrupulous banking practises. So they sign.
I did. I was just trying to get my kids through high school.

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