10-28-2008, 05:37 AM
karsen wrote:
[quote=JoeH]
Your argument is that the agreement language is easily understood by everyone who reads it.
Apparently you're having trouble understanding what I'm writing. That's not my argument at all, I even told you what my argument was, and you still missed it.
karsen wrote: My argument is that people should take responsibility for themselves.
Yeah, and I agreed with you that the paperwork can be overwhelming and confusing.
karsen wrote: For most people a home is the largest purchase they will ever make in their life. If they don't understand the agreement they should have someone who does examine it for them. Your comment about law school is right on, get a lawyer to review the agreement. I'm sorry, but I don't believe it's the government's responsibility to bail out people who are either too stupid or too lazy to examine an agreement with a 30 year payment attached to it.
Look, I'm not defending the predatory lenders, they should be prosecuted the same as any other thief.
You keep trying to sidestep your arguments used in your initial post, I called you on it. So now it is supposed to be a "personal responsibility argument", but you never do actually show how most would have been able to tell they were going into a bad deal. The reality is that many had the agreements "explained" to them by persons thought to be giving good information. Turns out many were just "salesmen" looking for the commission and too bad for the buyer of the loan farther on and also the mortgagee. I do hope many are prosecuted, but the paper trail is going to be horrendous to follow. In the meantime, if properties and the localities where they are located are not to go swirling down the drain, something short of foreclosing on every underwater would-be homeowner is going to need to be done. What is the number up to so far this year, over a million foreclosures so far?