Tag Archives: lending

Truth in Lending 3 Day Delay

16wczo600New Orleans There are some people who spend their lives convincing folks that up is actually down.  Mortgage brokers are the escape artists of the subprime lending business and after Wall Street should be at the top of the list of responsible and predatory parties in the entire meltdown.  Amazingly and seemingly without a blush, they are now whining that the new three (3) day delay to allow borrowers to carefully examine the interest rates that they are being asked to pay before closing loans is out of line and is going to “slow” the process.

Here’s a big mound of poppycock piled on top of balderdash.  The nerve!

An article the New York Association of Mortgage Brokers managed to spin into the Times last week was a classic example of criminal types without remorse.  The number of times, now depressingly well documented, that mortgage brokers scammed unsuspecting borrowers with flannel mouthed tales about their supposedly fixed interest rate only for them later to learn a couple of years down the line that their rates were adjustable and ballooning, is now inestimable.

Continue reading