Understanding the Unwinding Mortgage Situation
Bankrate.com has released the results of a survey of current American homeowners on the topic of mortgages.
The stunning news: over one third of the homeowners surveyed have no idea what kind of mortgage they have.
Surely the mortgage market has become much more complex in the past five years, but can anyone honestly blame the mortgage vultures companies for the coming lending bloodbath? Please. This survey is a super-sad read. Confidence in my fellow Americans continues to scrape along the bottom of the barrel.
Sure, there is a sucker born every day ... but purchasing a house is considered one of the most important financial decisions of your life. To fully understand the details and implications of conducting this transaction would seem to be a prerequisite to signing on the dotted line. The fact that so many people have no idea what type of mortgage they have - let alone what it means to have that type of mortgage - says it all.
The no clue, no responsibility binge is ending. Let's hope the politicians don't make us all pay for the actions perpetrated by these idiots.
Comments
I agree it is ridiculous. *But* you would be surprised by the enormous amount of paperwork you are presented when buying a house. This huge amount of paperwork opens up opportunity for all kinds of fraud and misrepresentation.
Posted by: Anon | April 2, 2007 4:32 PM