Consumers are mostly to blame for their debt problems. But the big increase in debt in recent years also reflects a shift in the way lenders do business, the New York Times reported. Because many major lenders sell their loans to investors, they are not as concerned about the ability of borrowers to repay the loans. Their focus is on the origination fees and charges on the loans. As a result, “junk fees” on mortgage loans have risen 50 percent in recent years, said Michael Kratzer, president of FeeDisclosure.com.
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10 Comments
Gee, that’s what I’ve been saying all along: It ain’t their money, so why should they care who they lend it to? That’s the reason Countrywide, Fannie, Freddie and Bear Sterns and the rest found themselves in the mess they’re in.
Returning to normalcy is the answer to that: if they can’t afford it, don’t lend to em.
The “money” isn’t real in the first place. The Fed creates this “money” out of thin air, that is to say, nothing. They then transfer the 0’s and 1’s across cyberspace, “loaning” the 0’s and 1’s to these banks and mortgage pirates at 1% interest who then “loan” it to all of us useless eaters at whatever interest rate we’re “qualified” to recieve. This is a big stinkin’ racket ran by thugs and I’m kind of glad to see it all crumbling.
I’m not glad to see all of these peoples’ lives destroyed, I’m glad to see that maybe American’s will start to see the real world for once. Although the sad end to all of this will be, the death of the dollar and the end of our soveriegnty. But that doesn’t matter anyhoo, most folks wouldn’t even know what that means.
Try telling anyone that this collapse is engineered…hahahahahahaha. I think there are a lot of folks that like to dress up and act tough, but when they are actually being raped, they just ask the rapist to use a condom and more lube. Hopefully someday, I’ll see people fight the rapists off and give them their due punishment.
Can you say serfdom? How about debtors prison?
Nah, that’s too rediculous.
I remember one house I owned changed hands who was financing the mortgage about 4 times in three years. Had so many different coupon payment books, I had to “X” out the front page of the one’s that were no longer valid.
Only a few rainy days so far, knock on thin air. It’s a pretty modern city, with quite a bit of most folks etc. like the subwaz) and found the hostel i was looking for with normalcy.
EH?
Well, if you think the junk fees on mortgages are bad, take a look at auto loans. They’ve been christmas treeing the fees longer, and they are much better at it!
…and freeing yourself from these preditors CAN be done. I havent had a farm loan since 1985, auto loan since 1988, a credit card since 1996, or a mortgage since 1997.
And I’m certainly not rich. I just hate having anyone own my ass other than me. Not using credit or gas cards is problematic, especially when traveling, but the resulting freedom is worth it!
And did I mention I dont have kids? Heheheheheheheh…..
hee hee heee! I dont even get those annoying credit card offers in the mail anymore. They’ve given up on me and think I’m a myth, not a real person.
Flesh and blood indeed!
Farm Gal,
In today’s mail was a credit card offer addressed to my wife, who died 19yrs ago. I’m considering a seance to ask her to sign the application and an agreement to pay it off in the other world.