Monday, February 25, 2008

No.

That is the answer to the question posed in this article I found on the ABA's website captioned, "Could Clearer Docs Have Helped Avert Mortgage Meltdown?"

Even if it was true, how about people taking responsibility for their action? Why was no lawyer involved? If they did not understand something, why did they not ask?

Another government form is not the solution, no matter how well intentioned it is or how simply the disclosure form is written.

Jeez. Come on people, don't sign a document you don't understand. And if you do, be prepared to face the consequences instead of asking for a government bailout that essentially rewards bad and dumb behavior.

2 comments:

Peter said...

We're only talking essentially one paragraph or at a max the first two pages of a mortgage. How hard is it to differentiate between fixed and adjustable??

Deal Junkie said...

"don't sign a document you don't understand". couldn't agree more.

 
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