Residential Glee & Web August 31, 2007
Predatory lending pisses me off.
Today I was reading an article on CNN regarding the lending crunch resulting from the current subprime mortgage mess…you know the scenario: A greedy lender offers their customer a toxic ARM without making clear the risks of such a loan. The customer could afford a better (fixed) loan, but jumps out of his/her seat when he/she realizes it’s possible to borrow $300,000 for under $800 per month…at first. What they don’t often realize is the loan will later reset to a much higher rate, easily doubling their monthly payment.
What really made me sick, however, were the content-generated ads that appeared at the bottom of the page…
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