A place for Elizabeth Warren

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  • fishingcomicfishingcomic Senior Member Posts: 23,739 Senior Member
    There were documented instances where consumers were lied to about the terms of the loan. That is what is meant by mislead.

    So why would anyone be against outlawing practices that seek to deceive the consumer?

    My neighbor called his mortgage company to renegotiate the loan on his house because he thought he might qualify under HARP. His home value had declined some 60% from his purchase price. He had no intention of defaulting and had they not been willing to re-negotiate he was perfectly capable of paying the debt. He was told by his lender that he should miss a couple of payments so that he could qualify for the re-negotiation. He withheld those payments, kept the money in the bank so he could make them later. The bank foreclosed and refused to accept those back payments. That is what is meant by mislead.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan

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