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Mortgage Reform - A Long Road Ahead
Rate reductions, loosened lending guidelines, An increase in the FHA maximum?
Will any of this change the market?
I DON'T THINK SO!
The re-education of the American home buying public will have to come first. When we continue to see, on the front page of MSN and in every major media, advertisements claiming that someone can "BUY" a $500,000.00 home for less than $1500.00 per month SOMETHING IS SERIOUSLY WRONG.
No one, and I repeat....NO ONE can "BUY" a $500,000.00 home for only, less than, or somewhere around $1500.00 per month. Rent one....maybe but not "buy". 
Advertising this type of loan should not be allowed and confuses the American public yet, it is still being done today....everyday. Should it even be allowed?
Is there any intelligent life left on this planet? Do you think these folks, if they can actually fund a loan like this in todays market, are actually explaining the true loan terms to the borrower. Did they ever?
Sure, lenders can state that they had it all in writing and the borrower simply didn't read their paperwork. ALL 125 pages of it? How many of us here have actually read every word? Certainly a great defense but, buyers place a huge amount of "trust" in ... more

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