Comments on: Christopher Dodd’s Subprime Answer http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Mortgages http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/comment-page-1/#comment-341376 Mortgages Fri, 01 Aug 2008 15:37:37 +0000 http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/#comment-341376 I agree that a class for first time buyers would be a very good thing. Most people don't understand all the fees and charges involved with getting a mortgage, let alone purchasing their first house. I also agree that people involved for the worse in the subprime mortgage market really should have had the common sense to ask themselves if they could actually afford to make their repayments. I agree that a class for first time buyers would be a very good thing. Most people don’t understand all the fees and charges involved with getting a mortgage, let alone purchasing their first house. I also agree that people involved for the worse in the subprime mortgage market really should have had the common sense to ask themselves if they could actually afford to make their repayments.

]]> By: Joe http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/comment-page-1/#comment-139246 Joe Wed, 12 Sep 2007 02:28:50 +0000 http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/#comment-139246 If I am a mortgage broker I work for the borrower to get the borrower the best deal--that is what a broker is hired to do. So a broker can put you in a house with teaser rates and lie to you about affordability and somehow it is the buyers fault-the broker is the expert. The mortgage broker is supposed to work for the borrower but as we found out they don't--don't lay this at the feet of unsophisticated borrowers--they do bear some responsibility but your article is slanted too much in favor of the mortgage brokers. If I am a mortgage broker I work for the borrower to get the borrower the best deal–that is what a broker is hired to do. So a broker can put you in a house with teaser rates and lie to you about affordability and somehow it is the buyers fault-the broker is the expert. The mortgage broker is supposed to work for the borrower but as we found out they don’t–don’t lay this at the feet of unsophisticated borrowers–they do bear some responsibility but your article is slanted too much in favor of the mortgage brokers.

]]> By: Esmo http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/comment-page-1/#comment-139126 Esmo Tue, 11 Sep 2007 19:05:11 +0000 http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/#comment-139126 I don't think people need to take a mortgage class, but rather a mandatory legal waiver included that shows the costs of owning a house under x mortgage. It would include things like pay-per-month, pay-per-year, how long it would take to pay off, any hidden fees, different interest rates to show refinancing, and various statistics that would help the buyer get a general picture of the cost. That way, the buyer would be educated, and the lender would be legally bound by ethical practices. I don’t think people need to take a mortgage class, but rather a mandatory legal waiver included that shows the costs of owning a house under x mortgage. It would include things like pay-per-month, pay-per-year, how long it would take to pay off, any hidden fees, different interest rates to show refinancing, and various statistics that would help the buyer get a general picture of the cost. That way, the buyer would be educated, and the lender would be legally bound by ethical practices.

]]> By: RV http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/comment-page-1/#comment-139081 RV Tue, 11 Sep 2007 16:41:14 +0000 http://allfinancialmatters.com/2007/09/11/christopher-dodds-subprime-answer/#comment-139081 I completely agree with your idea of taking a mortgage class for the first time home buyers. I don't have a house, but I will be more than willing to take a class to see what the real costs of owning a house, what other expenses one will have other than the monthly mortgage before jumping into it. Yes, buyers need to get educated on this subject matter. At the same time Lenders who indulge in unethical practices should be sent to jail. End of story. RV I completely agree with your idea of taking a mortgage class for the first time home buyers. I don’t have a house, but I will be more than willing to take a class to see what the real costs of owning a house, what other expenses one will have other than the monthly mortgage before jumping into it.

Yes, buyers need to get educated on this subject matter. At the same time Lenders who indulge in unethical practices should be sent to jail. End of story.

RV

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