[citation][nom]rawful[/nom]I am sad you think it works like that, but ok I guess. You will remain ignorant as long as you possibly can. I don't need to have my money in a particular bank or buy a particular company's product for it's business practices to affect me in any number of ways. You are probably some of those people who claim that the bank's were not at fault for giving out fraudulent mortgage loans and making 100 to 1 bets against the person paying, but are instead faulting the person who was told by the bank that they could afford the loan with no problems. Because people like you refuse to accept that the governments are playing ball with the banks and corporations to destroy our economies and basically enslave the populace, it is almost guaranteed to occur. Kudos to you two sirs, thank you for what you and your mentality has done.[/citation]
An you must be naive enough to think that the problem is one or the other. The issue is double-sided. There is an issue with deceptive practices, small print, and lack of disclosure but also there is an issue with people not properly arming themselves with the information required to make and informed decisions on what could be the largest purchase of their lives.
Corruption exists because the they feel they can get away with it. How do you make sure you are not taken......inform yourself. The home buying process is an extremely emotional process, it is easy to get caught up in the "this is the house of my dreams" or any of other emotions that effect how you make a serious decision. These 3,5,7,10 variable rate interest only Mortgages are tools and are meant to be used certain ways. Allot of people fell in love with a home, could not afford the monthly on a 30 year fixed but could on a interest only feeling that they would be able to refinance later or afford the adjusted payment and plans fell through. It happens. Some people where not informed or where under informed on what could happen when the loans payments adjusted and where surprised when they did.
A number of things goes into impaired judgement especially when making a big decision like a mortgage but at the end of the day people have to do their due diligence and the fact that some Banks (not all) worded things, or under informed some people does not negate the fact that people should be responsible especially when making large life changing financial decisions.
If people actually took the time to review all of the print that they are singing onto you will find there would be much less of this kind of thing.
How do you keep the rats away.....stop leaving out the cheese. (corny but true
)
At the same time, we should have laws in place that define disclosure and insures full disclosure or face penalties. You attack the problem at both sides, that is the only way to stop it. You don't hack their website. That does nothing but make them invest in a better security infrastructure.