That's outrageous!

That is, at least, the dominant theory in this country, from left to right. Having closed on a number of houses in my lifetime, I know absolutely that the documentation is daunting, that reading it in entirety is impossible, that closers try to rush the buyer through because someone else is scheduled in 60 minutes.

If you're closing with a credit union or a local bank you've done business with for years, you're likely okay not reading that stuff and just signing away.

But if you're closing with one of the mortgage marketers / brokers who were the feeders for the Wall Street real estate binge, you were not ~ are not ~ safe and no one is honestly paying attention to the fact that many, many people were defrauded, intentionally misled, purposely confused by people who needed the buyer's signature in order to add another inflated mortgage to the bundle that would ultimately be shipped off to provide the (inflated, bogus) foundation for Wall Street's shining success in real estate over the past 10 years.

There are too many stories coming out from folks who sat down at the table to close, only to find that the previously agreed terms had been changed, always in the favor of the mortgage companies. Always.

The other thing that just frustrates the shit out of me on this whole foreclosure debacle is why people who were marginally able to afford homes were buying homes anyway. Stupid? Reckless?

I don't think so. I think that the ridiculous amounts of $$ being charged for rent in areas where homes were selling like hotcakes essentially forced people to buy homes just so they could afford a roof over their heads.

When I bought my house, I was actually looking for one to rent. Rents were higher than mortgages, even at that time, when interest was running around 10%. Of course I bought a house, and it's turned out well.

But many, many people were priced out of the rental market and forced to purchase in hopes of keeping a roof over their heads.

Bottom line is that Wall Street's need for mortgages drove the entire thing from start to finish.

That's outrageous!

That is, at least, the dominant theory in this country, from left to right. Having closed on a number of houses in my lifetime, I know absolutely that the documentation is daunting, that reading it in entirety is impossible, that closers try to rush the buyer through because someone else is scheduled in 60 minutes.

If you're closing with a credit union or a local bank you've done business with for years, you're likely okay not reading that stuff and just signing away.

But if you're closing with one of the mortgage marketers / brokers who were the feeders for the Wall Street real estate binge, you were not ~ are not ~ safe and no one is honestly paying attention to the fact that many, many people were defrauded, intentionally misled, purposely confused by people who needed the buyer's signature in order to add another inflated mortgage to the bundle that would ultimately be shipped off to provide the (inflated, bogus) foundation for Wall Street's shining success in real estate over the past 10 years.

There are too many stories coming out from folks who sat down at the table to close, only to find that the previously agreed terms had been changed, always in the favor of the mortgage companies. Always.

The other thing that just frustrates the shit out of me on this whole foreclosure debacle is why people who were marginally able to afford homes were buying homes anyway. Stupid? Reckless?

I don't think so. I think that the ridiculous amounts of $$ being charged for rent in areas where homes were selling like hotcakes essentially forced people to buy homes just so they could afford a roof over their heads.

When I bought my house, I was actually looking for one to rent. Rents were higher than mortgages, even at that time, when interest was running around 10%. Of course I bought a house, and it's turned out well.

But many, many people were priced out of the rental market and forced to purchase in hopes of keeping a roof over their heads.

Bottom line is that Wall Street's need for mortgages drove the entire thing from start to finish.