Reply #10: Refinancing for far more than one originally pays [View All]

[salin]

is foolish. Why does the media primarily focus on these folks? About two or three years ago, stories focused on the predatory lending practices used in low income urban areas where long-time owners (often older) faced with financial emergencies (often medical) were sold refinance deals that exuded fraudulent practices (e.g., not explaining resetting rates) - who were suddenly losing their homes - and stories were feds were preventing states from passing and acting on laws to prevent such predatory lending practices. If we were just to read the current stories we would think that the old problem of predatory lending has disappeared. It hasn't. It is just easier to try to frame the current crisis as one of greedy and foolish borrowers. A major part of the current crisis/story has suddenly disappeared from the media coverage.