Quote:
Originally Posted by cars4lyfe
Turbofan, then in May, you can mail in your government issued stipend to my house. I'll gladly take that government intervention check away 
IMO, interest only mortgages are a fraud. They're products that are misrepresented to the masses. Unfortunately, the masses fell for it.
And if there's a law in NJ like the following: "Spray paint may not be sold without a posted sign warning juveniles of the penalty for creating graffiti" or even a more ridiculous law like the one in California, "Nobody is allowed to ride a bicycle in a swimming pool," then I'm sure another "stupid" law can read "Interest only loans can only be sold to people with an IQ above 100."
"La laisse fair" used to mean something a long time ago. Now, even if you realize it or not, there's thousands of laws in virtually every industry that tells you what you can and can't do. So if you think "the government should stay out of this," then you should reevaluate your statement because the government has been involved for a LONG time. Trust me, it's only a matter of time b4 congress starts submitting bills addressing issues that led to the current economical crisis. |
Sadly you're right, but the thing is, they can't legislate against greed or stupidity. They'll try, but it can't be done. I'd be OK with taking an IQ test, or passing a financial competency test before I get a loan. Just not a spelling test.
"There's no 12 step for stupid"