Jim Bernstein writes: "The mortgage industry itself is rife with abusive and unsavory business practices designed to enrich the lender at the expense of the borrower. These include trolling for victims with promises of "no closing costs", charging exorbitant premiums for title insurance, pre-payment penalties, interest rate come-ons, and single premium credit insurance among the most deceptive or unsavory practices."
Vicky comments: This is a perfect argument for teaching math in schools. I think that the message from my original post was missed: That is, in Minneapolis, the taxpayers are the lenders who are being ripped off by predatory BORROWERS. Sometimes you "lend" directly and sometimes you co-sign the mortgages -- so when the BORROWER defaults, you end up paying the massive debts, as is the case with Brookfield. Who prosecutes the criminals when the taxpayers are the harmed party? Vicky Heller North Oaks and Cedar-Riverside REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
