Comments on: Paying for mistakes http://www.toledofreepress.com/2008/09/26/paying-for-mistakes/?utm_source=rss&utm_medium=rss&utm_campaign=paying-for-mistakes Toledo's Largest Sunday Newspaper Sat, 18 May 2013 13:07:13 +0000 hourly 1 http://wordpress.org/?v=abc Toledo Newspaperhttp://www.toledofreepress.com/wp-content/themes/tfp/images/tfp_logo_small.gifhttp://www.toledofreepress.com15746The Toledo Free Press is a weekly newspaper in Toledo, Ohio. It was founded in 2005 by Thomas Pounds. By: Matt http://www.toledofreepress.com/2008/09/26/paying-for-mistakes/comment-page-1/#comment-30 Matt Wed, 01 Oct 2008 14:05:59 +0000 http://www.toledofreepress.com/?p=9085#comment-30 Usually predatory lending exists where there are people facing desperate situations. The family probably had medical bills, or credit card debt that they needed to pay, resulting in the need to refinance their house for a larger sum. The problem is although predatory lending is a horrible practice, I agree with Maggie Thurber, in that the tax payers are not responsible to come to the rescue. What must happen is a combination of things, including lowering health care rates, but in the end the people must be responsible to read the fine print and not get themselves into a situation where they use a system too good to be true to help them out of a mess. Usually predatory lending exists where there are people facing desperate situations. The family probably had medical bills, or credit card debt that they needed to pay, resulting in the need to refinance their house for a larger sum. The problem is although predatory lending is a horrible practice, I agree with Maggie Thurber, in that the tax payers are not responsible to come to the rescue. What must happen is a combination of things, including lowering health care rates, but in the end the people must be responsible to read the fine print and not get themselves into a situation where they use a system too good to be true to help them out of a mess.

]]> By: Tim Higgins http://www.toledofreepress.com/2008/09/26/paying-for-mistakes/comment-page-1/#comment-20 Tim Higgins Sun, 28 Sep 2008 13:31:22 +0000 http://www.toledofreepress.com/?p=9085#comment-20 One cannot help but ask in this situation, who is the predator and who is the prey? Why would the buyer's give up the 6.6% loan in favor of a rate that was all but double initially? Most importantly, why did they borrow all of this additional money? Personal responsibility must be a part of any purchasing process, and we must recognize that there are abuses on all sides. In normal circumstances we would have no right to know what was going on here, when taxpayer dollars are used, we do. One cannot help but ask in this situation, who is the predator and who is the prey? Why would the buyer’s give up the 6.6% loan in favor of a rate that was all but double initially? Most importantly, why did they borrow all of this additional money?

Personal responsibility must be a part of any purchasing process, and we must recognize that there are abuses on all sides. In normal circumstances we would have no right to know what was going on here, when taxpayer dollars are used, we do.

]]> By: Maggie Thurber http://www.toledofreepress.com/2008/09/26/paying-for-mistakes/comment-page-1/#comment-19 Maggie Thurber Sun, 28 Sep 2008 04:27:45 +0000 http://www.toledofreepress.com/?p=9085#comment-19 mrswift - define 'predatory lending.' If people decide to borrow money, they get all the terms and paperwork. They can read it and, if they don't understand it, can ask the lender or anyone else to explain it to them. The terms were easy to read and understand in the public filings, so you'll have to explain how presenting such terms and having a borrower accept them is 'predatory lending.' I don't deny that there are unscrupulous people in all industries on both sides of the table, but personal responsibility should be the overriding focus for all of us - not trying to excuse a borrower by blaming the lender. mrswift – define ‘predatory lending.’

If people decide to borrow money, they get all the terms and paperwork. They can read it and, if they don’t understand it, can ask the lender or anyone else to explain it to them. The terms were easy to read and understand in the public filings, so you’ll have to explain how presenting such terms and having a borrower accept them is ‘predatory lending.’

I don’t deny that there are unscrupulous people in all industries on both sides of the table, but personal responsibility should be the overriding focus for all of us – not trying to excuse a borrower by blaming the lender.

]]> By: mrswift http://www.toledofreepress.com/2008/09/26/paying-for-mistakes/comment-page-1/#comment-16 mrswift Sat, 27 Sep 2008 18:52:45 +0000 http://www.toledofreepress.com/?p=9085#comment-16 Why didn't you ask them? Do you deny predatory lending exists? Why didn’t you ask them? Do you deny predatory lending exists?

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