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- Too bad Schoolhouse Rock never did one on mortgaes, refi’s, HELOC’s, negative-ams, realtors on commission and buying homes during a mania
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Ignorance of basic personal finance issues in America was a leading contributor to the housing crash and mortgage mess.If I had a dime for every time I read “we didn’t know what we were signing” or stories about people who trusted a realtor, or didn’t know they had an exploding ARM, or who never took the P/E of housing into consideration, I’d be rich.What complicated this ignorance is the army of commission-hungry conmen (aka ‘real estate professionals’ and ‘mortgage brokers’) all to eager to screw the clueless for their commissions. “Just sign here - real estate is ALWAYS your best investment! Home prices NEVER go down!”. You know the drill. …
Original Source
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11 May, 2008| housingblogs |
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