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Old 07-13-2009, 07:17 AM
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merrylander merrylander is offline
Resident octogenarian
 
Join Date: May 2009
Location: Maryland
Posts: 20,860
Some economist was going on about the propose consumer protection board, saying that ordinary folk would not be allowed to buy complex financial instruments. I would write to the editor but it would be a wasste of time.

I wonder when people will wake up to the fact that the home mortgage system here was designed by thieves for thieves. Ever notice that all mortgage brokers drive luxury cars? What in hell is the need for Title companies? Derivatives and securatization of mortgages is simply a device that allows someone to take a piece of the action (points) and get out from under any risk.

During the time we had a mortgage on this place we were with 7 different mortgage companies but we only re-negotiated once. Bought Title insurance the first time ($400), had to buy it all over again the second time ($400).

When I bought the house in Ottawa Ontario I asked my bank for a mortgage. They asked me where the property was. They called me three days later and made an appointment to sign the paperwork. Wrote a check for $600 and that was it, no effing title insurance, no effing points, stayed with Royal Bank for the life of the loan.

Face it people the system is broken, not just health care, the whole goddam system is broken.
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