Quote:
Originally Posted by SmokeyTheBear
aren't we all at some level. i'm not trying to minimize your situation but i dont think they would target you because you were a minority first , they target anyone who they think can't payback a loan.
What it boils down to is a math formula more than anything . They input the numbers the computer spits out the answer right..
with that being said it also boils down to a personal judgement on some level. the computer may spit out the answer but if you only input certain people , you will get certain trends.
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Oh I firmly believe what your saying.
I just did take the time to listen to one of the door to door dudes. Everything he was spouting was almost 100% different than what was in the fine print of the documents. Not even small things like points or potential interest rates after the interest only loans phased out. To actually giving them power of attorney in regards to title matters on your house.
Now my street which is more up and coming than poor in reality is full of mostly senior citizens. Many of whom if not extra leery of people in general thankfully because most of them barely can read average type let alone the super fine print that basically gives them your house and your equity for a small loan after you pay them for the privilege of loaning you money. Oh when I say pay them for the privilege I am not talking about the interest, I am talking like upwards of 40% of the loan value when the loan is issued.