This guy has an interesting idea on how to handle the banking crisis in America. (It’s the June 30th entry)
I don’t mention this much, but when I was investing in properties I was taken to the cleaners on one deal over the financing. The broker I used promised me a product that he ultimately wasn’t able to deliver. He got me into a loan for temporary construction financing to rehab a property, but then he couldn’t come through on the permanent financing he said was part of the deal. I was able to secure permanent financing because we have good credit histories, and I’m educated about the market. But, if I can be misled how does someone with little education handle it?
You want to know what retribution I was able to make against the broker? Nothing. I complained to the state regulatory agency and when they couldn’t get him to respond they said I could sue him for extra costs I incurred. It wasn’t worth it to do that though. I wasn’t seriously hurt by it, but I can imagine someone not in my position being hurt much more by it. When there are stories in the news about people being taken advantage of I don’t assume that it was just people not being educated, not anymore. It irritates me when people say that “it’s what they signed up for”. Well, if I have a vested interest in it I can explain almost anything to you in such a manner that you would think it was a good idea.
The End of the Oil Age. (Good point driven discussion, not just opinion like me…)