Comments on: An Analysis of the Fed’s Plan to "Curb Shady Mortgage Practices"

By: Tom Koziol

Tom Koziol — Sat, 19 Jul 2008 02:21:04 +0000

Here is some info completely unrelated to my post. If you have been in an auto accident, you may wish to read the material at:

http://graham.main.nc.us/~bhammel/INS/jmathis.html

James Mathis lives in Reno and I have spoken with him. Had my son known of his existence at the beginning of the year before the statute of limitations ran out, my son could have engaged a big name insurance firm in a lawsuit of giant proportions.

This is FYI only so do with it what you will. I felt it important to let you know you don’t have to take the word of the insurance company if you are in an accident.

Actually this goes along the lines of Dj’s post in that the consumer now has a chance to be better informed should an accident visit him.

By: Tom Koziol

Tom Koziol — Sat, 19 Jul 2008 01:45:55 +0000

Insurance companies making loans, nah, not them. Actually, insurance companies finance some of the biggest commercial projects in the U.S. But, since the commercial market isn’t going to hell in a hand basket, there doesn’t seem to be much to talk about, right?

And, I agree with consumers educating themselves. While a person shouldn’t have to be an expert in everything, it doesn’t hurt to do some basic research before diving in.

This thing called the Internet for example is a godsend to guys like me who can’t even spell shrubbery let alone be able to prune it so it grows into a nice shape while staying alive.

By: Ed Harris

Ed Harris — Sat, 19 Jul 2008 01:25:10 +0000

Interesting read. What’s next? How about the insurance companies stepping into the private loan sector. My God…I hope not!

By: Dj Swanepoel

Dj Swanepoel — Fri, 18 Jul 2008 23:15:48 +0000

Interesting article, Tom, thanks. Along the same lines of shady mortgage practices, an important element to curbing shady practices too is consumer knowledge. If someone is going to take a loan, they need to educate themselves about the risks and shop around. There are so many resources online, including the Better Business Bureau, that can help people make a choice about which lender they choose to go with.

Its one’s responsibility as a possible borrower to make sure everything is in order. Often, people get taken advantage of because they don’t use common sense, they don’t get a second or third opinion or they don’t educate themselves.

Shady business dealings in every industry share a similar element: they’re still in business because consumers don’t educate themselves adequately. Granted, there are scams that are so advanced that no matter how much you know you could still get taken, but there’s many more that you could save yourself from with a little research.