Predatory Lending

As an outlet for Reuters, CNN.com quoted ,Shanna Smith, chief executive of the National Fair Housing Alliance, as saying "All the predatory lending that has gone on, all of the pushing of exotic loans on people of color, female-headed households, families with children, people with disabilities -- it's all coming home to roost,". Smith is talking about all the types of generally Adjustable Rate Mortgages(ARM) that at this time are just beginning to ripen after the real estate boom the happened at the turn of the century. The 2,3, and 5 year ARM loans are beginning to adjust and has run-a-muck through Sub-prime industry.  Dozens of lenders closing up shop; Coupled with Sub-prime market with just not enough money to go around. People just have note been able to keep up with these adjustments. Worse is what I would call the true predatory lending. Lenders seeking out those easiest to prey on. Those trying to live the "American Dream" brought down by the greed of others out for momentary gain.  Things that should always be a gage of who to use is word of mouth. Always great if someone vouches for a person through personal experience. All major banks are great but remember that they are there to close a loan. They may try to figuratively wine and dine you. Don't fall for it and make sure you always come to the table with multiple offers until you have narrowed down a trustworthy lender. Finally, it is imperative that if you are going to use you read what you are signing! It's in stone once you sign across the dotted line.