Can Anyone Stop the Predatory Lenders?
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Comment:
Thursday February 11, 2010, 11:34 pm
A interesting post and question. I founded La Jolla Newport Financial 1/1/81 and for 25 years did a great business founded on integrity, full disclosure, risk assessment, comparison shopping and analysis. Operating out of La Jolla, California and Incline Village (Lake Tahoe), NV. My partner and I saw every financial scam available during those days. When Sub-Prime mortgages came along, I said "This is Stupid Business" and I never touched it. I left the business to my partner. Frankly I cannot believe the greed that so many make their living off the suffering of others. I am in a different scam avoidance business now and gladly read that a few of my former competitors have or are going to jail. To answer your question more directly, customers and clients need to be more aware of full disclosure and understand what it means. I have lost many customers over the years to less scrupulous lender/brokers who tell the customer what they want to hear, not what they need to hear. Scams survive because someone wants to believe.
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