That same basic guideline is here, but not in law but as part of a lenders policy.
The morons in Washington recently passed legislation to increase home ownership for low income people as a way to get Black and Latino votes. When the banks made these loans to people who obviously couldn't pay, they then sold the "paper" to sucker investors. When the interest rates went up, there were many defaults. In the end some investors got screwed and some banks got screwed. --- On Fri, 4/25/08, Jean Laeremans <[EMAIL PROTECTED]> wrote: > From: Jean Laeremans <[EMAIL PROTECTED]> > Subject: Re: [OT] Whining over 10p tax rate? > To: "ProFox Email List" <[email protected]> > Date: Friday, April 25, 2008, 10:25 AM > On Fri, Apr 25, 2008 at 4:11 PM, Ed Leafe > <[EMAIL PROTECTED]> wrote: > > On Apr 25, 2008, at 9:02 AM, Stephen Russell wrote: > > > > > So we should bail out the stupid? Please say no > to bail out of > > > every fool > > > who made a bad investment. > Have to say i don't get it. Are there no legal > requirements in the US > concerning loans ? > Here in Belgium the monthly monthly payment may not exceed > 1/3 of your > income. Other outstanding loans are taken into account. The > bank is > liable for this. > > A+ > jml > > > _______________________________________________ > Post Messages to: [email protected] > Subscription Maintenance: > http://leafe.com/mailman/listinfo/profox > OT-free version of this list: > http://leafe.com/mailman/listinfo/profoxtech > Searchable Archive: http://leafe.com/archives/search/profox > This message: > http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] > ** All postings, unless explicitly stated otherwise, are > the opinions of the author, and do not constitute legal or > medical advice. This statement is added to the messages for > those lawyers who are too stupid to see the obvious. _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
