The Potential for class action law suits founded on the Truth in Lending Act of 1968 not only carries with it wide spread implications for financial institutions and borrowers a like it is also shaping up to be a battle between liberty and big business.
In the right corner wearing the red white and blue trunks is what appears to be a population that was lied to and mislead by the lending institutions and all the businesses built around these institutions. The American consumer, and a promised made in 1968.
In the left corner and weighing in at in immeasurable amount of fine print are the big money players and there band front men like the the Center for Responsible Lending, the National Consumer Law Center, Public Citizen and AARP Foundation Litigation who are only looking out for our best interests.
What's on trial isn't truth in lending it's the merits of the law itself. As big money turns the tables and once again puts the burden on the citizen with comments like borrowers would "lose the opportunity to use rescission to save their
homes from foreclosure or to rescind their mortgages and refinance into
affordable ones."
While there is no denying there is truth to the statement the intension is to convince the public that it will be worse if you stand up for yourself. This law was written in good faith and passed as such because it's a bad idea to build an economy on lies and half truths. They people who created this mess are just afraid they will be forced to clean it up.
In the right corner wearing the red white and blue trunks is what appears to be a population that was lied to and mislead by the lending institutions and all the businesses built around these institutions. The American consumer, and a promised made in 1968.
In the left corner and weighing in at in immeasurable amount of fine print are the big money players and there band front men like the the Center for Responsible Lending, the National Consumer Law Center, Public Citizen and AARP Foundation Litigation who are only looking out for our best interests.
What's on trial isn't truth in lending it's the merits of the law itself. As big money turns the tables and once again puts the burden on the citizen with comments like borrowers would "lose the opportunity to use rescission to save their
homes from foreclosure or to rescind their mortgages and refinance into
affordable ones."
While there is no denying there is truth to the statement the intension is to convince the public that it will be worse if you stand up for yourself. This law was written in good faith and passed as such because it's a bad idea to build an economy on lies and half truths. They people who created this mess are just afraid they will be forced to clean it up.
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