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 The problem with the "made your bed" attitude is it assumes all consumers made informed decisions. It's a nice assumption, but one that ignores the psychology in effect during this phase. There have been numerous reports of people being subject to a bait and switch at the closing table: what they thought was a fixed rate mortage turns into an ARM when they show up to sign the papers. Now, we'd all like to think that those people refused to sign and walked away from the table to find a more reputable bank, but again that ignores the psychological tactics at play. If they walked away, they'd quite likely lose the house that they probably battled quite hard to even get into escrow and perhaps also lose the deposit money unless the contract had a walk-away clause for failure to obtain a mortgage. I'm sure more than a few were told to go ahead and sign now and they could refinance to a fixed later before the rates increased (and probably also were told "and hey, in...
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