Luis Flores

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The innocent borrower

Oct 27, 2008By

Time and time again, we’ve seen the so-called “innocent borrower” — the borrower who had NO IDEA that their adjustable rate mortgage could adjust, had no idea that a 1.5 percent interest rate wasn’t what they’d be paying for 30 years, had no idea that their home could lose so much in value. Such borrowers are regularly trotted out for us to see, as proof of the need we have to put a stop to the foreclosures. The latest example is one Luis Flores, per Bloomberg. Here’s the lede: