Why the rush? Is AIG planning to hand out zillions in bonuses again?
My guess would be that our elected representatives and their banking benefactors would prefer that we don’t know anything about it. Consider this scenario: You own a house. You want to sell it. Someone wants to buy it. You decide to sell it to the person who wants to buy it and carry the paper yourself for whatever reason. Maybe you want the income instead of the cash. Maybe you’re just particularly fond of the buyer, I don’t know. I’m sorry… you can’t. It’s illegal. Huh? Excuse me. It’s my house… Why can’t I sell it to whomever I choose, however I choose. Nope, sorry. You’ll have to become a “lender” and get a lender’s license. Why? I’m not a lender. Well, because you’re only allowed to sell your own house once every three years without going through the bank for a mortgage. And there are a lot more rules than that, believe it or not. It has to be a 30-year, fully amortizing loan and you must comply with RESPA regulations, provide Truth in Lending documentation, and “verify” that the
