View Full Version : The future of mortgage debit cards?
10-29-2004, 12:14 PM
11-02-2004, 01:11 PM
I hope this never flies.
There's more to a real estate transaction than establishing the buyer's creditworthiness and giving him/her an appropriate line of credit.
The other half of the equation is the house. Is it overvalued, meaning that the buyer is borrowing 120% of its true market value? Will it need repairs in the near future that the buyer can't afford to make? Is the heat supplied by oil in underground storage tanks? A "debit card" would let the borrower close the transaction with no input from the lender in these situations.
But then banks have done dumb things akready- they might fall for this.
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