Poster Boy Warren Buffett

http://www.seattletimes.com/business/real-estate/the-mobile-home-trap-how-a-warren-buffett-empire-preys-on-the-poor/

http://m.fool.com/investing/general/2015/03/08/obama-did-warren-buffett-railroad-stocks-huge-favo

Well, that sucks.

Disgusting....a banker or lawyer in a suit can steal a 1000 times what a typical thief can, "legally". My in-laws, in the early stages of Alzheimer's, signed a reverse mortgage on their $200K house (paid for) and lost it when they went into a nursing home. They had withdrawn a grand total of $30K of the amount available. We didn't even know they had done it until we tried to arrange their affairs and when I asked them about it they didn't even understand what they had done or the implications.

I would never do a reverse mortgage. It is hard to believe that they are legal.

Talk about predatory!

nochain wrote:

Disgusting....a banker or lawyer in a suit can steal a 1000 times what a typical thief can, "legally". My in-laws, in the early stages of Alzheimer's, signed a reverse mortgage on their $200K house (paid for) and lost it when they went into a nursing home. They had withdrawn a grand total of $30K of the amount available. We didn't even know they had done it until we tried to arrange their affairs and when I asked them about it they didn't even understand what they had done or the implications.

Just think how many stories there are like yours over the years....There are laws on the books that have enhanced penalties for abuse of the elderly and yet a banker/lawyer can enter into a 'legal' contract with citizens with a diminished capacity...Shameful...