Question
Borrowers applied for a loan on the home of their dreams and were approved for very specific terms based on their credit scores and income.
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Borrowers applied for a loan on the home of their dreams and were approved for very specific terms based on their credit scores and income. At closing, the interest rate had doubled in the loan documents that were presented for their signatures. The borrowers were told that this was likely to be their only chance to receive any sort of loan and they must sign today. They were told if they did not sign that they would lose the house. This was
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Acceptable because the purchasers would still get their home
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Acceptable because the lender did secure some sort of financing
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Unacceptable because the lender did secure some sort of financing
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Unacceptable because the borrowers were pressured to take the loan
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