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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 126962  
Subject: Re: 30 FRM in the high 2%s... Date: 9/25/2012 7:21 AM
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Except for consumption of alcohol, in the USA 18 year olds are generally considered adults (age of majority), have aged out of jurisdiction of the juvenile justice system, are old enough to vote (including for President), to sign a contract, to marry, to enlist in the Armed Services, etc.

We are not talking about decisions in a court here. We are talking about a parent who recognizes that frankly like most adults her 18 year old was not skilled enough in the world of internet finance to understand that by putting her ss# in that spot he was essentially signing her name, that he was not intentionally committing fraud. Heck, I have decades of experience more than he, have done lots of financing and investing and I wouldn't have known it. Just because one is considered an adult by the judicial system does not mean that they over night become mature and experienced in all things. Worse yet, kids that age think they are all grown up, but are in reality far from it. Clearly even the law thinks they have judgement issues or they would be allowed to consume alcohol. Additionally, even though they are supposedly considered adults, a quick googling shows that child support can be mandated up to the age of 21 if the "adult" is a full time student. So even the legal profession is confused as to when a kid is no longer a kid.

I suggest that my thinking is more in line with the current legal system than yours appears to be (at least by my inference) because you seemed to be suggesting that 18 year olds still require coddling like they are 2-6 years old.

Even more ridiculous a statement than before.

Again, this is a mortgage industry type mess in the making, except now instead of selling unquestionable adults mortgages they don't understand the consequences of, a more susceptible segment of the population, the borderline adult, is being targeted. In my neighbor's case, he is lucky because his mom won't throw him under the bus. She recognizes her inattention plays a roll in what happened, and is taking ownership of it so that her son is not ruined. He will instead have to pay her back, without the escalating fees that will keep him from ever getting out from under it.

However, no matter what one's age, one should have to at least sign on the dotted line to become so indebted. Even refinancing through an internet mortgage co, there were docs that had to be physically signed, then scanned and emailed, or closing docs signed in person and certified. Things like IRS returns can be amended, and because of that I can understand the "electronic signature," though there is still plenty of fraudulent returns done that way. No potential for amendment here. There needs to be a bare minimum hurdle of a physical signature before signing up for debt, unless of course the goal is to scam people into signing their life away rather than providing a needed service at a reasonable fee.

Just because the letter of the law lets them do something does not make it right. We should have learned this from the mortgage debacle. Stop hiding behind your law books.

IP
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