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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127680  
Subject: Re: 30 FRM in the high 2%s... Date: 9/24/2012 6:33 PM
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inparadise:

<<<If one is unwilling to file identity theft charges, then I am uncertain why one should believe that she did not authorize it...>>>

"Really? You ever have kids? You can't imagine not wanting to send your kid to jail, potentially for doing something he did not understand?"

Yes. Yes. We are not discussing little children. We are discussing HS seniors or older, most commonly age 17 or 18 (a legal adult), with the occasional exception for those students more than 2 years ahead of chronological grade level.

If he/she did not understand, perhaps that says more about the child and the parents than anything else.

If a 16-17-18 year old drinks, drives and gerts arrested for DUI, then there are consequences. Why should there be no consequences for committing financial fraud? Think of the lender as the police officer filing the charges.

"I could see her eating this debt for that very reason, but she should not have been put into that position in the first place. A signature is not too much of a requirement to ask for, personal acceptance that you have read and understood the contract you are entering into, before debt can be heaped on you."

Perhaps it was an electronic signature acknowledged by entering SS number and hittign submit. Are you proposing to ban electronic execution?

Would you take the same stance if the fraud were committed by a third party?

"Sure, she remembers his asking her for her SS#, which frankly happens dozens of times when a kid goes to college."

As I recall, not much beyond the FAFSA, which is once a year.

"She never said that she would take on this debt,"

probably

"and I doubt that her son had any idea that putting her soc. down would commit her to that. No one should reasonably think such a thing, that they can commit another to indebtedness."

Woudl it not depend upon the context, which we do not have?

"Our SS# is on documents in many places. What would stop someone who has your soc on a document from listing your soc on their loan?"

Nothing, but I doubt that you would refuse to press Identity Theft charges, which itself is then evidence that it was not authorized. If one is unwilling to press such charges, then is certainly not evidence of unauthorized use.

"Sorry, but it is NOT TOO MUCH TO ASK SOMEONE TO SIGN THEIR NAME TO CLAIM INDEBTEDNESS!!!"

Consider all the rules about electronic signatures and approvals.

"These lenders have things stacked so far in their favor that they are taking extra risks, one's I'm STUNNED are even legal, to crank out loan after loan."

That is a different issue.

I would like to know more facts about what actually happened before drawing a conclusion. It was your neighbor's son, IIR the thread correctly, so you clearly know him better than I do, but your original post is very sketchy on the details (probably because you do not have them).

Regards, JAFO
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