I had to wonder today, reading this Wall Street Journal article about the latest foreclosure prevention plan creating an opening for scammers, if maybe requiring home owners to take a course in “reading the fine print” might be a better strategy to prevent this kind of mess in the future.

Firms that charge big fees for helping with loan modifications are just the latest potential trap for people facing foreclosure. In recent years, many distressed borrowers have fallen for “foreclosure rescue” schemes in which firms or individuals promise to help them avoid foreclosure through arrangements that involve transferring the title of their home to the supposed rescuers.

Is it me, or does anyone else see a pattern here in preying-on-folks-who-probably-shouldn’t-own-a-house-because-they-don’t-know-what-they’re-doing? Maybe I’m just being completely insensitive–I’m sure there are lots of folks in foreclosure due to bad circumstances, whether that is a job loss or medical issues or some other unforseen issue, and maybe even folks who genuinely were truly victims of predatory loans–but it seems like with such a major purchase like this, you really ought to be better informed.

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Economy, Random by Benjamin Kuo