bush wants to bail out subprime mortgagees

Not sure if I agree with it, but I do know some of those damn mortgage companies are just evil. They make the terms so complex and the fine print so confusing that if you don't have an attorney with you it can be easy to get tricked. Then when they got you they just up your payment until you default and they foreclose.
 
it isnt so much people buying more house than they should have but mortgage companies giving people money that had no business getting it in the first place.
add in the hedge funds and speculators that dumped tons of cash picking up the sub-prime mortgages because the market was booming and they saw it as easy cash.
cant forget all the contractors that are building homes faster than they are selling.
a glut of homes on the market, a sustained upswing in defaults and investors losing large sums of money doesnt make for a happy economy.
not sure i like the idea of a government bail-out, but i'm equally unsure if just taking our chances is a great idea.
 
2minkey said:
is he some kinda commie?
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You'll find few aroud here that ever called him a conservative.

This is just plain stupid.

Can't afford your home? Sucks to be you. Next time, buy a calculator - walmart has them on sale.


Evil home loan (is that gonna graduate to BIG HOMELOAN soon?) companies allowed these weasels to live
below the margin for 2, 3, 5, up to 7 years. THey didn't force anyone to sign a contract & even a
simpleton should understand that when the prime is at 3%, it has nowhere to go but up. Thus, a 2.9% ARM
with an adjustment after 5 years is gonna be real ugly. An ARM, when the prime is 7% might make sense.
Never when you're getting the loan for free.
 
Gonz said:
Thus, a 2.9% ARM
with an adjustment after 5 years is gonna be real ugly. An ARM, when the prime is 7% might make sense.
Never when you're getting the loan for free.
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Over here most loans are on a fixed rate. In fact, the monthly payment is fixed for the entire amortization.
 
Most here are fixed rates too. When the prime dipped so low, people discovered they could get more house for less payment. They didn' have enough sense to realize that the piper always wants paid.
 
Gonz said:
Can't afford your home? Sucks to be you. Next time, buy a calculator - walmart has them on sale.
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Yep, I'm pretty sure they still at least teach arithmetic in schools, right? BTW, I know someone who bought a house that way in 1988. Lost it in '94 too. It's hardly a new thing.
 
Gonz said:
Most here are fixed rates too. When the prime dipped so low, people discovered they could get more house for less payment. They didn' have enough sense to realize that the piper always wants paid.
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So the monthly payment is fixed and yet they were dumb enough to not plan their budget? dumbasses, they deserve to have their houses taken away :shrug:
 
Luis G said:
So the monthly payment is fixed and yet they were dumb enough to not plan their budget? dumbasses, they deserve to have their houses taken away :shrug:
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There's both fixed and variable rate loans here. I'd be curious to see what percentage of the defaulted loans were the variable type with a payment that went up.
 
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