|
  |
|
|
ARMs, Interest Only, and the "Mortgage Crisis"
With all the talk of a potential government bailout for the current situation with the increase in foreclosures and short sales, I have some concerns. First off I will say that I have true compassion for those who have had their incomes drop due to the current economic situation, and are trying to provide a home for their families. I feel for those who were coerced into "getting in over their heads" and sold ridiculous loans by lending institutions. Also I regret that some in the real estate and mortgage industries took advantage of lax regulations and the public's ignorance of those industries. Some of my thoughts: If I personally am looking at homes and could get a 5.5 - 6.0 % 30-year fixed conventional mortgage, but I had to go with an interest only / adjustable product to afford the payment, I AM SHOPPING FOR SOMETHING I CANNOT AFFORD!! If I am buying a home to live in and I am planning on relocating in two or three years - I SHOULD BE CONSIDERING RENTING. If I hear a lender's representative say "just refi in 2-3 years before the rate adjusts" and I live by that advice, I AM GAMBLING. The four main causes of this current crisis, in a nutshell: 1. Lack of regulation and oversight in the mortgage industry 2. Greediness 3. Peoples' desire to jump on the (real estate) Bandwagon 4. Ignorance |
|
 |
|
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "ARMs, Interest Only, and the "Mortgage Crisis"" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
