09-23-2008, 01:43 PM
I will first and foremost say that I'm not a financial market person. I don't pay attention to all of the stuff that I probably should, but this is my story.
The people that I feel bad for in this whole thing are the young homeowners. My wife and I were pretty young when the real-estate boon hit 4-5 years ago. Real Estate companies were promising low variable rate mortgages that could get you into a house for more than 150 bucks less than the average rent payment in the area.
We were intrigued, our first child (my second) had just been born, and things were cramped in our tiny home. We went looking, and could just never find a house that 'wowed' us. So, we moved into another double that was a little bigger.
It's the best decision that I have ever made. People that went for the scheme have seen there house payments nearly double from the interest rates, and the real estate company that was most notorious in the area for it is quickly falling apart.
Foreclosures are up big time around here, and it sickens me to hear that the mortgage companies who danced with the devil are going to get bailed out. Bail out the tax payer, the guy who got suckered by the big promises, and let the CEO's suck a fat load of TNT.
The people that I feel bad for in this whole thing are the young homeowners. My wife and I were pretty young when the real-estate boon hit 4-5 years ago. Real Estate companies were promising low variable rate mortgages that could get you into a house for more than 150 bucks less than the average rent payment in the area.
We were intrigued, our first child (my second) had just been born, and things were cramped in our tiny home. We went looking, and could just never find a house that 'wowed' us. So, we moved into another double that was a little bigger.
It's the best decision that I have ever made. People that went for the scheme have seen there house payments nearly double from the interest rates, and the real estate company that was most notorious in the area for it is quickly falling apart.
Foreclosures are up big time around here, and it sickens me to hear that the mortgage companies who danced with the devil are going to get bailed out. Bail out the tax payer, the guy who got suckered by the big promises, and let the CEO's suck a fat load of TNT.
nobody ever slaughtered an entire school with a smart phone and a twitter account – they have, however, toppled governments. - Jim Wright