Paula, that article nicely explains what has been happening in the world of creative financing. Yes the buyers are partly to blame, but they optimistically think they will be getting raises or that the interest rate wont be THAT high...
Sorry Jason, as that article points out, I DO think the mortgage industry is to blame. They got greedy and they were going to make their commissions, regardless of whether or not down the line the borrower would go under, and that seems heartless to me. I personally wouldnt EVER go for an adjustable rate mortgate, much better to know what you have to pay each month from now till its paid off....but thats just me.
Macfan4ever, your article underscores what I said earlier about Big Oil being the real culprits here. Its just disgusting, and it should be stopped.
Last edited by irishgrl; 05-03-2007 at 06:37 AM..
|