Quote:
Originally Posted by strandinthewind
Your disdain of ARM's shows you know nothing of finance and the ability to make money in the housing market. Again, it for the most part would take seven to ten years for an ARM to reach the usually much higher rate of a fixed rate mortgage, if it ever gets there because some ARM's are capped at like 2%. But, whatever.
As for the elitist - how is holding someone liable to what they signed that. I am sick and fukcing tired of the lack of personal responsibility in America. You, obviously are not and think that people should have no liability for making poor choices or a choice that is made poor by a subsequent event, such as losing your job, not getting a raise, etc.
I mean if I get drunk as a skunk and go to a strip club and spend thousands of dollars, who do I have to blame in the morning - the hottie who took the cash with a glint in their eye - or me for being stupid enough to do that. The answer is me.
Yet, you seem to be saying that people bought houses that they qualified for (using conventional and other mortgages mind mind you - not the ARM's you ignorantly demonize) and then they lost their jobs and can't pay the mortgage (any kind) anymore. That sucks and I hate that for these poor people, but how is that in any way the mtg company's fault 
Moreover and for the last time, if they lose their job and have an ARM as opposed to a fixed rate mtg. , they likely can make the lower payment an ARM provides if they can make any payment at all. So, why are you demonizing ARM's? To me, that makes you sound ignorant on this issue.
Anyway - last word is your's  |
There is such a thing as USUARY and blatant taking advantage of a person's need (and buying a house is a NEED, not a want!!) I loathe the greed behind it all. It wasnt that long ago that integrity was prized. now, its the almighty bottom line and how much PROFIT can we make from Joe Schmoe. It isnt a matter of personal responsibility but the Snake Oil sellers making a killing on the public at large, thinking that they'll worry about the bubble bursting later...thats just sick. Nobody sees the end of a job coming....or a bad accident that might put someone in the hospital and wipe out a family's savings
We're not all wheeler-dealers ya know...
I am not a real estate dabbler. Im doing good to own my own home in this uncertain day and age. Your defense of gambling on something so necessary as a family home is baffling to me
also, you are twisting my words. I never said that people bought homes on fixed rates, that hardly happens any more. I was one of the lucky ones, but most people I know either have, or knows someone who has utilized the ARM. Many of them live to regret it.