Does this piss you off??

According to the WSJ, the administration and some major banks are are close to agreeing on a plan that would temporarily freeze interest rates on certain troubled subprime home loans. Now this is all fine and dandy if they'll let me lower my rate and freeze it also. Isn't this rewarding the stupid?

 

What pisses me off is that they keep calling these loans with 2 or 3 year "teaser rates." Bullshit. These were arms that the customer was told...and had to sign numerous documents attesting to this...would explode in a few years. EVERY loan officer would explain that they had 2-3 years to get their shit together. Preferrably? Do it in a year. Why? They'd get another commission!!!! So OF COURSE they explained...PAY YOUR FUCKING BILLS!

If these idiots did what they were supposed to, they would have made their payments and be OUT of those loans.

 

So it is rewarding the stupid. I want my rate lowered for free.

 

nope

 

You need a mortgage to take part in this conversation.

 

So will this push all the burden on to the people who don't have subprime mortgages??? I mean banks are in the business to make money right?


That would piss me off.

 

Looks like I'm not the only only pissed about this. From the WSJ. These are excerpts as I get a summary of pertient articles each morning but don't have access to the WSJ site. Basically, it's seen as a short term fix.

These rates might be frozen for a couple of years but eventually the mortgage owner is going to have to pay market rate. This will only delay the inevitable.

Hard to please everyone, especially when people's money is involved.

See above.

Those investors probably would of not invested for this lower return. That's money that could have been placed elsewhere.

 

I had an ARM until recently but not so I could buy more house than I could afford. I did not plan to keep the house long term so it made sense to get the lowest rate I could. The ARM I had adjusted every two years. It started at 3.75% and went up one point every two years. I sold it just as it adjusted up to 5.75%. I saved a lot of money over those four years compared to a traditional fixed rate loan at about 6%.

I am not always smart with my money, as I freely admit, but I did not fall in the trap on this one.

 

Car crash???

 

Yea but it will only delay the next Def Leppard album not cancel it.