Thursday, October 09, 2008

Obamanation

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1 comment:

Anonymous said...

"In theory" it WAS a good idea. Until the housing market took off and brokers were giving mortgages to anyone on the street. THEY are to blame, the greedy ones that worried only about their commisions and nothing about how these loans would be paid for in reality. Common sense was not used, if someone is on welfare, how can they afford a mortgage, especially the adjustable rated ones? Houses were being offered for no money down, closing costs absorbed into the end bill, and the first year or two your mortgage was only $400!!! Not that I excuse the ones that signed on the dotted line either...as my Dad always said, if it sounds too good to be true, it probably is, but people, myself included, were told to buy the house, then sell it in a year or two, as the prices would still be going up and money could be made. The unfortunate part is that some folks wanted to actually keep the house, and of course, the bubble burst, leaving a lot with an ARM that there was no way they could pay. But when the smoke cleared, the brokers had their comiisions and were done with the mess they made. Trust me, I consider myself one of the lucky ones for not falling into the trap. I had three people trying to talk me into a sale. Luckily, I also had an honest broker to turn to who answered my concerns.

Thursday, October 09, 2008 7:03:00 PM

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