Buy a home, get a US visa, Senators propose

Originally posted by GeorgiaGirl




No matter what went on with the bundling/selling of risky mortgages, I still think that people have to share a part of the blame because they accepted these ARM mortgages. They were extremely risky, and people gambled and lost. Yes, it was the same as GAMBLING in my eye. When someone took out an ARM because it was a low rate at the time, they actually COULD NOT AFFORD THAT HOUSE. They should never have taken out those mortgages. They were bad, risky mortgages, but people took them because they were greedily eyeing the more expensive house they could get, and they counted on housing prices continuing to rise.
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It was not like you think. It was not like how the MSM portrayed it either.

They would get an arm for a first home usually at a 7% rate. They went into these loans because they were told (promised) they could get a fixed rate at the end of the arm. They never did. Instead they were always turned down and the payment that was a high interest rate compared to the prime rate that during the 7% rate they payed they could afford.

So why in the world did the banks not adjust it to the original 7% instead of foreclosure?

It was 99.9% the banks fault.

Do not sell out your fellow countrymen, we have been duped.