dsi1 wrote:
> Goomba wrote:
>> Nancy Young wrote:
>>> Kswck wrote:
>>>
>>>> Read the fine print-does Balloon Mortgage mean anything to you
>>>> idiots? So someone spending more money on a home than they can
>>>> afford-can't be their fault-it's Bush's fault.
>>>
>>> There is plenty of blame to go around, from the majority of the
>>> buyers to the lenders who knew they'd just bundle the paper and
>>> sell it up the line, what did they care if people defaulted?
>>> The whole mess reeks. Some people got rich.

>> And some look to blame anyone but their own poor choices.
>
> I think people should be responsible for their actions but a scam is a
> scam. I was offered a home equity loan at a real attractive rate for a
> term of 2 years or a fixed rate almost 2 pts higher. The scam is to
> switch you onto the more profitable adjustable rate and boy, I had to
> think about that one for almost a full minute before declining. Bait
> and switch is a classic "sales technique" but in most cases, any loss
> is relatively minor.

I can't call it a scam if they told you up front what the deal was.

> However, with sub-prime ARMs you could lose your home. Americans
> losing their homes is not in the best interest of America. Sub-prime
> ARMs allow more people to buy their homes but the bottom line is that
> the banks should not be making loans to folks unable to support the
> payments - duh. It's not in the best interest of America and it's
> citizens.

That's why so many people like me are ****ed off. This whole mess
is affecting *all* of us. I'm not just mad at the people who put blinders
on and bought and furnished houses way out of their league. Believe
me, I'm ****ed off at the banks/etc who made all these bad loans, too.
Now all the furniture stores are begging for customers because they're
in trouble. This ripple affect is killing us.

> scam. Oh, yeah, we should outlaw double digit credit card interest
> rates, just for good measure. :-)

Now, there's a plan! Heh, I mean, dream.

nancy