On Sat 02 Aug 2008 09:33:18a, Nancy Young told us...

> John Kane wrote:
>> On Aug 1, 4:40 pm, "Nancy Young" > wrote:
>
>>> How did it come to this, that people had NO IDEA they couldn't
>>> afford a house 10 times their income? That it was just SO
>>> CONFUSING, all those big words like balloon payment. What, the
>>> interest rate is going to go up?
>>>
>>> I guess we do need paternalist institutions telling us what to do
>>> because it's just too much to expect us to figure out these things on
>>> our own.
>
>> The next time you go see your doctor I'm sure that you will be equally
>> informed on the adviability of the new modified super-improved gene
>> therapy that he is suggesting to cure hair loss. Don't forget he gets
>> paid for that treatment.
>>
>> Whom do you trust more your banker or your doctor?
>
> Well ... I'm not the one to ask: neither, particularly. But I don't need
> a degree to figure out my mortgage payment is going to go up in
> a few years when they tell me that right there in the papers. And
> that No money down used to be a joke, but now somehow it's a
> good idea?
>
> nancy
>

In today's world, many people cannot afford any significant down payment,
yet they can definitely afford their monthly mortgage payment. It would
have taken us years to accumulate a 20% down payment, which in times past
was quite a common "requirement". We did a no money down FHA mortgage, and
we've no problem in making our mortgage payments. We were also not so
stupid as to agree to an ARM.

--
Wayne Boatwright
-------------------------------------------
Saturday, 08(VIII)/02(II)/08(MMVIII)
-------------------------------------------
-------------------------------------------
Don't start an argument with somebody
who has a microphone when you don't;
they'll make you look like chopped
liver. --Harlan Ellison, on hecklers
-------------------------------------------