“Agreed, but isn’t the whole mortgage thing one major leg of a greater economic scam?”
To some degree. Fortunately, my business teacher in high-school, Mrs. Bacon (I still love ya, babe), preached Caveat Emptor constantly. Evidently some didn’t or folks ignored it.
Three years ago we had the option to go in like some of these folks did and flat turned it down. I’m of the opinion that most folks who took those loans had the intention of flipping their house for profit in short order and were not concerned with interest and such.
The television shows “Flip this house” and “Flip that house” did NOT help the situation any.
The amusing thing is that congress will rush in by spring of next year to save folks who can’t make the 10 percent down payment requirement that most banks are going to ask for. Personally...I’d like to see any house priced at $250k or more...requiring 25 percent down payment. This is silly to be in Florida....paying huge housing costs for houses which aren’t worth more than $150k max.
“I’m of the opinion that most folks who took those loans had the intention of flipping their house for profit in short order and were not concerned with interest and such.”
Exactly.
“Easy Money” will get you every time.