Um, why am I supposed to feel sorry for a mechanic that can’t afford a 400,000 house exactly? I couldn’t afford a 400,000 mortgage and I KNOW I make more than a mechanic.
The purpose here it to get you to feel sorry for people. I am talking about sound banking and economic policy. And again I say it is very hypocritical of many who for years have decried any form of governmental regulations or intervention to now be screaming for if, like Mr. Cramer is. What is stopping the mortgage companies from offering to convert all the arms to 30 fixed loans at 4% interest. Nothing, but the fact that it does not help them it helps the home owners. They do not care about the homeowners as they claim. They are running scared.