To: Travis McGee
The old ARMs aren't the problem, it's the interest-only part that's the problem. People are "buying" homes with interest only loans but are essentially renting them.
8 posted on
01/04/2006 8:54:14 AM PST by
gotribe
(Hillary: Accessory to Rape)
To: gotribe
Yep. They have no clue. Folks have negative amortization loans, and don't even understand the concept.
15 posted on
01/04/2006 9:04:43 AM PST by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: gotribe
What about the interest only loans that are advocated by folks like Dave Ramsey in an effort to pay off debt?
33 posted on
01/04/2006 9:24:12 AM PST by
zeaal
(SPREAD TRUTH!)
To: gotribe
The old ARMs aren't the problem, it's the interest-only part that's the problem. People are "buying" homes with interest only loans but are essentially renting them. Yes, they're "renting" but with the bonus (to the true owners) that the "renters" will take care of the property like home owners. And the ARM holders might own the property someday... Smart/lucky folks who use the system to pay down principle (in time) will win - those with impulse problems will lose. It's a new trap for the "I want more than I can afford" folks. And an elegant trap at that...
39 posted on
01/04/2006 9:35:45 AM PST by
GOPJ
(Corrupt? Compare "public servant's" net worth when they took office to their net worth now. )
To: gotribe
The old ARMs aren't the problem, it's the interest-only part that's the problem The latest fad takes it even further. Some loans are set up where you can skip some payments and thus accrue even more interest.
84 posted on
01/04/2006 5:50:05 PM PST by
Mulder
(“The spirit of resistance is so valuable, that I wish it to be always kept alive" Thomas Jefferson)
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