Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
Yer dang right, Comrade! Not to mention the iron boot of oppression crushing the necks of the proletariat. But our turn will come, oh, yes it will, and when the Revolution arrives the bloodsucking capitalists will be stood up agains the wall and SHOT!
Wait a minute, which forum is this? Uh, hey, folks, just kidding...heh heh...
An interest-only ARM is today's counterpart to the sort of speculation that sent people jumping out of windows in 1929. I hate to sound heartless, but the last tier in a Ponzi scheme always ends up broke and the first tier walks away with their money. And the first tier is always smaller.
Real estate is still a great investment if you are patient and build equity. If you treat it like a get-rich-quick scam it will treat you like a mark.
I didn't say the government should berequired to do anything. I just don't respect these lenders, and don't think they're completely ethical.
So the reporters went out and found such a couple who didn't know what they were doing when any even slightly savvy person could have set them straight. Ho hum. So, sell the house and move on wiser by the experience. This isn't some massive societal failing, just some people who made an obvious financial mistake - like buying an Internet stock in 1999.
What the marks don't realize is that the Ponzi Scheme is an inverted pyramid, destined to topple.
Another weekend...another stupid article from Chamberlaintroll....
Hell, that's all churchill bluff posts.
And as I said, the borrowers were given PLENTY of documentation of what they were doing.
If it still appraises at $300,000...ever hear the term "refinance?" If you've been paying everything on time they ought to at least get a fixed rate that has a payment close to where it was before going up, *maybe* even lower when you factor combining both loans together.
Yup. Buy high and sell low!
Now is NOT the time to buy gold, silver or most housing. I bought silver at $4 and change. I'll be selling a few hundred ounces very soon. When it goes back DOWN, I will buy more.
Only a moron would expect the housing market to rise rapidly at this time.
The missus and I took out a 30 year mortage and, by declaring it our enemy, paid it off in full in 15 years. We're debt-free because we don't treat credit as free money. Think we'll get written up in the Times?
Yes, there are; some even post to FR. ;^)
Yes, well, that was a bit of humor about the immutable bullishness of the goldbug.
That's life. Get over it.
ROTFLMAOPIMP
Hardly! You're B O R I N G L Y normal!
And responsible!
Is there a difference between a "crash" and a gradual downturn? The media loves to call things "crashes," but it doesn't mean it's justified. I live in an area with extremely high-priced real estate. The market is not as robust as it was a year ago, but I would hardly describe it as disastrous.
Are you a stock person?
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