Who are some of these people who on this site? Yes I think alot of people have been manipulated by Realtors and lending institutions in Calif. It used to be where your financial situation had to fit a cetain formula to qualify for a loan. Between sleazy Realtors and money hungry lenders they are handing loans out to anybody. Realtors suck alot of Mexicans into these home loans as well as wannabee get rich quick types telling them they will clean up. A Mexican bought a 1400 sq ft house across from me with a $ 4,500.00 interest only loan payment a month. He makes $ 48,000.00 dollars a year. How the hell does one qualify for a loan like that without some sleazy s**t going on. He told me he is in deep doo doo as housing prices drop. I don't see how these lenders are letting people walk out their doors after making loans like that. Ultimately the lenders eat it as foreclosures take place.
The median income for one person in California is $40,000. A couple will have $80,000 so they can barely afford that half million dollar dream home. But if interest rates rise or one of the wage earners loses their job or becomes too sick to work, that spells trouble. Most of us are one step away from bankruptcy in that kind of situation.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus