Great, another doomsday article about how the housing market is on the verge of collapse due to risky loans. It's funny how anyone with one of those loans could refinance today and still get 6% fixed over 30 years. But because some people are too stupid to evaluate the interest-only ARM they got into 3 years ago, and because of that they're on the verge of a foreclosure, we're supposed to believe that this means the entire U.S. housing market is on the verge of a historic collapse?
Pretty funny stuff.
>>It's funny how anyone with one of those loans could refinance today and still get 6% fixed over 30 years.<<
How exactly do you do that if you cannot make your existing payment and this loan would increase your monthly payment by 30%?
You also have to actually qualify for a loan, which is harder to do than it was a few months ago. The fraudsters are being arrested tried and on notice. The salad days are over. We are now just waiting to see how bad it can get. Time will tell.
You won't be laughing in fairly short order. In fact, the massive decline in the housing market heretofore should have wiped that smile off you face over a month ago. I think you would do well to explore the other side of the argument...and not just in terms of the housing market, but in terms of our over-leveraged and unbalanced economy as a whole. But if you prefer to avoid drinking from a different fount than what you are used to, that is of course your prerogative. As they say, you can lead a horse to water...