Posted on 09/20/2009 9:42:49 PM PDT by Stayfree
"Payment-option ARMs are about to explode," Iowa Attorney General Tom Miller said, according to a Reuters report.
"need for immediate change in the loan modification process is particularly acute at this time because a very large number of payment-option ARMs in Arizona is scheduled to reset in the near future."
(Excerpt) Read more at mortgageorb.com ...
Prosperity is just around the corner... /s
Is this that “green shoots” I heard about?
As a Board Member of the condo complex I live in, I can tell you that these freaking ARMS are killing us. And the condo market, which were largely bought by speculators, is taking such a huge hit. Of course, who gets hurt? The people who did everything right, of course. I’m talking about the people with the good loans, who pay their bills and dues. The problem is that the first thing people do is to stop paying HOA dues and everything is a house of cards from there.
I have to hark back to the interview of Neil Cavuto by Bill O’reilly in the heyday of the stimulus bill controversy. When pressed to say if it could work, Cavuto finally spoke his mind and said, “It can’t work,” because they were “doubling down,” and just recreating the same crisis conditions with bigger stakes. This opinion is still shared by any number of pessimistic “bears” who are at this point being ridiculed for being “wrong”, since we are “recovering”. Well, don’t forget we were “booming” when we “crashed.”
Is there a jail sentence for felony stupidity?
I am not an economist but I am a thinker. I think we are screwed.
Even if we survive this threat and the next one the big ones are on the horizon.
Medicaid/Medicare - Social Security - and Public Debt (how long do foreigners hold it when it looks like the game is over?)
Our leaders refuse to deal with these and I fear they will devalue our currency or continue to borrow too much to prop up this house of cards. It will come down and our paper currency will not be worth much very quickly.
A run on banks, grocery stores, and rampant unemployment follows and we are facing chaos.
Add in some of the dumber ideas out there right now such as public health care, cap and trade, and amnesty and ask yourself how these will help?
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