And what the hell were these FOOLS thinking when they took out ARMs in a market that's balanced for fixed rates? Did they think that rates would really go down any further than the record lows we've seen the past five years? Puh-leeze.
And what the hell were these FOOLS thinking when they took out ARMs in a market that's balanced for fixed rates? Did they think that rates would really go down any further than the record lows we've seen the past five years? Puh-leeze.
Unfortunately a lot of people fall for a sales pitch.
We were in the market for a house a decade ago. I knew our credit wasn't good, but gave it a shot anyway. The realtor offered reasonable payments on a house we liked. We both thought it was priced too high - the housing bubble had recently hit this area. I read over the mortgage agreement (against the wishes of the realtor) and found it had an adjustable rate. She told us not to worry - if it ever did go up it would only be a fraction of a percent and we could always refinance because real estate prices would only go up.
We walked out and renewed our apartment lease.
I don’t know a single person who fell for the adjustable rate scam. Maybe Good Ole Boy Redknecks are smarter than city libs.
“And what the hell were these FOOLS thinking when they took out ARMs in a market that’s balanced for fixed rates? Did they think that rates would really go down any further than the record lows we’ve seen the past five years? Puh-leeze. “
No, they were playing flip the house hot potato and eventually got holding the potato.
“gamblers” don’t get Fan/Fred loans.
ACORN types do.
This is just a payoff to his favorite demographic.