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Why did they loan money to individuals who could not afford to pay attention not to mention a home for 200k 400k. I spoke last week with a officer in the sheriff department of Palm Beach County that has a stay at home wife who is a mother to their 5 kids and he is losing his home. He stated to me they knew (meaning the lender) that he could no afford the house he was buying. My question to him, ” if they knew than you also knew so why did you sign the loan papers.”
My intent was not to beat him up because he was not alone in his need to keep up with the proverbial Jones’s. My goodness just 2 1/2 years ago every body and their drunk uncle Harry were purchasing houses and these were not just ordinary houses but houses with upgrades up the kazoo.
It was not enough just to have a home but many of us had to but the house with the over the top upgrades and in the meantime we allowed ourselves to believe that the interest rates and hidden fees that did not really pertain to us but that other household down the street and around the corner.
I do not know if we all swallowed the same lump of coal to believe the letters ARM did not stand for Adjustable Rate Mortgage. In case you are still living in the dark it simply means that your mortgage is without a doubt going to rise but that does not pertain to your pay whether it be salary or hourly based.
That is of course unless you happen to be a CEO of many of the now defunct mortgage companies, insurance, banking and financial institutions that the Bush administration is bailing out at the expense of what remaining taxpayers that manage to remain standing.
In short hit a knee America and Pray fast and hard.
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