Quote:
Originally Posted by IllTestYourGirls
Read your contract and dont buy on the high end of the market? Seems pretty simple to me.
Sorry that shit happened to you, but no one forced you to sign that contract and no one forced you to buy on the high end of the market. Those were just poor choices.
I do hope you and your family get through this ok.
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Buy on the high end? the house was valued at 138.. I bought it for 119.. I bought the house to LIVE in not turn around. I wanted to raise my family in it. But fuck the bank.. they can have the house. I already have a CD waiting to buy another house and at 5.2% (Fortunately I have some family well off and they want to do this for me) But, what about others who don't have this option? There are a lot of FAMILYS going down the toilet right now... and this is going to effect you directly. The fallout from this mess is going to be felt around the world. So, it's a little bit more than a couple people having bad luck or whatever you like to call it. Here's an interesting thing to read...
http://www.gregpalast.com/elliot-spitzer-gets-nailed/
Eliot's Mess
The $200 billion bail-out for predator banks and Spitzer charges are
intimately linked
By Greg Palast
Reporting for Air America Radio's Clout
March 14th, 2008
Bernanke Explains why the 200 Billion is good for YOU
While New York Governor Eliot Spitzer was paying an 'escort' $4,300 in a
hotel room in Washington, just down the road, George Bush's new Federal
Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion
in a tryst with mortgage bank industry speculators.
Both acts were wanton, wicked and lewd. But there's a BIG difference. The
Governor was using his own checkbook. Bush's man Bernanke was using ours.
This week, Bernanke's Fed, for the first time in its history, loaned a
selected coterie of banks one-fifth of a trillion dollars to guarantee these
banks' mortgage-backed junk bonds. The deluge of public loot was an
eye-popping windfall to the very banking predators who have brought two
million families to the brink of foreclosure.
Up until Wednesday, there was one single, lonely politician who stood in the
way of this creepy little assignation at the bankers' bordello: Eliot
Spitzer.
Who are they kidding? Spitzer's lynching and the bankers' enriching are
intimately tied.
How? Follow the money.
The press has swallowed Wall Street's line that millions of US families are
about to lose their homes because they bought homes they couldn't afford or
took loans too big for their wallets. Ba-LON-ey. That's blaming the victim.
Here's what happened. Since the Bush regime came to power, a new species of
loan became the norm, the 'sub-prime' mortgage and its variants including
loans with teeny "introductory" interest rates. From out of nowhere, a
company called 'Countrywide' became America's top mortgage lender,
accounting for one in five home loans, a large chunk of these 'sub-prime.'
Here's how it worked: The Grinning Family, with US average household income,
gets a $200,000 mortgage at 4% for two years. Their $955 monthly payment is
25% of their income. No problem. Their banker promises them a new mortgage,
again at the cheap rate, in two years. But in two years, the promise ain't
worth a can of spam and the Grinnings are told to scram - because their
house is now worth less than the mortgage. Now, the mortgage hits 9% or
$1,609 plus fees to recover the "discount" they had for two years. Suddenly,
payments equal 42% to 50% of pre-tax income. The Grinnings move into their
Toyota.