how about instead of pushing the problem to the tax payers, they try and HELP out these people with mortgage problems?
seriously, i think the banks and share holders are just to greedy and want their money NOW. they [banks] fully knew people would be screwed with their interest only mortgage or adjustable rate would go up. people dont seem to calculate the difference that half a point will make on their minimum payments each month, plus the banks were giving money to just about anyone 3 years ago who knew how to spell their own name.
instead, why dont they extend the length of the mortgage for the customers or work on a fixed rate with payoff + interest (if you pay off early or refi, you sitll owe a % interest). I just saw on the news a few weeks ago about people that were foreclosing on their homes because the rate went from 6% to 7% and they couldnt afford it. They were within 5 to 10 years, but couldnt refi to a lower amount. now they foreclose and this costs the banks even more money, while instead they could just extend the length of the mortgage 5 more years and that would save people from being screwed.
i dunno, just my
