It's the new political small talk: you're too stupid to disagree with me.
From Sen. Hillary Clinton:
"We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We've got to stem the tide of failing mortgages and give the markets time to recover."
"The time for ideological, partisan arguments against these actions is over."
Of all the false choices, we are now being told we have to bail out bankers who can't do banking or homeowners who can't do homeownership, or both. And if we disagree we are ideological and partisan?
Anyway, it's the end of the world, isn't it? Perhaps not.
2 comments:
Adjustable rate mortgages (ARMs) are a scam. Bankers misrepresent them, assure prospective customers that they can afford them, and don't advise customers of the downside.
Then when a mortgage crisis like this hits, the finger pointing is at the persons getting the loans and not the scam artists (bankers) who knowingly misrepresented the ARM.
Mortgage loans should be a fixed rate, for a maximum of 30 years along with a 20% cash down payment not from a "bridge loan" that a banker or real estate agent makes on the side.
The interest rate on mortgage loans should be a simple interest loan of no more than 6%.
Two bones to pick, Hempy. If a mortgage customer can't read a contract, he has no business signing one. I'm not giving the scammers a pass -- just as I know you aren't absolving the scammees of responsibility -- just pointing out the other side.
My other issue with your comment is more serious, though. Why do you think price-fixing (6%) is what our mortgage industry needs?
Post a Comment