mortgage madness
http://www.washingtonpost.com/wp-dyn/content/article/2007/12/05/AR2007120501340.html?hpid=topnews
All sub-prime mortgages are now fixed for the next five years. The banks and mortgages companies are not getting money from the government, and thus have to eat the losses. Oh, yeah: the price freeze only applies to the people who can't afford the increased rate. So if you were smart and got a mortgage you could afford after the increase, you still have to pay. If you were stupid, you don't have to pay anything higher than your current rate. So all of the fucking idiots who purchased houses out of their means are safe for another five years.
The upshot of this is all of the people who have avoided purchasing a house due to the bubble are now fucked. Mortgage rates are going to be going way up to cover the banks losses. Securing a new mortgage will probably be much more difficult as well. Housing prices are going to stabilize. So buying a house will now involve a difficult mortgage process, an over-priced home, and an enormous interest rate.
Yay Bush. Thanks for fucking up the economy and utterly screwing responsible people.
Fuck.
All sub-prime mortgages are now fixed for the next five years. The banks and mortgages companies are not getting money from the government, and thus have to eat the losses. Oh, yeah: the price freeze only applies to the people who can't afford the increased rate. So if you were smart and got a mortgage you could afford after the increase, you still have to pay. If you were stupid, you don't have to pay anything higher than your current rate. So all of the fucking idiots who purchased houses out of their means are safe for another five years.
The upshot of this is all of the people who have avoided purchasing a house due to the bubble are now fucked. Mortgage rates are going to be going way up to cover the banks losses. Securing a new mortgage will probably be much more difficult as well. Housing prices are going to stabilize. So buying a house will now involve a difficult mortgage process, an over-priced home, and an enormous interest rate.
Yay Bush. Thanks for fucking up the economy and utterly screwing responsible people.
Fuck.