There were a lot of people who were sold variable rates to get them into a house they couldn't afford. In 5 years, their salary would be way higher and of course interest rates would remain low.
The sub-prime mortgage brokers were morally equivalent to drug dealers. ************************************************* Barack Obama is not My President http://www.cafepress.com/rightwingmike --- On Thu, 12/4/08, Stephen Russell <[EMAIL PROTECTED]> wrote: > From: Stephen Russell <[EMAIL PROTECTED]> > Subject: Re: [OT] How to determine if a market has hit THE bottom. > To: "ProFox Email List" <[email protected]> > Date: Thursday, December 4, 2008, 9:14 AM > On Wed, Dec 3, 2008 at 9:42 PM, Michael Madigan > <[EMAIL PROTECTED]> wrote: > > Only an idiot would get a variable-rate loan. > > > > ************************************************* > > They were in fashion when your house was a short term 4 > year > investment. You expected to move upwards in the 4th year > so you > didn't care that the rate was going to change. > > This is the root of the greed in real estate values > problem. You were > sold an investment plan and many people followed it. TV > stations on > cable took up the cause and showed people how easy it was > to make > money on "flip that house" > > It is not that these people were stupid, they had no intent > to stay > put when they signed on the line the first or second time. > > > _______________________________________________ > Post Messages to: [email protected] > Subscription Maintenance: > http://leafe.com/mailman/listinfo/profox > OT-free version of this list: > http://leafe.com/mailman/listinfo/profoxtech > Searchable Archive: http://leafe.com/archives/search/profox > This message: > http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] > ** All postings, unless explicitly stated otherwise, are > the opinions of the author, and do not constitute legal or > medical advice. This statement is added to the messages for > those lawyers who are too stupid to see the obvious. _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
