Re: Honey, I Blew Up the Mortgage!
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Posted by Paul Hovnanian P.E. on July 14, 2008, 1:40 pm
Please log in for more thread options > >mpm wrote:
> >>
> >> Is anybody else angry that the government seems poised to bail out > >> homeowners who made BAD financial decisions? > >
> >Define 'bad financial decisions'. Some people got talked into big ARMs > >with low teaser rates with no explanation of what they'd have to pay > >after the first adjustment. The brokers faked the paperwork to make them > >qualify without adequate income. > > > >These people I don't mind helping. >
> I most certainly do mind, they participated in the fraud. Destroy > the brokers first. Perhaps not willingly. There are quite a few people out there who do not understand the mechanics of ARMs. Keep in mind that this newsgroup and probably many of your acquaintances represent societies 'intellectual elite'. Scary, isn't it? Many years ago, the gov't passed laws requiring mortgage brokers to divulge simple interest rates in a standard way, since most people didn't understand the subtleties of the periodic calculations. Perhaps the brokers need to hand prospective customers a chart with both the teaser interest/monthly payment plus a range of possible payments for probable future values of the ARM's underlying index. -- Paul Hovnanian paul@hovnanian.com ----------------------------------------------------------------------- Have gnu, will travel. | ||||||||||
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> On Sun, 13 Jul 2008 18:39:56 -0700, "Paul Hovnanian P.E."
>