TheRealMafoo said:
The ones that could. If you have an AMR on a house, and owe 200K on it, and the house is worth 180K (or less), you can't refinance. That's a very large category of home owners. Not to mention the people who can afford to make there payments, but find it better not to. If someone still has a job, a 400K house with close to no equity, can still make his payments just fine, but the house is now worth 200K, letting it go is like making 200K in cash. The question for people in that situation, is "is my credit rating worth 200K?". To a lot of people, the answer is no. |
But once again, do you think people don't know this already. People have been talking about this for almost a year and a half now once the housing market started going under. You guys are almost a year and a half behind on the news cycle.
Is this going to be a problem? Yes. But we already knew that. I mean what the hell do you guys think caused the sub-prime mortgage in the first place. It was sub-prime mortgages just like these adjustable rate mortgages. That's what a sub-prime mortgage is. I don't see how you can claim that these are somehow unrelated.
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson
