Option ARM is still going strong!
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This video is a response to How Millions of American Will Lose Their Homes
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remember when you needed 20% down on a loan? Ah, the good old days. this cheap money is the reason why home prices are so inflated, and why people are going to default when their loans reset, now that their home is worth 30-50% less than when they bought it. Hopefully, home prices will continue to fall, and people priced out of the market a couple of years ago will be able to buy homes. Cross your fingers they will be smarter when acquiring a loan.
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Awesome presentation! I notice the same things, mostly sidebars on webpages with some dancing avatar with exclamations on how to NO MONEY DOWN AND ZERO PERCENT INTEREST. To think that people are STILL agreeing to these loan terms is outrageous!
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Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it? DONT BUY REAL ESTATE BE SMART
lennyfest 4 years ago
Very good analogy - yes, it is foolish. If only people put as much effort into understanding a home loan versus buying a stock, buying a car, etc. - - - It's only the biggest investment of your life! LOL
armcrash 4 years ago
Two words: indentured servitude.
tyronebiggums3 4 years ago
Yea, it just amazes me that in all this talk about not doing risky mortgages...they continue to be sold all over the place. People will pay for this, one day. On the positive points of Bush's mortgage speech - he said that these people will be held accountable. God, save the Queen, lol.
armcrash 4 years ago