Monday, April 03, 2006

And So It Begins...

We all knew it was coming, right?

Do I feel bad for them? A little...losing your home sucks.

But really. Most of those ARMs were too good to be true.

3 Comments:

At 9:29 AM, Blogger Sevrenn said...

Schadenfreude!

 
At 10:45 AM, Blogger C.Forn. said...

Shades of Freud!

 
At 11:10 AM, Blogger C.Forn. said...

"Most of those ARMs are too good to be true."

You said it! Operative word: "Adjustable".
And when it starts "adjusting" look out! As this couple is (sadly) finding out.
I have been predicting this for 3 years, and I am sorry to be borne out by events.

We're going to see a WHOLE LOT MORE stories like this in the next few years. Nearly all of those "5 year interest only" mortgages become 25-30 year ARMs at the end of the interest only period. And a lot of people have them.
Talk about predatory lending.

Oh, I know. Caveat emptor. But lets face it - all emptors are not created equal.
And taking advantage of someone's ignorance, in a way that is almost certain to harm them, is wrong. Skinning someone for $20.00 for a Girls Gone Wild DVD is one thing.
(er..Not that I would know...ahem) Setting someone up to potentially be homeless (with a foreclosure and/or a bankruptcy to boot) is something else entirely.
IM(not so)HO

 

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