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.
posted by CMC @ 11:43 AM
3 comments
Shhh! Librarian-in-Training!
Refusing the urge to buy sensible shoes until my degree is complete.
Monday, April 03, 2006
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:
Schadenfreude!
Shades of Freud!
"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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