I want to open up some discussion here. You see, I have reason to believe that the current mortgage crisis was either intentionally planned or a colossal mistake the likes of the stock market crash. Allow me to elaborate:
Years back, a new and wonderful thing came about in the world of mortgages, the “refi”, which we have come to know as the refinance. For those of you out there familiar with this, people where allowed to refinance into adjustable rate mortgages and get cash out against equity. This program was signed off on by the powers that be that oversee the mortgage and banking industry, a key player is the Federal Reserve Board (to be referred to as FRB forward)
Knowing full well that the FRB was going to tinker with the rates down the road, they locked an unsuspecting public into mortgages that not only extended the amount of time they are paying for it, but ultimately added on thousands and thousands of additional interest, some of these folks have had adjusted interest to the point that they loose the house to foreclosure.
The increase in base gas prices has driven the cost of everything up, allowing less spend able income to through at interest.
The bottom line is who is this effecting? FAMILIES who are working themselves to the bone and loosing their homes, which is only going to mean more troubles later as they go into later life with no equity, forced to rely on a social security system that is far from adequate and less than appropriate.
What I am getting to, is these couple of points here and there the FRB threw at the public knowing darn good and well that the 5 year readjustment period for the refinancing mortgages coming up was, well, dare I say it would have taken forethought, and therefore malice against the poor, to intentionally put huge amounts of property back on the market for far less than inflated values, only to get them financed with some other person, just compounding the interest that is being made from the suffering of the hard working Americans.
THANKS CONGRESS FOR NOT CARING!!! Congress is so wrapped up in foreign affairs (which is the presidents job) that they are completely ignoring a domestic crisis. Too busy running for office I imagine…
Personally, I think interest should be made illegal, and that would be the end of it.
What do you think?
Open Question: Need Advice, how many people pay 2 car payments??
I have a car payment of 347 on a 2007 Mazda 6, but will refinance for 300 a month real soon.
My other car is a 95 Ford Taurus., with no car payment.
I live in colorado and having a 4x4 SUV is very smart so is it safe to add another car payment to get an SUV.
I make about 3000 a month. with no credit card debt.
Please list how much you pay per month if you have two car payments?
I need to cars cause im married, but
3000 a month after taxes
I pay 550 for rent
Im not sure how you could get a decent SUV for 3000, and saving up to pay a car in full is not feasible for me. It would take two or three years.
Just wanted to note that I am refinancing to get a lower interest rate.
8.99% to 6.5%