If you own a home....

I just don't have any sympathy for a lot of these people. I've always believed in a few basic rules for home purchases.

1. Get a fixed-rate.
2. Don't buy more than you need.
3. Don't miss a payment.
4. Put at least five percent down.

If you can't do many of these things (or for the dumbasses who bought a house and didn't do any of these), I'm sorry, but you're just not in a position to own a home. Keep renting.

 

Latrell Sprewell just choked a bitch.

 

My cynicism begins with the way ARMs were so heavily marketed to people who shouldn't have even qualified for a used car loan.

 

I'm with you Rosie. My home is everything to me.

 

I'm in agreement with everyone else so far.

- My bank is on the list and I could never miss a payment.
- Anyone that took out an ARM and is facing foreclosure I say tough luck to, you shouldn't be bailed out. You knew the rate could go up in the future, which means your payment goes up, if a "predatory lender" told you otherwise and you believed him then I have to ask how naive are you or how far up your ass is your head?
- Politicians say "people need protection from predatory lenders", I say "people need to learn some common sense"
- Any real estate broker that suggested a buyer take an ARM, without fully telling them the risks, or was ok selling someone a home he/she knew the buyer wouldn't be able to afford the increased payments on when the ARM adjusted should lose his/her license.

 

A longtime friend of mine who lives in a half-million home in the suburbs south of Nashville since 2004 also purchased:

A) an $800,000 condominium in Florida using a "zero-interest" loan, whatever that is and B) a two-unit rental duplex, also in the Nashville suburbs, with an ARM.

I've already been approached twice since '06 by he and his wife about buying part-ownership of the condo. And, of course, he lost his six-figure job in December despite being one of the company's top salesmen.

And I have no sympathy at all that they're in over the heads.

 

hahaha, play-by-the-rules SUCKAS!!

 

Predatory lenders are conmen who need to be locked up.

 

Especially if we're talking about the payday loan storefronts located in industrial areas or low-income neighborhoods.

And I'm the rest of you. I couldn't bear to miss a mortgage payment. Besides that, we're trying to pay off our mortgage early by getting ahead on payments and paying additional toward the principle.

 

I can't run from Countrywide. Two months after I refinanced, Countrywide snapped up my new lender.

 

While not ideal, ARMs have their place in the market. I know many financially responsible people who purchased their homes with five-year ARMs from reputable institutions as part of their initial financing before refinancing later on. It's how I got mine. In about 17 months, I'll have a two-year window to refinance without penalty, which I am already preparing to do. If rates continue to drop, I've been advised it might be worth paying the penalty and get the refinance out of the way.

 

Got news for you. Some of these "fuckwits" were given ARM loans because weeping nellies were crying about how poor people were being left out of home ownership. So they got ARMs, no money down, no closing costs and bingo, they're homeowners. Not that it's helping them now.