expects interest rates to rise and many lose homes

[Daniel__]

Bilderberg expects interest rates to rise and many Americans to lose their
homes in the months ahead. Meanwhile, they hope they can pressure President Bush to refrain from an all-out invasion of Iran while maintaining oil prices at their current record-high levels of about $70 a barrel.

http://www.americanfreepress.net/html/big_surprises_at_bilderberg.html


I believe if you read this whole article it will shed some truth on the super highway I have posted...

[elgallo114]

The reason some people might lose their homes is that they signed up for those loans that only make you pay 1% for the first couple of years, then go up to prime plus 2 or some crap like that. If you don't refinance before the end of the loan, you will be screwed. If your credit is not that good when you do refi, you will get a lousy rate and be screwed.

Most of the people who got these loans got them so they could afford the monthly payments on houses they could not really afford. Then with new rates much higher, they can't afford it.

Add to all this the fact that mortagage companies will now accept your payments being 50% of your income vs. the old 20%.

Sounds like these people had it comming. They should have really done their homework before buying too much house with a crappy loan. Sure, the real estate business should be more forthcomming, but come on, you don't spend that much money without knowing what your doing if your smart.

[Tazman]

Daniel did you or any one in their right mind think the interest rates were going to stay that low forever? Not if you are familiar with them.

Bilderberger = NWO

[Daniel__]

You don't think these people should be protected for wanting to be part of an american dream because of their low incomes and with inflation going on from the high cost of fuel????You think it's all right for these banks to do this to these peoples???They might be trailer trash or bums or idiots to you all, but they are still americans to me who just want a piece of america...Show some sympathy for these people or one of these days you might find yourself in the same boat..The Lord works in mysterious ways...

[Rem1100]

ORIGINAL: Daniel__

You don't think these people should be protected for wanting to be part of an american dream because of their low incomes and with inflation going on from the high cost of fuel????You think it's all right for these banks to do this to these peoples???They might be trailer trash or bums or idiots to you all, but they are still americans to me who just want a piece of america...Show some sympathy for these people or one of these days you might find yourself in the same boat..The Lord works in mysterious ways...

1st...it's mostly Mortgage companies,not Banks, that lend for homes...it's easier to get money thru a MC, ask any banker. My daughter works for a local bank, and their repop rate is nil. why? cause if the #s don't add up, you no get the loan..no fudging #s to get approved.That's a fact.
as for folks losing homes..that's sad indeed, regardless of income level or credit history. I think Americans have taken a too lax a stance on debt, and it's catching up.

[Charley]

You don't think these people should be protected for wanting to be part of an american dream because of their low incomes and with inflation going on from the high cost of fuel????You think it's all right for these banks to do this to these peoples???They might be trailer trash or bums or idiots to you all, but they are still americans to me who just want a piece of america...Show some sympathy for these people or one of these days you might find yourself in the same boat..The Lord works in mysterious ways...

Freedom includes being able to do stupid things. Buying a house you can't afford, just because you want a house, is stupid. Fuel prices are not as high now as they were in the 1980's, when you adjust for inflation. Nothing wrong with living in a trailer. Living stupid is something else entirely.

Those who don't bother to learn history are going to have to deal with it again. During the late 70's/early 80's, those same folks bought houses with ARMs. When interest rates kept climbing they lost houses by the thousands, all across the country. It was stupid then, and it is still stupid today.

[BenGarrett]

Daniel, this is no surprising news. A lot of people, myself included, were listening to analysts predict this very thing a couple of years ago and have just been waiting for it to happen.

Americans are very stupid. We think we have to live the luxurious life of the rich and famous, buying big cars, big boats and big homes, while in reality we should be sitting on the front porch of our modest three-bedroom with our RC Cola and Moon Pie. Today's American consumer tacks on every bit of debt that his income can support . . . and then adds a little bit.

Everyone should have seen this coming. If we knew how many people financed their home on a very-low adjustable rate mortgage, and especially those who are paying interest-only payments and not touching their principle, it would amaze us, I believe. And anyone doing either of those things are stupid. I feel bad for anyone who is going to lose their home, I really do. There's not a whole lot in this world that would be worse than losing your home.

But it's hard for me to feel too sorry, because like so many other Americans, I bought a home a couple of years ago to take advantage of the low interest rates. But instead of buying more home than I could afford and taking on an ARM, I settled for smaller home that I could afford with a fixed rate that was higher than the adjustable rates. It didn't take rocket science to know that was the correct route to take. Common sense should have told anyone buying a home over the last three or four years that with the interest rates as low as they were, they're going to go nowhere but UP. So if it's all you can do to afford your 4% interest rate now, what are you going to do in five years when it adjusts higher? The word "DUH" comes to mind. And those idiots who pay only their interest and don't touch the principle . . . Words fail me for those guys. If you can only afford the interest, you sure aren't in any financial position to try to purchase a home and when you lose it, frankly, you get what you deserve.

Mortgage companies are crooked, no doubt about it. But don't blame them for taking advantage of capitalism and stupid Americans. Stupid Americans with no financial smarts or the sense to inquire of an advisor are the ones to blame. Our debt problem in this nation is going to start catching up with us very quickly. The fact that a lot of folks are going to be losing their homes over the next few years is just a start.

[kevin1]

ORIGINAL: Daniel__

You don't think these people should be protected for wanting to be part of an american dream because of their low incomes and with inflation going on from the high cost of fuel????You think it's all right for these banks to do this to these peoples???They might be trailer trash or bums or idiots to you all, but they are still americans to me who just want a piece of america...Show some sympathy for these people or one of these days you might find yourself in the same boat..The Lord works in mysterious ways...

They made the rational choice of selecting an Adjustable Rate Mortgage betting that interest rates would stay low , which they never do for long . Nobody held a gun to their heads . My advice to those with an ARM is "Cowboy Up" , your train to Brokeback Mountain just pulled into the station . All aboard !

[Tazman]

Daniel in reality the folks most likely to lose thier homes are not going to be the poor, it will be the up and coming folks who got in over their heads, my wife and I took advantage of several refinances as the interest rates plummetted and the second the rates leveled of we refinanced to a fixed rate.

Call it hard hearted, but we (Tax payers) can not afford to bail out every person who gets in over thier head on a house. There were no scams, just bad decisions by folks who bought their houses via ARMs and the like.

[Deleted User]

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