Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: MJ who wrote (120722)	12/28/2011 3:03:02 PM
From: d[-_-]b	1 Recommendation Read Replies (1) of 224718

ARM rates have gone from about 6% to 3% since mid 2000's - they are not the cause of anything. hsh.com Interest only style loans and others may be more at issue - especially as the underlying value of the home went down and forced people under water. Even more critical was any loan that offered 100% or more of the home price - this spelled disaster as home prices dropped as they do from time to time. Having a minimum down payment of 10% or more is the protection banks used to require before the government got involved in backing loans via Fannie and Freddie. Having some of you own money invested (like a stock) forces you to take the long view and wait for prices to recover - if you get the house for free with a 100% mortgage and it goes down in value you can walk away with the help of government money. Many people took that gamble and we all lost in the process.

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