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Politics : Formerly About Advanced Micro Devices

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To: Elroy who wrote (364498)	12/28/2007 2:01:34 AM
From: tejek	Read Replies (1) of 1576398

I wanted to post a story I learned of tonite on one of the local news. This family bought a house in Tacoma. It was a fixer and the husband was going to fix it up while they lived there and then sell it. He bought it with a subprime note. The initial interest rate was 6.5% for three years before resetting to a higher rate. He didn't understand the mechanics behind the resetting but figured his rate would not go up by much more more that a percent or percent and half. He started working on the house when he wasn't working on his job. Unfortunately, he had joined the national guard earlier to make some extra money for his family and he then got called up to go to Iraq. He's ended up doing two tours there. By the time the second tour ended the three years were up. When the loan reset, it went up 3%, not 1.5% as he expected. The monthly payments are huge. In the meantime his son was diagnosed with cystic fibrosis three months ago. He's the only one in the family with health insurance......through the guard. His wife is now pregnant with their second child. A horrific story.....one in which at certain places you could say to the guy what the hell were you thinking. However, you can't fault him for wanting to share in the American dream......he just didn't realize how much everything was stacked against him. So....what happens now? He's trying to the sell the house but the market has gone soft here in the last couple of months. Meanwhile he's in foreclosure.....all their savings are gone. Do we let them become homeless? There are too many stories like this one....and even worse ones.......in a country that is supposed to be one of the wealthiest on the planet. We have way too many people living on the edge or who have fallen over the edge. Its not good.

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