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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (423668)10/8/2008 9:48:23 AM
From: combjelly  Read Replies (1) of 1573216
 
"My WAG (I don't know) is that 90% of the bad mortgages went to white folk."

It may not be that high. But it likely is well above 50%. The houses most likely to suffer a decline in value over the past year or two is the multi-hundred thousand dollar homes and above in nice areas. Per usual, many owners stretched themselves to the limit with the hope that the value of the house would appreciate and their incomes would go up to fill the gap. That always happens at the peak. However, what makes it worse this time is the high percentage of zero down ARMs. Zero down is a problem because the house doesn't need to lose much value for the mortgage to be underwater. ARMs are what started the whole mess when they started to adjust upward last year.

I never liked ARMs. Gambling that interest rates would stay low and never go up for 20 to 35 years is a fools game.
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