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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: MJ who wrote (137584)7/10/2012 4:24:44 PM
From: sm1th2 Recommendations  Read Replies (1) of 224750
 
The adjustable rate mortgages were a real scam imo.


Nobody was forced to take an adjustable rate mortgage, and if they have sufficient income they can refinance any time they want. If they don't have enough income, then a fixed rate mortgage will not help. No legal changes are necessary. What is necessary is to shut down freddie, fannie and the FHA. Govt guarantees of low quality mortgages is the real cause of the problem, and as long as politicians think there are votes to be had by increasing home ownership, it will not end.
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