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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (215384)	8/12/2007 2:43:20 AM
From: John Carragher	Read Replies (2) \| Respond to of 794149

good morning steve. 50 year mortgages may bail them out. it will extend the payments and perhaps doubling up their cost to buy the home. It may keep them in the home. It was a democrat who was talking about it. Perhaps Schumer? i cannot give a compliment to a democrat. it was part of the mortgage problem discussing mortgages. Why not let go, it's sunday morning. Offer up your frustrations to a higher power and find peace.

To: Steve Lokness who wrote (215384)	8/12/2007 7:26:47 AM
From: JDN	Read Replies (1) \| Respond to of 794149

Reminds me of a FUNNY but TRUE story. Years ago when I was an auditor, there was a savings & loan that went belly up and we were sent in to clean up the mess. As I reviewed the loan porfolio I noticed a number of very long life mortgages advanced to very elderly people. I went out and interviewed some of them. First guy I talked to was in his 80's and had a 40 year mortgage. I said to him, "Sir, are you aware you are unlikely to be around to pay off this loan?" His reply was, "Yes, Son, but I CAN AFFORD THE PAYMENTS!! Turns out the loan officer at this Assn. would ask people two questions, how much do you want and what can you afford to pay? With that info, he made the loan the life needed to bring the payments to what the people could afford to pay. jdn