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Politics : MITT ROMNEY -- Ignore unavailable to you. Want to Upgrade?

To: Shoot1st who wrote (1813)	2/14/2008 4:03:47 PM
From: Oral Roberts	Read Replies (1) \| Respond to of 5586

They lost it because they bought it with no money down and had interest only payments for 3 years. At the end of the 3 years which was last spring they would refinance and lock in a wonderful rate as they would now have the needed 20% equity due to the raging market. Well they not only didn't have 20% they probably were negative so they switched to phase 2 of their interest only loan which was like a 12% mortgage with 15 year payback and their payments jumped like 1200 a month. All in all my thought on the story was how can anybody be so financially illiterate to have bought into that program and what lender of any repute gets involved in that shell game. It was Countrywide by the way.