“None is so blind as he who will not see.”
I'm sorry but mortgages are getting scary. Interest only loans are accounting for a disproportionate amount of the new mortgages sold. I just picture yuppies buying a house with an interest only mortgage to keep up with the Jones', and after 3 years finding themselves upside down in their mortgage.
I feel like there is going to be a rise in bankruptcy as a result of super-size house with no equity built up. And the pessimist in me doubts their repercussions will be severe.
I liken it to a yuppie version of "payday loans." The new millenniums version of a loan-shark.
I feel like there is going to be a rise in bankruptcy as a result of super-size house with no equity built up. And the pessimist in me doubts their repercussions will be severe.
I liken it to a yuppie version of "payday loans." The new millenniums version of a loan-shark.
posted by UberDILF @ 8:51 AM
7 Comments:
At 2:53 PM,
Ubermilf said…
Oh, by the way, I refinanced the house. The man said we could cut our payment in half! So I took him up on it.
By the way, don't get too attached to the Ubergirls. We may be giving them to the bank in a few years.
At 1:36 PM,
Fella said…
You can get a pretty good return on a young healthy child... I've, uh, heard.
At 2:58 PM,
Girl With An Alibi said…
I know, I know... we've got one of these blood suckers. Had it for 7 months now. & we are refi-ing to get a fixed before our butts get smoked in 2 1/2 years.
At 8:25 AM,
UberDILF said…
CBT, I somehow doubt the republi... I mean yuppies will actually be held accountable for doing their patriotic duty by over-extending themselves. I foresee subsidies for Ford Excursions, you know to keep the economy afloat.
GWAA - That's the scary part. People are going to be shocked when that loan shifts out of the preliminary phase. At least you are smart enough to cope with it now.
At 8:53 AM,
Scarlet Hip said…
By the way, one of the main factors that caused the Great Depression was interest-only loans.
At 9:07 AM,
UberDILF said…
This is why I need to read more history. Actually this is why I need more free time, so I can read more.
Thanks Brooke.
At 6:56 PM,
gbowles said…
I thought it was weird that once Bush took office the advertising for the mortgage and loans sector went up 1000%
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