Terrible Feature Of The Housing Bubble Makes A Comeback..
Posted in the Banking Forum
#1 Mar 18, 2014
Read this: If you missed out on the housing bubble and the chance to gamble away your financial future, fear not: Banks are giving you a chance to get in on that kind of money-destroying action again.
Remember adjustable-rate mortgages, which helped pump up the U.S. housing bubble that led to the financial crisis? Well, those things are back, The Wall Street Journal reported on Monday.
To help juice their profits, banks have recently been writing many more ARMs and their slightly more-evil cousins, interest-only ARMS -- which allow borrowers to pay only interest for a certain period, leading to more debt and higher payments in the future -- according to the WSJ.
Let me also add one more: The number of residents able to buy some finer and more upscale houses is going down...In my neighborhood, far away from the ghettos of Buffalo, NY (about 16 miles east), I noticed quite a few beautiful homes at the price range of $ 750 k -$ 1 m have been listed for a year to two years w/o a buyer...
At end, a number of them were foreclosed and sold at a fraction of the listed price...A Shame, Shame and Shame!!!
The economic trending and the younger generations are not ready to fulfill their destiny...The Income Equality will bring every one down to the level few
can enjoy a better life!!! The poor finally overwhelm the world!!!
#2 Mar 18, 2014
In more than one occasions, I expressed sorrow and sadness to see Politicians in this land leading the charge to save the poor!!
The reality: Fewer and Fewer Good Jobs are available...The reason for the declining Official Jobless Rate is due more to the drop off of Job Seekers...
To reign in the Food Stamps and To ramp up the Real Education Standards not just to let all pass will help in the long run!!!
Also, the change of Belief in this land is deemed vital to the future prosperity!!!
Tattoos, Muscles and all those weird ideas plus a special preference to have mixed races in a crowd all have to go!
Let the Mind rule over Body...
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