An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low int

An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low introductory interest rates to higher rates that in some cases will double or even triple the monthly payment. Its called predatory lending. Thats our money that they loan out after we deposit our paychecks, Its regulated by us, but its regulated in favor of profits for the banking industry. Cant one of us go pay off some senators?An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low int
I don't get why they call it predatory lending...they should call it retarded borrowing! I guess it's a little of both. When we were presented with the option of an ARM I told the guy who offered it OFF. I was pissed that he even mentioned it. It seems I was the cheese that stood alone. Now look at the mess.An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low int
Sometimes an ARM mortgage is right for a buyer, sometimes it is wrong. It is only when the mortgage is applied poorly and with bad advice for the sake of profit, is it predatory.





It is not your deposit money, mortgage money comes from specific mortgage bonds that investors buy, not checking and savings accounts.





The borrower has responsibility too, not just the mortgage person. Why would anyone get mad about a professional offering choices to a consumer? Look, if you are only going to be in your home for two years, why pay a higher rate for those two years with a fixed rate loan? Some buyers are actually saavy, and smart - not all borrowers are dumb, and we should quit calling them dumb by placing all of the blame on all of the lenders.





Mortgages don't kill people, the misuse of them does. There is not bad mortgage programs, there is just bad application of mortgage programs at the fault of lenders and/or borrowers
Some it is predatory lending and some of it is greedy and stupid people for buying homes that they couldnt afford and thought the real estate market would do nothing but go up......


Market corrections happen. Welcome to the marketplace