Will Moderate For Cigars
Date registered: Apr 2005
Vehicle: 2002 ML320, 2005 S430 4MATIC, 2010 F150 Crew Cab
Location: City on the TN River
Mentioned: 3 Post(s)
Quoted: 200 Post(s)
Gosh-darned stock market keeps going down!
Mortgage default rate in our state has reached 7.3% and forclosures are approaching record numbers, none of any like since the early '80's. Why??
I said 5 years ago, banks offering bad financial products such as 5 years fixed with variable APR's and baloons were a recipe for disaster. That, coupled with 100% and even 110% home financing plans have added to this house of falling cards. Let's not forget the lousy interest only loans that also mature in 5 years, which is what's happening now. No one can afford to refinance due to higher interest rates.
Why don't people realize that, just because a bank offers a mortgage product, it doesn't mean that it's a good product? Who is to blame for the failing mortgages and forclosures? Did the Feds raise interest rates too fast? I think so. Are people money stupid? That too.
I just hope this market slide ends real soon.
2005 S430 4Matic 'Morton' W220.183 • 722.671 Rest in Peace
Bells and whistles are thorns and thistles.