The 60 minutes show last night had a show about 2 other kinds of mortgages that are not the sub prime mortgages we are currently dealing with in the bailout. Those 2 other kinds of mortgages are about to bring on another wave.
It said they lured borrowers in with low initial interest rates - so-called teaser rates - sometimes as low as "one percent". But after two, three or five years those rates "reset." They go up. And so does the monthly payment. A mortgage of $800 dollars a month could easily jump to $1,500.
Read how this will cause what the sub primes are causing, it is worth your time to read it so you can protect yourself
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml
1|1|Thanks for the info....some people are looking to refinance with the prime rate dropping lately, good to know what to avoid! |saint6811|waylan@comcast.net|16:50:30|12/15/2008|
"Middle age is when you choose your cereal for the fiber, not the toy." 2|1|Yikes, where are all those families and individuals who are losing their homes able to go??|missy|lovetotrade@hotmail.com|19:57:02|12/15/2008|
I just can't imagine! Their credit ratings must be terrible if they have been in default (often through no fault of their own), and so, I imagine that they cannot buy another home even at the new much more reasonable prices. Can they even qualify for a lease (rental)?? And the number of unemployed is just heart-breaking. What is happening to those people too?? I think we had all better PRAY for EVERYONE who is in any way effected by all this financial chaos.
Kathryn 3|1|Thank you for this extremely important information.|Arizona|vbj48@cox.net|11:32:08|12/16/2008|
V 4|1|I am so FORTUNATE, we had gotten one of those loans, as a second mortgage. But, when financial disaster first struck us with my husbands disability, my brother, had sttled a law suit, not for a lot of money, but enough to pay off our second mortgage for us(whem my parents pass, he is ;getting the money back through the will). I am so lucky, he was able to do that. I couldn't imagine. We are barely able to pay our first mortgage now, every month. But we manage. Thank God. Donna|dlpavitt|dlpavitt@att.net|11:38:37|12/16/2008|
ALways looking for:
fancy feast UPC's(paying .05 each)
daisy sourcream .60/1, or .50/1
McDonald's Big mac Bogo's, or Free's
utz chips, any
viva papertowels, .75/1 after 10/11
cottonelle, 1.00/1 or .50/1
cottonelle wipes 1.00/1 or better
coolwhip, any
gatorade g2
coupons good on ANY coke product
sprite coupons
mystic pizza coupons
arm and hammer detergent off 1
NBPN rebates good in Ct
Pull up's coupons( home mailer's only
WINE TAG's bread, beef, poultry,cheese, deli items
Unused Stamps(small denomination's okay)
Well concealed cash
Free's(that I need)
BOGO's(that I need)
bigelow tea, any
pphf, existing funds please
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Try to get all trades out with in 12 hours of confirmation. If you do not have a board name, and feedback, I will mail my end, only after I receive your end. Happy trading. Thanks for looking, Donna