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The Water Cooler
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I thought it was Bush's fault??
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<blockquote data-quote="dennishoddy" data-source="post: 2771647" data-attributes="member: 5412"><p>I'm only wondering how low mortgage interest rates contributed to anything? I'm not a financial guy, just a person that lives debt free and has for many years. </p><p></p><p>With perfect credit, my first home was purchased at 18.5% interest rate. With the interest payments running way ahead of the principal payments, one could barely afford to own much more than a hovel when starting out in the civilian job market. By making a double payment, one on the principal and the other on the principle and interest, I got it down pretty quick.</p><p><a href="http://www.bankrate.com/finance/mortgages/history-of-mortgage-interest-rates.aspx" target="_blank">http://www.bankrate.com/finance/mortgages/history-of-mortgage-interest-rates.aspx</a></p><p></p><p>With 15 year notes now running in the 2.75% range, how is that a bad thing? How does making housing affordable a bad thing? </p><p></p><p>It seems to me the bubble was caused by predatory lending practices that put people into homes they couldn't afford. Banks and the Government oversight agencies should have reined that in, but didn't.</p><p>If I remember right, they were the actual people causing the whole bubble?</p></blockquote><p></p>
[QUOTE="dennishoddy, post: 2771647, member: 5412"] I'm only wondering how low mortgage interest rates contributed to anything? I'm not a financial guy, just a person that lives debt free and has for many years. With perfect credit, my first home was purchased at 18.5% interest rate. With the interest payments running way ahead of the principal payments, one could barely afford to own much more than a hovel when starting out in the civilian job market. By making a double payment, one on the principal and the other on the principle and interest, I got it down pretty quick. [url]http://www.bankrate.com/finance/mortgages/history-of-mortgage-interest-rates.aspx[/url] With 15 year notes now running in the 2.75% range, how is that a bad thing? How does making housing affordable a bad thing? It seems to me the bubble was caused by predatory lending practices that put people into homes they couldn't afford. Banks and the Government oversight agencies should have reined that in, but didn't. If I remember right, they were the actual people causing the whole bubble? [/QUOTE]
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