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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="tRidiot" data-source="post: 2771745" data-attributes="member: 9374"><p>Artificially keeping interest rates low helped fuel the sub-prime bubble, allowing people who shouldn't really qualify for home loans (in part by pressure from big gov't pushing the dream of home ownership for all) to get mortgages. My home mortgage payment has gone up almost 30% in the 6 years I've owned my home.. and that's with a fixed-rate... it's actually my homeowner's insurance that's driven the increase. But it illustrates the danger in pushing sub-prime mortgages and allowing people who are borderline or dangerous credit risks to become homeowners with no "cushion" in their monthly income to allow for changing interest or insurance rates.</p><p></p><p></p><p><edit> And my damn mortgage has sold three times to different companies. aside from the 2 or 3 times it sold in the first couple of months after we closed.</p></blockquote><p></p>
[QUOTE="tRidiot, post: 2771745, member: 9374"] Artificially keeping interest rates low helped fuel the sub-prime bubble, allowing people who shouldn't really qualify for home loans (in part by pressure from big gov't pushing the dream of home ownership for all) to get mortgages. My home mortgage payment has gone up almost 30% in the 6 years I've owned my home.. and that's with a fixed-rate... it's actually my homeowner's insurance that's driven the increase. But it illustrates the danger in pushing sub-prime mortgages and allowing people who are borderline or dangerous credit risks to become homeowners with no "cushion" in their monthly income to allow for changing interest or insurance rates. <edit> And my damn mortgage has sold three times to different companies. aside from the 2 or 3 times it sold in the first couple of months after we closed. [/QUOTE]
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