Quote:
Originally Posted by cardiacpaul
Let's look at a three-year ARM on a $200,000 mortgage. Taken out in 2003 at a rate of four percent, the monthly payment was $955. Now, the rate could jump as high as 7.6 percent, boosting the payment to $1,375, a 44 percent increase.
|
Stomp out my fire? Well let's see. The problem as I see it, is you just don't read what I type here. For example:
I posted that the Fed said we are in a down turn. I posted the article. But off course, you know more than they do. Brilliantly done, although without any facts at all.
I posted that the Dow would hit 12,000 some time ago. As you look at the numbers you must know nore than I do as you're doing the New Math?
I posted that workers earn less today than they did a year ago.... I posted the article written by the US Government's Bureau of Labor Statistics. In the past I've actually posted video lectures explaining how this is so. And I did it in this very same thread. Once again you have successfully debunked government information... although once again I don't recall seeing any of your facts.
I've posted the USA middle class is disappearing. All I recieved from you is a diatribe. No facts, but it's certainly been entertaining.
Lastly mortgages. Mortgages are certainly defaulting because of ARM resets. Unfortunately, these days as much of Alt-A paper is defaulting as subprime. You must have missed the memo. Actually, I can blame the news programs as this issue is technical and they aren't known for going into details. they just lump them all together.
You might be surprised to learn that record levels of
pure as the driven snow "A paper" loans are defaulting. I'm not surprised, but I know you will be. This is the reason Washington Mutual (a S/L) is about ready to bite the big one.
As for your really big point. Please get your calculator out and subtract the numbers for your worst case scenario you wrote above here. The difference is what? $420.00. This is your explanation? 1 million homes are being forclosed on because of 400 bucks a month? How silly is that? Why all good republicans just know they will do away with Social Security, right? All these good citizens are busily socking all their cash away every month in order to retire, right? 400 bucks is nothing. Petty cash....
If 400 bucks a month causes people to lose their homes what does that tell you about the average family's monthly income these days? From what you just typed we are in worse shape than I thought. It's Deplorable.The sky is in fact falling. Thank you as you just made my whole case.
And while we are on the topic of debunking, I am anxiously waiting your response.
One more thing. May I ask who 'we' is? My facts are solid and my 'fire' is burning strong... You may need the help.