Topic: Loans With Quick Sign - Housing crisis another sign we need an economic miracle - Cheboygan Daily Tribune (subscription)
The adjustable rate mortgages that made the American dream available to people who should have kept dreaming - and saving - for a house have adjusted upwards, and people are losing their homes to foreclosure left and right. Now I could go into the process of natural selection and chastise people for getting themselves into a situation where they knew they couldn't afford to buy a house, or they convinced themselves that they would be able to make increasingly higher mortgage payments - but I won't. I made many stupid financial errors earlier in my life, so when we started to seek a loan for our dream house here in Cheboygan, there were problems. The plan will allow the FHA to back an additional $300 billion in new mortgages so homeowners who can't afford their payments and would normally be considered too financially risky to qualify could refinance into more affordable, fixed-rate loans. As long as the stock market keeps plummeting, energy prices keep soaring (winter heating bill are going to blow our minds) and the dollar keeps getting weaker, that miracle is an American dream all its own. Learn more
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