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Old November 30th, 2007, 11:50 PM   #8
Mr. Special Snowflake.
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Join Date: 11-05-05
Location: Inkster, MI
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Originally Posted by ScOoTeR View Post
Bruce, it already is my problem. My property value has decreased 15% in the last 3 years (based on what the condos in our neighborhood are seeling for).

the problem I see is this: People are in trouble, most because they were not smart enough to weed out the BS the lenders fed them, or gambled on property values going up so they took out "interest only" loans. If these morons are bailed out, they will have learned nothing, nor be held accountable for their stupidity.

I am trying to get my hands on some data so I can post it here; it shows the types of mortgages that are currently out there and projects what will happen in the next 10 or so years. Basically, the ARMs, ballons, interest-only and other BS loans will decline over the next 5 years, as the 15 and 30 years conventional will start to "take over" as the housing market recovers.
I guess I'm just more interested in maintaining what propery value I have left than in teaching morons a lesson.
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