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Author: PaulPaul Date: Sep 19, 2008 09:41
I'm not trying to blame the consumer. A lot of people were taken
advantage of when buying homes and all that.
My wife and I bought our first home in November at a Fixed rate. We're
not financial geniuses, but we know enough not to get into something
that doesn't make sense.
But apparently a LOT of people bought homes with adjustable rate
mortgages. I mean, when I was in my early twenties, one of the first
things I was taught was you NEVER buy adjustable rate. It's the worst
thing you could do was all I ever heard.
I know there's a lot of shady dealings on wall street, and while they
take 99%% of the blame, along with government not regulating, i would
think 1%% belongs to the stupid people that bought those 1500 sq ft new
construction homes or adjustable rate mortgages.
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Author: tata Date: Sep 19, 2008 10:27
On Sep 19, 12:41Â pm, Paul gmail.com> wrote:> I'm not trying to blame the consumer. A lot of people were taken
> advantage of when buying homes and all that.
>
> My wife and I bought our first home in November at a Fixed rate. We're
> not financial geniuses, but we know enough not to get into something
> that doesn't make sense.
>
> But apparently a LOT of people bought homes with adjustable rate
> mortgages. I mean, when I was in my early twenties, one of the first
> things I was taught was you NEVER buy adjustable rate. It's the worst
> thing you could do was all I ever heard.
Nonsense. Adjustable rates are perfectly legitimate under the right
circumstances. When I first bought my house, I used an adjustable
right and saved thousands of dollars. I even re-financed to get a
lower adjustable rate and saved thousands more.
When I realized I was going to be here longer than I had originally
planned, I locked into a fixed rate.
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Author: ShrikebackShrikeback Date: Sep 19, 2008 10:48
On Sep 19, 10:27Â am, ta nc.rr.com> wrote:> On Sep 19, 12:41Â pm, Paul gmail.com> wrote:
>>> I'm not trying to blame the consumer. A lot of people were taken
>> advantage of when buying homes and all that.
>
>> My wife and I bought our first home in November at a Fixed rate. We're
>> not financial geniuses, but we know enough not to get into something
>> that doesn't make sense.
>
>> But apparently a LOT of people bought homes with adjustable rate
>> mortgages. I mean, when I was in my early twenties, one of the first
>> things I was taught was you NEVER buy adjustable rate. It's the worst
>> thing you could do was all I ever heard.
>
> Nonsense. Adjustable rates are perfectly legitimate under the right
> circumstances. When I first bought my house, I used an adjustable
> right and saved thousands of dollars. I even re-financed to get a
> lower adjustable rate and saved thousands more.
> ...
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Author: tata Date: Sep 19, 2008 11:18
On Sep 19, 1:48Â pm, Shrikeb...@ gmail.com wrote: > On Sep 19, 10:27Â am, ta nc.rr.com> wrote:
>
>
>>> On Sep 19, 12:41Â pm, Paul gmail.com> wrote:>
>>> I'm not trying to blame the consumer. A lot of people were taken
>>> advantage of when buying homes and all that.
>
>>> My wife and I bought our first home in November at a Fixed rate. We're
>>> not financial geniuses, but we know enough not to get into something
>>> that doesn't make sense.
>
>>> But apparently a LOT of people bought homes with adjustable rate
>>> mortgages. I mean, when I was in my early twenties, one of the first
>>> things I was taught was you NEVER buy adjustable rate. It's the worst
>>> thing you could do was all I ever heard.
>
>> Nonsense. Adjustable rates are perfectly legitimate under the right ...
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Author: EdEd Date: Sep 19, 2008 18:13
On Sep 19, 12:41Â pm, Paul gmail.com> wrote:> I'm not trying to blame the consumer. A lot of people were taken
> advantage of when buying homes and all that.
>
> My wife and I bought our first home in November at a Fixed rate. We're
> not financial geniuses, but we know enough not to get into something
> that doesn't make sense.
>
> But apparently a LOT of people bought homes with adjustable rate
> mortgages. I mean, when I was in my early twenties, one of the first
> things I was taught was you NEVER buy adjustable rate. It's the worst
> thing you could do was all I ever heard.
>
> I know there's a lot of shady dealings on wall street, and while they
> take 99%% of the blame, along with government not regulating, i would
> think 1%% belongs to the stupid people that bought those 1500...
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Author: SeanSean Date: Sep 19, 2008 22:25
> I'm not trying to blame the consumer. A lot of people were taken
> advantage of when buying homes and all that.
>
> My wife and I bought our first home in November at a Fixed rate. We're
> not financial geniuses, but we know enough not to get into something
> that doesn't make sense.
>
> But apparently a LOT of people bought homes with adjustable rate
> mortgages. I mean, when I was in my early twenties, one of the first
> things I was taught was you NEVER buy adjustable rate. It's the worst
> thing you could do was all I ever heard.
>
> I know there's a lot of shady dealings on wall street, and while they
> take 99%% of the blame, along with government not regulating, i would...
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Author: SeanSean Date: Sep 19, 2008 22:32
"Ed" earthlink.net> wrote in message
news:2d5ce8d6-4e9d-4b3d-a22f-5bd8703830b1@f36g2000hsa.googlegroups.com...
On Sep 19, 12:41 pm, Paul gmail.com> wrote:> I'm not trying to blame the consumer. A lot of people were taken
> advantage of when buying homes and all that.
>
> My wife and I bought our first home in November at a Fixed rate. We're
> not financial geniuses, but we know enough not to get into something
> that doesn't make sense.
>
> But apparently a LOT of people bought homes with adjustable rate
> mortgages. I mean, when I was in my early twenties, one of the first
> things I was taught was you NEVER buy adjustable rate. It's the worst
> thing you could do was all I ever heard.
>
> I know there's a lot of shady dealings on wall street, and while they
> take 99%%...
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Author: ZerkonXZerkonX Date: Sep 20, 2008 05:36
On Fri, 19 Sep 2008 09:41:15 -0700, Paul wrote:
> I know there's a lot of shady dealings on wall street, and while they
> take 99%% of the blame, along with government not regulating, i would
> think 1%% belongs to the stupid people that bought those 1500 sq ft new
> construction homes or adjustable rate mortgages.
I need to talk this out a little for my own sake so thanks.
The banking industry is now and always has been given a special status in
society. The main function it serves is to give assurance of economic
stability and security. Everything after this, loans, interest rates,
etc.. is secondary. It is a matter of mind even above physical money
itself.
This isn't just la la talk. The 'Great Depression' came about largely
because of a lack of faith in the banks. No wonder a bank is or was
almost as hushed as a church.
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