Posted By:
Fred CJoshua,
Most of us are all in that same boat when we look at inflation and our pay checks. I draw a salary each month and I know what my limits are. One thing I would like to make clear is that I'm not blaming people for being foreclosed on unless they didn't consider the rising cost of a variable rate mortgage and how it would impact their budget. For example, some people signed up for very low interest rate loans knowing that their monthlys would be going up. When you start out with an $1800/month mortgage and you know that the payment could increase to over $3K/month, then people had better plan to pay over $3K a month for that mortgage. If they couldn't afford it then they shouldn't have signed on to that loan. That's what I'm talking about. This is where most of the foreclosures are taking place.
If you've been offended, I apologize. Trust me when I say I'm in the same economic boat as most people. I am paid a salary (call it a fixed income) and I too am feeling the affects of the rising cost of goods. One thing I can say is that I would never sign up for a mortgage that I couldn't have afforded.
Back in the US, back in the US, back in the USSA...OUCH... the DJIA is below 8,000 now....