Well, a 30 year fixed interest rate loan is for all intents and purposes an interest-only loan if you sell in the first ten years. If someone is under water on the mortgage, it's not just because they took out a balloon mortgage. The property value has to have fallen. After all, if you borrow 90 percent on a 100,000 house, even if you don't pay any principle you still have 10 percent equity IF the value hasn't dropped.
Actually, where most folks got into trouble was with VARIABLE-RATE mortgages. They got sucked in by "teaser" rates, only to find they couldn't afford the real interest rate. Lots of people went underwater on their mortgages, but the ones who had fixed interest rate mortgages just rode it out.
Of course, the dumbest thing anyone came up with during the bubble was the "negative amortization" mortgage. I have no sympathy for those who took out these loans, and even less sympathy for the banks who issued them.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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