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 - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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