Its not a political thing.Theres plenty of blame to go around for both political parties,lenders,borrowers,mortgage brokers,etc.
I know a guy that makes $35,000 a year.With practically nothing down,he bought a $150,000 house with a ARM.Now that the payment has doubled he cant make the payment.Duh!
There were two fools here.The buyer for buying it and the lender for making the loan.Of course the lender sold it to Fannie Mae or Freddie Mac.They bought it without even looking it over and now they are stuck with it and millions of other worthless loans.Lots have just walked off and left homes they couldnt afford.Houses got way overvalued.
Not everyone deserves to own a home until they can afford it.If you make $50,000 a year,then a $150,000 home that you can put 20% down free and clear is the most that you can afford.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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