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madaboutharry Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-03-06 02:03 PM
Response to Original message
10. Paul Krugman wrote a NYT piece
a couple of years ago telling everyone to lock in, that they were going to get sucker punched with these ARMS. I can't understand why people feel for adjustable rate mortgages in the first place. It always struck me as a scam, or at the very least a big gamble.
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  -Some homeowners struggle to keep up with adjustable rates (mortgages) RamboLiberal  Apr-03-06 01:17 PM   #0 
  - it sure ain't easy  mdmc   Apr-03-06 01:18 PM   #1 
  - Simple rule when buying a house:  MercutioATC   Apr-03-06 01:21 PM   #2 
  - I'm at a loss on this story  BOSSHOG   Apr-03-06 01:24 PM   #3 
  - A lot of people have taken equity out  Juniperx   Apr-03-06 01:30 PM   #5 
  - I know MANY people that have taken their equity out..  converted_democrat   Apr-03-06 06:04 PM   #27 
  - I do..  sendero   Apr-04-06 11:49 AM   #52 
  - That's just it... some people have eyes bigger than their wallets  barb162   Apr-05-06 12:50 AM   #70 
  - We've had to take equity out to pay for our daughter's college education.  phylny   Apr-05-06 05:24 AM   #82 
  - They had to... to pay off bills according to the story  barb162   Apr-05-06 12:42 AM   #69 
  - hey took the mortgage out on their house two years ago, for  Dhalgren   Apr-03-06 01:45 PM   #8 
  - Modern loansd are MAGIC.. they turn houses into ATMs  SoCalDem   Apr-03-06 08:13 PM   #29 
     - Good for you!  MercutioATC   Apr-04-06 02:02 AM   #36 
     - The surprise of the lenders in your case tells me that the  barb162   Apr-05-06 12:53 AM   #71 
  - I totally agree  Juniperx   Apr-03-06 01:28 PM   #4 
  - And those you refer to  BOSSHOG   Apr-03-06 01:36 PM   #6 
  - Agreed. Caveat emptor.  Roland99   Apr-03-06 02:14 PM   #12 
  - 5.5%, 30-year fixed...  LostinVA   Apr-03-06 05:49 PM   #24 
     - 5.2% 30 year fixed...  Lenore   Apr-03-06 08:17 PM   #30 
     - 5.87 30 year fixed.  Karenca   Apr-03-06 08:54 PM   #31 
     - 5.0% 30 yr Fixed! nt  VegasWolf   Apr-04-06 10:35 AM   #48 
     - 5% 15-year fixed here...  MercutioATC   Apr-04-06 01:56 AM   #33 
     - Exactly -- I qualified for more house, but I got the house I needed  LostinVA   Apr-04-06 10:24 AM   #45 
     - 4.125% 15 year fixed.  LeftHander   Apr-05-06 11:06 AM   #91 
  - This is the trap Bush has set for Americans to get their homes  lovuian   Apr-03-06 01:39 PM   #7 
  - This isn't Bush's fault, it's simple economics.  MercutioATC   Apr-04-06 02:00 AM   #35 
  - But the economy is in great shape. I'm sure these two 72&78 yr olds  FloridaPat   Apr-03-06 01:51 PM   #9 
  - New cars? helping the kids? I wisah the story would have  barb162   Apr-05-06 12:57 AM   #72 
  - Paul Krugman wrote a NYT piece  madaboutharry   Apr-03-06 02:03 PM   #10 
  - The problem is for these folks in trouble  BlueManDude   Apr-03-06 03:51 PM   #17 
  - I remember when I was looking at condos  CAcyclist   Apr-03-06 05:07 PM   #21 
  - I think it's an issue of buyer awareness.  MercutioATC   Apr-04-06 02:12 AM   #37 
  - She WAS ostensibly my buyer's agent  CAcyclist   Apr-04-06 03:20 PM   #62 
  - It's not their responsibility to make financial decisions for you.  MercutioATC   Apr-04-06 10:56 PM   #65 
  - Well said, but people don't seem to be taking responsibility  barb162   Apr-05-06 01:02 AM   #74 
     - and a lot of people get hit  superconnected   Apr-05-06 05:19 PM   #95 
  - For the record...I think you made the right choice.  BlueIris   Apr-05-06 06:06 AM   #85 
  - Yes, he gave good advice. People look for those low initial  barb162   Apr-05-06 12:58 AM   #73 
  - My sister & her husband refinance every couple of years  CrispyQGirl   Apr-03-06 02:03 PM   #11 
  - And when people are finally forced to live within their means...  Juniperx   Apr-03-06 02:32 PM   #13 
  - May I suggest you read _nickel and dimed._  superconnected   Apr-03-06 03:57 PM   #18 
  - I've lived it;)  Juniperx   Apr-03-06 05:57 PM   #26 
  - Seconded!  Ignis   Apr-04-06 12:07 PM   #53 
  - That reminds me of a good book I read  CAcyclist   Apr-03-06 05:36 PM   #22 
     - The Tightwad Gazette by Amy Dacyczn  missb   Apr-03-06 05:46 PM   #23 
        - Thanks!  CAcyclist   Apr-04-06 03:12 PM   #61 
  - And when they end up owing more on the house  Demobrat   Apr-03-06 03:48 PM   #16 
  - Your sister sounds like my sister-in-law. Spend, Spend!  barb162   Apr-05-06 01:04 AM   #75 
  - In 2005 50% of mortages were ARMS! What a diaster!  Joanne98   Apr-03-06 03:36 PM   #14 
  - A lot of people are too young to remember the last cycle  slackmaster   Apr-03-06 03:57 PM   #19 
     - They were called balloon notes..  AnneD   Apr-03-06 06:07 PM   #28 
        - You are so right...  Tight_rope   Apr-04-06 12:36 PM   #55 
           - You're so smart...  AnneD   Apr-04-06 01:13 PM   #57 
              - I remember the Bakersfield Californian created a whole section  CAcyclist   Apr-04-06 03:25 PM   #63 
  - ARMs are bad news for all  dbackjon   Apr-03-06 03:45 PM   #15 
  - In my area, for many people, they were the only way to afford any home.  superconnected   Apr-03-06 04:01 PM   #20 
  - People should be reading the business sections  barb162   Apr-05-06 01:13 AM   #76 
  - In a very few cases  Theodolite   Apr-03-06 09:03 PM   #32 
  - If rates are falling or you plan to move in 2-3 years, they can make sense  MercutioATC   Apr-04-06 01:59 AM   #34 
  - All except big banks  slackmaster   Apr-04-06 09:01 AM   #38 
  - Not so fast...  Retrograde   Apr-04-06 12:49 PM   #56 
  - ARMs make sense  laptoprepairguy   Apr-04-06 02:04 PM   #59 
  - Not bad news for us.  phylny   Apr-05-06 05:30 AM   #83 
  - Not always  lumberjack_jeff   Apr-05-06 12:16 PM   #92 
  - Refinancing After 45 Years?  Crisco   Apr-03-06 05:52 PM   #25 
  - Yeah! That's what I asked!  No Exit   Apr-04-06 09:37 AM   #39 
     - Yup--they've never had much money....  Bridget Burke   Apr-04-06 11:28 AM   #50 
  - Wow  Misunderestimator   Apr-04-06 09:40 AM   #40 
  - The Browns refinanced to "pay off some bills"...  Bridget Burke   Apr-04-06 09:49 AM   #41 
  - I wondered if they were medical bills myself  lastliberalintexas   Apr-04-06 10:28 AM   #47 
     - Many retired people also have very high property taxes...  herbster   Apr-04-06 01:58 PM   #58 
        - We paid more than $15K in property taxes last year.  phylny   Apr-05-06 05:32 AM   #84 
           - I know a woman with eighty acres of farmland  shrike   Apr-05-06 10:10 AM   #87 
  - A cautionary tale.  trogdor   Apr-04-06 09:56 AM   #42 
  - I suspect that their credit sucks...  Mithras61   Apr-04-06 10:08 AM   #43 
  - Or they're old and the lenders wouldn't give them those rates  lastliberalintexas   Apr-04-06 10:22 AM   #44 
  - That could also be the case, certainly...  Mithras61   Apr-04-06 10:41 AM   #49 
  - Wow, good thing to point out.  superconnected   Apr-05-06 05:46 PM   #96 
  - You can get an FHA with bankruptcy on your credit  LostinVA   Apr-04-06 10:26 AM   #46 
  - Exactly; the fixed rate mortgages were the cheapest in about 50  barb162   Apr-05-06 01:18 AM   #77 
  - Now who at DU didn't see this coming!...  Tight_rope   Apr-04-06 11:46 AM   #51 
  - And to think Alan Greenspan was crowing about ARMs.  Gregorian   Apr-04-06 11:04 PM   #66 
  - A LOT of people are gonna get hurt with this.  davsand   Apr-04-06 12:36 PM   #54 
  - I'm quite aware of the impact  laptoprepairguy   Apr-04-06 02:13 PM   #60 
  - Some of us will benifit  DavidMS   Apr-04-06 05:30 PM   #64 
  - How long do you think it will go on this time  barb162   Apr-05-06 01:29 AM   #81 
     - I can see  laptoprepairguy   Apr-05-06 04:44 PM   #93 
  - I've been seeing the subject discussed in both the real estate  barb162   Apr-05-06 01:20 AM   #78 
  - Building alternative homes  womanofthehills   Apr-04-06 11:28 PM   #67 
  - My wife and base our choices  SLCPUNK   Apr-05-06 12:13 AM   #68 
  - That's very smart. It's a lot easier on the psyche to have money  barb162   Apr-05-06 01:23 AM   #80 
  - Good call. Have you read "The Two Income Trap"?  BlueIris   Apr-05-06 06:21 AM   #86 
  - May I ask about zoning laws? Wouldn't straw bale be a super fire  barb162   Apr-05-06 01:21 AM   #79 
  - Adobe or stucco OVER the straw..practically fire PROOF  SoCalDem   Apr-05-06 10:30 AM   #88 
  - i love earthship and straw bale technology  faithnotgreed   Apr-05-06 04:51 PM   #94 
  - Surprise?  ramapo   Apr-05-06 10:30 AM   #89 
  - I hope they feel dumb....and taken advantage of.  LeftHander   Apr-05-06 11:03 AM   #90 
 

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