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Reply #5: I work in an office that processes homeowners [View All]

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LibDemAlways Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-14-04 03:32 PM
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5. I work in an office that processes homeowners
insurance and see escrow documents every day. In order to buy overpriced homes in California people are taking out huge mortgages. Even at low interest rates, the monthly payments have to be astronomical. Why the banks approve these loans in the first place is a mystery. It's no mystery at all that the foreclosure rate is so high -- a serious illness, family emergency, job loss -- and those colossal mortgage payments become impossible to meet. What's going to make the problem even worse in the future is that when interest rates rise, home prices will fall and a whole lot of people are going to end up owing way more than their homes are worth. Then the foreclosure rate will go through the roof.
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