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 - Tuning-Up Your Tractor: Secondary Ignition Wires and Distributor - by Curtis Von Fange. In our last episode we spent the entire day checking out the spark plugs. Is that efficency? Actually, it took more time to explain than it really did to do the inspection. At any rate we decided that a compression test was in order so we could verify the internal engine status. That way we wouldn't buy any tune up parts until we were sure that the engine was in reasonable mechanical condition. Our tests showed a fictional compression reading of 85, 80, 82 and 86 psi. That is well within a
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