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 - The River Tractor - by Charlie English Jr.. This is a 4010 John Deere that was used to farm on the Diamond Island which is in the Ohio River about 15 miles southwest of Evansville, Indiana. About ten years ago, this tractor was parked close to the bank as the river was washing the bank of the island away.
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