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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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