On Wed, Feb 3, 2010 at 3:09 PM, Cameron Childress <camer...@gmail.com>wrote:
> > On Wed, Feb 3, 2010 at 2:59 PM, Casey Dougall > <ca...@uberwebsitesolutions.com> wrote: > > Where is the reduction of government involvement read in that article? > > "Canadas banking system also has been shielded by the fact that it > has less government interference in its mortgage market, unlike in the > United States, where banks have been pressured by the government to > make low-cost loans to the economically disadvantaged, he said." > > -Cameron > > .. > http://en.wikipedia.org/wiki/Subprime_mortgage_crisis Approximately 80% of U.S. mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages<http://en.wikipedia.org/wiki/Adjustable-rate_mortgage> .[2]<http://en.wikipedia.org/wiki/Subprime_mortgage_crisis#cite_note-DODD-1>After U.S. house prices peaked in mid-2006 and began their steep decline thereafter, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher rates, mortgage delinquencies soared. Securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and U.S. government sponsored enterprises, tightening credit around the world. 80% of all mortgages !!!!!!!!!!!!!!!!!!!!!!!!!!! Adjustable rates are the problem.... People could afford the home when they bought it but then the rates went up... It's stupid on their end no doubt, but... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Want to reach the ColdFusion community with something they want? Let them know on the House of Fusion mailing lists Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:311610 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
