On Wed, Feb 3, 2010 at 4:27 PM, Casey Dougall <ca...@uberwebsitesolutions.com> wrote: > 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...
We are in agreement here. Adjustable rates made to SUBPRIME borowers (people with damaged or mediocre credit). But you do understand that the pressure to make these loans to people who previously wouldn't have qualified for them came from the government interfering in the industry right? http://en.wikipedia.org/wiki/Subprime "In 1999, [...] Fannie Mae, the nation's largest home mortgage underwriter, relaxed credit requirements on the loans it would purchase from other banks and lenders, hoping that easing these restrictions would result in increased loan availability for minority and low-income buyers." This is how Canada and the US have a significant difference. The US meddles in the mortgage industry, Canada doesn't. And that's the point of that article... -Cameron ... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| 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:311621 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
