An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low introductory interest rates to higher rates that in some cases will double or even triple the monthly payment. Its called predatory lending. Thats our money that they loan out after we deposit our paychecks, Its regulated by us, but its regulated in favor of profits for the banking industry. Cant one of us go pay off some senators?
Posts Tagged ‘adjustable rate mortgages’
An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low int
Saturday, August 21st, 2010Do people realize that its an error to blame this economic mess on Subprime lending?
Saturday, February 13th, 2010The fact is subprime lending was a good idea (helping people with lower fico scores if they had enough income). The dangerous part was the ARM and Option Arm Lending. About 80% of subprime mortgages are good…and still good. This financial mess we’re in was influenced by lax regulation in giving out ARM’s (Adjustable Rate Mortgages).
I find it sad to see the media blame folks with subprime loans for this mess, when the issue is really the ease at which lending institutions gave out ARM loans because they felt home prices would continue to rise forever, and when that didn’t happen and people mortgage payments adjusted and they couldn’t refinance due to lack of equity the whole system crashed and they blame the borrowers. Just despicable.
Anyone have any insight on this situation?
I need help on this economics essay!!?
Saturday, November 14th, 2009This is what the essay calls for:
research paper explaining the various concepts of mortgages, amortization, principle, interest, accelerated payments, and equity. Include detailed explanationss of the difference between fifteen and thirty year fixed loans, Adjustable Rate Mortgages (ARMs), Private Mortgage Insurance (PMI), home insurance and property taxes.
I have no clue what to write!! I’m all confused. COuld you guys give me some tips on what to write or any websites I should use that’ll help me? I need all the help I could get!!!
Refinance, mortgage question very confused?
Tuesday, November 10th, 2009I took out a 70k HELOC 1.5 years ago, adding my 1st i owe 205,000. My intrest rate on my 1st is "ARM’ 10% and 2nd 12%. These are killing my payments. I went to try to refinance my credit is 670, but they are telling me my property is valued at 185. if i would come up with 20k they tell me i could save a huge chunk of money. My home was actually appraised at 220 when i took out the HELOC 1.5 years ago. They used a computer to figure it out not a actual appraiser. After doing some reasearch homes sold for 184,000 at that time. I live in a townhome communtiy. I need some help tired of explain this to banks.
Liquid Equity G? a word that fits LEG as in “His home loan was a ARM (Adustable rate Mortgage) and a LEG”
Tuesday, November 10th, 2009I am looking for an acronym that fits the word leg.
I started with Liquid Equity Grab.
As in the bank grabs the equity in your home.
Free up the equity in your home and really pay the bank more with a LEG (Liqiud Equity Grab)
That does not sound official like an ARM (Adustable Rate Mortgage) does.
So here is the idea either a whole new acronym that fits the LEG or a word that starts with G that fits and sounds official.
The end result must be an official sounding phrase that uses the phrase an ARM and a LEG.
My house cost me an ARM and a LEG.
Are bad Mortgages really creating this financial met down ?
Thursday, September 17th, 2009I don’t understand how adjustable rate mortgages with negative equity are causing this financial issue because it seems so simple to fix.
Anyone with an adjustable rate mortgage should be allowed to convert to a low fixed rate (maybe a special government approved loan). So the bank would get most of the money rather than go out of business due to bad loans.
Anyone with negative equity should be eligible for a low-rate government loan to help them though it.
I know in a capitalist society it is buyer beware .. and maybe I am just a naive socialist but even if you believe in no government control isn’t it better to subsidize these people’s mistakes (both real estate buyers and mortgage suppliers) rather than risk a complete global financial meltdown ?
Best way to go about an exchange of house ownership, money, and to pay off debt.?
Wednesday, September 16th, 2009Allright, a family member owns a house that I am going to buy. I also want to work it so that I get out of debt. Should I purchase the house through a mortgage and then that family member gives me part of that money to pay off my debt?
Or should that family member sign over the house title and then I get a home equity loan to pay off the debt. In the end I will still owe the family member money.
Anyone know how much you can borrow through a home equity loan?Example 50% of the appraised house value or so son?
Currently no mortgage, I do qualify for a mortgage with fixed interest for 15 years around 4.8 and 30 year fixed at 5.2. The tax break I do not care about, for the next tax year I will already get most taxes back from tuition credit.
Is criminalizing predatory lending better than unfairly taxing families to bailout bankers’ greed/Wall Street?
Tuesday, July 14th, 2009Secretary of the Treasurry Henry Paulson and his 0billion bailout of Wall Street Financial firms and reckless bankers is no less than a fraud perpetrated against the average Amrerican family.
Predatory lenders and their predatory lending practices are continued to be fed by US use of credit cards, lines of credit and home loans based on "equity" in every day life. A percentage of every purchase with that plastic goes to the fat-cat bankers and lending institutions which are still not regulated enough and if we bailout the fat-cat bankers now, we can only look forward to doing it again – yet a bigger package – bigger tax. We already made people rich in the Savings and Loan bailout. Now Henry Paulson wants to insure offshore (non-American) bank accounts with US taxpayer mmoney.
The whole scheme is just a fraud perpetrated upon the US average family.
Are Americans wanting to be fooled into submission or will they start saying no to taxing the poor just to reinforce the wealth of the recklessness and greed of predatory lenders.
If Americans started using cash for their purchases and not credit cards, America would be in much better shape – as they would be telling fat-cat bankers and Paulson where to go.)
Henry Paulson is acting in concert with Fed Chairman Bernanke to devalue the US dollar which only spikes inflation. If this 0billion bailout bill passes in Congress without putting an end to predatory lending practices (anything above 5%-10% above the prime rate), All of America will suffer along with the devalued dollar and rise in inflation.
Will America say no to being taxed into submission by stop using credit? Will Congress act on behalf of the American taxpayer by ending predatory lending, the root cause of the current financial mess?
(Yes, ARM’s or Adjustable Rate Mortgages are predatory lending and they are still being issued today.)
Henry Paulson is a fraud and inept to handle the 0billion bailout!!!
What if my 1st and 2nd mortgage are owned by the same bank?
Saturday, July 4th, 2009My 2nd mortgage is owned by BofA and since BofA bought out country wide my 1st mortgage is now owned by BofA as well. I’m considering walking away since i’m upside down, should i stop paying both mortagages since they are owned by the same bank? and should I also close my savings and checking account at BoA?
california home equity loan
Monday, April 20th, 2009-
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California Home Equity Loan – 2nd mortgage, CA
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Union Bank – Home Equity Loans
Union Bank of California’s home equity loans provide lump-sum financing with a fixed interest rate and payments that are predictable and easy to manage.
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Related ‘adjustable rate mortgages’ sites :
| Adjustable-rate mortgage - Wikipedia, the free encyclopedia Adjustable rate mortgages are characterized by their index and limitations on charges (caps) ... Rates for some common indexes used for Adjustable Rate Mortgages (1996-2006) ... en.wikipedia.org/wiki/ | |
| FRB:Consumer Handbook on Adjustable-Rate Mortgages An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. ... An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. ... www.federalreserve.gov/pubs/ | |
| Adjustable Rate Mortgages - How to Decide if an ARM Is Right ... Learn how ARMs work and when an adjustable rate mortgage might be your best ... An adjustable rate mortgage, called an ARM for short, is a mortgage with an ... homebuying.about.com/cs/ | |
| Adjustable-Rate Mortgages - Freddie Mac Adjustable-Rate Mortgages. Adjustable-rate mortgages (ARMs) are popular because they usually start with a lower interest rate and a lower monthly payment. ... freddiemac.com/corporate/... | |
| Consumer Handbook on Adjustable-Rate Mortgages - FCIC Adjustable-rate mortgages (ARMs) are loans with interest rates that change. ... With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. ... www.pueblo.gsa.gov/cic_text/ | |
| Adjustable Rate Mortgages - Advantages and Disadvantages of ... Adjustable rate mortgages (ARMs) are home loans with a rate that varies. As interest rates rise and fall in general, rates on adjustable rate mortgages follow. ... banking.about.com/od/ | |
| Adjustable-Rate Mortgage (ARM) Definition Adjustable-Rate Mortgage (ARM) Definition - Definition of Adjustable-Rate Mortgage (ARM) Definition on Investopedia - A type of mortgage in which ... www.investopedia.com/terms/a/ | |
| Fixed rate mortgage - Wikipedia, the free encyclopedia Please note that each of the loan types above except for a straight adjustable rate mortgage can have a period of the loan for which a fixed rate may apply. ... en.wikipedia.org/wiki/ | |
| E-RATE 5/1 ARM - 5 Year Adjustable Rate Mortgage (5/1 ... Overview of 5/1 ARM aka 5 Year Adjustable Rate Mortgage or Five Year Fixed. www.erate.com/ | |
| Refinance ToolBox: Learn about ARMs - Adjustable Rate ... Refinance Tool Box. Learn how Adjustable Rate Mortgages work and how to refinance at low fixed mortgage rates for your home loan. www.refinancetoolbox.com/ | |