20 May 08 07:45, TOM WALKER wrote to CINDY HAGLUND:


 CH>> I can't figure this out at all. In the Fort Worth metroplex (That's
 CH>> in north east Texas, folks) there has been reported many "low income
 CH>> families" (combined 40K) applying for aid for their---- SUV's...

 CH>> I can't figure it out. These are some of the same families owning a
 CH>> house they can't pay for and end up with Foreclosure. These people
 CH>> get what is called a "subprime mortgage" ("bad
loans given at high
 CH>> interest to high risk urban low income people).

 CH>> I don't get this either. Why give a loan to someone who is high risk
 CH>> , at all? (High risk meaning spotty employment/bad credit records.)


 TW> The "Sub Prime" Loans were instituted in the Jimmie
Carter Era.It was
 TW> a scam top get Pepole who could not afford Homes into them. Fro many
 TW> years becasue of the appreciation of Home Values it worked pretty
 TW> well. BUT like All Scams at soem point the "Chickens Come home to
 TW> Roost" THAT day has arrived. Now we have IDIOTS in Washington actualy
 TW> concidering FORCING lenders to Lower the Loan ammount Due to less
 TW> then the Current Value of the Home. How is that going to Work???

Supposedly, that would reduce the payments over the life of the loan. I'm
not for anything that would bail out the lenders who gave out those loans.
Let them go under and let their victims keep the homes.

                R\%/itt



--- Twit(t) Filter v2.1 (C) 2000