You are currently browsing the The Pennsylvania Conservative weblog archives for the day March 14, 2007.
March 14, 2007 by Matt Heckman.
Considering the Dow just fell below 12,000, and reports all over that foreclosures are at an all time high is a strong signal of that being the case.
However I want to address the fact here. All of you people out there that wanted to live large, and take out interest only mortgages, and the 40 year, and 50 year adjustable rate mortgages for property that you could not afford in the first place, and then the principal came to kick you in the ass. I told you so.
I just saw the other day at Outten in Hamburg that they now have a 10 year auto loan. Where does this stop? The problem is that inflation has been out of control for about 7 years now, and unlike back in the day when measures would be taken to curb it, our government, and the federal reserve allowed it to grow out of control and empowering these finance companies to screw the consumer with these scams called mortgages. I predict that we will see quite a bit of bank executives under the microscope for this. This is Enron all over again.
I would love to hear your thoughts on this, especially if you have these types of mortgages.
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