Obama wants to preserve the 30 year fixed-rate mortgage
Yeah, what a great deal. After paying for 20 years, you still owe about 50% of the original loan.
posted on 08/06/2013 7:42:51 AM PDT
a bankers' wet dream
they get to make crappy loans with a taxpayer guarantee, then foreclose with out due process regardless of state law, then recoup by selling the property
posted on 08/06/2013 8:11:42 AM PDT
by Elle Bee
I understand that in some countries that multiple generations will apply for and receive 50 year mortgages, and then adult parents and adult children move in and set up home for whatever generations come along.
Any truth to that?
posted on 08/06/2013 8:16:20 AM PDT
(Retired Army Chaplain and Proud of It! Those who truly support our troops pray for their victory!)
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