Why haven’t adjustable rate mortgages been outlawed?
I have called my senators 100’s of times over the past 5 demanding that these adjustable rate mortgages be outlawed and they haven’t done anything. In addition, I want 100% loan to value ratio loans outlawed. We can thank the states of California, Michigan, Illinois, and Ohio for the current over-hyped foreclosure situation.
Stupid headlines like Foreclosures up 68% are misleading as hell. Less than 1% of all the home loans nationwide are even in foreclosure.
The U.S. had one foreclosure filing for every 617 households in November, RealtyTrac said. That is meaningless. During the attack on the United States oil industry between 1984 and 1992 one in five homes were posted for foreclosure in Texas and no one cared. Banks didn’t do anything to help.
I could care less how much homes have declined in California or anywhere else for that matter. Home values go up and down all the time. Rent homes and people who do not maintain they yards affect values more than foreclosures