So reports Reuters.
Apparently, even after the mortgages are renegotiated, a few months
later over a third of the homeowners are delinquent and heading
towards foreclosure.
This isn’t particularly surprising. If I buy a house with an ARM, and
you raise that to where I can’t afford to pay the mortgage, I’ve
probably spent MONTHS falling behind on other [...]
In contrast, when McCain was asked whether the Federal Reserve went too far in extending a $30 billion credit line to finance the takeover of Bear Stearns by JPMorgan. “It’s a close call, but I don’t think so,” he said.
The article goes on to note how irresponsible Bear Stearns has been with all [...]
(I apologize…I’ve been trying to avoid any more McCain posts, the feeling being that I’ve really said all there is to say. But the man keeps opening his mouth…)
I will be the very first to admit that the housing/credit crisis is complicated and probably doesn’t have any kind of simple solution, and is even [...]