Chief
09-27-2007, 02:31 PM
http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/1190882021289240.xml&coll=2
Freeze sought on ARM rates
Thursday, September 27, 2007
Michael O'Malley
Plain Dealer Reporter
Activists from five states, gathering in Cleveland Wednesday, called on the lending industry to freeze interest rates on adjustable-rate home mortgage loans.
The adjustable rates are expected to soar over the next few months, triggering yet another flurry of foreclosures and adding to a nationwide crisis.
A two-year moratorium on adjustable rates, the activists argued, would give foreclosure-bound buyers time to work with lenders to restructure their loans.
**SCHNIPP**
I'm not buying this. The people who are in the worst straits over this mess should never have been approved in the first place. Leaving an irresponsible borrower in a home that should be foreclosed upon is just delaying the inevitable, and preventing a responsible homeowner who will make the payments from buying in.
In addition, how do you administer such a discriminatory program as this in a free contry?? Who determines who is worthy for a Government bailout, and who is not??
Freeze sought on ARM rates
Thursday, September 27, 2007
Michael O'Malley
Plain Dealer Reporter
Activists from five states, gathering in Cleveland Wednesday, called on the lending industry to freeze interest rates on adjustable-rate home mortgage loans.
The adjustable rates are expected to soar over the next few months, triggering yet another flurry of foreclosures and adding to a nationwide crisis.
A two-year moratorium on adjustable rates, the activists argued, would give foreclosure-bound buyers time to work with lenders to restructure their loans.
**SCHNIPP**
I'm not buying this. The people who are in the worst straits over this mess should never have been approved in the first place. Leaving an irresponsible borrower in a home that should be foreclosed upon is just delaying the inevitable, and preventing a responsible homeowner who will make the payments from buying in.
In addition, how do you administer such a discriminatory program as this in a free contry?? Who determines who is worthy for a Government bailout, and who is not??