the recent BW article about this spells it out.

however, i'd like to add that the people featured in the article deserve what the got (or will be getting , or will be losing) for being IDIOTS to think that a 2.2% mortgage is realistic. the young couple from wisconsin has got the 'clueless' look down pat. bravo!

sorry, i just had to vent. seeing financial illiteracy just really gets me.

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Jennifer
90 350sdl

The average person is a moron.

"A person is smart. People are stupid." - Men In Black

Some persons are smart. The average person is not.

I never quite understood why an average Joe would want an ARM. It makes sense in some unique situations, but they way they farm them out makes me think that a lot of people don't understand what they're getting themselves into.

That's an easy answer.

The average Joe can purchase a $500K house with a $75K income.

And the average moron is a person.

BTW, I do agree about ARMs.

When the chickens finally come home to roost, there will be a lot of property out there available for next to nothing.

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1989 300TE "Alice"
1990 300CE "Sam Spade"
1991 300CE "Beowulf" RIP (06.1991 - 10.10.2007)
1998 E320 "Orson"
2002 C320 Wagon "Molly Fox"

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