This is where it started, with phonecalls just like this....
This video clip began circulating last June. It shows a mortgage broker trying to close a three year ARM over the phone. The clip reeks of cynicism, as the broker tries to get the client to refinance their mortgage. His associate, who is out of camera shot, is heard saying " say don't worry", as if this is all that is necessary to finally close a deal. The irony, however, is is that anyone holding an ARM has quite a lot of worry about. As the fixed interest rates expire, mortgage repayments are going through the roof, and pushing many vulnerable home-owners into foreclosure.
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2 comments:
Anonymous said...
Economic slump batters real estate
Realtors say don't expect any turnaround soon
http://www.record-eagle.com/2007/may/06real1.htm
what is stinkin' hilarious is that JUST THE WEEK BEFORE THE SAME PEOPLE QUOTED WERE SAYING THAT EVERYTHING WAS WONDERFUL NO PROBLEMS BUY BUY BUY.
what a difference a week makes, eh ?
LOLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
Markus Arelius said...
"...and pushing many vulnerable home-owners into foreclosure".
I look at it as "punishing" rather than "pushing". These homedebtors deserve to be slapped. They were too financially illiterate to ask the right questions at the critical time. They should have asked about purchasing the same home with a conventional 30 year fixed mortgage and then listened to the answer.
What? You mean with a 30 year fixed you can't make the monthly payment on a fixed 30 year mortgage? Well, I guess you'll have to sit in economy class with the rest of the either not rich or financially responsible! Either earn yourself a six figure salary or move to another town like Lenexa, Kansas.
But don't sign the ARM mortgage and then cry about it when it adjusts saying you were somehow the victim of predatory lenders. The lender's weapon was a telephone and the complete lack of a high school diploma. Sorry, but you have to be a complete idiot to believe what these vampires tell you! If you do, I have some land in Florida I want to sell y....errr, wait a minute!
"Don't worry!"