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Breaking News Home | All | Religion | Society | Tech | Choice | FF | SA News
FRONT PAGE  |  5/6/2016
SATURDAY, MAR 22, 2014  |  22 comments
ARMs Are Costing People Their Homes

Back in September, the Associated Press took a close look at U.S. census data and learned that the supposed economic recovery was leaving an awful lot of people behind. One segment is homeowners who bought the dream of owning a home using ARMs — adjustable rate mortgages — and who are now finding out how these sub-prime mortgages really work. ARMs are forcing homeowners to walk away from their mortgages, resulting in declining home ownership rates for the fifth straight year.

The number who has lost their homes is now seven million, and as interest rates rise, that number is bound to increase.

One of the most popular, and pernicious, of the ARMs is called a 2/28 — a type of mortgage that starts off with a very low interest rate for the first two years, and after that the interest rate rises based upon an index, plus a margin. As Investopedia puts it: "A 2/28 ARM is designed as a short-term ...


CLICK HERE to Read Entire Article
www.thenewamerican.com

Response to economic crisis?
  START  
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· Page 1 ·  Found: 22 user comment(s)
News Item3/26/14 2:14 PM
penned  Find all comments by penned
Unprofitable Servant, I've seen it myself in travels and life experience. Healthier people who are far less dependent on synthetics but when they need access a doctor, far cheaper for the synthetics. Something about the American psyche, they always think they've gotten the bigger slice of apple pie.
22

News Item3/26/14 11:51 AM
Unprofitable Servant | Georgia  Find all comments by Unprofitable Servant
pennelope wrote:
Jim, maybe the system needed to be replaced and returned to constitutional one! ...
I would not trust info from that website, jpw, if the article is even true, which I doubt, then the people in Egypt are selling it illegally. Drug companies pour billions of dollars into research and development of drugs, it stands to reason they will have to recoop that cost or no one would make the effort. So, you can either have zero new medical breakthroughs or allow companies to make a profit. You pretty much don't believe in pharmaceuticals anyway, so I am sure you would rather the companies go out of business. Medicare cost is definitely a problem wraught with fraud, but that is due to the way it is administered not the drug companies fault.
21

News Item3/26/14 10:42 AM
pennelope  Find all comments by pennelope
Jim, maybe the system needed to be replaced and returned to constitutional one! Look here at this one....

http://www.naturalnews.com/044463_Big_Pharma_profiteering_Sovaldi_overpriced_drugs.html#

Headline: Big Pharma profiteering gone wild: $1000-a-pill Hepatitis drug in USA sells for less than $10 in Egypt

now I wonder, how is any kind of forced insurance going to help with this kind of problem? and for those who condemn those who are in debt to a system of usery, who is going to be the great sinner after a stint with hepatitis? the Egyptian will be debt free while the American up to his arms in financial ruin. perhaps we aren't dealing with the real problems?

20

News Item3/24/14 3:59 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Something else about home ownership, Study: Upper Class Entitlement Helps Upper Class Most.
19

News Item3/24/14 3:28 PM
Unprofitable Servant | Georgia  Find all comments by Unprofitable Servant
Penned, I am reluctant to address a statement I have not said or implied.
I have simply agreed with Strat, that loaning money is a business, and it exist to make a profit. If they did not make a profit, they would not be in that business and home ownership would be only to those who are NOT in the middle class or below. I am not defending fraudulent practices or fraudulent government policies that were forced on banks by President Clinton that created the subprime crisis. I certainly agree with you that the death tax and the AMT should be eliminated as it, along with corporate welfare via farm subsidies are putting the family farm out of business.

Jim Lincoln, FDR's policies (admittedly started by the previous administration) prolonged and deepened the depression. They faced very similar circumstances in the early 20's and similar policy strategies were suggested. However, wiser heads prevailed, taxes were cut not raised and we have a period of history known as the roaring 20's and the recession that prompted such consideration, ended.

http://tinyurl.com/89vtoyk

18

News Item3/24/14 2:43 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Penny, I know my father wasn't enthusiastic about Franklin Roosevelt, and there are certainly things that I don't like about him, in his personal and public life, but still grudgingly I will agree with many historians that he in some respects saved the American system. He at least held off a socialist revolution, until World War II pulled us out of the depression. So, you are correct to ask why these people think they would escape the effects of a social and economic upheaval? Americans won't tamely accept huge disparities between the plutocracy and the rest. Plutocrats Want to Own Your Vote
17

News Item3/24/14 1:48 PM
penned  Find all comments by penned
I'm just trying to understand what you all are saying? you are glad that the middle class was destroyed by the housing derivative scheme, that it is better now that millions of young people cannot get a home, that loans are punitive because of the usery/debt system and very few jobs for stability, and that foreigners are now the major market for new homes buying them out with cash?
16

News Item3/23/14 11:06 PM
NRC  Find all comments by NRC
Strat wrote:
I remember seeing my grandmother buy a two bedroom house on a quarter acre lot for 4,000 dollars in 1968,she wrote the check out and the guy handed her the deed,if people had took a stand years ago when all of this "own" a home at any cost insanity took hold we would not be where we are now....people whore themselves out to whoever can fulfill their lust then complain about the terms of the deal.
A house went from being a home to being a cash cow for government and citizen alike and the bubble has popped,property taxes should remove from any thinking person's mind the myth that he or she can own anything.
Bingo
15

News Item3/23/14 11:03 PM
Unprofitable Servant | Georgia  Find all comments by Unprofitable Servant
penned wrote:
shall we let the scriptures teach us what the Lord says about "usery" and what it is?
http://biblehub.com/deuteronomy/23-19.htm
Thanks jpw, if we look at the verse you took us to it states you shall not charge interest on a fellow Israelite, they we allowed to charge interest to non-jews.

Deuteronomy 23:20 Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.

3/22/14 9:36 PM Strat post hit the nail on the head.

14

News Item3/23/14 8:32 PM
penned  Find all comments by penned
shall we let the scriptures teach us what the Lord says about "usery" and what it is?

http://biblehub.com/deuteronomy/23-19.htm

13

News Item3/23/14 7:22 PM
Strat  Find all comments by Strat
I remember seeing my grandmother buy a two bedroom house on a quarter acre lot for 4,000 dollars in 1968,she wrote the check out and the guy handed her the deed,if people had took a stand years ago when all of this "own" a home at any cost insanity took hold we would not be where we are now....people whore themselves out to whoever can fulfill their lust then complain about the terms of the deal.

A house went from being a home to being a cash cow for government and citizen alike and the bubble has popped,property taxes should remove from any thinking person's mind the myth that he or she can own anything.

12

News Item3/23/14 4:52 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Perhaps we should look at one of the more liberal states, and see how many exceptions they have to their own usury laws Exceptions to the Usury Law (Washington State). Probably every state in the nation lets banks charge whatever interest they want for credit cards.

Penny, I don't if interest rates that farmers are suffering from, but just the high price of land to begin with. The family farm is suffering, however, from competition from corporations that are not intrastate.

11

News Item3/23/14 12:55 AM
Neil | Tucson  Find all comments by Neil
rc1974 wrote:
Why isn't usury or any other form of interest tied to money illegal? Compounded interest in particular.
Florentine families like the Bardis, Peruzzis, & Medicis figured out how to make money on money despite the Church ban on usury (any percentage). The Vatican was among their biggest depositors! They made handsome profits on currency differentials in bills of exchange, though they also traded commodities. They were perhaps the first multinational corporations, along with the Knights Templar.

These clever Italians invented double-entry bookkeeping. Alas, they came to ruin from loans to princes, who, unlike commoners, can get away with repudiating debt. Italian bank branches in London & Bruges collapsed in the 15th century because their managers made foolish loans to the English Crown & the Duke of Burgundy, respectively. The Medicis banned such loans, but one of their managers (Portinari) refused to heed this. He was fired (not murdered) as punishment.

10

News Item3/22/14 9:36 PM
Strat  Find all comments by Strat
rc1974 wrote:
Why isn't usury or any other form of interest tied to money illegal? Compounded interest in particular.
Because nothing is free,we have become a debt society and we must pay the price...money lending is a business,if I have a business and sell everything at cost I will not make any profit and my business will fail,right or wrong its simple math.

When we ask people who lend money to do so interest free we are asking them to operate at a loss and like it or not that will result in failure

For most there is no end to the sacrifices they expect others to make for them.

9

News Item3/22/14 6:53 PM
rc1974 | Colorado  Find all comments by rc1974
Why isn't usury or any other form of interest tied to money illegal? Compounded interest in particular.
8

News Item3/22/14 4:17 PM
penned  Find all comments by penned
was looking at some stats the other day. full cash payments for houses have gone way up. my conclusion is that foreigners trying to find a place for their money are buying hard assets. the younger generation has low numbers buying homes. now if punitive law continues on and farmers are forced to sell their farmland, with the cash flows, it really seems conceivable to me that the younger generation will be foreigners of their own country.
7

News Item3/22/14 3:46 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
You certainly won't have the rich with you forever either. Nehemiah 5:1-13.

Oh, and from a secular viewpoint you might want to read, Did Nasa fund 'civilisation collapse' study, or not, or the article that started the hub-bub, Nasa-funded study: industrial civilisation headed 'irreversible collapse'?.

As far as Americans are concerned, By the Numbers: The Incredibly Shrinking American Middle Class

6

News Item3/22/14 3:08 PM
Thornside  Find all comments by Thornside
Looks like the number of "less well off" people is on the increase. As time goes on poverty will encompass more of society and the rich will become even more elitist. Class distinction may be returning to the way it used to be and the privileged together with the underprivileged will emerge as two very distinct groups again.

"For ye have the poor always with you; but me ye have not always." (Jesus)

5

News Item3/22/14 8:25 AM
Shane | socal  Contact via emailFind all comments by Shane
You know what your doing.

I thought about getting an ARM 30 year rent at one time.

4

News Item3/22/14 8:05 AM
Mike | New York  Find all comments by Mike
1 Tim 6:10 Wycliffe
"For the root of all evils is covetousness, which some men coveting erred from the faith, and besetted them(selves) with many sorrows."
3
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