enthalpy

enthalpy

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The truth shall set you free, but first it's going to piss you off

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Wednesday, December 05, 2007

Posted 12/05/2007 05:41:00 PM by Douglas

Man, I wish the government would determine my mortgage rate was too high.

The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

So the fuck what?!? These legally binding contracts were made between two (or more) willing participants. The borrower accepted the teaser rate, and the lender had to have accepted the risk of them not being able to pay it back, just like every lender has done on every loan since the dawn of fucking time. Why change the rules now?

So what's the trick? How many payments do I have to miss before they lower my rate to keep me from defaulting?

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