Me neither, and I’m paying two of them at the moment. Yet Fox says there’s a mortgage crisis. Oh, I see why:
Delinquency and foreclosure rates were considerably higher for higher-risk “subprime” borrowers, especially those with adjustable-rate mortgages.
Lenders to subprime borrowers – people with blemished credit histories – have been battered. Rising interest rates and weak home prices have made it increasingly difficult for these borrowers – especially those with adjustable-rate mortgages – to keep up with their mortgage payments. Delinquencies and foreclosures in the subprime mortgage market are spiking.
I’m inclined to say that this is the lenders’ fault for lending money to people who shouldn’t have been getting mortgages in the first place. I’m all for home ownership, but if you can’t afford a fixed-rate mortgage, you have no business buying a home. Go see my friend Chris Hodapp. He’d love to rent you a nice apartment in Anderson, Indiana.
And what makes me really angry is that you guys are fucking with the value of my 401(k).