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Post# of 704019
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osprey

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osprey

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Tuesday, 12/02/2008 11:46:52 AM

Tuesday, December 02, 2008 11:46:52 AM

Post# of 704019
Some of those subprime loans were so bogus that foreclosure was inevitable. The banks knew it which is why they dumped their "Toxic Waste" as soon as possible.

One young couple I know bought a house. The interest was 12% resetting to...18%. I told them that their mortgage would eat them alive.

They couldn't refinance when the reset hit, 12 to 18. Got lucky and sold out even, right before housing really started downhill.
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