[quote=deadzone] . . . There are so many people out there who still have good jobs but are living on the edge due to their interest only and neg-am loans. I know and work with several people in this category . . . [/quote]
deadzone, I sympathize with the plight of some of your co-workers, but did you ever think that THEY might be to blame for their troubles? Have you ever ASKED any of them if they had OPTION ARMS and if so, why they CHOSE to pay Option 1 or 2 each and every month since origination, KNOWING FULL WELL it would render them upside down and in hot water at “reset” time? Your co-workers were smart enough to read their loan docs at the time of origination, weren’t they??
If your co-workers DIDN’T take out OPTION ARMS, then WHY did they sign up for a 5/1, 7/1 or other type of I/O mortgage program? Could it be that they applied for a mortgage that was too high for them in attempt to obtain a property that was “out of their league?”
You appear to be blaming the Fed and the economy for all of their ills but where does borrower individual responsibility come into play? Just think about this for a minute.
