“I was trying to show was the ridiculous statement in the article that raising the limit is helping struggling subprime borrowers.”
I can appreciate that. I can also see how many will argue the only solutiuon for a borrower in this situationis to take the foreclosure and walk away.
But when you are in that situation and you are looking at a mortgage payment of 2000 going to 3000 and the government steps in aand says “hold on we are going to help you.” That payment is only going to adjust from 2000 to 2300 and it is going to fixed for the life of the loan even though you are a poor saver and have crap credit. I can see how people in that situation would look favorably on this.
I don’t like it because it is an illusion of wealth. People seem to be OK in that house but their balance sheets clearly demonstrate they are in over their head.
Meanwhile I am stuck waiting the insanity out getting peppered by my friends and parents for not buying.
