XPost: talk.politics.misc, alt.economics, alt.politics.usa
XPost: alt.elections

https://www.newsnationnow.com/business/your-money/mortgage-crisis-looms-for-millions/

It won’t be as bad as 2007, but hundreds of thousands of
homeowners will face significantly higher mortgage payments
soon, due to their adjustable-rate mortgages.

About 1.7 million homes were bought in 2019 using ARMs.
Many of them were “5/1” loans: five years of a lower fixed
interest rate, then a conversion to a market-based rate
that’s adjusted once or twice a year.

. . .

As NOT SO LONG AGO, large numbers of people over-bought.
They paid too much for property/houses that were often
well above their actual earnings levels. Everybody wants
to put on airs ...

And then they get SMASHED.

For awhile many have been making minimum payments on
their mortgages - ie barely making headway instead of
getting it over with. Hey, gotta have splash cash for
the gigabit streaming accounts and huge SUV, right ?
Now the rates are gonna go up A LOT.

Smash.

People NEVER learn. That seems to be a constant
across history and cultures. Always fall for
The Same Old Shit. "Cheap MONEY !!!??? What
could go wrong ???!!!" ...

Meanwhile, Biden says he's gonna jack up capital
gains taxes to nearly 50% - ie STEALING half of
everyone's investments. Guess it all goes to
the "Mexicans" eh ? Retired ? Counting on those
investments ? Biden Will FUCK You.

In any case, we're gonna see a fair repeat of
just barely a decade ago - large numbers of
people will not be able to make payments on
their property loans. Very bad for the banks,
very bad for people. There IS a small segment
of bankers/finance that WILL make blood money
on all this however ... they get rich, you
get pubic housing next door to the meth dealers.

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)