I know that people make their own decisions in life and then have to live with them, but I think there's a special place in hell for the realtors and mortgage brokers who steered financially ignorant folks to these interest-only and no-down and no-doc ARMs.
These human scum knew that they'd earn their nice and tidy commissions, but that the buyer would likely get foreclosed on one day for not being able to make the payment.
Who cares! We got paid! Who cares if lives were ruined. Who cares about their fellow man. We got our commissions. Like drug dealers and pimps. Hat tip Investor for the link.
As rates rise, home foreclosures surge - Adjustable-rate mortgages make it hard for many to make payments
RealtyTrac, an industry organization that maintains a nationwide database of foreclosures, says mortgage defaults between January and March of this year numbered 323,102 compared with 188,122 during the same period last year — an increase of 72 percent.
Indianapolis leads the nation, with one out of every 69 homes in foreclosure. Atlanta follows closely at 1 in 70 homes. Then Dallas — where the Edwardses live — at 1 in 99. Memphis is fourth at 1 in 101. Denver rounds out the top five at 1 in 105.
“The reason homeowners have been buying properties that are probably beyond their means, is that they haven't been looking at what the house costs,” says Rick Sharga with RealtyTrac, which maintains a database of foreclosed properties. “They've been looking at what the monthly payment was.”
May 26, 2006
Posted by blogger at 5/26/2006