milligrams of sympathy toward people who, moving to an area with lots
Referencing , Milwaukee Journal Sentinel columnist said:But my only addition would be to offer an insultingly small four
payments when his rates adjust.Link: .
now-unemployed Joe is wondering how he will afford those higher
Sale" signs popped up — and stayed up — in his neighborhood, a
would be successful. But when a lost deal closed the company and "For
he was a marketing executive for a small software firm he was confident
initially thought his salary would rise along with his home's value —
let Joe trade lower payments now for higher payments later. He
the principal, creating "negative amortization."
100 percent of the interest due. The unpaid interest was tacked onto
every month. The smallest payment included no principal and less than
adjustable-rate loan that lets him choose from a variety of payments
California's Silicon Valley, Joe got an "option ARM," an
order to get the $800,000 house he bought early last year in
won't be able to afford his monthly mortgage payments.
his full name for this story because he's ashamed to admit that he soon
"Big house mania" is now resulting in foreclosures:"Joe" is a homeowner who did not want to give
News, viewpoints and information about the way we live, by John Michlig
Sprawled Out: The Search for Community in the American Suburb: 30 posts from August 2006
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