Study Finds Underwater Borrowers Drowned Themselves with Refinancings

[Anonymous_IHB]

<A href="http://blogs.wsj.com/developments/2009/07/28/study-finds-underwater-borrowers-drowned-themselves-with-refinancings/">http://blogs.wsj.com/developments/2009/07/28/study-finds-underwater-borrowers-drowned-themselves-with-refinancings/</A>

 

[qwerty_IHB]

My guess is that politicians know this, but "for the better good of the economy" they still needed to slow down the number of foreclosures. F*cking politicians, these are the same guys who were all over the news in 2006 about how homes were not affordable, now they are becoming affordable and its as if civilization is coming to end.

 

[Soylent Green Is People_IHB]

The refi boom was 2002-2004. Some were reasonable rate and term refi's, but the vast majority of refi's were <em>CASH OUT BABY!!</em> People began to choke on their own debt in 2005-2006 which is why the Option ARM / Stated Stated programs exploded onto the scene. People couldn't afford, or show they could afford the debt they were chewing on.



There was a recent on line article that theorized Neanderthal Man was humped out of existance by modern humans as they mixed in their genes. Us mortgage Neanderthals didn't fare as well since we simply screwed ourselves into nothingness by our behavior of that time.



My .02c



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