Forum Overview :: Motherfucking News :: Re: Dismissing all frat boys as felonious chuckleheads: legitimate

[quote name="Fullofkittens"][quote name="Furcifer"][quote name="Zseni"]<a href="http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=merit03&date=20061203&query=merit">When you get your mortgage from a date-rapist - shouldn't you expect to get fucked?</a>[/quote] These days, there's nothing remarkable about the collapse of a sleazy mortgage broker. The entire industry is set to implode in a way that will make the S&L scandal of the 80s seem quaint. A trillion dollars in option ARMs are going to <a href="http://www.nytimes.com/2005/06/16/realestate/16arm.html?ei=5088&en=d4ea9a4dd01af4d5&ex=1276574400&partner=rssnyt&emc=rss&pagewanted=print">reset</a> in 2007. The people who took out these loans often did 100%+ loan-to-value and "no doc," meaning they had no cash and no proof of income. Option ARMs use negative amortization, so even when they manage to scrape together their payments, borrowers are automatically going deeper in debt every month. Meanwhile, their houses have been depreciating throughout 2006. When the time comes for mandatory refinancing, many of them will simply walk away, and lenders will be left with houses worth far less than the outstanding loan values.[/quote] So does this mean that banks will actually PAY ME to live in their houses?!? AWESOME[/quote]