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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
| Posts: | 6399 |
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This rule comes to mind: "When you're in a hole, stop digging." Why isn't Wachovia honoring it? I don't know about you, but my assessment is that option ARMs are really bad ideas today. I first heard of these loans 30 years ago. They were not called option ARMs. They were called backward-walking mortgages. They were written by sellers of homes who wanted to take back those homes after a hopeful buyer defaulted on his loan. It was an interim program to get a house sold when the seller expected the house's price to rise. He wanted a buyer to occupy the house. A renter usually does not take care of a house as carefully as a buyer does. So, house sellers used backward-walking mortgages to get a down payment out of a person who was virtually guaranteed to default. The person moved in, took care of the house, and was evicted right on schedule.
The phenomenon is based upon a function that is criminal. The idea is to victimize the power-less. As power flows from victims to criminals the effect is a reduction in power 'to be had' from victims. Therefore the criminals have to 'spread the wealth' back out in order to 'fatten' the victims.
There is a serious problem with this criminal element called: Competition.
The fix, of that problem (competition), is something called: "honor among thieves".
I'll find the relevant quote from the link posted:
(2) to control entry of newcomers into the bankers' cartel (interlopers);
If competition between thieves is a problem, see, the fix is cooperation among the thieves.
We are theives.
You are victims.
How honorable can one get?