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Iliftrocks · 05-07-2009, 05:31 PM

Does anyone really know of anyone who made 30k that got a loan for 600k? Nobody did. Some people got loans that might have been about twice what they could afford, most got less, but when the interest shot up and the payment went way too high.... A good chunk of these people were told that these ARM loans were normal and that they could afford them, and the bank wouldn't jack the interest up so high, so fast. They were lied to, so the bank could get a lot of these loans closed and sold off to investors.

I personally got an ARM, (against my better judgement, I blame my ex), but I can still afford to pay the payments, because my bank isn't going nuts and jacking up the interest faster than they promised. I make around 75k and the MOST I could get was a loan for 240k. I guess I should have held out for a million.....

05-07-2009, 05:31 PM	#49 (permalink)
Iliftrocks Junkie Location: Near Raleigh, NC	Does anyone really know of anyone who made 30k that got a loan for 600k? Nobody did. Some people got loans that might have been about twice what they could afford, most got less, but when the interest shot up and the payment went way too high.... A good chunk of these people were told that these ARM loans were normal and that they could afford them, and the bank wouldn't jack the interest up so high, so fast. They were lied to, so the bank could get a lot of these loans closed and sold off to investors. I personally got an ARM, (against my better judgement, I blame my ex), but I can still afford to pay the payments, because my bank isn't going nuts and jacking up the interest faster than they promised. I make around 75k and the MOST I could get was a loan for 240k. I guess I should have held out for a million..... __________________ bill hicks - "I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out."