Too_Many_Tools wrote:


These are not lower- and middle-income borrowers, but more affluent
consumers with annual incomes of $100,000 or more who are increasingly
being ensnared in the home mortgage crisis.

People in all income categories "are facing the shock of new payments
that can be twice as much as previous ones," said Susan M. Wachter,
professor of business and a real estate specialist at the Wharton
School of the University of Pennsylvania.

Nor will falling interest rates help most of these homeowners, as
their low initial payments skyrocket and the worth of their homes
erodes, said Allen Fishbein, director of housing and credit policy at
the Consumer Federation of America.

These 'more affluent' consumers presumably had access to a higher level of
education than most of those on lower rungs that had their dreams wiped out
by the realities of finance.

How are you and your ilk going to spin this as how the banks took advantage
of them? Greed. It is prevalent at all levels of income and leads to the
undoing of many. The banks are blameless.

Wes
--
"Additionally as a security officer, I carry a gun to protect
government officials but my life isn't worth protecting at home
in their eyes." Dick Anthony Heller