"Wes" wrote in message
...
"Ed Huntress" wrote:

Houses are not cars. If you told a mortgage banker, two years ago, that
there was going to be a nationwide decline in house prices, coupled with a
lending crisis and a credit crunch, he would have told you that you were
nuts.

If I believed that, I sure wouldn't have signed up for a house going down
the skids or accepted a variable rate loan.

I don't follow what you're saying here. People were making millions flipping
all kinds of crap houses. As for ARMs, the idea is that you refinance at a
fixed rate when the time is right. Only now you can't. It didn't look to
*anyone* that such a thing was likely to happen.

--
Ed Huntress