David Saks: David Saks ((retired))

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

TRAPPED

                                         trap                             

The trap has sprung.

When the Fed lowered the lending rate it might have signed a death sentence for the economy. For cash-strapped homeowners, they're worst nightmare could happen. They're going to refinance their mortgages at bargain rates again, thanks to the Fed's beneficence, and think that they can cut their payments in half. Low documentation and low downpayment scams are going to resurface their ugly heads for new borrowers. Those who take the bait are in for a nasty surprise. While many Americans have started to worry about falling home prices, borrowers who jumped into so-called option and hybrid ARM loans have another, more urgent problem: payments have and are about to skyrocket, and it's predicted the reset will last through as late as 2011, and onward !

Most of the pain will be borne by ordinary people, not the lenders, brokers, or financiers who created the problem.

The Fed discount, and new borrowing frenzy, could be the coup de grace to America's economy.

 




David Saks



Time&Temp Memphis

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Mr.Saks' participation in ActiveRain ended April 13, 2015.

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Comment balloon 4 commentsDavid Saks • March 30 2008 12:01PM
TRAPPED
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