http://www.usatoday.com/money/economy/housing/2009-06-18-obama-plan-mortgages_N.htm
An excerpt:
The Doyles pay $5,031 a month on a mortgage of $947,000. They have an interest-only loan at a 6.3% rate that will reset in about seven years. On interest-only loans, borrowers pay only interest for a specific period to temporarily reduce the payments. After that, they pay interest and principal.
Craig, a writer in the television and movie industry, is still finding work but not as much as before. This is the first month the family has failed to make its mortgage payment.
"I feel like Obama's plan has done absolutely nothing," says Craig, 38.
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So these people bought a house prob 3 years ago, Got an interest only loan for 10 years. They must of had some thought as they went for the 10year that was a higher interest rate and cost more then a 5 or 7. Sound like educated people that must of known what they were getting in to. Now there complaining that the plan isn't working, They probably voted for him also
An excerpt:
The Doyles pay $5,031 a month on a mortgage of $947,000. They have an interest-only loan at a 6.3% rate that will reset in about seven years. On interest-only loans, borrowers pay only interest for a specific period to temporarily reduce the payments. After that, they pay interest and principal.
Craig, a writer in the television and movie industry, is still finding work but not as much as before. This is the first month the family has failed to make its mortgage payment.
"I feel like Obama's plan has done absolutely nothing," says Craig, 38.
<>
So these people bought a house prob 3 years ago, Got an interest only loan for 10 years. They must of had some thought as they went for the 10year that was a higher interest rate and cost more then a 5 or 7. Sound like educated people that must of known what they were getting in to. Now there complaining that the plan isn't working, They probably voted for him also