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View Diary: Predatory Lending doesn't have to be Bankruptcy sequel (80 comments)

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  •  If it weren't for subprime lending... (none)
    If it weren't for subprime lending, I wouldn't be a homeowner.

    Now I own my home free and clear, no mortgage at all, and I'm not about to take out another one, prime or subprime. But the way I got there was via subprime lending. Five years ago, my late husband and I, who had just completed a Chapter 13, bought a house. Our interest rate was 11% on a 3-year fixed, turning to an ARM after those three years. We anticipated refinancing.

    Instead, he died, and left me with just sufficient funds to pay off the house. I did so.

    But if that loan hadn't been available, we wouldn't have been able to buy the house in the first place, and I wouldn't be a homeowner with a paid-off house today.

    They should all be judged soaking wet.

    by Kitsap River on Fri May 06, 2005 at 07:07:51 PM PDT

    [ Parent ]

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