There is a lot of speculation and articles being written about the subprime meltdown & so much fear being propagated. The fear of the subprime meltdown is affecting much more than I expected. I’ve watched my stocks plummet (especially my WaMu stock) lately.
I just read a blog that states so perfectly what this meltdown really is…
in a very simplistic description it is that people who should never have been loaned money were loaned money & now they can not afford the rising interest rates of their adjustable rates. I personally loved the no money down thing & took advantage of it, but I also could afford too…
In the “old days” people had to save for money down, have good credit & have a job. Basically we are now returning to that type of senario as the rules on lending get tightened up again.
This blog is a great read. http://www.bloodhoundrealty.com/BloodhoundBlog/?p=1784
Just Jenn .... Bi-monthly blog 