momoese

Harvey, I think it's apples and oranges. No one held a gun to peoples heads and forced them into ARM loans they couldn't afford down the road. They could have stayed in an apartment or the smaller house they already owned. Now the government is going to set a really bad example and bail those people out, and then screw us again by helping their banker buddies who lied on the mortgage applications. Of course both dems and pubs will try to take credit for "helping" in the 08 elections.

When we bought our house 4 years ago some real estate agents tried telling us we could afford a house waaaay over our budget with an interest only arm loan. We said F you, we know what we can afford and took a 30 year fixed. Everybody else had the same option we had, they just decided to gamble on the bubble not bursting and refiying later, but they lost. So speculation, yeah to some extent.

Oil prices are another issue and it looks like McCain has his hand in the cookie jar.

MsKitty, do you use oil to heat your house? I was talking to a friend in NY and he said if the oil price stays at what it is right now he will be spending $600 a month to heat the house and make hot water this winter. He's looking to move back to Cali to get away from that and the ever increasing property taxes he pays there. If it goes even higher I don't know how people are going to heat their homes!

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Mitchel