http://www.forthebestrate.com/10-year-fixed-mortgage-rate.htm http://www.amerisave.com/?source=3979&gclid=CMnt8LXNiK4CFYoZQgodpUrN5g
How is this happening now? Something changed? I remembered usually at 6% you paid almost double the principle on interest and a 15 year was about .65 of the principle in interest. Is there that much of a gap between 15 to 10? But even then it's a 29k interest for 10 year. Probably more for 12. 15 year is almost double in interest.
To me, It still boils down to personal accountability/responsibility on the purchaser's part. Where does the swindling part come in? What does the Truth In Lending requirements not cover here? That said, what is the average amount of time one spends in any given home? How many folks actually stay in their home over the duration of the loan? I'm still trying to figure out how/why property values plunged as they did.
Your "questions" were: Please explain to a layman how the 1% has swindled the common man. For that matter, who is the so-called 1%?? Either you're being a dick and pretending to be incredibly naive and isolated from any sort of news media, or you're incapable of understanding obvious realities. I'm too busy to play that game. I suggest you google it if you're actually serious.
I blame people like Al Sharpton squawking about folks not being able to get home loans and that changes in the lending requirements should be made. To me, it still boils back down to personal responsibility. I mean, if I can't afford a home, I can't afford a home. The monthly loan figures are in black and white right there in front of me. That said, if an auto dealer sells me a Mercedes, and a finance company loans me the money and I then can't afford to make the payment, who's fault is it...the auto dealers? Well, I suppose you could say they were the ones stupid enough to lend me the money. The fact remains, though, that it was my stupid fault for buying a car I couldn't afford in the first place. The main problem as I see it, is folks using credit (cards, HELOCS, various loans) FAR too much. That's where the true problem lies...NOT in the laps of the so-called 1%.
