<p>The Democratic pols, Chris Dodd of Connecticut and Kent Conrad of North Dakota, both received the highly favorable loans under the designation “Friend of Angelo,” a reference to embattled Countrywide head Angelo Mozilo, Cond</p>
<p>You just don’t understand parent2noles. There is no scandle here. It involves Democrats. Only if they can find some Republican to include in the mix, will it become a scandle and then it will be a Republican scandle because it occured under Pres. Bush.</p>
<p>These are the same people railing at the mortgage industry. Another classic case of politicians getting sweetheart deals, and the common folk getting the short end of the stick.</p>
<p>How many parents have taken some of the teaser loans with option payments and variable interest that reset in one, three, five years? These loans are designed for a refi at the end of the initial fixed interest period and another guaranteed fee to the lender. Has anyone calculated the additional refi fees into the variable loan and discovered that there was no discount when compared to a fixed loan? </p>
<p>How many parents in CA, TX, FL, NV, have or will lose their homes because of the loans that have variable rates?</p>
<p>How many parents who have mortgageless homes or on fixed rates have seen their equity drop because of the variable loan fiasco? </p>
<p>How many parents who had envisioned in using their home equity to finance college for their children or for retirement? </p>
<p>I am waiting for homes to drop another 10%. Wait until Sept-Oct when another slew of 3/1, 4/1, 5/1 mortgages default.</p>
<p>FOA and the other W (bank) loanees, got nothing but a barbed shaft. With the taxpayer paying for the extraction. I wonder if the members of the other political party got more of this same shaft?</p>
<p>The only problem with getting loans like this by powerful public officials is that it looks like a quid pro quo arraingement.</p>
<p>Were these folks career employees in the Executive Branch they’d be called onto the carpet and very likely disciplined or removed for having the appearance of a conflict of interest and using their position of trust for personal gain.</p>
<p>Not good.</p>
<p>anyone in the loan industry can tell you that the money is made in the fees and not in the interest rate. The same for credit cards and bank checking accounts. </p>
<p>Have you gone to a closing and discover that the closing fees were much, much higher than the original estimates. What to do? Either find another lender (30days +, negotiate the fees with the lender for another 10days+ , or finance the additional fees into the loan as normally written into the presented papers). </p>
<p>Anyone care to comment about the mandatory college fees, not included in the tuition?</p>
<p>“How many parents who have mortgageless homes or on fixed rates have seen their equity drop because of the variable loan fiasco?”</p>
<p>Why should this matter? A home is a place to live. Not a bank. Not an ATM. Not a speculation. Prices go up in a bubble and they come down on the other side.</p>
<p>^.
Yes, “why Should this matter?”? "A home is a place to live. "</p>
<p>I like to live in a comfortable house?</p>
<p>I needed to redesign the baths for my mother and inlaws?
I needed to replumb the house for the galvanized, pipe?
I needed to replace the oil burner?
I needed to remove the aluminum glazed windows glass?
I needed to reroof the house?
I needed to reside the house?
I needed to add insulation.
I needed a place to live rather than pay rent. </p>
<p>The brightest people in the US and World thought the same as you. I don’t disagree, but the problem is just a bit more complicated.</p>
<p>“The brightest people in the US and World thought the same as you. I don’t disagree, but the problem is just a bit more complicated.”</p>
<p>The brightest people in the US and World shorted the hell out of housing and banking stocks before they collapsed.</p>
<p>I was just responding to one point: the parents that have mortgageless homes or on fixed rates that have seen their equity drop. If you’re responsible, you shouldn’t have to worry.</p>
<p>^A loss of unearned value? Perish the thought!</p>