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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Because most of the people that took out starter home loans for 5 year arms planed to only be in the home for five years or less[/quote] Probably true, but then again, those ARMs have reset to lower rates each year, instead of higher. I know ours has. It went from 4.265 to 3% today, after 2 or 3 resets. So that doesn't explain it.[/quote] Yes, I'm glad someone else said this. 5 and 7 year ARMs are often inappropriately put in the same category as interest only mortgages, balloon payments, 105% mortgages, etc. Yes, some are risky products (1 year adjustables based on the LIBOR, for example) but they are not responsible for people being underwater or drowning, at least not right now. Hell, as the PP said, anyone who purchased a home on a traditional 5-year ARM in 2003-2006 has seen their interest rate go down considerably. [/quote]
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