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Reply #13: The problem is this.... [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
rgbecker Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-21-09 12:43 PM
Response to Reply #4
13. The problem is this....
Coyote saves up, buys a house for $500,000. Prices fall so the house will only fetch $300,000.
Coyote loses $200,000. You buy a place for $500,000, give $50,000 and sign a mortgage for $450,000.
Price falls. You lose your job, can't make the payments. You rent a place for a little as possible and continue to look for work. You're out $50,000. The bank is out $150,000. You want a break in rates, or interest payments. The bank wants taxpayer money to help with the loss. Coyote thinks it isn't fair.
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