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Response to Bunnahabhain (Original post)

Tue Aug 13, 2013, 02:54 PM

21. Interest charged should be = or near what customers MAKE on bank accounts ...

I know they "need" profits but seriously, my bank pays me something like 1.5% on my savings accounts, then turns around and charges me 4% on my mortgage? Bullshit.

Also I think ARMs and JUMBOs should be illegal; they're predatory IMHO. Loans like that are part of what caused the crash - not that 'people bought houses they couldn't afford' but that people were essentially told that their mortgage payment would be $x per month and then in a whisper or very tiny small print it said "until year 5, when it will balloon to $x times 10 per month". Most people get the original $x per month in their heads while being shown the house of their dreams, and all the small print fades until that bill arrives & they can't pay it. It's misleading/ bait n switch/ call it what you want -- it shouldn't be allowed to happen.

I also think folks who buy homes in 'distressed' neighborhoods and who are willing to put some sweat equity into the property & 'hood should qualify for no-interest or perhaps have x% forgiven after 10 years residence ... as an incentive to stabilize the areas (and the tax coffers and mom/pop businesses).

Just a couple thoughts ...

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Bunnahabhain Aug 2013 OP
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LineReply Interest charged should be = or near what customers MAKE on bank accounts ...
Myrina Aug 2013 #21
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