Wassabi Ass Project | Hot Sh** or Knarly Sh**

Wassabi Ass Project is a collection of things, concepts, and ideas. What is hot ( in a good way ) and what is just a knarly big pile of crap.

Friday, August 31, 2007

Mortgage Crisis - You know you're an idiot when..

.. you refinance your house with 100% focus on how much you are going to save NEXT MONTH on payments with total disregard for:
  1. how much the total loan amount has become.. you've paid THOUSANDS to close this loan
  2. what might happen at the end of the "fixed rate" length ( if you even read the loan agreement well enough to realize there is one )
  3. the fact that since Bush came to power, our economy has gone to shit - so there's a good chance that things simply "are not going to be all right next year"
If you are one of these people now walking around with head in hands saying "MY PAYMENT JUST DOUBLED" well then take a look into the eyes of who is to blame.. Any mirror will work just fine.

No.. It's NOT the fault of the loan officer. It's not the fault of the government. It's the fault of the person who committed to a 30 year agreement without understanding it.

End of story.

If it makes you feel any better, it's not just you though.. even the LENDERS are getting burned - and todays announcement by the FED that they should also look in the mirror is great.

They basically said, "You are supposed to be the experts. You made financial investments.. and they were bad ones. Why are you looking to the Federeral Reserve to fix that for you?"

Bush though - of course, the man of the people, also made an announcement today to help idiots find a way out. I guess he's thinking, "Well if I don't have to take responsibility for my idiotic actions over the last 7 years, why should anyone else?" He's pushing for the FHA to help insure the uninsurable - so maybe there is hope for you. Maybe you WON'T have to learn that there are repercussions if you make dumb decisions this time around.


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