The rules of the game have changed- So I have a question . .
Posted by John on July 16, 2008 at 16:12:15:
Now that Freddie Mac and Fannie Mae have been bailed out for their reckless behavior (and we are left holding the bag) It casts a strong light on all the people that are simply walking away from their homes. Without a second thought and any accountability there is a mass exodus in California where I'm at. And they simply say they'll be back in a new home in a couple years. Is this really true?
I'm in a fixed loan with a good rate in a house I bought seven years ago. I am underwater on the loan. I did everything right. Put a lot of money down and never flirted with adjustables. However, the house is only a two bedroom and I've had three kids since I've bought the place. With Gas prices and food prices and my work hours declining (I'm in the building trades)I'm getting squeezed and I'm considering walking out and taking the hit just to get a bigger place now that the market is near bottom or close to it. The Person that played by the rules is looking more and more like a patsy. Can someone give me a clearer picture? Wall Street gets a big "Do-Over", my question is do we?
Follow Ups:
- Re: The rules of the game have changed- So I have a question . . - Mary Supinger 16:54:08 07/26/08
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- Re: The rules of the game have changed- So I have a question - Brian 00:47:36 07/17/08
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- Re: The rules of the game have changed- So I have a question - Harry Walker 22:59:09 07/16/08
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