oldtobor
Jun10-08, 04:33 AM
I was reading that the ARM (adjustable rate mortgages) will rest every 6 months or a year etc. This means people will have to pay a higher monthly rate, so what you pay for a home may jump from 1,000 dollars to 1,200 dollars a month etc.
In order to avoid this big mess of people not being able to pull it off anymore, why not block all resetting of ARMs ? CAN'T THE GOVERNMENT SIMPLY SAY, FROM NOW ON ALL VARIABLE MORTGAGES ARE FREEZED ?
I know there are some technical problems, but compared to so many people losing homes, isn't it better to just freeze all mortgages and call it a day ? Thanks if anyone knows if it is possible and why it is not.
In order to avoid this big mess of people not being able to pull it off anymore, why not block all resetting of ARMs ? CAN'T THE GOVERNMENT SIMPLY SAY, FROM NOW ON ALL VARIABLE MORTGAGES ARE FREEZED ?
I know there are some technical problems, but compared to so many people losing homes, isn't it better to just freeze all mortgages and call it a day ? Thanks if anyone knows if it is possible and why it is not.