US Government takes over mortgage giants

[mredskins]

Originally Posted by drew54

They suffer. It is not fair, but what should be done with the people who did got a fixed loan and make their payments. Shouldnt they be rewarded for being responsible. Instead all of their neighbors get bailed out, or forclose, and they actually get hurt just as bad on the value of their homes.

I had a interest only loan and really was not about the monthly savings (it was difference of $100 to $200 a month). The reason I did it was for the tax returns. Now I refi my interest only mortgage and my payment went up $100 or in that ball park.

I am just trying to say don't lump all interest only loans as bad. I think it is bad when you used an interest only loan to try to get in to a house that was totally out of your budget.