Why dont the Feds reduce the interest rates. And Cap the interest rates of people with bad credit.?
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The higher the rate the more likely people will lose there home, the more likely banks will close their doors and it is a domino reaction. If the Fed's would come in and regulate the Mortgage Broker Industry completely STOP PRE-PAY PENALTIES and cap the Interest rates of people who have had some bad luck st 2 above A paper loans there would be a tremendous decrease in the Mortgage Industry today. Less Realtors, Bankers, Builders and General Contractors would that would lose everything because the market went from so GREAT to Major Banks closing there doors. I am a Mortgage Broker in NW Florida and I along with most everyone in this area is about to lose everything I have I can hardly buy grocewries and pay bills and keep a roof over me and my kids head it is almost as bad as another Hurricane atleast then there would be some help.
Why dont the Feds reduce the interest rates. And Cap the interest rates of people with bad credit.?The only people at risk are those who could not afford the houses they bought and were only able to get in because of poor lending practice. They got an adjustable rate mortgage with the full understanding that they would be facing a rate jump after the initial teaser rate ran out. That's just plain stupidity. The businesses at risk are those who made risky loans. There is certainly no reason to bail them out; these are not the type of companies this country needs. It may sound cruel but you have to keep in mind that lowering rates also has an impact to the economy.
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