SteveVA

Tried to access the website and between McAfee Anti-virus, Firefox and WOT every malicious website/phishing alarm went off. Don't know what the problem is.

I remember doing volunteer work for Habitat for Humanity, helping to fix up a house that the local community inspector had complaints about. We were checking out a porch addition. Four electrical outlets that didn't work. Breakers were on so we pulled off the cover plates and surprise! The wires were capped and stuffed in the box. No one had ever connected them.

You know - if you pigtail some extension wire on the fixture you can add the second bulb and have your self a nice pendant lamp! :) Maybe you can even use an old colander for a shade.


Steve

Personally, I like "On the Level", because. It captures the mindset and spirit of Fine Homebuilding - straight talk; no fluff and real world experiences.

It doesn't take a financial genius to figure out that someone making $48,000.00 a year had no business buying a $385,000.00 house. Yet for some unfathomable reason, here in Northern Virginia (and obviously many other places), that seems to have been the order of business. I agree with MFournier that banks and other lending institutions were quick to manipulate the debt market and line their pockets with easily available money.

Many legitimate banks fell victim to shifty mortgage brokers who seduced unqualified buyers with sub-prime credit and promises of low-interest ARM's. After making their up-front profits, these mortgage companies sold the heavily discounted mortgages to banks as "investment" instruments. The banks could list the properties as investments rather than liabilities. The unrealistic initial 3.0% ARM interest rate would increase to a conventional 6.75%. The bank would make a profit reaping the monetary benefits when the mortgage rate adjusted upward.

Of course these mortgage companies didn't bother to mention that the homeowner wasn't even paying the full interest rate on the loan. The unpaid interest was being tacked onto the backend of the principle. Neither did anyone explain that once the ARM adjusted up the homeowner couldn't possibly afford the new monthly payment.

However, that being said, I hold the homeowners equally responsible. The demented dash to hock their entire lives to possess 4500+ sq.ft McMansion, with 500 sq ft. great rooms, gourment kitchens with more granite than Mt. Rushmore, theater-sized media room, 5 bedrooms and 6 1/2 baths, etc... etc...

While the banking and mortgage industry may have been predatory in their dealings, too many people were foolish and greedy to think that they could live some "Lifestyle of the Rich and Famous" fantasy and not have to deal with the consequences. Well it now seems that a lot of people were having one helluva time - so to speak - tossing back the $200.00 bottles of Dom at the VIP room and now have to face the fact that the bar tab is twenty-five grand. On one level I feel sorry for them, but on another I do not.

When all is said and done - they brought it upon themselves and now it falls to honest, hardworking, thrifty, conscientious American homeowners to bail out the spendthrifts. Maybe the banks and mortgage holding companies should drop our interest rates to 0% as a way of taking the burden off our backs for shouldering the debt load incurred by the profligate financial irresponsibility of others.

Cheers,

SteveVA