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Wednesday, September 24, 2008

Mortgage issues...

My wife and I pay our mortgage. We can afford it for now. But, we're paying interest only. We've put about $70K into Indy Mac FEDERAL's pocket. Our home value is down about 50%. I just called Indy Mac FEDERAL to see if they'd help me. They said, "NO way bud, you can afford your mortgage". I asked why, when we're paying to support them in tax dollars on the back and interest on the front, they won't help us prevent a problem by calling up our ARM now, or lowering our principal, or SOMETHING.

So, since the banks are helping out people who don't pay their mortgages....should we just stop paying?



WHAT BENEFIT IS IT TO THE PEOPLE TO BAILOUT THESE COMPANIES????

Is the government in business to make profit? If not, then why do we have to pay interest on our loans now that they're owned by the federal government? Shouldn't the loans be at prime rate?

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