Comments by user: JJames
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"Maybe it's time to pass a law that would force the landers to re-figure a fair price that would reflect the current maket value of houses in the neighborhood."
So, let's say instead your home increased from $300k to $600k. Would this law also increase the amount you owe to $600k or is this a heads I win tails you lose scenario?
Who in their right mind would loan money under those circumstances? Do you want to see 15% interest again? If so, pass that law and you'll see lending dry up like the Sahara.
Mr. Yates stated that the lenders knew he could not make the adjusted payments. Well, then I ask, why did you, Mr. Yates, not know that as well? Could it be that both of you were counting on never ending continued appreciation?