Interest
From: Stavros
To: Frank Moore
Sent: Monday, March 02, 2009 5:27 PM
Subject: Interest
I am I just to plane simple and stupid or what.
This economic turndown was caused by people buying homes with a variable interest rate. When the interest went up they could no longer afford their homes. The money that the banks borrowed to give the low interest was low. It was fixed. They raised the interest on the borrowers to follow the raising prime rate but they already borrowed the lower prime rate when they gave out the loan. Rather than give up their greed for additional profits they foreclosed those who could not pay the floating interest rate.
It was pure greed and nothing else. The problem could have been solved simply by changing floating interest rate to fixed rates but the banks out of greed would not do that.
Shit I wish that you won the election.
Frank Moore wrote:
i hear ya!
In Freedom,
Frank Moore
To: Frank Moore
Sent: Monday, March 02, 2009 5:27 PM
Subject: Interest
I am I just to plane simple and stupid or what.
This economic turndown was caused by people buying homes with a variable interest rate. When the interest went up they could no longer afford their homes. The money that the banks borrowed to give the low interest was low. It was fixed. They raised the interest on the borrowers to follow the raising prime rate but they already borrowed the lower prime rate when they gave out the loan. Rather than give up their greed for additional profits they foreclosed those who could not pay the floating interest rate.
It was pure greed and nothing else. The problem could have been solved simply by changing floating interest rate to fixed rates but the banks out of greed would not do that.
Shit I wish that you won the election.
Frank Moore wrote:
i hear ya!
In Freedom,
Frank Moore
posted by Lavapen | 11:19 PM
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