Housing Loans: Outlaw Adjustable Rate Mortgages
Adjustable Rate Mortgages (ARMs) killed our economy and the housing market.
It is time for the Government to take action against these predatory banks that allow you to take loans that are constructed for failure. Adjustable Rate Mortgages (ARM) killed our economy along with the housing market. These types of loans should be outlawed and be modified to a fixed rate at 1% above the National average. I believe this to be fare to the consumer and the banks that have these loans. This way all parties involved will still come out ahead. The consumer will still be able to afford and stay in their home and the banks will still make more money than the average loan. Take action now before we have anymore foreclosures.