We just got back from Allen v. Pocono Mountain West in the season-opening basketball game. The Canaries scored off an inbound lob with 0.8 to go, giving them a 1-point win and setting the crowd into a fuh-renzy. It was a game that made me want to go to more games; well-coached players who played fundamentally sound hoops under the watchful eye of capable officials. It felt kind of like the gym at RRHS, just without Mr. Majestic sitting at halfcourt barking insults at everybody.
The news has been pretty benign this week but I'm pretty upset about the idea that the government might lock adjustable-rate mortgages. Don't get me wrong, I think it is sad when people can't keep up with their mortgages and am sure that in many cases predatory/unethical mortgage bankers pushed unreasonable products on under-informed consumers - here, some relief is fine. However, if a person making $85k bought a house in 2003 in Sarasota with a jumbo, interest-only ARM and is now forced to move out of their $795,000 house because they can't make the payments, I don't see where the government should lend a hand. If it does, where's the incentive for anybody with a conventional mortgage (ahem!) to stay away from the ARMs which are wreaking havoc?
Friday, November 30, 2007