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Originally Posted by BarTopDancer
A big problem (at least here) is the people who took out interest only loans they could barely afford. Now the interest rates are going up and people are behind on their mortgages. Yes, it was their fault for buying a home they could barely afford but the untraditional methods banks are using to get people into homes are messing with the economey as well.
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Shows you what I know - I didn't realize that interest only loans were adjustable, not fixed.
I also fault the banks, though. They shouldn't give an adjustable rate mortgage to people who can't handle the variances in rates. That's just poor business practice.