Okay, so some plans for this mortgage deal have been floated (well, leaked is what they call it, but it's floating the ballon) from this morning. So, they want to refinance people into new ARMs, starting around 3.5%, but then adjusting in 5 years. Because, in 5 years they'll be able to sell or refinance. Um, wait, isn't that what got us into this in the first place. This is the same fargin' mentality that got us here, only now we're delaying it another five years. Yeah, really good plan. I don't like this concept, but at least refinance people into 30 or 40 year fixed rate loans, maybe at 4 or 5%, but then their rates won't change.
If we're going to do this, let's do it right.
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