👿💰🌎 JUST IN: Federal Reserve Raises Interest Rates by 75 Basis Points – AGAIN 👿💰🌎
(www.thegatewaypundit.com)
🤡 Clown Fed World 🌎
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All of these folks that bought homes on overinflated appraisals are going to be in trouble. I saw this in 1980’s. I was working for Mellon Mortgage. We foreclosed on EVERYTHING.
Yup. Everyone just HAD to buy a house “worth” 8-12x their annual pay, and now they’ll either baghold and hope to not only keep their mortgages payment going, but also to maybe have that property regain its value 10-15 years from then.
I know someone who is building a house at work. They are about to pay $10k to break the contract cause the mortgage rates going through the roof in combo that the house won't be worth as much when done.
Apparently a few other people in the neighborhood backed out too. I also heard auto repossessions at an ATH.
Not to mention the people that took out INTEREST ONLY LOANS. (Thanks to Democrats and Acorn) We (former work as investment advisor) we tried to dissuade people and the ones that refused to listen LOST EVERYTHING.
Kinda like trying to persuade people to get off the vax addiction! Learning the hard way is pretty devastating.