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<blockquote data-quote="tommyk90" data-source="post: 3602790" data-attributes="member: 545293">ARM or fixed rate, people SHOULD be smart enough to realize that they cannot afford a $500,000 house while making $30,000 a year.Simple (extremely simple) math should show this to people30 year loan on a $500,000 house means a cost of ~$17,000 a year on a mortgage, not including any interest or other costs.&nbsp; There goes more than half your income right there.&nbsp; Then you have utilities, insurance, cars and car insurance, then trying to feed yourself and your family.Lots of people in the U.S. need to learn to live within their means.&nbsp; I&#039;m sure these people that got screwed with these ARMS probably have 2 new cars in their driveway as well.Though I agree with the general consensus that both sides are at fault.&nbsp; Greed is the dominant factor here.&nbsp; People want big houses to show off and banks want to line their pockets.</blockquote>

[QUOTE="tommyk90, post: 3602790, member: 545293"] ARM or fixed rate, people SHOULD be smart enough to realize that they cannot afford a $500,000 house while making $30,000 a year. Simple (extremely simple) math should show this to people 30 year loan on a $500,000 house means a cost of ~$17,000 a year on a mortgage, not including any interest or other costs. There goes more than half your income right there. Then you have utilities, insurance, cars and car insurance, then trying to feed yourself and your family. Lots of people in the U.S. need to learn to live within their means. I'm sure these people that got screwed with these ARMS probably have 2 new cars in their driveway as well. Though I agree with the general consensus that both sides are at fault. Greed is the dominant factor here. People want big houses to show off and banks want to line their pockets. [/QUOTE]

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