Government Accountability for America’s Economic Crisis
Mortgage rates spike - biggest jump since ‘87
Rate on 30-year fixed mortgages jump could climb higher still. One cause: Government’s rescue efforts.
This is today’s current headline on CNN.
My question…Why don’t we hold our elected officials who rushed to push this plan through accountable? If we screwed up at work and our decision caused a financial problem to become a disaster how long do you think we’d keep our jobs? Not too long in the real world!
Freddie Mac reported Thursday that the average 30-year fixed-rate mortgage has hit 6.46% - up from 5.94% the week earlier. That represented the largest weekly increase since April 1987.
What that means is a borrower with a $200,000 mortgage would pay about $1,225 a month at 6.2%, and $70 more, $1,295 at 6.74%. As I have said in previous posts and most Americans knew, this plan was NOT going to help Main Street.
The CNN article states “The spread - the difference between Treasury yields and mortgage rates - also expanded a bit, according to Bankrate.com.”
Americans (except those who are elected to represent us…Where is your speech now, Nancy?) knew this was to help the banks, not us. This “spread” means more profit to those who’s greed was most responsible to get us in this mess.
Keith Gumbinger of HSH Associates, a publisher of mortgage information, expects rates to stay higher for several more months, as financial markets and lending take some time to return to normal. But he doesn’t see the current spike as the beginning of the end of affordable mortgages. “Rates should probably settle back down,” he said.
Where is the same urgency to help Main Street that we saw to help Wall Street?!?
Several more months of taking time to get back to normal while banks make more profit on the spread? Both candidates TALK about helping the hurting American.
How about we “fire” our current Congress and Senate and actually get some people in there that will actually represent OUR interests? Let’s hold them accountable. It is time for a massive overhaul, don’t you think?
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