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Can they stop the bubble from deflating?; entered at 2007-12-02 13:55:57

Plaztiq
Posts: 226
Registered: 2007-08-08 Bay Area, CA

Received a flyer from our credit union:

Quote:

40 due in 7 fixed-rate mortgage
>no points
>low, fixed rate for 7 years
>up to $850,000

broken ARM's
Everyone knew this day would come, but that doesn't make it any easier to swallow. Over $75 billion in adjustable-rate U.S. mortgages are repricing by the end of the year, increasing monthly payments an average of 30%. Do you have one of them?

We have the money to lend and with our 40-year first with a seven-year balloon, you can refinance your home at a low, fixed rate for seven years. Then you can refinance into another loan that will fit your needs at that time.

Is there any way the banks can stop the bubble from deflating with crazy financing? I don't see what is in it for the homeowner. You're still in an exploding mortgage. Why deal today with what you can put off for tomorrow!