How we got here.

[Col Forbin]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

[Devils Horse]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

You definitely made the right moves Col. You are an example of what can go right with the macs. Unfortunately many others who used the macs don't have your determination and work ethic.

[DJD]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

Col,
I knew you had it in you to be a Conservative! The moves you made were based on you being responsible for your actions so give yourself some credit(no pun intended)....your coming around buddy.