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news · Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston

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Description: Economists Brace for Worsening Subprime Crisis - NPR covers Hyde Park family
URL: http://www.npr.org/templates/story/story.php?storyId=12561184
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1068

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AgentGrn · Joined: 28 Sep 2006 Posts: 82

I'm curious as to why he refinanced in the first place. Prices as given 7 years ago are mighty pretty compared to the current market.

I'm finding it harder and harder to have much sympathy for people who are getting screwed because they didn't look at and understand all the fine print, particularly when it concerns their single largest expenditure and asset.

Dorchester grandma · Guest

Before beginning my house search, I took a Homebuyer 101 class at the Allston Brighton CDC. I found about about the Soft Second Mortgage for people of modest means, given names of reputable mortgage brokers and learned all about the drawbacks of sub prime mortgages, interest only and ARMs. A fixed rate was the only sensible way to go. When I have had a problem or a question a homebuying counselor has been available.

Of course not willing to throw caution to the winds, I am still renting Smile

This class is available in cities and towns all over MA.

http://www.chapa.org/housing_workshops2005.htm