02-19-2009, 03:21 PM
Dakota wrote:
Then there is this clincher. The lenders are supposed to make the payments 31% of owners income. How do you do that?
Income * 0.31 = Payment
Dakota wrote:
For some of these mortgages principle payment alone is more than 31%. You expect them to give out interest free loans? Is there money in the bail out for that?
I'm not following you here. "principle payment alone is more than 31%" doesn't mean anything. Your payment is (x)% interest and (100-x)% principal.
It seems like you are saying that the payments can't be lowered to X because the payments are larger than X.