Originally Posted by cholahan
I'd like to speak with homeowners who have adjustable rate mortgages and hear your stories, as well as let you know what I'm hearing about government programs allowing homeowners to work with their lender to alter the ARM payment.
Why would I want to work with the government to alter my payment? My ARM will be going down next month to 4.375%. It is tied to the One-Year CMT.
I signed a contract with my Credit Union. I should live up to the terms of that contract. I expect my Credit Union to so the same. If the govt comes in and allows me to change the terms, that is not fair to my Credit Union. In turn, that would not be fair to other Credit Union members - they will have to pay for that alteration somehow (or as taxpayers).
Why do some people want their terms changed? I don't understand. How would the economy function, if the word "Contract" no longer had any meaning? How loudly would they wail (rightfully) if the lender changed the terms on THEM?