I personally have been waiting for this for a awhile. I saved and i am ready to reep the benefits of financial over extension.

I've worked in the financial industry for 14 years and have been a lender for the past 10 and have never seen a rate jump from current posted rates at approx 6.85% for a 5 yr fixed term up to 9% - also these are posted rates, negotiated rates are much lower then what the posted rates actually are. FYI for every 10 articles you read that claim rates are going up, you'll find another 10 claiming the rates to go down.

Truely is unfornunate whats happening in the states and with Merrill Lynch I think a few more banks and firms will probably go under as well when all of the dust sets.

If anyone has any questions regarding their mtg or anything along those lines I would be more then happy if you want to shoot me a PM and I will respond.

It can get worse my 1st house I bought I got 14% over 3 years and I thought I was doing good :mrgreen:..Houses were dime a dozen cause people got in when the interest was low when it went up they were so tapped they couldn't afford them anymore and was trying to sell them off. I'm waiting for it to happen again ...then I can become the slum lord of e-town :lol:

Lol Murray!

So...uh, what's this all mean anyway? I don't get it.

I don't watch tv, read news, or anything like that. I'm pretty out of the loop. In fact this is the first I've heard about this attempted bailout! :o

For people in my office who were set to retire it means they have to work for longer now. For some in means they've lost their nest eggs.

:lol: That doesn't clarify anything!! :lol: Are people losing their savings?

A lot of people had their savings tied into the stock market in some way. Tanking of stock prices means their funds have taken a nose dive too.

Ohhhhh...the stocks when down? Why can't I find any literature that explains all this?! Arg!

In the end Myka, it just means that we've all got too comfortable with debt being a big part of our lives...in the end, cash is king and a lot of people who borrowed to get their lifestyle are paying the price right now in the US. Canada will follow...when big brother sneezes...we all know who catches the cold.