This thread discusses the Content article: New mortgage rules exclude Utah County

Cry me a river! I can't afford my $520,000 mortgage. Should have thought of that before you purchsed.

Absolutely agree. If you can't afford the payments
you should have bought a cheaper house. A house at the price of yours is a luxury not a necessity.

I bet the loan was a zero down ARM just like our wars that Bush thought he could afford! When China wants it's loan plus interest back he will be long gone and try to blame it on the "other presidents". And yet the Utah county flock follow him along the trail hoping for greener pastures somewhere.

mom wrote:
Absolutely agree. If you can't afford the payments
you should have bought a cheaper house. A house at the price of yours is a luxury not a necessity.

Well said. Other areas of the country have 1200 sq foot houses for 600000+. That is where the help is needed, not here.

With all this stuff aside. Much I agree with.

Once again our government doesn't make alot of sense in doling out these programs. So Tooele (Salt Lake and Summit) qualifies up to $729,750 and we in Utah County only qualify up to $417,000? What does this mean to you and me? It means we all come out on the short end of the stick in Utah County. More of our money in Utah County goes into Fannie Mae and Freddie Macs pockets than into the local economy. The only reason this is happening is because we have a very large student population and their housing skews the overall housing costs of the entire county.

We take another one in the ..... from good ole Uncle Sam.

While people should never have bought into ARM's in the first place, I find it interesting that the present effort seems to be entirely to save the lenders from their subprime schemes, while ignoring dealing with the problems of those who were sucked into insidious and unpredicable loan arragnements like ARM's.