Government Backed Golden Goose Loans to keep you in Debt!

It is truly sad to read this article which make a interest-only loan sound like a jewel. It is a gold mine for the investors because the principal balance is never paid down and it yields a much higher interest rate (about .125 in rate or more) because of the risk involved. These loans are being backed by your hard earned money by the Federal Government. You pay on this loan for 10 years without paying One Cent of your home off. Could it be possible that the borrower may buying more home than they can afford? It is true there are very limited uses for this product but it is being vastly used to get that home without that big payment. The thought is maybe later we will be able to handle the payments down the road in 10 years. No wonder we are heaped in debt with minimum credit card payments and interest only-mortgages. This is another sign of the recklessness in the financial markets to supply Investors with the golden goose of higher yields. Someone's goose will get cooked in the end. www.rateinformer.com