Mortgage Resets on the Horizon

Though estimates vary, some industry experts say that at least a half a trillion dollars' worth of loans with reduced initial payment terms are scheduled to reset during the coming year.

Many of these mortgages carry "negative amortization" features that permit borrowers to pile on additional debt beyond their original balance, and make minimal payments for the first several years. Once the initial period is over, however, payments can shoot up by 100% or more as the loan resets.

This is bad, bad news. A lot of people who have odd-ball loans like negative amortization mortgages took on this level of debt because it was the only way they could get into a house and they are barely making their minimum payment. When their payment doubles, what are they going to do? Sell their homes? Surprise. Housing prices are dropping.

What do you do when you bought the house in the last two years at the top of the market and you have to sell it for less than you owe on the mortgage? If this starts to happen, do the prices of houses go up? Sorry.

A situation like this could spiral into recession. Let's pray that this doesn't happen.

Guitar Hero

In Guitar Hero™, players press the fret buttons on the Guitar Hero™ SG Controller in sync with scrolling “notes” on screen that indicate the rhythm of the song. Players activate these “notes” by flicking the strum bar on the Guitar Hero™ SG Controller. When you’re using the Guitar Hero™ SG Controller and rocking out to songs like Iron Man, or Thunder Kiss 65 you’ll feel just like a Guitar Hero!

Save your cash and buy a real guitar. It will be a lot more fun.

The Fertility Gap

Liberal politics will prove fruitless as long as liberals refuse to multiply.

This is why orthodoxy will win out. Vocations are going to come from generous, large families. God's first and continous message to us is Crescite et multiplicamini.

Bush Sells His Soul

During an August 21 press conference, President Bush was questioned about reports that his nominee as commissioner of the Food and Drug Administration (FDA), Andrew von Eschenbach, would approve non-prescription sales of the drug known as "Plan B." The President responded:

I believe that Plan B ought to be -- ought to require a prescription for minors, is what I believe. And I support Andy's decision.

If only George had gotten the abortifacient drug, Plan B, confused with the Dexy's Midnight Runners song, Plan B...

PLAN B
Bill Withers was good to me
PLAN B
Pretend I'm Bill and lean on me