“There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once — shame on — shame on you. You fool me, you can’t get fooled again.” President Bush
What would you do if your employer asked keep 20% of your pay for the period you just finished working?
This could bring on a host of consequences. One of those consequences might be that you become less willing to trade your time for unknown pay. Others would feel the same, your company might lose employees and find it tough to replace staff once word hit the street that the company isn’t a reliable payer.
Now, how do you think mortgage investors (the people who provide the money for others to buy homes) feel about the same thing happening to them? They may be less willing to provide funds in the future, or they’ll at least want more income to compensate them for the risk of having to let borrowers go back on their word.
Sorry W. For those of us who try to make responsible decisions such as choosing to live in a home we can afford and financing it with a 30-year fixed rate mortgage to protect us from the pain of interest rate fluctuations, your proposal to freeze interest rates for those who aren’t as responsible is a slap in the face.
Fool me once, shame on you. Fool me twice, shame on me.