Even though the whole housing crisis, bubble, creative mortgaging, etc. sunk the economy, the evil persists. This week I received a letter from First Fidelity Mortgage Group in Baltimore. They knew my name and roughly how much I still owed on my house. They were offering a 4.5 percent refinance, with a monthly payment almost two-thirds less than I'm paying now, plus for a mere $90 a month more, a $24,000 cash payment.
Down in the small print, there's a reference to interest only, and the 4.5 percent is good for five years only. After that, it could go anywhere. "Rate and programs subject to change at any time." Something mysterious about my refinancing charges being "higher over the life of the loan."
Isn't this how everyone got in trouble?
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