"This Country Believes In Redemption"

BankRate.com has a article out called "6 mortgage myths that can cost you money", which is asserting that common sense is out-of-date.

ARMs are fine for "upwardly mobile people, people who are transient, people for whom a payment increase wouldn't be the end of the world."

Being debt free is questioned. "We're not talking about finances; we're talking about psychology, or at least where the two meet. The way people deal with money and risk is often irrational, and they put much more of a premium on security and safety than they do on getting a return."

"The perception out there, that you need 10 percent down at least, maybe 20 -- that's completely incorrect. Many lenders have lots of loan programs for people who can afford to pay 5 percent down or less, including zero down." They can "afford to pay less"? I must be living in "the mortgage industry's horse-and-buggy days".

"What's called 'piggyback financing' is now almost 50 percent of home purchases," A piggyback loan lets you avoid paying for mortgage insurance." More uninsured debt, nice.

Problems with your credit? Relax. "'This is a country that believes in redemption. More and more lenders are finding ways to lend to people' with flawed credit histories." At least he got the last thing right.