[craigster59]

No offense taken Jeff, I don't have much sympathy for people who jump at the deal that's "too good to be true" and b*tch when it blows up in their face. Like I said in this thread, I research, ask questions and analyze different scenarios before I make small purchases, much less a house. I know you do too, reading your comments in the RE thread.

My friend just wants to refi and move on and says he never realized that the loan was an ARM w/ prepayment penalties. I mean, he's an ol' blues musician and how many of those guys were screwed out of song royalties. The loan is just north of 100k so I don't think he's going to get hurt.

But the fact of the matter is, there are a lot of people out there that will be in much worse shape and we're all going to "feel it" whether good or bad. I'm in the same position you are, holding for the "good deal", but educating myself more and more in the process. It's going to happen and in the not too distant future.