we get it... daily
July 27, 2007
Loan Magic
N
obody should be surprised about the situation surrounding the nations melt-down in housing loans and the resulting bounce in foreclosures. It's been a combination of near-fraud playing off wishful thinking for too long.Anyone who has applied for a loan in the last ten years has met someone across the desk who apparently decides that your lending target should be 2x what you're asking for or need. It's like magic! You can even get a credit card that borrows against the equity in your home!Why that's just like free money!
The banks themselves are hiring morons who 1) won't be around when the shit hits the fan and 2) couldn't care less what your financial state will be when the actual payments start rolling in because of #1. They're just looking at the spiff they're getting on selling the loan. And in the end, the banks haven't done anything wrong because you read those reams and reams of paper they shoved under your nose to sign and those told the whole story, the whole truth. Sucker.
Remember: no one at the bank is your friend. They are using you and your money. You are the only one there looking out for you.
| And no, we weren't recently burned at all. Haven't bought a ARM for years. Fixed rate is the only way to go. When we want to gamble, we head off to Vegas. |
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