Wednesday, August 24, 2005

A Proposed Exotic Loan

The lenders maybe running out of ideas to get people into homes. Here is my new exotic loan plan:
  • Interest Only
  • Adustable Rate Mortgage
  • Negative Amortization
  • No Doc ( aka 'Liar Loan' )
  • 50 Year
  • Bad Credit
  • Bank gets 50% of future price appreciation ( not inflation adjusted)
That way someone earning 50K with a 550 credit score can easily buy a 700K home. No problem. Where can I sign up?

1 comment:

  1. Financial ConvervativeAugust 23, 2005 10:07 PM

    Whats the old line about a sucker being born every minute...

    ReplyDelete