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