Tuesday, November 29, 2005

Great Story On Another F*cked Borrower

Check out the Post "I need to do a refi cash-out to get money to pay my mortgage." . Amazing the stories that are coming out of the lending business.


  1. There must be a term for that, in the finance-trade lingo -- similar to people charging things on their credit cards, for which they should have and normally would have paid cash, just so they can pay their next credit crd bill.

  2. What is going to happen here?

    Someone needs to pay for this-- either the people who took out the loans (doubtful since they probably can't), or the people holding the loans now (doubtful since they probably have political connections), or the savers through some sort of tax on savings and cash holdings (most likely).

  3. It's like the guy at the bar, sitting waiting to get sober before driving home, says "I might as well have another beer while I wait".