Re: OT: Inflation in the US

John Larkin wrote:
On Sat, 19 Jan 2008 11:53:44 -0800, Joerg
<notthisjoergsch@xxxxxxxxxxxxxxxxxxxxx> wrote:

I mean, look at the latest development. Using their own homes as automatic teller machines is, sorry for my plain English here, just plain stupid. And it's primarily the people who dunnit, not just the fault of some greedy corporation. Because they signed on the dotted line and (most) can read.

Too many people inherited a house, long ago paid for, and 2nd
mortgaged it for cash, and blew the cash on Princess Line cruises and
Porsche Cayennes. And people bought houses for zero down and, based on
bogus assessments, signed up for a 2nd or 3rd and took out cash *at
closing*.

And none of them can afford the payments now. Nature has always
punished the combination of greed and stupidity.


Yes, but it goes deeper than that. Rush Limbough (or Tom Sullivan) once said that most of those who signed the loan docs must have committed one or both of these: Lied on their taxes because the income was indeed higher than declared, or lied on the loan app stating an income that really wasn't there.

--
Regards, Joerg

http://www.analogconsultants.com/
.

Relevant Pages

  • Re: OT: Inflation in the US
    ... automatic teller machines is, sorry for my plain English here, just ... plain stupid. ... Lied on their taxes because the income was indeed higher ... The vehicles were both wrecked ...
    (sci.electronics.design)
  • Re: OT: Inflation in the US
    ... automatic teller machines is, sorry for my plain English here, just plain stupid. ... mortgaged it for cash, and blew the cash on Princess Line cruises and ... and not because of the home--because my mom is still alive. ...
    (sci.electronics.design)
  • Re: OT: Inflation in the US
    ... automatic teller machines is, sorry for my plain English here, just ... plain stupid. ... mortgaged it for cash, and blew the cash on Princess Line cruises and ... And people bought houses for zero down and, ...
    (sci.electronics.design)
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