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 Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?



To: Ramsey Su who wrote (72276)10/18/2006 1:12:10 PM
From: UncleBigsRespond to of 110048
 
ramsey, that no equity second mortgage up to 125% of value is so ludicrous, I just had to laugh. I can't believe I'm looking at that.

No bank in their right mind would ever offer that kind of product. And Warren Buffet loves this bank. Has he lost his mind too?



To: Ramsey Su who wrote (72276)10/18/2006 1:28:36 PM
From: UncleBigsRead Replies (1) | Respond to of 110048
 
Why bother to sell your house. Just get a 125% loan and move out. Hold a liquidation sale before you leave so that all that's left is a rotted out carcass for a house.

I think it's gotten to the point now where a big percentage of borrowers have no intention of repaying the loans. They are just taking the loot and running.

I also think that amongst the senior citizen population, they are loading up on debt and planning to stiff the lenders when they die. And I don't blame them. Hell, enjoy the last few years of life and send the bill to Wells Fargo or Capital One.


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