Wednesday, September 24, 2008
Brother, can you spare a few $100,000?
This article is quite well-written. The authors say it "serves as a microcosm of (the) nation's mortage meltdown".
After you read it, you may agree with my conclusion that it represents an avalanche of stupidity!...
After you read it, you may agree with my conclusion that it represents an avalanche of stupidity!...
Cary Spivak and Daniel Bice write at JSonline.com:
“Anybody with a heartbeat could walk in and get a loan,” said Richard Bitner, a former national lending executive turned industry critic and author. “You’re talking about a systematic failure in the mortgage industry.”
"Time after time, borrowers — some with spotty financial or even criminal records — received loans to buy property or refinance their mortgages. About 7.5% of the homes in these neighborhoods were headed for sheriff’s sales last year, the final step in the foreclosure process."
"QUOTED TEXT"
