tag:blogger.com,1999:blog-8483622.post111569024598184605..comments2024-02-29T20:00:59.902-08:00Comments on Cartago Delenda Est: We're ScrewedMatteohttp://www.blogger.com/profile/05393908406875742989noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8483622.post-1115743243508686152005-05-10T09:40:00.000-07:002005-05-10T09:40:00.000-07:00Yes, zero down, negative amortization, interest on...Yes, zero down, negative amortization, interest only loans, with potential rents amounting to only about half of carrying costs. Add to this widespread appraisal fraud connected to cash-out refi's. No questions asked, folks can rebuy their own houses at higher than the current market price, and finance 3-year depreciating consumer goods with 30 year money! The LA Times had an article a few days ago that shrouded in euphemism the fact that mortgage originators are now going after the no W-2, no bank account illegal alien market. Super.<BR/><BR/>The mortgage originators are chasing their own tails. They lower lending standards, fork over bigger bags of money, and watch prices explode. Hey presto, all the collateral is increasing in value! That means we can lower lending standards even more, and fork over even bigger bags of money! It's a can't lose proposition! A veritable brave new era...<BR/><BR/>Meanwhile, sane, rational, and thrifty folks who actually do a little thing called saving money and staying out of debt, are shafted with 0.9% interest (lately boosted up to a whopping 3%), killing their income, even as the dumb money pushes up the price of just about everything. Punish the sane. Reward the insane.<BR/><BR/>Ah, well, what are you gonna do?<BR/><BR/>"Do not store up your treasure on earth, where thieves break in and moths destroy".Matteohttps://www.blogger.com/profile/05393908406875742989noreply@blogger.com