Wartime President GW Bush decided to sign a bill that helps homeowners that bought more house than they could afford. The idea behind this plan is that mortgage companies, always known for their big hearts, will forgive large amounts of debt in order to lower the amount homeowners owe on their multi-bedroom multi-bathroom, thousands of square foot opulent homes that they had no business buying in the first place.
The theory is that the mortgage companies will do this to avoid costly foreclosure cost. I can’t wait to see that theory work.
I was in the real estate business for several years and was always amazed at the mortgage companies zeal to foreclose. You could bring them a perfectly qualified buyer and offer to pay up to date and take over the existing mortgage and they would always refuse, reason? "It’s not an assumable mortgage!" Invariably the new mortgage would be at a lower rate and the selling... more
Anyone remember the parody centerfold in National Lampoon in the 70s? The pube-fro on this black chick was as big as her head-fro. Hilarious! (But I still whacked off to it.)
The problem with trying to..
