Thursday, July 10, 2008
Another Mortgage Nonstory
This story on CNNMoney.com is supposed to be about how a grandmother's life was destroyed because she couldn't pay here mortgage. I am supposed to feel sorry for her. If you read it you will find out she is an illegal immigrant who got an ARM that she couldn't afford unless her entire family lived with her. When the payments went up she defaulted. The bank should never have loaned her the money, the realtor shouldn't have got her a no doc loan, and she shouldn't have got the house. Now you and I will probably use our tax dollars to bail out the bank.