Many of you know that I work in real estate and so I frequently receive all sorts of professional advertising. I was astounded to find this in my email today.
Remember the Great Mortgage Meltdown that happened a while back… oops, my mistake; that would be the Great Mortgage Meltdown that is still plaguing the real estate market TODAY!?!People being given mortgages they could barely afford with no money down (read: nothing to lose) and walking away leaving toxic assets all over the country?
Remember government leaders decrying the dastardly money lenders for unsound lending practices and the takeover over of several mortgage companies and banks, including Fannie Mae?
As I pondered the wisdom of a government entity such as the USDA making 102% loans, I could only shake my head and wonder - WTF!?!
USDA???
ReplyDeleteI've seen similar adds littering up my computer screen from time to time at aol & other sites.
Staggering how how advanced culture seems to forever WILLINGLY refuse to learn from mistakes made. The history of the world is a history of perpetually spinning wheels.
The USDA has an arm that insures loans in rural areas. Because of where I live, we see these type loans pretty often.
ReplyDeleteTwo years ago I was shaking my head over these 100% loans (never mind the other shady and predatory practices)and I made the comment then that if you have nothing invested in a property, what is the incentive to try and keep it? Your credit, sure, but many people went on to max out all thier credit cards and so their scores were in the toilet anyway.
Oh, well, guess I'll get ready for the SECOND wave of foreclosures...(sigh)
Advanced culture? I'm not sure we even have a civilization any more. We're more like farm animals kept in a pen so we can be sheared like sheep at will.
ReplyDeleteWhat better agency than the USDA?