The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: loantech who wrote (29366)	3/25/2005 10:15:33 AM
From: MoneyPenny	Read Replies (4) of 110194

Yesterday, my hairdresser was approved for a 100% no money down mortgage on a vacation home. The sale price will be inflated to the bank (by the seller) so the closing costs can be included in the price of the mortgage. I consider this fraud and asked the person if he wasn't concerned. He said "that's the way it's done now"...then if you can't make payments you are not out any cash at all. He also it ups the basis of his home if he should sell, making his "profit" higher. I was very surprised. MP

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