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Politics : Politics for Pros- moderated

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To: Steve Lokness who wrote (215384)	8/12/2007 7:26:47 AM
From: JDN	Read Replies (1) of 794162

Reminds me of a FUNNY but TRUE story. Years ago when I was an auditor, there was a savings & loan that went belly up and we were sent in to clean up the mess. As I reviewed the loan porfolio I noticed a number of very long life mortgages advanced to very elderly people. I went out and interviewed some of them. First guy I talked to was in his 80's and had a 40 year mortgage. I said to him, "Sir, are you aware you are unlikely to be around to pay off this loan?" His reply was, "Yes, Son, but I CAN AFFORD THE PAYMENTS!! Turns out the loan officer at this Assn. would ask people two questions, how much do you want and what can you afford to pay? With that info, he made the loan the life needed to bring the payments to what the people could afford to pay. jdn

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