Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zamboz who wrote (68363)	8/31/2007 5:51:06 PM
From: Mike da bear	Read Replies (1) of 116555

This is the best suggestion I have seen to date. From the Washington Post business section today. 1. Qualify the borrower for what they can truly pay and refinance for that amount. 2. Take the difference between actual home value and above to create a lien owned by the lender. So this means if I buy a $1Million house, but can only afford to pay on say $300K of it, the mortgage is for $300K and the lender gets a lien for $700K? Sounds like a good deal, I get to live in a $1M house for the cost of 300K. This should encourage people to go out an buy the most outrageous house they can since their payments will only be based on what their ability to pay is. I'm sure the lenders will love this idea.

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