2026 TeoTwawKi ... 2032 Darkest Interregnum Message Board

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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 19 4:00 PM EST

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To: Ilaine who wrote (76962)	7/27/2011 9:52:09 PM
From: Ilaine	2 Recommendations Read Replies (3) of 218632

>>>Before I became a bankruptcy lawyer I would have scoffed. It's crazy.<<< Even crazier are the negative amortization mortgages. I have many dozens of clients who took out mortgages where, the only payment they can afford is the minimum payment, which, if that's all they pay, they owe more on the mortgage every month. I have one lady who used to owe $100,000 on her mortgage, and now owes $300,000. How and why? She can't explain it, she's functionally illiterate. Most of my clients are not functionally illiterate, just financially illiterate. Innumerate. Whatever you want to call it. They don't read Silicon Investor, and if they did, they have pretty much zero chance of understanding it. The only real explanation is that the people who sold them these loans have no heart. And, the lenders knew that they would be bailed out. And the lenders sold the loans to people who had no idea that what they were buying was toxic. I like to joke that the Chinese sold us their crap goods, and we sold them our crap mortgages. Ha ha. Not actually funny. Vis-a-vis crap mortgages, read: The Big Short. amazon.com

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