OK, consumers should have some responsibility in this mess.. nobody says you HAVE to buy a house. But come on folks, take a look at this potential mortgage disaster:
Here's a deal for you: Put no money down, pay only interest, or skip payments entirely. Mix too many of these features and you dig a hole you can't ever hope to escape.
I have tried to devise the absolute worst mortgage loan that I can imagine. Fortunately, this loan is nothing more than a figment of my imagination -- at least, as far as I know.
I made it hard on myself. Although I dreamed it up, the world's worst mortgage couldn't include anything that doesn't exist in the market today. So that disqualifies imaginary elements, such as mortgages written on acid-spraying exploding clay tablets. I just took the worst elements of all the existing mortgages and assembled them. Here's what I came up with:
November 18, 2005
Posted by blogger at 11/18/2005