I'd like to "own" a $10 million mansion in Malibu. But alas, I can't afford that.
But if I was able with the help of a corrupt mortgage broker to illegally con a lender into giving me a loan for such a house, with no-down, no-doc, 1% teaser rate negative-am (I choose the payment) mortgage, then hey, I could "own" my $10 million Malibu dream house!
For a few months anyway.
But after reality sets in, and I can't afford the monthly payment anymore, and the home hasn't gone up in value like I was promised by my realtor, and I lose the house to foreclosure, is that such a bad thing? Should I be bailed out? Should I expect my lender to renegotiate my loan, or hold the interest rates at 1%?
After all, even though I'd like to "own" a $10 million mansion in Malibu, I can't afford that.