The home at the Lakes that we planned on buying was sold to a family from Ohio (hattip gp aka Sherlock Holmes). How much money do YOU think they put DOWN? (downpayment)
a) 0%
b) 2%
c) 10%
d) 20%
e) paid in full, cash sale
Well, the banks haven't learned a thing. Their mortgage is a FHA loan with a 2% downpayment, which means that if they walk away in a few months, if homevalues keep falling, the taxpayer is on the hook for the loss.
Wicked!
Monday, October 27, 2008
Weekend Guessing contest answer
Subscribe to:
Post Comments (Atom)
2 comments:
Don't you feel stupid
What do you mean?
Do I feel stupid that we didn't put ourselves in huge debt just before the American economy imploded? Do I feel stupid that homeprices in the meantime have dropped another 10-15%? Do I feel stupid that banks are still allowing people to buy homes with 2% down? Do I feel stupid that in a few years that home will be foreclosed, loss paid by the US taxpayer? So can you be more specific with "Don't you feel stupid"?
Post a Comment