In a time of chimpanzees, I was a penguin.
The religious right is motivated by the suspicion that someone, somewhere,
is having fun -- and that this must be stopped.
37% of loans originated in the first quarter of 2007 were interest-only loans. I.e., loans that would *never* be paid off.
Madness. Utter madness. An interest-only loan becomes a non-loan as soon as housing prices decline. That is crazy. Which is why our financial system is at the verge of collapse right now -- because of craziness like that.
- Badtux the Finance Penguin
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I must have missed a memo somewhere along the way. When did loans-that-never-get-paid-off become legal? Isn't that usury by anyone's definition?
ReplyDelete...And why would any sane person take such a loan? After all, it's just like renting, only with an eternal lease you can never get out of. Um... what's the point?
Just askin...