ProfMoneyWise
Member
Do not give up on reading through this article. This is real life happening to someone who seemingly would know better. Please know that Personal Finance is "Personal" and is a game that must be played on the field called "Reality" and the only equipment you need resides between your ears.
http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?pagewanted=1&_r=2&hp
Do not be fooled into thinking easy money will never happen again. Do not be a willing participant. There are many telling lines/quotes in this article. The one I submit to you for thought is from Broker Bob:
“I am here to enable dreams,” he explained to me long afterward. Bob’s view was that if I’d been unemployed for seven years and didn’t have a dime to my name but I wanted a house, he wouldn’t question my prudence. “Who am I to tell you that you shouldn’t do what you want to do? I am here to sell money and to help you do what you want to do. At the end of the day, it’s your signature on the mortgage — not mine.”
http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?pagewanted=1&_r=2&hp
Do not be fooled into thinking easy money will never happen again. Do not be a willing participant. There are many telling lines/quotes in this article. The one I submit to you for thought is from Broker Bob:
“I am here to enable dreams,” he explained to me long afterward. Bob’s view was that if I’d been unemployed for seven years and didn’t have a dime to my name but I wanted a house, he wouldn’t question my prudence. “Who am I to tell you that you shouldn’t do what you want to do? I am here to sell money and to help you do what you want to do. At the end of the day, it’s your signature on the mortgage — not mine.”