>On Jan 31, 2007, at 6:31 PM, bitch at pulpculture.org wrote:
>
>>my son was told by his bank that they could get him a loan for a
>>house for $245k. he makes $13.50/hr. WTF?
>>
>>ARe these people completely off their rocker?
>
>Jordan will tell us no.
well... i saw THAT coming. :)
>Deliquency rates for "subprime" mortgages are rising, and several
>subprime lenders have gone to the wall in recent months. But with the
>Fed on hold and mortgage rates behaving, the animal spirits are
>returning...
R corrected me: sonshine's making $12/hr. -- going to ask for a raise to $13.50, though. Could they just be all about planting seeds in the heads of 18 year olds? 'Cause I could totally see how planting this seed gave him an idea -- oh hey, I can be a man now: buy a house. Next thing you know, he'll be getting married to double the income and *then* buy the house. Still stretched for cash, if you ask me, especially as n00bz without any furniture or even a pot to piss in, but I can see how it is a way of planting the idea. Banks are all about relationship marketing and all. Keep that seed planted so he keeps going back to them for all his consumption needs.
plus, they'll probably try to make him think he can get that sort of place and then reality will set in and they'll go for some $150k Rottlund Townhome or some noise.
Bitch | Lab http://blog.pulpculture.org