Sunday, March 11, 2007

An end to no-downpayment lending

My brother bought a $225,000 house last year with no money down. He works in a cell phone store and his wife gets fired from jobs regularly.

It is no surprise that he has had to take on roommates to be able to cover his mortage payment.

Many people tried to tell him he was making a huge mistake when he was getting the house with no downpayment, but he would not listen.

Apparently, he's not the only sucker. In fact, so many people have defaulted on this sort of loan that Countrywide has stopped giving people these ludicrous no-downpayment home loans.

No doubt there will be loads of people mad because they can't get a loan with payments that they cannot afford. Now, if only these evil credit card companies can be taken care of.

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