Clearly, the current housing crisis is due to people like this lady (and her crazy lenders). Apparently, this is supposed to be a heart-wrenching story and you're supposed to be sympathetic, since CNN is running this as a front-page panic story.
My first thought when reading this story was "Wow, she's getting what she deserved". Maybe that's harsh, and I'm cold-hearted, but here are the facts: she had an income of $70k, 2 kids, and $2500/month interest-only mortgage. What's wrong with this picture? Does anyone really think it's feasible to raise two kids and own such an expensive house on $70k/year? Fiscal responsibility has to start at home. Tough nuts.
3 comments:
If you think that's bad, check this rant from a supposed financial advisor:
http://www.queercents.com/2008/03/26/citibank-freezes-home-equity-lines-of-credit-helocs/
Personal Responsability left the building in 1929.
The article does say she's estranged from her husband. Perhaps it wasn't always 70k...
But the point is her situation has nothing to do with the "economic crisis" -- she was over-extended before she lost her job. Her situation is of her own making.
And trying to hang on to such an expensive house is stupid.
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