A small tragedy

[Tulpen]

"Two days after a 90-year-old Ohio woman shot herself as deputies tried to evict her from her foreclosed home, Fannie Mae has decided to forgive the delinquent loan and give her the house outright, CNN reports.
"We're going to forgive whatever outstanding balance she had on the loan and give her the house," said Fannie Mae spokesman Brian. "Given the circumstances, we think it's appropriate."

http://blogs.usatoday.com/ondeadline...oman-90-s.html

[c1ue]

Re: A small tragedy

A terrible tragedy.

Hopefully not one which a child/grandchild persuaded Grandma to take on a 'risk free' mortgage to cash out.

I've personally witnessed over a half dozen such examples - kids who went into mortgage brokering and were telling the relatives that a variable rate loan was free money.

Even worse when greed isn't the prime motivator, but desire to interact more with the kids...

[ASH]

Re: A small tragedy

A terrible tragedy.

Hopefully not one which a child/grandchild persuaded Grandma to take on a 'risk free' mortgage to cash out.

I've personally witnessed over a half dozen such examples - kids who went into mortgage brokering and were telling the relatives that a variable rate loan was free money.

Even worse when greed isn't the prime motivator, but desire to interact more with the kids...

Make some quick money in an up market, mistake the company's sales pitch (which you know by heart) for knowledge, and suddenly you're a "financial genius." Friends and family defer to you because "you work in the industry" and they feel lucky to take your advice; you give advice because you like to feel important. Unfortunately, during the bubble, the primary qualification to work at a mortgage brokerage was charisma and confidence -- basically sales skills -- rather than critical thinking or financial experience. The revenge, of course, is when your relatives move in with you because they've lost their homes.