Does anyone actually know anyone who took out a second mortgage to buy a new flat screen?
Saturday, August 28th, 2010 at
3:42 pm
I don’t buy the idea that we are in a financial crisis because people used their home equity to fund inappropriate spending. I think that people took out second mortgages to pay for their kids’ overpriced college education, to pay off credit card debt accumulated as a result of job losses or health problems, etc. Many of these people simply would have gone bankrupt if the run up in housing prices had not given them lots of paper equity.
In short, I think the middle class is being scapegoated. People I know aren’t trying to keep up with the Joneses, they’re just trying to survive in a poor jobs market brought on by globalization.
Please share your thoughts, not parroting what you hear in the media, but actually sharing stories from your own life or people you know. Thanks.
Sell and Rent Back
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Tagged with: Education Credit • Home Equity • Second Mortgage
Filed under: flat mortgage
That is really sad. It hurts because there are people like me who still haven’t paid rent this month and don’t know if I will be able to and who go to bed hungry a lot. I look anorexic and it’s not even on purpose. I guess if your blessed enough to know that you can pay off that 2nd mortgage then you can spend your money anyway you want.