Another cite – who were those idiots who took cash out of their homes?


http://www.businessweek.com/magazine/content/06_37/b4000001.htm

Read all the way down.  Amazingly this is Businessweek – published by Bloomberg, who may or may not have had a hand in the back-end of these deals.

More tomorrow!

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  1. #1 by johnwhynot on 11/18/2011 - 6:51 pm

    Despite my friends (who were busy spending the money they took out in their Option ARM Refis) telling me I was nuts and/or envious of their new “millionaire” status, I called it in ’05. This was not going to end well…

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