Friday, January 8, 2010 , Posted by Johnny Fuery at 1:16 AM
Originally Published 2007-04-08 08:47:33
The consumerist posted a great (and humorous) visual last week about the subprime lending crisis:
"This is a screen grab from Yahoo this afternoon. Notice the main story and the advertisement in the top right corner. Coincidentally, my wife and I are closing on our first home tomorrow morning, and I can tell you, the numbers shown don't add up. We are going about home finance the old fashioned way: worrying whether we can afford it from day one, not when the rates go up!"
As I've said here many times before, these types of loans can be a powerful tool for increasing wealth. You just need to make sure that you plan ahead, know what you're getting into, and have read the fine print.
Thanks to Joe Boutros for sending me this link. It definitely made me smirk.