This is How The Banks Created The Last Crisis
Yesterday, I walked into my local bank branch to get a reference letter needed for a travel visa (long story…) and I was immediately pounced on by tellers hungry for a commission.
“Do you have a HELOC??”
If you remember from Part I of this series, in December, I didn’t qualify for any sort of standard loan product since my irregular income meant that the mortgage could not be securitized. Well, it’s now six months later and quantitative easing has even further deranged the lending landscape—I now qualify for a 130% LTV HELOC.
Me- “What are the terms?”
Him- “Well, we can offer you a 10-year interest only HELOC with the first five years fixed at 2.9% and the next five years at Prime + 1.”
Me- “Wow!!”
Source: http://classicvalueinvestors.com/i/2014/06/this-is-how-the-banks-created-the-last-crisis/
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