“we have one household bringing in $21,700. But in the same year, its residents are spending $38,200 and adding $16,500 to a credit card with an outstanding balance of $142,710. On the other hand, the family has “cut” $385 from its spending.”
Of course, it’s WAY worse than this. This family has made a raft of promises to the grandparents who live with them, the parents, the children and even the unborn grandchildren that either require them to have in the bank TODAY about $2.5 million earning 3% annually, or the capacity to earn about $75,000 a year on top of their current income.
Would you say this family has behaved in a responsible manner?
Would YOU lend money to this family to bankroll these pie-in-the-sky promises that clearly are unaffordable?
CRA subprime loans @ 100% LTV sold to Fannie Mae, same deal