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| I can't resist adding a post here to your excellent analogy Dave. What really blows my mind about all of this is that these overpriced houses don't produce anything more than shelter(which you could buy pretty cheap at K-mart say a good 12 man tent) and are major money pits to mantain, just the taxes are enough. $800,000.00 doesn't seem like it has been a big deal on these home mortgages but I have seen farms owing close to the same dollar amount with more than 200 % collateral to debt ratio and the banks are squeezing them and treating them like bank robbers. Maybe the banks have seen this coming and are trying to shore up their portfolio's asset listing by forcing the real wealth producers to pony up more collateral and securty. Have you seen the changes to the security agreements that banks push on farmers lately. They have gotten longer and finer every year that I have looked at them. Looks to me like you are signing the rights to almost everything from your last bvd's to your right arm and left---! Of coarse it is all subject to state laws where you live but you would have to fight for your life with a high price attorney to enforce your rights. Seems like a good time to be getting out of debt not into it. Maybe that land I bought 7 years ago that is worth more than three times what I paid for it is a sell and not a buy? LOL | |
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This guy is good and its bad
