Saturday, January 3, 2009

Ninja Mortgage

Today's Wall St Journal has a front page story "Would you pay $103,000 for this Arizona fixer-upper?" The photo shows a worthless shack, hardly big enough to house a German Shepherd. The story goes one to explain how a sleazy mortgage lender did a $103,000 mortgage with a divorced woman with drug and alcohol problems and no job, and then sold that mortgage to bigger suckers on Wall St. For for list price.

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