Speculators on an E-Ticket Ride of Blind Faith
What's amazing is that the mortgage lenders are letting them continue to buy properties with no income other than what they pull out of their properties in loans. As the market turns from a seller's to a buyer's market, they're likely to get crushed pretty quickly. Though at first I thought the new bankruptcy laws could potentially leave them in debt for the rest of their lives, their lack of actual income may save them, and leave their creditors with the short end of the stick.
Favorite quote: "Some people call it a pyramid, but I don't like to think about it that way."
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