You got it right. On the Home & Garden channel the other night a young couple got 100% financing on a $320,000 house.
The problem was, a lot of those loans were interest only for the first few years with a balloon at maybe three or five years. The assumptions were that when the loan ballooned the borrower would be making more money, and also the house would have appreciated in value enough to give the borrower some leverage when they went to refinance.
It was all incredibly shaky to begin with, and then the bottom fell out of the job market and real estate values both. People wound up taking a cut in pay just to have a job, and making payments on a house that was worth maybe 75% of what they owed on it.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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