Upside Down on Your Home?
Guess if First Magnus was still around they would finance it with their predatory lending practices….would be hard to find comparables on this one though! Bush addressed
the nation last week about the housing market and promised to penalize predatory lenders. It is good to see such a statement and straight to you from Jackson Hole, Wyoming, the Federal Reserve Chairman Ben Bernanke in his speech stated: “It is not the responsibility of the Federal Reserve — nor would it be appropriate — to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy.” I’m sure First Magnus has something to worry about that a bankruptcy filing can not protect.
Oh - the cool photo - The upside-down house is a northern Poland tourist attraction. The house was created by Daniel Czapiewski to describe the former communist era and the present times in which we live. (Image courtesy: Neatorama)
Filed under: Miscellaneous
