One of my favorite blogs is Dr. Housing Bubble.
This is a classic case of whats truly wrong with Housing in America, and why people are still living in Fantasy Island on the subject.
This is the best part:
"A zero down deal on a $775,000 home! And this isn’t even like they used two lenders for the piggyback loan. These lenders were so eager to lend that they made the 1st and the 2nd mortgage. Now you may be asking, who is WMC Mortgage? WMC Mortgage was GE’s defunct subprime mortgage business. This operation ceased sometime in late 2007With loans like this I know you must be stunned."
Somewhere Ricardo Montalbán and Hervé Villechaize are laughing in their graves.
www.doctorhousingbubble.com/real-homes-of-genius-rancho-park-and-the-zero-down-775000-2-bedroom-home-deconstructing-the-westside-of-los-angeles-the-310-foreclosures-moving-up-to-prime-markets-notice-of-defaults-secon
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