James Siminoff

I wonder how we got into this mess?

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Well, actually I do not have to wonder as I was just reminded.  I went to Bank of America to refinance my mortgage as the rates have dropped.  Currently I have a fixed rate 30 year mortgage with a healthy chunk of equity in the house.  When I was at the bank the senior loans person suggested that I could get a really low rate if I went to an interest only variable rate loan.  On that loan the rate would be guaranteed for 5 years and then float.

I asked her why the hell would BofA offer that product after it literally took down the global economy and she said that a lot of her clients still like it and that she just did one today for $2,000,000.

So it is clear, we will never learn our lessons.  I guess BofA can now sell shitty loans to the people that have not been foreclosed on yet, with hopes that they will lose their homes in 5 years when rates adjust.

Incredible…