Goodbye liquidity.
Janey Marketwatcher was in line to buy a coffee just before Christmas 2007 when she overheard one half of a phone conversation.
“What? Four times income? What does that mean? No, I can’t do the math. Huh? I can only qualify for 300k instead of the 600k I’m asking for? And 20% downpayment! That is crazy! Nobody has money like that. No, I can’t sell my Hummer. I owe more than it is worth. This is unbelievable. Just last year one of the guys who works for me, and makes less than I do, got a loan from you guys for more than I’m asking for! This is bogus.”
