[quote=harvey][quote=dumbrenter]Harvey,
Those who can’t do math will eventually have to go to work for those who can.[/quote]
I like that quote. Even though I don’t know if it’s true in general, it’s sorta worked for me. I’ve actually managed to do well in my (now former) career of “doing the math.” Never had more than a few people working for me though, and they all could do the math better than me…
[quote]This is a very good deal that PUSD has gotten into.
[…][/quote]
There’s the old saying: “If you owe the bank $100, it’s your problem, if you owe then $1 million it’s their problem.” This is has some characteristics of one of those situations. Even if they can’t pay, full-on bankruptcy may not be the only alternative, debt can often be renegotiated without BK.[/quote]
The same justifications used for this loan is the same type of arguments used to justify the zero down zero doc loans. It was essentially free money.
I suppose at the end of the day it was a very good deal for the zero down, zero doc borrower, some of them are still sitting pretty rent free in a home near you.
If that’s the type of argument, that essentially this loan is so bad that it is good, aka Poway will just BK out of it if property tax doesnt increase five fold, who can argue with that?!
