Well, if it was a zero down, 2% teaser for a couple of years and the foreclosure process takes an year to sort out (during which he may stop sending mortgage) and finally some Gorilla in Paris or Frankfurt ends up losing his shirt, what has the medical assistant lost by living in a mansion for 3 years? Looking back, he made a good economic decision considering risk & reward. Here we are researching how to get an extra 1% on our savings account and that guy got a free castle to live in. Some times I feel he may be the smarter guy.
And as a bonus, he made housing a lot cheaper for the rest of us in future!
