Just got out of a day-long meeting where some of the non-business small-talk addressed the local housing market. One of the attendees is a homeowner in San Marcos, bought a few years back, 80/20 deal, worth much less now. When the subject of being upside-down came out, his response was “I’m not upside down. GMAC (2nd mortgage) is way upside down, but I’m not upside down.”
I got a real kick out of this. Woe to all 2nd td holders if this attitude becomes commonplace. Woe to them anyway, I suppose.
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