Winnipesaukee Forum - View Single Post

secondcurve · 02-22-2008, 08:46 PM

Wifi:

I agree with you that this might be the first of many lake front homes that go upside down, but I think it has little to do with the SPA and everything to do with a lack of personal responsibility. I could be wrong on the exact numbers, but as I recall, this guy starts out by buying the property at $125M in 2001 and he presently has a loan balance around $295M. Maybe I'm crazy, but this foreclosure probably has little to do with the SPA. But don't fret, maybe one of the aspiring presidential wannabes will freeze interest rates at 5% so the big, bad banks don't take advantage of this poor guy.

02-22-2008, 08:46 PM	#21
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,117 Thanks: 1,325 Thanked 559 Times in 288 Posts	Wifi: I agree with you that this might be the first of many lake front homes that go upside down, but I think it has little to do with the SPA and everything to do with a lack of personal responsibility. I could be wrong on the exact numbers, but as I recall, this guy starts out by buying the property at $125M in 2001 and he presently has a loan balance around $295M. Maybe I'm crazy, but this foreclosure probably has little to do with the SPA. But don't fret, maybe one of the aspiring presidential wannabes will freeze interest rates at 5% so the big, bad banks don't take advantage of this poor guy.