The act of borrowing has been most greatly affected by two of America’s former Presidents, namely Jimmy Carter and Bill Clinton. Both of these Liberal Scions purpose while sitting at our nation’s helm was to transfer wealth from those who create it to those these two boffoons see as overwhelmingly deserve it. One could say they officiated in best form not unlike today’s Hugo Chavez. Both were so effective that the act of borrowing in America today has refined the “Art of Borrowing” to individuals who meet these criteria: an income ten fold the amount approved to be borrowed and the value of the assets pledged to the borrowing of at least five times the loan value.
Think not? To place these numbers in more real world terms, one must now earn $590,000 per annum in order to qualify for a $50,000 mortgage on assets of $225,000. Sounds so very odd doesn’t it? Looking at this amother way, one has $175,ooo in equity in a $225,000 loan or 75 percent. These are bizarre numbers folks. What used to be odd at a horrid 20% down pay ment on a home purchase is now a 75% down payment. Carter and Clinton have brought us a 75% down payment in their generosity.
Don’t worry Gasoline is only $3.25 per gallon ($4.25 for you Californians.)