Thursday, March 15, 2007

you don´t know jack / wall street edition... :-)

i love "you don´t know jack". unfortunately this is a real world episode..........

ich liebe die deutsche version von "you don´t know jack" zu dumm das es sich um die realität handelt.....

Today's pop quiz involves some potentially exciting new products that mortgage bankers have come up with to make homeownership a reality for cash-strapped first-time buyers.

Here goes: Which of these products do you think makes sense?
a) The "balloon mortgage," in which the borrower pays only interest for 10 years before a big lump-sum payment is due.

(b) The "liar loan," in which the borrower is asked merely to state his annual income, without presenting any documentation.
(c) The "option ARM" loan, in which the borrower can pay less than the agreed-upon interest and principal payment, simply by adding to the outstanding balance of the loan.

(d) The "piggyback loan," in which a combination of a first and second mortgage eliminates the need for any down payment.

(e) The "teaser loan," which qualifies a borrower for a loan based on an artificially low initial interest rate, even though he or she doesn't have sufficient income to make the monthly payments when the interest rate is reset in two years.

(f) The "stretch loan," in which the borrower has to commit more than 50 percent of gross income to make the monthly payments.

(g) All of the above.

If you answered (g), congratulations!

Not only do you qualify for a job as a mortgage banker, but you may also have a future as a Wall Street investment banker and a bank regulator.

No, folks, I'm not making this up. Not only has the industry embraced these "innovations," but it has also begun to combine various features into a single loan and offer it to high-risk borrowers.
One cheeky lender went so far as to advertise what it dubbed its "NINJA" loan -- NINJA standing for "No Income, No Job and No Assets."

can anyone answer the question?

everybody that don´t know "jack" please visit the
click on play at the right

the first question is related to the rapper 50 cent and inflation

jeder der jack noch nicht kennt bitte auf den link oben klicken.
danach noch auf play

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Anonymous Anonymous said...

Great post! Freakin' funny.

Unfortunately the laughs are racked with despiar at the utter stupidity of the American people.

Disclosure: I am one of them thar American type peoples....

10:19 AM  
Anonymous Anonymous said...

make that despair...

10:20 AM  
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