We’re paying price for easy home-equity loans - Beacon News
"Remember how good it originally felt when you took out that home-equity loan to remodel your kitchen, figuring you’d worry about repayment someday down the road. Well, we’re “down that road” now — whether it’s home-equity loans or government mortgage guarantees."
If you're one of the dummies (I see them on television all the time) who used your home's equity for everything from nice vacations to furniture you're probably not too happy now that the inflation of home prices has hit an iceberg. If you thought that party would go on forever then I have a bridge for sale! Why the hell would you strip all the equity out of your house to finance your whims? Well, TOO MANY PEOPLE DID, and too many banks participated in your stupidity.
A long time ago people believed that if you couldn't afford it you shouldn't have it. That was smart then and it's smart now.
