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Why do lenders and politicians promote HELOC abuse?
invite response
2014 Nov 25, 10:25pm 1,129 views 3 comments
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EInvestor
2014 Nov 27, 9:50am
Just because some/a lot of people misuse any asset, including HELOC, isn't the lenders' or anyone else's fault except the borrower's in failing to use HELOC responsibly. I know many smart investors who used HELOC to purchase real estate in 2009-2011 at very bottom prices at very low interest rates. HELOC is just like any other financial instrument, when used irresponsibly will bankrupt the user but enrich those who use it responsibly and set them up for a stream of income for life.
http://ochousingnews.com/blog/lenders-politicians-promote-heloc-abuse/
Lenders profit from consumer debts, politicians gain finance industry donations, and borrowers run personal Ponzi schemes. What could go wrong?
Source: http://ochousingnews.com/blog/lenders-politicians-promote-heloc-abuse/#ixzz3KBVrndLl
#housing