Of course it was ... Borrow 125% of the value of you home I saw in one ad.

I was just talking with some one who was a GM hourly worker this afternoon who got stung, set up or fucked over the system.

Chase Bank lent him $130 K
2 years later he is laid off at GM
The bank forecloses his house
The bank then sells his house as an REO for $10K

I explain to him that Chase probably sold the loan to Fannie Mae and was just servicing the loan.

Sub prime lending at its worst;
Dave gets $95k after the old first is paid off title pays for 2 years then walks.

Chase makes their fees and points, Fannie Mae (it's investors) get a Federal bail out.

Now Case offered to clear the deficiency judgement off Dave's credit for $2,900

WTF


Dave actually made out ... Got a GM pension early when they got bailed out.

If there is a silver lining to this story he will never get $38 an hour + benefits again.