A little too late

Posted: Friday, July 18, 2008

I'm relieved that the U.S. Gummint is finally going to step in and make borrowing safer, in the wake of the IndyMac bank scandal. I wish they had done it sooner.

When I applied for a mortgage just after the turn of the century, my lender, Acme Discount Mortgage, tried to throw money at me.

"Mr. Gronvold, it looks here like you can afford to borrow fifty grand."

"Gee, I don't know if I can handle a nut like that."

"No problem, just sign here and we'll take care of the rest."

"Don't you want a down payment or something?"

"Nah, don't worry about it, kid. We'll just take it out of our commission when we sell the loan to a real bank."

"I see. Well, do you want to inspect the cabin that I'm trying to buy?"

"Nope. By the time we finish the paperwork here, it'll have risen in value to a hunnerd grand. Easy."

"Wow! So that's how it works."

"Yep. And once the tax boys check 'er out, she'll be worth one fifty."

"Gulp! Can I buy two cabins?"

"We'll see."

Bill Gronvold


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