Didn't think they would still be making crazy loans

[SunTzu]

A colleague of mine told me that his kid just bought a house recently with a friend.....

He said they paid zero down, in fact, the earnest money will also be returned.... so it's like putting down no money for a house.

The house is >$300K, north of Seattle

He doesn't know the terms of the mortgage and neither does his kid....!!
I tried to find out the name of the mortgage company but he doesn't know... On top of the house, his kid also got a boat....

I suspect it's an ARM loan, his kid does have a job ($50K??)

------

Also, saw Countrywide TV ad several times over the weekend advertising no-cost refinancing. Makes you wonder if the bubble is being re-inflated thanks to Bendover Ben.

[Ubersalad]

It'll be funny.

[jillayne]