If you will only THINK about the housing foreclosure problems you will see the MASSIVE SCAM pulled off by many so-called ‘victims’ of sub-prime lenders.

Look at what happened in MANY CASES:

A house was advertised for $250,000.00. The BUYER entered into a sales contract and had it appraised. His down payment is $2,500.00. The sale closed. Sub-Prime advertisers ran ads saying, “We will lend you 125 percent of your homes appraised value!”

The purchaser applies for a loan equal to 125 percent of the house’s appraised value. The loan is in the sum of  $318,000.00. Loan fees and reimbursement of the BUYERS down payment ($2,500.00) total $5,000.00. Before paying a single payment the BUYER has a PROFIT of  $63,000.00 IN HIS POCKET!

Now, what is that BUYERS LOSS if the home is foreclosed upon? Only ther amount he has made in payments! If any were made at all!

Now, the Liberals of Congress want to ‘BAIL OUT’ the ‘POOR HOMEOWNER.’  HUH! Let the guy profit $63,000.00 he will never repay and GIVE HIM SOME OF MY TAX DOLLARS!

FOLKS….I DON”T THINK I’LL STAND FOR THIS! Question is…WILL YOU?