Wealthy Homeowners in Foreclosure Can't Get Mortgages Now
If wealthy homeowners in foreclosure face a difficult time getting a mortgage for a new home, why should we care? Nevertheless, this story caught my eye the other day:
Oh, it's somewhat interesting, of course, as many of us like hearing about the troubles others face, especially if those others are wealthy. Why? I suppose it's got to do with envy maybe? Or resentment towards "the rich"?
You shouldn't really care, of course. What's it to ya? Wealthy people aren't always the smartest people. They make mistakes too, even with money. And they're just as subject to greed as the rest of us, and so can make some bone-headed investments from time to time. But this particular story did contain a hilarious paragraph I wanted to share with you (emphasis mine):
OK, it's not like I've never made any financial mistakes in my time. But buying a really expensive home in 2007 - at the height of the real estate boom? I wonder what sort of financial management this person provides - and to affluent people no less. Will these people continue to allow her to manage their finances? And, if so, could this be an instance of the pack of lemmings following the head lemming off the cliff?
Well, maybe I shouldn't pick on Ms. Conrad. After all, she somehow allowed this reporter to use her name and print something about her that's probably a bit embarrassing. On the other hand, if you did something like this and were a professional who should know better, would you want to broadcast it?
There's something strange about this, isn't there? But still, it is kind of hilarious, isn't it? Then again, maybe it's my sometimes perverse sense of humor getting the best of me.
Foreclosures dog even wealthiest home buyers
Why banks deny mortgages to some high-earning Americans
Why banks deny mortgages to some high-earning Americans
Oh, it's somewhat interesting, of course, as many of us like hearing about the troubles others face, especially if those others are wealthy. Why? I suppose it's got to do with envy maybe? Or resentment towards "the rich"?
You shouldn't really care, of course. What's it to ya? Wealthy people aren't always the smartest people. They make mistakes too, even with money. And they're just as subject to greed as the rest of us, and so can make some bone-headed investments from time to time. But this particular story did contain a hilarious paragraph I wanted to share with you (emphasis mine):
So someone giving advice to affluent folks gets into this bind? Surprised? Well, you shouldn't be. It's not at all uncommon for financial pros - or professionals of any stripe for that matter - to a) not follow their own advice and b) have no real idea what they're doing when it comes to practical decisions, vs. following "the book."Terri Conrad and her husband saw their 4,500-square-foot, five-bedroom home in Carbondale, Colo., foreclosed on last year. They purchased the home for $1.25 million in 2007, but its value had dropped to roughly $700,000 by 2012. Ms. Conrad, who manages finances of affluent families, says the couple tried refinancing but was denied.
OK, it's not like I've never made any financial mistakes in my time. But buying a really expensive home in 2007 - at the height of the real estate boom? I wonder what sort of financial management this person provides - and to affluent people no less. Will these people continue to allow her to manage their finances? And, if so, could this be an instance of the pack of lemmings following the head lemming off the cliff?
Well, maybe I shouldn't pick on Ms. Conrad. After all, she somehow allowed this reporter to use her name and print something about her that's probably a bit embarrassing. On the other hand, if you did something like this and were a professional who should know better, would you want to broadcast it?
There's something strange about this, isn't there? But still, it is kind of hilarious, isn't it? Then again, maybe it's my sometimes perverse sense of humor getting the best of me.
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