February 26, 2009

"Cry Me a River" or Something Like That

Michelle Malkin's weekly column following up on ACORN is here. Here's a nice quote about one of ACORN'S victims of teh evil bankers.

But a look at court and real estate records exposed the truth. Edward Ericcson, Jr., a reporter for the independent Baltimore City Paper discovered that the “victim” — who took out a full mortgage with no down payment on a house she couldn’t afford — looks more like a predatory borrower. And amazingly, Peterson lived in the home more than year without paying rent or mortgage.

“The online court and land records show that Peterson closed on the house on Nov. 3, 2006, with two loans from Washington Mutual. The main mortgage, for $436,000, had a starting interest rate of 8.5 percent, adjusting in December…The second loan, often called a “piggyback,” totaled $109,000 with an interest rate of 11.25 percent…Those two payments together would have totaled $3,386.17 per month.

....she made at most one payment on the house....

As Rusty says, "Always read Michelle first."


By Howie at February 26, 2009 08:43 AM | | l digg this