New hook from banks: We’ll give you a mortgage if you can dip into your retirement fund.

I heard it today.  “Mortgage rates are so low”…

Yes, banks are getting worse than loan sharks.  They are like that high-wire training school for aspiring trapeze artists, but without the nets and the safety harnesses.  Their new outlook to encourage some form of recouping new house-buying customers is not just good credit and a W-2, but now they can feel more comfortable if you can sign over your retirement fund in case you hit a few bumps down that long winding road to well being… so they say.

Good credit is an ambiguous term these days because anyone can pull the chair right out from under you.  So, what happens when if make a late payment or miss a payment?  Just about everything.  We are not all built like Tom Cruise and just just jump out a window and walk down a building.  So, my case and point:  Credit card companies and mortgage banks are all in bed together fornicating and taking treasure baths (see photo) as you get by paying $5 for a gallon of milk and $4.75 for a gallon of gas.  I need gas just to get to the bank!

How tough can it be to lend money if your bathing in it?  Apparently, not that easy because now they want more of a guarantee from your poor drained out soul: your retirement fund.  If you sign off on disclosing that you will be able to dip into it and extract enough funds to sustain a couple of years of mortgage payments, it will increase your chances of getting a mortgage or re-financing.  Funny.   It reminds me of that toddler in China at the side of the road that got run over TWICE by cars as a dozen bystanders just walked off expressionless.  Hasn’t your four-0-whatever gone through enough.

Owning a home will always be the American dream, but when there’s no help from the very institutions created to assist hard working people, just exactly whose DREAM are we living?

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