An article in today’s WSJ made me laugh. They were trying to show that “Home Buyers With Good Credit Confront Increased Scrutiny And Fewer Choices.”
Their main example was a 70-year old woman in Marietta Ga who could not refinance the million dollar mortgage on her home, so she “is working 80 hours a week as a technical writer to make ends meet.”
But we don’t find out until much later in the story that:
Ms. Van Cleave concedes she took a risk, borrowing close to the appraised value of her home two years ago — at the market’s peak — to help fund a start-up company that sells a patented fishing-rod holder. She opted for a two-year ARM, with a piggyback mortgage at nearly 12%, and planned to refinance.
But the start-up hasn’t taken off….
Oh, I see. At the age of 68 she borrowed to the max on her home to fund a startup. Fishing rods. And we are supposed to feel sympathy. The mind reels.