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Saturday, 11 November 2006

Generous Paupers


I can't remember who it was who said that if all the money was taken away from the rich people and given to the poor--provided that it was only a one-time deal and everthing else was kept the same--within a year the rich would have it all back. The poor would have spent every dime.

Today's story, about poor people who were given a 0% mortgage by Habitat for Humanity refinancing it with a 16% home equity loan, are a prime example of the truth of that statement. Two percent of HfH's 0% loans end up in foreclosure after being transferred to predatory lenders.

Poor suckers.

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