Monday, September 25, 2006

Americans Hate to Work

So I've been comissioned to draft a seminar on developing models to predict default and delinquency using credit scores.

Sexy, yes, I know.

But in my research, I happened upon some data from Freddie Mac that makes me sick and warrants a lecture to be delivered to the lazy Americans who think that borrowing money against their house is a substitute for working.

These people literally anger me as they're the ones now who are whining and complaining about banks foreclosing on them because they were too stupid to read how ARM's work and got pinched when the short term rates adjusted.

Anyway, if you wanted a more lengthy, deep-thinking post, read the post below. Pulling old posts up because I'm dedicating a fair amount of time in preparation for busy season.


nol said...

i would blame this less on 'laziness' and more on a ridiculous addiction to credit. for the most part i see people borrowing against their homes to pay off massive amounts of debt they can't handle even working three jobs.

Captain Capitalism said...

Yes, good point. Regardless, laziness or addition to credit, it still adds up to people not wanting to earn what they buy.

EconoPop said...

So this is how all the suburbanites have been able to afford those 7-series BMWs I see everywhere. I guess carrying a HELOC is a new status symbol?