[GodGunsGuts]

From the article:

"An extended period of low interest rates and extra cash from mortgage refinancing has given borrowers flexibility (again, my emphasis) to better manage their debt.” So you see, this cash-out-mortgage-facilitated debt assumption is termed "flexibility" on his part, not an increase in leverage. Rather than fun with numbers, he has fun with definitions.

[Toddsterpatriot]

That's under the heading:

Twisted logician makes short shrift of bankruptcy

Maybe you should read the article a little closer?

[djf]

Didn't this same exact argument happen yesterday?

We might as well just give in and say Greenspan never literally, precisely, specifically, exclusively, concisely, enthusiastically, unambiguously, unashamedly, and without reservation endorsed ARMS.

I wonder why, then, if an illegal immigrant with a criminal background walked into a bank with an expired library card he could walk out with a $300,000 equity loan?

;-)

PS: according to some industry study out of Chicago, they're now saying Seattle markets are 38% overvalued. And this is the industry talkin, not us J6P's.