"Short Wave Sportfishing" wrote in message
...
On Thu, 21 Oct 2004 20:34:20 -0400, Wayne.B
wrote:

On Thu, 21 Oct 2004 21:35:07 GMT, "NOYB" wrote:
The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris'
financial
records which show a combined debt of nearly $100,000!

Who cares?

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Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

You must be among "the rich" that everyone in politics is always
talking about. :-)

No one else could owe that much - who would lend it?

You would be surprised. We sold our house up on Webster Lake this
summer for mumbelmumbletyillion and with less than 5% down, the couple
got a "jumbo" mortgage in about the same time as a regular mortgage.

Bought my house in April with 5% down, jumbo mortgage at prime+1/4% (4.25%)
locked for 5 years , a second line floating and indexed to prime, no points
at closing, and no PMI.

The houses appreciate so fast down here (especially on the water), it's a
no-risk proposition for the bank.

In 2003, the median home price was about $290k in Naples. Early in the
year, the median was over $380k. Just a few weeks ago, I read that this
Summer, the *median* hit $430k. Next April, if rates are still low, I'm
rolling the first and second loans into one conventional 30-year fixed,
since by then, I'll have the necessary 20% equity (I already do, but banks
don't like to reappraise within one year). I'll then get a second line to
do some improvements around the house, and pay-off the school loan so that I
can start writing off the $600+ /month interest that I'm currently paying on
that loan.

Maybe that's why I don't see a problem with the deficit...since I'm
operating the same way, but on a micro-miniature scale. Debt is necessary
in order to grow. An economy coming out of a recession is no different from
a start-up company taking on a lot of up-front debt.