Pets or Meat? Sippican Simplifies High-Low Finance for You

Sippican Cottage: One Of These Is Banking. One Is Running A Pawn Shop. See If You Can Tell Them Apart

Situation 1: People need to borrow money, so they put up gimlet-eye-appraised collateral against the sum they need and pay a non-adjustable rate of interest on the money. There is a balloon payment due at the end of the term to repatriate the collateral. If you default, the lender keeps the collateral and sell it to others more able to afford it....

Situation 2: People need to borrow money, so they put up capriciously appraised collateral, and/or submit to a byzantine, arbitrary, personal appraisal of their financial affairs made by a slew of shady and disreputable third parties. Both the lender and the borrower know that the third party appraisals are akin to a farce, but neither really cares about the long-term viability of their transactions....

Details HERE

Posted by Vanderleun at September 15, 2011 9:45 AM