Like all good members of the Liberal MSM the Virginian Pilot is outraged, OUTRAGED by the financial shenanigans of those greedy Wall Street bankers who got poor, unsuspecting home buyers to get in way over their heads. How dare they! Off with their heads – or perhaps strangulation with piano wire.
It seems that those greedy Wall Street types were aided and abetted by the good folks at the Virginian Pilot.
“How?” you say? Well, how did those poor innocents find out about those 100% financing, no-doc, no-money down mortgages with the low, low teaser rates that were never designed to pay off the mortgage, but only got the homebuyer deeper in the hole with every month that passed.
Why … they read about their opportunity of a lifetime in the Virginian Pilot.
So now the shit has hit the fan and we know the root cause of our financial melt-down, don’t we? And we won’t do it again, will we? No, we’re not going to sell homes to people who can’t afford them, will we?
In the middle of a financial melt-down cause by the explosion of a world-wide real estate bubble, the Virginian Pilot – in its own little way - decides to throw gasoline on the inferno destroying the global financial markets. The ad below has run numerous times and is paid for by Franciscus Homes in Virginia Beach.
Note the terms:
100% financing (no money down so the buyer who cannot afford a down payment can buy a house starting at $249.990!)
A “teaser” mortgage rate of 3.0%. Anyone who can fog a mirror knows that his is not a market rate and is either an adjustable rate or a reverse amortization mortgage (the amount you owe GROWS each month instead of declining).
If you can’t even afford closing costs - no problem - the builder offers $5000 toward closing!
Act Now! Sure, and Arbeit Macht Frei!
This is exactly, EXACTLY! how thousands - if not millions - of people bought and then ended up losing their homes.
It makes my blood boil. And the goons at the Virginian Pilot are bringing in the next batch of the soon-to-be financial suicides.
I wrote the Virginian Pilot advertizing department asking what their standard were; what they would not advertize. I was told that the rules were so large and complex that the file was too cumbersome to send. I was invited to submit an ad for review.
Apparently the Virginian Pilot's advertizing standards do not prohibit selling financial crack to junkies.
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