Wednesday, June 18, 2008
Donlan, Welcome Aboard
"What do you call a person who owes more on his mortgage than his house is worth? Some would call him a victim. Many would call him a homeowner in distressed circumstances. Almost nobody observing the current crisis has thought to give his situation its proper name: He is a renter. Such an occupant makes monthly payments to live in a house in which he has no equity", Thomas Donlan (TD) at Barron's, 26 May 2008.
TD, I called these people renters with options to buy, or owners with options to sell in 2005. Welcome aboard. See for example my 14 February, 27 March and 9 May 2008 posts.