"One rule of thumb was that a bank would lend about twice one’s annual income. If you made $100,000, the most they would lend was $200,000. Another was that the total of mortgage payments, interest, and taxes should amount to no more than a third of pretax income, which was something people could comfortably handle. They didn’t want people to be stretching. And they wanted an honest appraisal of the property for the obvious reason that they wanted good collateral if the borrower defaulted."
Peter Schiff In his book From His Book Crash Proof: How to Profit From the Coming Economic Collapse
Wall Street Unspun: Peter Schiff's Mid-week market outlook Live Every Wednesday 8:00PM Eastern, 5:00 PM Pacific or on shortwave 5.070 Megahertz.
Peter David Schiff, president of Euro-Pacific Capital, is a Connecticut-based brokerage firm have correctly predicted the U.S. stock-market collapse , the home mortgage meltdown and the credit crunch .
Peter Schiff discusses politics, world economies, and investment strategies and is now running for a Senate Seat in his native Connecticut , Peter Schiff is Author of the Best Seller Crash Proof How to Profit From the Coming Economic Collapse
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