It seems like the worse the collateral the easier it is to borrow money for it. I bought a $22,000 condo about a year ago, and the loan process was grueling, and a year later an identical condo next to mine sold for thirty thousand, in other words the bank would make money if I stopped making payments and the foreclosed. A couple days ago I almost bought a car for a little over thirty thousand and the loan was approved in a couple of minutes, I can almost guarantee the car isn't going up in value.
I really don't get why people are happy to loan on cars, a pretty heavily depreciating item, or for that matter why banks are happy give out credit cards, which have no collateral, but are pretty reluctant to loan money for real estate.
Seems like money is getting dumber and dumber.
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