Lesson from the scriptures
I think that Fannie Mae and Freddie Mac could use this little source of wisdom today from the scriptures in Proverbs 11:15, from the NLT version (New Living Translation):
“There’s danger in putting up security for a stranger’s debt; it’s safer NOT to guarantee another person’s debt.” Prov 11:15, NLT version
Ok, in case you didn’t know, these two government entities GUARANTEE mortgages throughout the United States. Unfortunately most of us probably have this guarantee in one way or another, even if you have a conventional loan with NO PMI. Many people believe corruption in this particular financial system is what caused the long-term recession we are in now.
If they would only take the advice of heaven, how much better off would we be? You be the judge…
Michael
