Well, the Mortgage Insider, got cited in today’s edition of the Washington Post where I discussed the financially irresponsible practice of paying off credit card debt with home equity loans.

The reporter, Dan Rafter, who interviewed me for his story,
“For Every Loan, a Proper Use: There’s More Than One Way to Tap Home Equity” did a good job outlining all views on home equity loans and treated my comments fairly as well when he writes,

I get the question: Is Selling My Home After I Buy Dangerous? a lot these days. Since the resale existing home market has weakened it just maybe too risky for most home owners.

I got a typical email where the writer says:

There are dangerous differences between a HELOC mortgage and a traditional home equity loan. Ignorance of HELOC mortgage differences in home equity loans can cause real trouble.

So, let’s get started unraveling those dangers….

Remember this date: August 3rd, 2007. This is the day Jim Cramer melted down right along with the subprime home mortgage market and Bear Stearns. I wrote an article about a month ago on the Bear Stearns implosion due to subprime home mortgage exposure, forecasting their demise, and here it is.