prophets of the marginal revolution!
"Whatever you say about the euro, it's a great insulator." ~Frank Buckley.
He should know, he lives Dublin in a house made of over $1 billion of shredded Euro notes.
Story is here.
Hat tip to the OPMR.
Labels: addition by subtraction, baby it's cold outside, burn down the mission
posted by Angus @ 1/30/2012 08:53:00 AM
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2 Comments:
"Buckley was given a 100 percent mortgage at the peak of the boom to buy a 365,000 euro home on the far reaches of Dublin's commuter belt, despite the fact he had no steady income."
First, how did Frank think he was going to afford the house without a steady income?
Second, why did the banks lend to him? I'm sympathetic to the story that in the states that government pressure on banks caused them to lend to low-income individuals to whom the banks wouldn't have lent money otherwise, but was this happening in Ireland, too?
1: price appreciation?
2. yes.
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