
Homeowners convert consumer debt into tax-deductible debt through home equity lines of credit. Since this debt is secured by real estate, homeowners also pay much less for it. HELOCs are making a comeback! This is great news for Ponzis who want free money from stupid lenders, but it's a dangerous warning for all of us who supplied taxpayer bailout money to the stupid bankers who gave out free money last time. With rates hovering near record lows, and with banks desperate to loan money, banks are offering those with good credit very favorable terms on helocs -- and borrowers take the free money. Ten years ago heloc lending was an open invitation to theft for millions of borrowers running personal…[READ MORE]