![]() The once-gushing spigot of home-value cash that consumers used for that new plasma TV from Best Buy (NYSE: BBY) and their bling from Tiffany (NYSE: TIF) is slowing to a trickle. Last week's sale of Countrywide (NYSE: CFC) to Bank of America (NYSE: BAC) highlights just how ugly the residential lending industry has gotten. These days, you don't have to look too far to see the curtain coming down on the era of using home values as a personal ATM. Trillions of dollars got injected into consumers' pockets this way over the past several years. With soaring home values and no shortage of mortgage bankers peddling endless amounts of refinancing products, easy access to large amounts of cash became a reality for anyone with a pulse and a dream. In a world where keeping up with the Joneses seemingly becomes a basic survival need, even the prospects of a looming recession won't push some consumers to cut back on their cushy lifestyles.įor the past decade or so, living the posh life wasn't too difficult for many Americans. As entertaining as the commercial is, it all too well depicts the true nature of the U.S. A seemingly well-off consumer shows us his array of upper-middle-class perks, including a new car, a fancy house, and a country-club membership.Īfter giving a tour of his coveted lifestyle, the man - grinning ear to ear - happily states, "How do I do it? I'm in debt up to my eyeballs! I can barely pay my finance charges! Somebody help me." ![]() One of my favorite TV commercials of all time comes from LendingTree Financial.
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