Mortgage Meltdown: What the hell was this guy thinking?

Here’s a doofus who bought a $460,000 house while taking home $2,777 a month*.  The bums on street corners with cardboard signs are more solvent than this poor devil, who apparent got robbed by every woman he ever met.  I sure hope this idiot doesn’t expect ME to help bail him out.

*When I was a lad, I learned to estimate the payment on a 30-year loan as about 1% of the note, and that you should not spend more than 40% of your take-home pay on a mortgage.  By this heuristic, Doofus was good for about $111,000, and no more. 

Tip from Megan McArdle, by way of the Instapundit.

Update (19 May).  It’s even worse, it’s irresponsible:. "…the banks shouldn’t have lent him the money."

Update (21 May).  It’s even worse than that!  Doofus’ second wife saw him coming a mile away.

Update (25 May).  The NY Times gets a well-earned dressing down for enabling Doofus.


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