From: trader4@optonline.net
Newsgroups: misc.consumers.house
Subject: Re: community mortgages?
Date: 17 Nov 2005 05:17:16 -0800
   posting-account=vW3O0AwAAABxQqAj-ZYxYAKqrqLQW3tX

"I am a journalist doing some research on a story I'd like to write,
about community mortgages. It's essentially the idea of a group of
people taking on one family's mortgage and throwing their collective
money at it in order to pay it off more quickly, then doing the same
thing with another family's mortgage. The goal is to decrease the
amount of interest paid to the bank by decreasing the term of the
mortgage. Have you ever seen this in action? What did you think of it?
"

One of the dumbest schemes I've ever heard of.  If a homeowner has
extra money available to throw at something, they can reduce the amount
of interest they pay on THEIR OWN MORTGAGE by simply making additonal
principal payments, which will reduce the term of the loan.  And what
happens when the group pays off the mortgage of a homeowner and then
the homeowner disappears or goes bankrupt without in turn making
payments to the group?   Doesn't take a rocket scientist to figure out
this has to be a scam that only really benefits the organizers.