Save the Stock Market: Hold charity golf tourney for Countrywide, other lenders
Not long ago, you could get a home loan as a prize inside a box of Raisin Bran. It was a great time for home buyers, as credit scores were tossed out the window and everyone was able to get whatever home they wanted, regardless of whether they could afford it or not.
And companies like Countrywide Financial Corp thrived. Sadly, the bubble has burst. The extra-super-special loans that many homeowners signed have now become monstrosities, and foreclosures are becoming a grim reality for many.
Of course, individuals signed the contracts, so screw them. The question here is: What becomes of companies such as Countrywide. It’s seen its stock plummet to around $15 a share. How can we help them before they drag down the stock market any further along with them?
Well, I say it’s time the PGA Tour step up for these corporations. Because let’s face it, no one is really buying into this “FedEx Cup” deal the PGA Tour is forcing down our throats. But people may just be interested in the all new and improved: Save The Mortgage Companies Cup
Imagine, the world’s most important golfers (and possibly even Tiger Woods), coming together as one to battle it out, with all proceeds going to help save the mortgage companies. This can even become an annual event. Basically, it’s a chance for golf to give something back. And being that top golfers are the types of people who are deeply invested in the stock market, it’ll behoove them to make this work.
Or you can just wait for the government to bail out the mortgage companies. Either way the mortgage companies will be fine. But at least in one of the solutions folks who’ve lost their homes and the rest of us will get a golf tournament out of the deal.
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14th hole of a local course offering me a 4.98% rate
on the enormous swath of turf I had just dug out of
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