Quote:
Originally Posted by SSLance
I don't have any insight into peer to peer lending, but I do have a good friend that has dabbled in high risk loans for a long time.
He is now also a Bed and Breakfast operator in Colorado...and not by choice either.  |
My next door neighbor managed to hoover thru 250 MILLION dollars doing "mezzanine" loans to builders and developers that all went bust in the housing downturn. He lost his entire families fortune -- to the point that they repossessed his Mother in Laws car and his kids houses... and chained his 69' yacht to the dock.
My response to his face when I saw him after the news broke.... "dumb-ass everyone knows you don't put all your eggs in one basket".
But... you know... the "returns" were so good! When you accept high returns - you accept high risk. It's all a whole lot of fun -- right up until you loose your family fortune.
The loss turned out to be larger than originally anticipated....
http://www.bizjournals.com/seattle/s....html?page=all
A later article.... either way -- all amazing -- and even more amazing to me -- is to blame someone else because you were a stupid ass.... LOL
http://www.seattlepi.com/local/sound...in-2140363.php