LK On beginning 4/30

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Kannon Returns Fire: Consensus Insanity, Mortgage Style

Reference is made to the Kannon Fodder directly below, in which Wells Fargo is initiating a new program to bring montly mortgage payments down to 38% of gross monthly income:

When my wife and I applied to various pre-K’s for our kids the schools insisted on elaborate applications complete with parental essays, interviews with the parents, and “interviews” with the kids. I called it consensus insanity; I thought it was nuts, but everyone was doing it, so we did it too.

The authority figures (the schools), made the rules, so the rules were deemed valid, well thought out (except by the incorrigible Kannon), and worth obeying.

And here we have an authority figure (Wells Fargo) telling us about their new program in which they’ll help homeowners get their monthly mortgage payments down to 38% of their monthly gross income. Then 38% must be a righteous figure, because Wells Fargo says so. Right? Wrong.

Consensus insanity is building.

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Kannon Fodder: Bailout Bonanza

Now you too can reduce your mortgage to 40% of you income – (if you have any income, that is…)

From the AP, via “Wells Fargo provides various modifications with the goal of reducing mortgage payments to about 38 percent of the size of a customer’s income.” Can’t wait to hear the rant….