Now Come The "Poppy Loans"........100% LTV Up To $2 Million In SF Bay Area

How expensive and unaffordable is the San Francisco Bay Area?

sfhomepor

So expensive that the Wicked Witch of the West had to poison the poppies … with a bubble-inducing 100% LTV loan for up to $2 million!

Enter the San Francisco Federal Credit Union with the POPPY LOAN!!

* POPPYLOANTM is available to anyone who works in San Francisco or San Mateo County.
* The home you want to buy and will live in as your primary residence must be located in one of the 9 Bay Area Counties. These are San Francisco, San Mateo, Marin, Napa, Sonoma, Santa Clara, Alameda, Contra Costa, Solano.
*You can finance up to 100% of the purchase price or appraised value, whichever is less – all in one loan.
*Loans are available up to $2,000,000.
*There is NO added cost of Private Mortgage Insurance (PMI).

I can’t believe that the credit union is self-insuring these loans (no PMI). Something smells … and it isn’t poppies.

Here is the risk management team at San Francisco Federal Credit Union designing the Poppy Loan program.

Witch-of-the-West

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.

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