Leaning on a Lamp Post

2007

Leaning on a Lamp Post

From “Me and My Girl”

I refinanced my loan

Why would I rent if I can own

And we all know that market values always rise

With each 2/28 I get an awesome teaser rate

Now that it’s time to roll I got a big surprise

I need to refinance this overvalued house of mine

Before the reset on my mortgage kicks in

Was it a sin to borrow with a coverage so thin?

Since housing prices always grow, I’d refi every year or so

And take out extra cash if I please.

I did, with ease, plunk it all down on my new car lease.

Who knows where I’ll scrape up the cash from?

It already takes half my income.

Where can I make up a king’s ransom?

I never thought I’d see such a big LTV!

What even makes it extra hard – I maxed out all my credit cards

Thought I’d pay ‘em off the next time I roll

So I’m leaning on a banker while he’s liening up my house

Before the doubling of rates takes its toll.

The owner of my mortgage sold it to an aggregator

Who created then a big CDO

I did not know that structuring could bring in such dough

Then Moody’s, Fitch and S&P cut tranches triple-A to B

That other structured vehicles bought.

Now I’m distraught. Who’s after me? My gosh! The whole lot!

How’d I land in this bad situation

A plague reaching all ‘cross the nation

And now to my great consternation

I even owe them fees when I send back the keys.

Moving out will be so hard

I love my neighbors and my yard

Plus every other house is for sale.

So I’ll blame it on the broker who sold my loan three times over

And I hope the bugger ends up in jail.