The below has been circulating today around various Wall Street types, and I’m not at liberty to share the source. But enjoy the Steve Miller send-up, anyway: This here’s a story about Billy Joe and Bobbie Sue. Two young borrowers with a FICO of 322. They bought a house , with a section 42. And here’s what happened when they decided to cut loose. They doubled down with a condo in…. old El Paso. That’s where they ran into a great big hassle. Billy Joe lost he job managin a White Castle. Bobby Sue took the Foreclosure and Run! Go on… Take the Foreclosure and Run! Billy Mack is a loan officer in Texas. You know he always….lends out what the max is. He ain’t gonna let those two …face Foreclosure. He made a livin doin No Doc refinances. Go on…Take the Foreclosure and Run! Bobbie Sue, Whoa, She’s now considered Alt A. Billy Joe defaulted the very next day. They just got a FHA mortgage, Hey. You know they got it made. They’re headed down south to flip stuff on EBAY! Singin… Go On…Take the Foreclosure and Run!

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