This just in: Amex to allow mortgage payments through their credit card.
May 23 (Reuters) - American Express Co. (AXP.N: Quote, Profile, Research said American Home Mortgage Corp. will allow American Express card holders with eligible prime loans to make monthly home mortgage payments through their Amex card.
So far it's only for Amex Mortgage clients, but can other lenders be far behind? I suppose this is bound to happen. The very nature of a credit bubble requires every increasing amounts of credit to sustain it. Housing is dragging down this economy, but the power that be are fighting tooth and nail to prop it up! The cynic in me says this is all part of a grand plan to lock in the entire financial industry so it's too big to fail.
This is what I do know
- When this thing finally pops, it'll be UGLY.
- I'm not smart enough to figure out when the day of reckoning will come. The market will tell me when. In the mean time, let me have my fill at the punch bowl!