It looks like Paris Hilton, spoiled heiress and family pride of the hotel chain magnates Rick and Kathy Hilton will soon be seeing the inside of a minimum security prison cell, or more likely, posh California penal country club for wayward socialites. Though she seeks to appeal her sentencing, it seems the hammer of society will finally fall on the deserving Ms. Hilton, leaving countless celebrities to question, What went wrong?
Yes, in our society, celebrity is often a free pass to avoiding the same degree of incarceration that an average Joe or Joan would encounter if they broke the law. Don't believe me? Ask Robert Downey Jr., Scott Weiland and several others who have skirted the law countless times only to receive more probation and a stern, ?No, this time we really mean it!?. All of which begs the question, how will daddy's little socialite handle moving from the penthouse to the big house?
Odds are, the ?correctional facility? she'll be going to will be on par with what Martha Stewart experienced after conspiring to make money through inside information while bilking everyday investors out of their hard earned stock portfolios? worth. Not that the crime Paris Hilton is guilty of merits a lengthy sentence in Sing Sing, but the odds of her not receiving preferential treatment over the 45 days are staggeringly low. I'll venture a guess that if any member of the correctional staff asks for an autograph, there's a good chance Paris will be pampered to the furthest degree allowed.
If that's the case, she'll make some new friends and promptly forget them after she leaves, whilst jetting off to Paris for some much needed relaxation in her hotel namesake or perhaps the Crillon to avoid any paparazzi. If it's not the case, I'd be willing to bet that prison will be an eye opening experience.
Maybe it's a good thing that Paris will finally get treated like the rest of us from the worst of us. After all, that's what life is like for so many outside the walls of prison. We deal with the undesirables of society regularly because we don't have the money to escape it. Paris Hilton certainly isn't to blame for that, but wouldn't it be nice for her to know why most of don't break the law and do whatever we please. It's rough enough on the outside, and we have no desire to experience life on the inside. If it happens, I'd love to see it. That's one reality show in an uncontrolled environment that most people would tune in for night after night.
The Big House Movie
Exploding growth in the mortgage loan segment has put the interest only loan in a huge category all it's own. Up from the first part of the century, the interest only loan is now cornering a near one-fourth of the mortgage loan market. That kind of growth is almost frightening to even the most experienced lender. The benefit of the interest only loan is that the consumer is eligible to buy a much bigger house, than with a standard mortgage. Can you imagine the possibilities say four to five years from now, when many of these loans come due in paying the interest and the principal, if our economy isn't still a thriving bustling place?
The interest only loan and the bigger house are great, if you're certain in a given period of time that you'll be able to afford a higher mortgage payment. But is anything guaranteed and given in this day and time?
The home owner that borrows with the interest only loan to be able to afford the bigger house has a bigger problem than just a mortgage note that may be beyond their means to pay, they generally live beyond their means elsewhere. Those bills will come due much faster than the interest only loan collector. The borrower that uses the interest only loan as a way to bridge the gap between my tomorrow salary, and the reality of today's salary, will probably still have this same habit, when tomorrow's salary becomes today's.
This idea is great, if you happen to be a young professional with a great future, and you work for a company that's willing to buy your home at the end of 5 years, when you're ready to move up the corporate ladder, but these deals are few and far between. Most of the interest only loan borrowers don't fall into this market segment. They're in the one that will be trying to find a way to pay a huge mortgage payment in about 5 years.
The big house, the picket fence, and the great job are wonderful goals and dreams to have. You just need to make sure before you step onto the dream cloud, that you've got a net beneath you!
Both Kingston J. Amadan & John Williams are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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