Popeye, the Sailor Man

From the Orlando Sentinel, we have Jack Snyder (what a name!) writing about Savings of 100 at risk in investment flap.

Like at least 100 other investors, Ralph was told he could buy a newly converted condominium unit for as little as $150,000 -- but make no mortgage payments for two years. Main Street USA, in addition to paying the loan for 24 months, promised to use some of his unit's rental income to renovate the property inside and out. And some of his cash was to be placed in a real-estate-investment trust paying double-digit returns.

Anthony and Evette Cortes of Orlando dug deep into their savings to make a $14,900 down payment on a condo unit in The Villas at Waldengreen. Main Street USA made two mortgage payments, then stopped.

The couple has been making the payments since then, but they say it isn't easy coming up with $1,128 each month in the hope of keeping their investment alive.

"It's tough," said Cortes, an aircraft technician. "I'm working a lot of overtime trying to make ends meet."

Aah, good ol' fashioned counterparty risk.

It comes back to bite with a vengeance. And in this case, it's indistinguishable from fraud, and the FBI is involved.

What's with the subject line, eh?

Remember Wimpy?

"I will gladly pay you Tuesday for a hamburger today."

Caveat emptor!