tag:blogger.com,1999:blog-9962318.post111301238374427267..comments2024-01-19T19:09:23.701-08:00Comments on UpWord: I-O-MeTom Chatthttp://www.blogger.com/profile/14570407221616215818noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-9962318.post-1113015737468602452005-04-08T20:02:00.000-07:002005-04-08T20:02:00.000-07:00"you can have I-O-Mes backed by a solid intention ...<I>"you can have I-O-Mes backed by a solid intention and future ability to repay (think home equity line of credit)"</I><BR/><BR/>But a home equity LOC is most definitely <B>not</B> an "I-O-Me" (I like that expression, btw!). It's a transaction (or more correctly an agreement to potentially enter into a future transaction) between the homeowner and the lender, not between the homeowner and himself.<BR/><BR/>And actually "full faith and credit" doesn't even apply to home equity loans anyway -- such loans are backed not by "full faith and credit" but rather by a lien on the property.<BR/><BR/>A student loan might be a better example of a debt backed only by "FF&C," but again the loan involves a borrower and a lender, not a borrower and himself, so it is not a valid analogy to the Social Security "trust fund." <BR/><BR/>Thanks for the hat tip. :-)KipEsquirehttps://www.blogger.com/profile/02326513032807027956noreply@blogger.com