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Bad at Math? You're More Likely to Default on Your Mortgage

 
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu May 27, 2010 12:32 pm GMT    Post subject: Bad at Math? You're More Likely to Default on Your Mortgage Reply with quote

Cute story to state the obvious.

http://money.blogs.time.com/2010/05/26/bad-at-math-youre-more-likely-to-default-on-your-mortgage/?source=patrick.net
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admin
Site Admin


Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Thu May 27, 2010 12:39 pm GMT    Post subject: Reply with quote

The Economist had a similar article last week. There was one thing that wasn't so obvious:

Quote:

Surprisingly, the least numerate were not making loan choices that differed much from their peers. They were about as likely to have a fixed-rate mortgage as the more numerically able. They did not borrow a larger share of their income. And loans were about the same fraction of the house’s value.


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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu May 27, 2010 1:43 pm GMT    Post subject: Reply with quote

Very interesting I did wonder if people that are bad at math were just more easily sold bad mortgages. From the Economist article it would seem that they are just bad with money period. I guess that would promote the idea of a shifting loan limit or interest rate (risk) based on a math test score, which would be an interesting (though unworkable) concept.
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu May 27, 2010 1:47 pm GMT    Post subject: Reply with quote

I'm proud to say that I scored 5 out of 5 in the test through the Economist article, though it scares the crap out of me that anyone might not.
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