Why we’re in the mortgage mess, maybe

33 Harold Street in Cos Cob sold yesterday for $515,000. Decent little house, decent street and, for Greenwich, a good starter home. The owner originally priced it at $725,000 but never mind – we can’t always get what we want.

What caught my eye about this place, though, was the mortgage Wells Fargo extended in 2009: $938,250, for a house assessed at $466,000. Unless there’s more to the story, like other collateral, then this loan would seem to have been ill-advised.

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