NO! Polly's in foreclosure?

Writing about mortgage lending, the stuff that comes into my e-mail inbox never ceases to amaze me.

I used to LOVE this cartoon when I was a kid (but no, I am not planning to see the forthcoming Disney movie).

I don't know much about this particular offer, but my first instinct would be that Underdog would not be endorsing an interest-only, stated-income home equity loan. Maybe he'd come to your rescue when they take your house away.

Or maybe he'd just say tough, you should've known better.

More from the e-mail:

Ask about our New Underdog Program:

- HELOC 1st, Interest Only, No FICO Needed

- up to 4 points and $1,000 in fees (No High Cost)

- Same Day, Aggressive Appraisal Review

- Stated / Stated

- Current Foreclosure - OK, BK - OK

- 1 day on Title

Here's who sent me this.

Check out the rate sheet and matrix.

With a maximum 65 percent LTV, maybe it's not that risky. But it ain't cheap. 12.25 percent interest rate, $1,000 processing fee,  and "early termination fee will apply."

Theme from Underdog:

When in this world the headlines read
Of those whose hearts are filled with greed
And rob and steal from those in need
To right this wrong with blinding speed goes
Underdog!

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