First, let me say that under no circumstance should any distressed homedebtor ever resort to violence against any REIC member. Nor in any circumstance should they burn down their debt-trap or anyone else's debt-trap. It's just money folks.
That said, now that housing is collapsing and Americans are waking up from their no-down, no-doc, liars-loan stupor, and realizing that they significantly overpaid for their sh*tshack, they're gonna be pissed. Really, really pissed.
And who are they going to be pissed AT? You got it - not themselves. Nope, they're gonna be pissed at the real estate clerk, mortgage broker, appraiser and homebuilder. They're going to come to see that they were the mark, the pawn, the target of the Big Real Estate Ponzi Scheme. And they'll realize that the real estate clerk, mortgage broker, appraiser and homebuilder all got paid their big commissions, with the screwed homedebtor's money.
Get ready. Lawsuits. Protests. Shouting. Screaming. Threats. General Ugliness.
Here's one lady in San Diego taking matters into her own hands, picketing the Re/Max office every weekend until they cough up some cash for 'damages' and 'misrepresentation'. Good luck.
February 14, 2007
Prepare yourselves America for a wave of hostility, lawsuits and anger directed at realtors, mortgage brokers and the NAR
"Even though it's always 'buyer beware,' you think that the Realtor is looking out for the client's best interest," Vern Ummel said. "You have to do your due diligence, but you can only work with the information you have. And we weren't given the right information."
"Nobody's going to feel sorry for us," Marti Ummel said. "We can afford to get screwed. But there are other people who can't." And that's why she's carrying out her campaign, to alert home buyers that they should seek independent information to verify what their Realtor tells them.
Marti Ummel said she may continue picketing even after the suit is settled. She wants more than money -- she says she wants to make sure this situation doesn't happen to anyone else."I will not stop picketing until we feel that Re/Max has been fair with us," she said. "I could be doing this for five years."
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31 comments:
Dean Baker's Latest:
http://www.cepr.net/documents/publications/housing_indicators2007.pdf
The phili shooting yesterday was RE related.
The Philadelphia shooting was related to an insurance settlement. The country club they invested in was flooded and the shooter felt he got ripped off because he didn't get part of the flood insurance settlement.
So to say it was real estate, implying real estate bubble related, is misleading.
So, who's going to do the perp walk first? Any guesses?
Prosecutors love it when CEOs do the perp walk. Especially when a bunch of disgruntled investors are there to taunt them as they walk up the courthouse steps. (See: Enron, ca 2001)
Bill
The shooter was a delafreak or delaweirdian. People from Northern Delawhere are just plain unstable, backward/base and uneducated. The RE connection ws weak and is secondary compared to the deladumb connection.
She ought to just cut to the chase and launch a hunger strike on David Learah's front lawn.
The smart people will understand that this bubble was originally perpetrated by the supply side voodoo republican tag team, and furthered by their intense belief that regulation is very bad.ROTFLMAO
In the end I would be surprised if the republican party doesn't go the way of the whig party, then again there are those 59 million dumbasses that did re-elect team 'dumbya'. Interesting times indeed.
Time to get the pitchforks and torches!
Let the lawsuits begin.Now the crooked lawyers can have their bubble, it's their turn to make it big baby.Show me the money,screw everyone else.
I brought up the topic of having our own housing protest over on Piggington.com. How we should get together with signs like:
Lower Home Prices Now!
Stop the Fraud!
No Homes, No Peace!
I can see the FBs getting foreclosed and taking to the streets. Even though THEY were a big part of the problem. THEY signed the papers, they knew what they were getting into.
I think we need to have our own Pre-emptive protest to let the world know how we were wronged first.
here we again:
- Everyone who owns a home has a 110% negative ARM
- Everyoone who owns a home bought in July 2005 at the peak
- Everyone who owns a home is about to default
- Nobody bought with more than 0% down
- Nobody bought with a fixed 30 year at 5%
You socialist morons keep assuming all that while trying to sleep through the gunshot/siren noise in the ghetto 1bed/1bath every night. I feel kind of sorry for you in a way. You hoped so hard that a housing crash would come and allow you the slimmest of hopes in buying a home and leaving the ghetto. The the big crash never came and you realize it more and more every day.
So OK if it makes you feel better, I have a $100,000,000 negative option ARM with a monthly payment of $637,399.64 and I am about to default. Now you can feel better as you go off to your blue collar job.
I actually hope for huge numbers of lawsuits. Because maybe just maybe we can keep the lawyers tied up in paperwork and mediation...etc.
Remember, the only good lawyer, besides a dead one, is one who is too busy to bother anyone else!
"beaver muncher said...
Let the lawsuits begin.Now the crooked lawyers can have their bubble,....."
Might be time to buy stock in those huge law firms that have gone public. I am sure there are some out there. They are going to clean up like.......bandits?
How about using the term "mortgage clerk" instead of "mortgage broker"? They're basically paper pushers.
"David said...
The phili shooting yesterday was RE related."
"Anonymous said...
The Philadelphia shooting was related to an insurance settlement........So to say it was real estate, implying real estate bubble related, is misleading."
I am afraid that actual violence against the REIC, state officials, sheriff’s deputies who come to foreclose and kick the FB out, and anyone perceived as being better off, and therefore a 'culprit' could be just around the horizon.
All it takes is one mad FB at the end of his rope to take that rifle up to the attic window to protect 'his' home from the 'bad guys', and the floodgates will open with a slew of copycats!
Welcome to America where:“ It’s God’s Will Or Somebody Else’s Fault”
On the question of who will be the first targets of the FB wrath, I would say they will follow the money.
It is the flippers, builders and other late bubble sellers who have
ended up with the most of the buyers
money in their pocket. It could also
be the mortgage company because they
will be the ones to stand in the
way of the refinance the FB needs
to save their house.
David said...
The phili shooting yesterday was RE related.
hey it was MUSLUM related, has CNN told you that?
NOOOOOOOOO
gotta keep fooling the masses
oops that was the UTAH SHOOTING
I say bitter renters BEWARE screwed HD ers will look at you with hate in their eyes. Too bad honey I'll buy your shit-shack with a 60% Discount compared to what you paid. Two weeks after your ass hits the pavement from the Sheriff.
HAHAHAHHAHAHHHAHAHAHAHAHAHAHAHA
Oh and by the way we are not quite as dumb as you thought we were now are we?
Everyone chant together.
Go Marti!
Go Marti!
Go Marti!
Anonotroll - No, we don't think all home debtors are FBs. The question is just how large the impact of some loans going bad will be on the economy at large. Combined with other indicators and, as Keith points out, based on similar occurences in the past, it is hard to see an optimistic outcome. In which case even those who did not overpay, have an affordable, conventional mortgage, or even paid off their house could be affected. Including you. Including me. O-KAAAAAY?
And here is your guide to how to get upset, crappyhome owners.
-----Daniel
Just somebody make sure that little douchebag Casey Serin gets tossed into the slammer.
We could turn it into the next version of "Survivor". Instead of a remote island, it will be San Quentin!
:-)
hey to the anon who wrote:
"here we again....
You socialist morons keep assuming all that while trying to sleep through the gunshot/siren noise in the ghetto 1bed/1bath every night. I feel kind of sorry for you in a way. You hoped so hard that a housing crash would come and allow you the slimmest of hopes in buying a home and leaving the ghetto. The the big crash never came and you realize it more and more every day."
you do realize that a lot of the people who refuse to buy a current house aren't socialist morons living in a 1br apartment, but have done their research on the current situation and truely do believe the crash is here, now. the wall st slaughter of the lending companies further proves our beliefs.
if anything, these 2 charts will keep me out of the real estate market for the next couple of years :
http://ncane.com/19d (price/earnings)
http://ncane.com/w5d (price/gold)
ill keep my money away from houses and safely horde more of this:
ryphs.com/gold2.jpg
I think buyers have a large part of the responsibility for their situation and I also agree that the last person they will actually blame is themselves.
But placing a lot of the blame with realtors is also valid. I know we discussed this before but realtors are 'agents' - their whole mandate is to represent the interests of home sellers, buyers and the real estate market in general. And they dropped the ball.
Realtors market themselves as real estate experts and should have known that a bubble was growing and should have known how poisonous many of the mortgages were that their clients were signing in order to buy the homes. Sure, many realtors aren't experts and aren't that smart overall but that's why the NAR employs economists to conduct analysis, spot trends and give realtors information to help them help their clients.
Instead, the NAR economists cherry-picked misleading data that would help their members sell homes, against the interests of buyers.
The NAR and state associations of realtors have violated their mandate and the public outcry should begin now.
I am a socialist moron living it up in a 1 bedroom 1 bath apartment in a ghetto.
Comrade Trotsky
The problem is too many realty clerks. All these clerks needed income so they talked there friends and relatives into ARM loans. They couldn't afford to buy but they were convinced that real estate only goes up.
This mess is turning into a perfect storm with boomers and speculators and builders all selling at once.
Foreclosures are skyrocketing so the devistation will be significant for those who recently got caught in the frenzy.
It just makes no sense to be up-side-down on a home with a huge unaffordable mortgage.
They should be mad at themselves for being so dumb.
but not owning doesnt make orchids or chickens, or tomatoes, that take time and space to grow, into long term crops
Is it just me, or is traffic getting worse in Southern California. By worse, I mean, more road rage-like incidents and accidents?
1000 Real estate agents in SoCal might just go postal any day now:
http://www.ocregister.com/ocregister/money/housing/article_1578090.php
It's really not going to matter much who blames who, or who is wrong. What matters is who's left with a gun stuck to their heads from a very angry homedebtor.
Not only are millions losing their life savings and going further into debt, the thought of owning what may turn out to be a not-so-great house that now needs lots of work hasn't really been talked about here.
How many times have you bought something, knowingly paid too much and never really liked or used it? Times that by 5000 and you're talking about something that must be happening to a lot of people sitting in their homes.
If this thing really does collapse all the way down as a lot of models suggest, well, the very real possibilty of bodily harm, threats and death could come to a lot of people employed in the area of real estate, mortgage lending, home inspection, etc.
We may joke but this could very well cost the lives of some people.
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