March 23, 2007

The new American pastime - watching the housing ponzi scheme implode

20 comments:

Anonymous said...

I make a lot more than she does and I could'nt afford that.

Anonymous said...

I am still watching!

Anonymous said...

Anonymous said...
I make a lot more than she does and I could'nt afford that.

March 23, 2007 11:32 AM
--

You can't best a cheater.

LauraVella said...

In this case, any bank needs to get her into a different loan at now cost to her.

She appears to be in her 70's? How can some LO qualify her when she obviously is over her prime - money making years?

Seneca said...

There's just so many layers of stupidity and greed that had to be in play to allow this situation to occur.

At the end of the day, almost everyone thinks they can get something for nothing. And I guess, if the Fed or whatever tries to hyperinflate their way out of this disaster (and it is a disaster, that's not gilding the lilly to call it that) then some of these incredibly greedy businesses and home buyers will be validated because they'll end up being rewarded for their greed.

Bad luck for people who exercised a bit of common sense and self restraint though...

Anonymous said...

what a bunch of slime...The REIC!

Anonymous said...

Is that holiday lighting on her house?

In March?!!

Anonymous said...

better than porno!

well, maybe not better. maybe it would depend upon the quality of the porn.

xSparta said...

The officers and all the sales people should be put in jail. They all knew they were screwing the public over, time and time again. New Century should not be bailed out, rather should be hung at the gallows for every mortgage broker, Real Estate Clerk, and appraiser to see. Sounds mean, and it is!

Uncle Al said...

Crime of the century, no?

Anonymous said...

DJIA today 12,481.01

Something smells funny to me...

Anonymous said...

Got gold? The bush built scheitt sandwich commeth... And this too(housing implosion) will happen of team bushes watch, or lack thereof...

Guadalupe-Hidalgo 1848 said...

No sympathy for that stupid jig. She signed the paperwork. If you are too stupid to understand a loan then dont sign it!!

anonywuss said...

Ruthie is a crook and scam artist. On Nightline, they showed her blinged out living room. In this video, you can see a flatscreen in her kitchen. I'd bet a fair amount of dough that she was a slip and fall artist before she learned where the real money was.

chris g said...

I don't know whether to laugh, cry, or jump off a bridge and forget the whole thing.

OK, so she is paying $950/mo, then signs paperwork when the truth-in-lending disclosure clearly says over $2000/mo. They seem to have left that part out of the story.

The reason I don't know whether to laugh or cry is because you have a lender with no conscience approving this kind of loan for a borrower with absolutely no brains. You blame the lender, of course, but should this woman actually be signing mortgage documents?

You wonder if the lender did the "you can refinance later" routine. If he did, then not only is this lady stupid, but she is also ridiculously gullible. Apparently there are millions of stupid AND gullible people out there, willing to sign mortgage documents. Not exactly the kind of thing you want to be putting in writing when you have both of these "qualities".

Shakster said...

Only if you have the EYEs to see it with.The vast majority are blind,but happy as pigs in schitt.
Nobody HAPPIER than HPers in PopCorn though.Hahahahhahhahhahhahhahahhhaaaaaa.

Frank said...

Sounds like the typical Scottsdale way of living to me.

www.scottsdale-sucks.com

Anonymous said...

Does this look like the Tomb Stone to you??? Yea-- me too! http://www.loancity.com/

Anonymous said...

No HDTV. No cable. No widescreen TV. But I do have popcorn. I for one am enjoying the show.

Anonymous said...

I wonder what happens to New Century Loans when they go out of business?

Will the people with them get to live in a free home?