July 22, 2007

HousingPANIC nominee for quote of the year

"It is just unbelievable how many people were conned
into taking these mortgages,"

- Walter Hahn, a real estate economist and consultant in Irvine, July 2007


This REAL folks! said...

"It is just unbelievable how many people were conned
into taking these mortgages,"

What's unbelievable is that Freddy Krueger and Jason could get jobs on Wall St. slicing up mortgages and selling cdo crap to pension and hedge funds, creating the crazy mortgage products in the first place. One's got to wonder how they got smart enough to give up slaughtering teenagers at summer camp in movies and turn to utter financial destruction of families, banks, governments, etc., in real life?

Anonymous said...

Hopefully foreigners are holding most of the toxic CDO's. Is anyone shedding tears for Bear Stearns?

Anonymous said...

Laura Vella said: Great post, slicing and dicing these CDO's is right.

Thats why, between the banks, brokers, Helicopter Ben and the realtors we will now be facing the greatest housing forclosure in history.

edd said...

To the Bastille !!

Anonymous said...

Dream on HPers, dream on. The guy in charge had this to say:

“But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.”

-Current Fed Chairmen Ben Bernanke in 2002

Inflation will fix everything, and make all you renting bubble sitters look like fools.

Anonymous said...

At dinner last night with some friends and their friends. Got talking to friend of freind's wife about r/e. Told her we're renting since market sucks now. She says well yea it sucks if you are trying to sell, great if you are buying. I say well sure but why buy now if prices are going to fall even more since sellers will lower prices as they get more and more desperate. She says no, no, no prices will not fall because....here it comes....THIS AREA IS DIFFERENT and right now is the best time to buy.

I switched the conversation ASAP since I learned long ago there is no sense in trying to argue with this mentality, especially after 3 glasses of wine.

We have a long way to go folks, a LOOOOOONG way to go.

Anonymous said...

Victims I tell ya...thats how.

Anonymous said...

behind it all is the evil one

K.W. - Southern Ca. said...

No surprise.

The intent for most of these people
was to quickly cash-out, so that they could take on more debt when
moving to a bigger place.

"It is just unbelievable how many people were conned
into taking these mortgages,"

Anonymous said...

Just wait until the morning after...

Anonymous said...

Freddy Krueger & CDOs

It fits!

Anonymous said...

Who was con'd. All these people new what they were getting. They were greedy. Like when you go to vegas and you win, win and increase your bets and win some more and increase your bet and lose it all by the time you leave. Keith i thought you were a personal responsibility guy. I dislike mortgage guys but people who refinance to buy a car or new kitchen f-them. People who buy a house that don't have the money f-them. It not flipper who have raised prices it's the average guy buying more then they can afford with crazy loans. All relatives saying how great their kids are doing because they have a big house. Mean while their in over their head and save no money.

FlyingMonkeyWarrior said...

maybe Casey Serin was the 'Mark' and not the con.
But then again, maybe not.

SeattleMoose said...

Not unbelievable....

It is just a sad commentary on the stupidity of the masses, the complete collapse of enforcemet of rules/regulations in the RE industry, and the total void of ethics/morals on the part of those who would lie, bully, and cajole their way to a commission on the backs of those who they have knowingly sent down the river....without a second thought.

The barometer of human character is falling fast...and a storm is coming.

peahippo said...

I've got another quote for you all that's far more relevant that anything from some Realtwhore™ (or other professional with an intense conflict of interest with real estate):


grifter said...

Psst – hey bud… come here.
Who? Me??
Yes, you. Want to buy a house?

Conned my a$$. I’m sure some lenders and RE agents who skipped the online ethics course may have convinced a few dullards – oh, excuse me… HS graduates – to sign at the bottom and that everything would be OK, but this is the significant minority of cases.

lunatic fringe said...

Walter Hahn is part of the problem. Check out the interview the OC Register had with him just over a year ago.


Some excerpts.:

Q. As you sticking to that forecast?

A. I am sticking to my 10%-a-year home price appreciation thru 2014. The reasons:
• The O.C. housing market over the past two years has performed as I projected 2 years ago.
• My projections of job and population growth are on target. Demand for new housing units in O.C. based on job and population growth is still two times recent production of 7,000-9,000 units per year, and I project that imbalance to persist.
• Faced with that huge excess of demand over supply, homebuilders will continue to sell phases out rapidly and thus continue to raise prices between phases until the next recession, which I have projected for about 2010.
• New home price increases pull existing home prices up with them.

What a dumbass.

Anonymous said...

Cheney and Karl Roves master plan

Anonymous said...

"Anonymous said...
Hopefully foreigners are holding most of the toxic CDO's. Is anyone shedding tears for Bear Stearns?

July 22, 2007 3:14 PM


It will be the elderly, and pension holders that will be sent to the wood chipper, FIRST.

shakster said...

edd said...
To the Bastille !!
Yess,and we can have our own Bastille Day!Off with their heads!

DrNo said...

You may be due a REFUND!

Did you refinance your Home in the last 3 years?

Do you live in AZ, CO, WA, TN or TX?

If so, you might be entitled to a refund. Fax 602-532-7953 or email
your HUD 1 form immediately to see if you qualify.

Anonymous said...

It's funny - the only hope for the FB and REIC is hyperinflation that destroys the economy. The stock market and US government depends on foreign capital to operate. Inflation drives away foreign capital and the government and stock market collapses. Somehow home prices are supposed to rise in that environment according to the realtor and FB chimpies.

Their other hope is for 50 million illiterate illegal immigrants to flood across the border and live 20 to house, leaving El Caminos sitting on cinder blocks on the front lawn. Somehow these peons will save Social Security, Medicare and buy crackhouses for $1 million

Anonymous said...

They were not conned. Many of them were con-men or at least dishonest pricks. They will get what they deserve.