August 02, 2007

Jim Cramer told Desperate Homedebtors to turn in the keys, walk away, screw the lenders...

So let's see Cramer's wager and raise him.


If you were a Desperate Homedebtor who listened to a realtor on commission, and were really going to stick it to the man, screw the bankers and the hedge funds, F-over the REIC, and tell our corrupt Congress and Bush Administration to kiss your capitalist butt, what could you do?


43 comments:

Anonymous said...

what could you do?

bend over and spread em and say.....

is it regular or premium???

oh and where is the ky?

JohnDiddler said...

the corruption is in the executive.

- Proud Democrat

DOPES said...

you see this?
you hear this?
you hear about this?
.
.
.
SOME CRASH!!!!
.
.
STOCKS SURRRRRRRGGGGEEEE 100!!!!
.
.
MORTGAGE RATE FALLS!!!!
.
.
HAHAHAHAHAHAHAHAHAHA!
.
.
dopes!

Dr. X said...

Umm, I believe it's called anarchy. Financial systems can only exist if there is a level of trust between lenders and debtors. If we paint all lenders with the same brush and call them evil, you will see lending stop.

Few people alive today remember when motgages required 50% down and a ten year note was typical. You renters think you're immune? How about six months rent in advance as a security deposit? Keep this up and that's where we're headed.

Anonymous said...

Cramer's comment actually made a lot of sense. If you overpaid for a house, are underwater equity wise, and struggling to make a payment that's gaining you nothing but draining your cash, then cut you losses short.

It was a bad trade. Walk away, save your cash/income and rent.

What are they going to do to you other than dink your credit along with a gazillion other people.

FORECLOSUREBOY said...

I used to work in Foreclosure dept for major major lender in mid 90s i saw it all. Here is list in order of depravity:

1. live there rent free 12 months until foreclosure then move out and rent

2. declare bankruptcy/use other legal means to delay the foreclosure date further (2 years rent free? are you 'sick' or 'disabled'?)

3. rent out house to relative/other chump for during the 'pre forclosure' stage while you are not makin payments (cha-ching!)

4. just before foreclosure steal all appliances/cabinets/fixtures and put on jewbay/craigslist.

5. if you are mentally unhinged and angry destroy the place and put cement down the sewer/drains (i seen it!).


As an former agent of the bank I do not recommend any of these actions I would have told you to borrow money from credit cards, freinds, family, work two jobs, sell your car and take the bus, put the kids in public school, stop tithing to the church (hell ask THEM for money!) etc in order to keep makin payments on the underwater debt trap that is your serfdom. If that isnt possible deed in lieu, short sale, or walk away is second choice for the bank. The numbered list above is a DISASTER for the bank.

Rotsa Ruck!

k.w. - Southern Ca. said...

The biggest "loosers" will be the American tax payers who *didn't* get caught up in the housing mess - they'll be footing the bill in the form of higher taxes and banking fees.

ain't your b@tch said...

Cramer is the man, I swear he is a genius.What else are these darrelicts gonna do? Be in debt the rest uf their lives or tell the banks to go F@ck themselves and hand the keys back.They were ripped off in the first place by corrupt realtorwhoes and lenders.I have to agree with mr cramer on this one.

michael said...

"...what could you do?"

vote for ron paul.

Anonymous said...

"They were ripped off in the first place by corrupt realtorwhoes and lenders."

They were ripped off in the game of life from day 1, but they don't need to be saddled with suffocating debt AND a moron level IQ for life.

Anonymous said...

it's official, R.I.P. AHM:
http://tinyurl.com/yoy8co

Shakster said...

Stocks suuurrrrge!!! OOOOOOOOOhhhhh
Housing still crashinnnnnnggg- YA HeadJOB.
-------------------------------
I hope FB's get some guts ,and fight back.The contracts are so invalid,the investors so screwed by the lenders/appraisers/hedgies that when disclosure comes out about both sides,the banks will eat it legitimately,be swept aside,and the FB's will get their payments lowered without a bailout.
OK,I'll quit dreaming.

Cramer is way irresponsible here though.The best thing for homebuyers to do is GO For The throat while they have the chance.

Anonymous said...

"six months rent in advance"

No problem! Will you take cash (with proper identification?)

Seriously, I don't recall having to come up with HALF down and I'm closer to 50 than I am to 40.

10 year mortgage? Sweet!

This is where we went wrong as a country, and as consumers. My old man b@tched endlessly about having a TWENTY YEAR mortgage! Why in creation should it take 20 years of payments to pay off a house!?

Then people got used to the idea of a 30. Had it not been for the implosion we'd be lookin' down the barrel of a 40 yr. note! Now let's think about this, when a guy got 160 acres along... with the house, YES it was gonna take awhile to pay the bank back. Then again, the debtor was getting something worth actually sacrificing for! Now? A 2bd/2ba townhouse? Some stake in the community huh?

DinOR

Anonymous said...

Uh... I hate to admit this but I worked for a bank during the stock market's darkest hours.

Every day when I got to my desk at 6:15am there was a STACK of margin call notices and part of my job was calling these poor people telling them they had to send in _____ dollars by _____ or their stock would be sold out! Unwilling to take a loss early these poor people KEPT sending in money in an attempt to "fill a black hole". Jim Cramer has been there, I'VE been there.

In the end the "smart" people covered ONE margin call and then walked away. The die-hards kept sending in money even AFTER their account went "negative equity".

I'm not going to speak to the ethics, but from a pure economic standpoint. Yeah, walk away.

DinOR

Anonymous said...

Check out AHM folks. It just bought it. Closing its doors tomorrow. Stock just tanked. (again)

Anonymous said...

Debt forgiveness is taxable - thank god.

Yes George Bush wrote and approved all those NINJA loans. Impeach!

Keith don't you know there are more pressing issues than a Housing like global warming? The only way to get to Wall Street and Times Square in a few years will be by a Ski Doo.

DOPES said...

I aint coming to this blog anymore, the market is up two days in a row...I just bought a Iphone...you are just a bunch of dopes.

Mark in San Diego said...

and by the way - AMH (American Home Mortgage) just bit the big one. . .another day another implosion. . .all employees kaput tomorrow - according to NewsDay

Mark in San Diego said...

The beginning of the end - actually Cramer is right - we need to get the housing mess behind us - although massive housing turn-in would put perhaps millions of additional homes on the market, and drive prices down, it is a necessary step in any "correction". . .just as a stock crashes creates opportunies to buy quality at a low price, so will the housing crash. I will buy a house or condo, many on this board will buy. . .I bought some of my first stocks after the 1987 crash. . .Chevron for pennies on the dollar!!

michael said...

"Debt forgiveness is taxable - thank god."

as a tax professional i will answer a question just like most tax questions are answered.

"is debt forgiveness taxable?"

it depends.

Anonymous said...

"The contracts are so invalid"

Yeah, how dare they expect people to read what they sign...and initial every page, sometimes twice or thrice by the "important stuff".

Anonymous said...

Would somebody please tell all the shareholders and employees of AHM that all real estate is local. Really now, come on.

Mikhail said...

Is it really all that easy to just "walk away" from a home? Can't lenders garnishee your wages, seize your car, or other assets?

Illegals Everywhere said...

How they are going to stick it to all of us:

http://www.cnbc.com/id/
15840232?video=451180360

Kenneth Heebner, CGM Capital Mgmt. portfolio manager and CNBC's Erin Burnett..

Hope this link posts OK.. This will let you know how the street views the little guy and his pension fund.

Anonymous said...

cramer has 100M stashed. but if he goes ahead with the divorce, he will have 50M and no house. i guess the 50 something bald headed man has been playing too much in erin's bosome and pissed off the stock trading goddess.

Anonymous said...

DOPES said...
>>> you see this?
you hear this?
you hear about this?
.
.
.
SOME CRASH!!!!
.
.
STOCKS SURRRRRRRGGGGEEEE 100!!!!
.
.
MORTGAGE RATE FALLS!!!!
.
.
HAHAHAHAHAHAHAHAHAHA!
.
.
dopes!

August 02, 2007 9:17 PM <<<


patience , dopes.......patience.....in time son, in time....

Ron Paul jr said...

Just step away from the house! And no one will get hurt.

Anonymous said...

DOPES said...
you see this?
you hear this?
you hear about this?
.
.
.
SOME CRASH!!!!
.
.
STOCKS SURRRRRRRGGGGEEEE 100!!!!
.
.
MORTGAGE RATE FALLS!!!!
.
.
HAHAHAHAHAHAHAHAHAHA!
.
.
dopes!

August 02, 2007 9:17 PM
-----------
Please inform the 8000 unemployed workers from AHM of your perspective on things and I'm sure you will not live to speak these comments again.

Anonymous said...

What a bunch of F***ing idiots. Realtors don't screw people we help them exercise their free right as Americans. You want a house and have a loan, ok, let's get you into a house. You want to sell, ok we'll help you sell. How the hell does that equate to screwing the idiots who leveraged themselves so far up that they lose their house.
Typically, typical lib attitude. "I'm not repsonsible for my actions, someone else is... like my Realtor."
Pesonal responsibility! Take control of your own actions!

To quote a poster... DOPES!

Anonymous said...

"How about six months rent in advance as a security deposit?"

I've got 2+ years of cash in case of a layoff so if I have to switch cities, it's no problem.

And I don't even have to liquidate my investments to stay above water during those years.

50% down to be an owner, however, is ridiculous. I think it's more like 25%, even during stagflation.

burn baby burn said...

You could allow termites to eat the house.

Kendra on the brass pole said...

But Kendra Todd said that bubbles where for bathtubs!

Now take a look at a stock chart for (LEND) Accredited Home Lenders.
THey are the next going down in flames.

Kendra better of married a sugga daddy trump type by now. Within the year, there will be thousands and thousands of unemployed realtywhores she'll have to compete with working the nightclubs and stripbars trying to land a rich guy who was smart enough not to throw all his money into real estate and homebuilder stocks.

Kendra "Bubbles are for Bathtubs" Todd will have limited choices given her IQ level and skills:

1) Find some troll looking rich guy to jump on her while she has to pretend to enjoy it.

2) Strip bar

3) Escort service

4) Porn

Take your pick Kendra. Tick-tock. Tick-tock.

Anonymous said...

RE: Proud democrat:

I've lost faith in the democrats over the last month, and have now decided that BOTH main government party officials (and agencies) are criminals. Just ignoring the CLEAR and BASIC evidence that the 9/11 fake attacks were conducted by the GOP (non-oath) regime of evil-doer terrorists, is a crime in itself. To cover-up a crime, and lie, is a crime. They should all be in handcuffs - including the owners of all GOP operated media companies.

America is soooo fu*cked. Nothing can stop their evil grip of mass deceptions, lies, cover-ups, murders, war crimes and their chilling path of terror and mass-financial destruction and wreckless management of the USA, its citizens and constitution. They have moved America into a grave situation. ALL OF THEM. What sad times.

RKO

Anonymous said...

I really don't care if homedebtors wind up mailing in the keys, but I want maximum pain before they do.

That is, since most recent FBs had no down payment and would be walking away from no equity or nearly none, I want this bubble to cost them more than just a ruined FICO, which they probably already had. I want the lesson to be costly.

If they have 401Ks or savings, I want them to access them first and drain them. Then I want them to hock everything they own, just to make an extra payment or two before they finally give up the ghost.

Let's face it, none of them had any skin in the game. At least if they bankrupt themselves before mailing in the keys, it will inflict maximum pain on them for their greed and foolishness.

And, yes, I'm feeling a little mean today. But 99 percent of them aren't "victims." They're greedy fools or morons who are too dumb to read a contract and/or live within their means, instead of trying to keep up with their neighbors.

Shakster said...

The contracts are so invalid"

Yeah, how dare they expect people to read what they sign...and initial every page, sometimes twice or thrice by the "important stuff".
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Do you know something about those contracts? If you do ,pull it out,and lets see what you have initialed.
In your contract what was disclosed,and more importantly what was not.Were you made aware in that contract that your signature is what gives that deal all of it's Value?If you were made aware of that ,and you signed,then you,and(or) the bank were not qualified to sign for those terms at that point.On it's face it evidence of the borrowers lack of understanding of what has been offered,furthermore if for some reason the borrower of FRNs did understand, then the contract would need to be ammended to prove it.That wouldn't suffice either because the borrower would have to be -A.Stupid,B in cahoots with the bank,C absolutely desperate.-C- for example makes a contract powerless.The contract is the evidence.Check this one out. There's more.
When a bank uses your signature to make gains without your knowledge,and without an offer of compensation to you,you have a claim.They owe some money to you,probably a shitload.Did they disclose this to you?Huh?WTF R U talkin about shakster?Not only do they owe you,they also must negotiate to your liking!
Yeah I know,the dumbshidz signed,and should have known.OK fine!That doesn't stop the contract from discovery through it's life.The borrowers are guilty of stupid,the banks are guilty of high crimes ,and FELONIES.They know it,and they know their only chance is for the borrowers to walk while the taxpayer pays off the investors.Another option for the banks,although not high on the list are Class Actions,where the lawyers let the bastards off with a one time payoff,and the borrowers are collectively screwed.
If the borrowers go after them one by one outside of class action,these banks will be turned inside out.The Taxpayer won't get stuck in the arse with the bill,the taxman can go after the bankers,and brokers,and the Home buyers can keep their homes.Yes they will pay the original price of the home,but less all the absurd interest,at a lower interest rate,no penalties,new contract structure in the borrowers favor,and yes,a friggen cut of the gains made by the bank for the use of the borrowers signature.
This is all done outside of the court.Banks don't like knowledgable borrowers(MEN,and WOMEN),and they really hate disclosure,and public kangaroo courts,but thats what they get.A court would destroy the record,and dissallow media records.Litigation can go public even if a borrower signed(initialed) terms in the contract forfeiting the power to do so.All a borrower has to to do is initiate due process,and stay current on the original payment.Lawyers cannot help.
This kind of advice is surely wreckless to the common US Citizen/subject/ Borrower. I will agree.The stooges that inhabit this country would get their heads chopped off ,and handed to them for attempting it without a professional to lead the battle.Ah that's where the true patriots come in.There are people that do this,and know exactly how to do it.
It boils down to this-Turnabout is Fair Play.The system is the brainchild of shysters,but the system must cut it's losses at times to remain viable without upheaval.
Remember-Disclosure.The borrower can be fried by it,and so can the bank.

keith said...

RKO - good job on finally waking up to the fact that BOTH parties are corrupt and worthless

The days of Democrats and Republicans are nearly over. America will soon be giving 'em both the boot

It'll take a shock to the system for the change to come about, but I think we all know what's coming....

Anonymous said...

Keith,
There is a reason they now want defaults, or else he would not have said what he did...


Where do you think all the Chinese dollar holdings will go?

HOUSING MARKET?
maybe???


Think for a moment,
These house titles floating around for pennies on the dollar? (MBO's mixed with the CDO'S).

That's what I would do if I were them...


MAYBE IT WILL BE EXPLODING HOME PRICES WHEN THE DOLLARS START COMING HOME...

Think about it........

Anonymous said...

Anyone who lends money based on the idea that "housing always goes up", and no other criteria, deserves what they get.

crash dummy said...

in the early 90s, i knew someone who bought a foreclosed house--identical to one which they currently lived in--and let their overpriced house go into foreclosure.

Budvar said...

Mikhail said...

"Is it really all that easy to just "walk away" from a home? Can't lenders garnishee your wages, seize your car, or other assets?"

Can't speak for USA, but the way it worked over in UK during the 90s bust was that your mortgage was insured against default.
Ie you stop paying/hand in the keys, the lender claims on the insurance which you paid for, then the insurance company then trys to make good its losses by racing you around with demands for payment.
What this entails is they send round bailliffs to confiscate your stuff, you just dont answer the door to them, they then send a few stroppy letters, to which you send them back unopened with "No longer at this address" on the envelope.
After 2 or 3 of these, they just leave you alone, as they're throwing good money after bad and chase up someone else.

In UK they only have 12 years to get anything out of you at most, but in reality it's only a matter of weeks as they right it off if they get no joy.

Anonymous said...

"Kendra on the brass pole"

Bwahahahahaha...best user name ever.

Finance said...

I met Jim Cramer on Monday (7/30) and he was wearing this exact shirt and tie! I was visiting the NYSE and randomly saw him walking down the street (right after he got off TV) and got a quick picture with him (as in why the hell are you bothering me quick), but it was good, boo ya!

Cramer does know whats going on, yet he is always one step ahead of what he says on TV, as he has to consult people on The Street before anything is published...Did we all know this credit bubble was going to pop, of course, but its easier/more profitable to continue on as long as possible.

Anonymous said...

What Cramer leaves out, is you lose more than the losing investment. The bank reports the total loan amount as income Paid to you, to the IRS.
No walky-away from the tax man. He'll come empty out your bottle of cheap scotch.