February 03, 2008

From the 60 Minutes housing crash report - one more failed housing gambler couple making the decision to just turn in the keys and walk away



I hope Hillary Clinton and any other government idiot crafting together a banker bailout disguised as a housing gambler foreclosure-avoidance plan watches this video.

BOTTOM LINE: PEOPLE WHO "OWN" DEPRECIATING HOMES THAT ARE WORTH LESS THAN THEIR MORTGAGE SHOULD JUST WALK AWAY, TURN IN THE KEYS, AND RENT.

Screw the banks. They gambled too, and they lost. Hillary doesn't want her banker buddy contributors at Citigroup, Goldman Sachs and Bear Stearns to be left holding the bag, so she wants the sheeple to act against their own economic interests, and continue to make a monthly mortgage payment on a home that has crashed in value.

HILLARY - GOT SOME BAD NEWS FOR YA. THE SHEEPLE HAVE FIGURED IT OUT, THE GAME IS UP, AND NOW THEY'RE GLADLY WALKING AWAY FROM THEIR DEBT-TRAPS. AND YOUR BANKER BUDDIES ARE F*CKED.

And we can all say goodbye to no-money down liar's loans. This is what happens when people have no stake in their homes. They just ignore the contract, and walk away.

78 comments:

Melker63 said...

This is what happens then you have greedy econimical interests exploiting likewise greedy but less astute home-buyers. One can indignantly talk about moral obligations all day long, but if its not a mutual two-way deal, then something gonna break sooner or later.

And then it does; society just gonna slump down another step - down in a negative self-feeding spiral. These powerful economical interests are smart - but almost never wise enough to forsee what their decisions actually do to the society in the long run.

Anonymous said...

It so obvious that this woman wears the pants in the family. She thinks she is smart but really is a complete idiot.

Anonymous said...

However Steve's point is well taken. You agreed to this loan, just because the agreement currently works against you financially does not give you the right to breach the agreement. The kicker is that they can afford the payments!!! If they purchased for the long term and stay in the home and make the payments sooner or later (most likely later) they will pay down equity and valuation of the asset will recover. I say that not only should people like this have their credit trashed but I think the banks should go after them as an aspect of the foreclosure hearing for the deficiency b/t the asset and the loan balance plus all costs. Its called a deficiency judgment and it attaches to the person and not to the asset. Thus their salaries can be garnished, they can live in a rental shack that takes people with bad credit for the rest of their lives.

I am sick of these lack of responsibility living only from moment to moment attitudes of Americans. If they would just work hard, invest in themselves, save and build for the long term none of this would happen to anyone. We have become a society of short term want everything now and do not want to work for it cry babies. Sorry no sympathy here.

Anonymous said...

Totally; why can't the mortgage company just add another 50 years to their mortgage. Why should they have to pay back the money they borrowed.

I also like how they have no moral or ethical problems with sending back the keys. They just don't want to wreck their credit.

This is what you end up with when you take stupid myopic "buyers" who are too dense and unable to see past the monthly payment.

These same idiots would borrow a billion dollars for a 1200 square foot crap shack if the mortgage hustler could GET CREATIVE and bring the monthly payment into a doable range.

Much more to buying a house than your monthly payment, DUMBASS. Thanks for driving up the prices for everyone else.

These people should be thrown screaming from a helicopter.

Afterthought said...

People aren't "ignoring the contract". The option to walk away is in the contract.

Anonymous said...

Hillary is crazy. It would have been nice if someone had stepped in and frozen the stock price of my Qualcom stock back in '99 at $180 before it came crashing down to the teens.

JosephMahon4 said...

People's actions are motivated by self interest. The couple got screwed and are probably good people overall, however once great financial pressure is applied, capitulation and walking away from a property will occur. The couple is essentially transfering their problem on to the backs of the taxpayers who will eventually have to bail them and millions of others out while the hedge funds suck the remaining blood out of the system for their own short term gains. Reducing ones exposure to the US dollar is a potential way to avoid getting hurt by the wrong doings of unsophisticated home buyers and of the disgustingly greedy financial players who have brought havoc to our financial system. Sorry to ramble the obvious but it feels good to express myself.

JosephMahon4 said...

People's actions are motivated by self interest. The couple got screwed and are probably good people overall, however once great financial pressure is applied, capitulation and walking away from a property will occur. The couple is essentially transfering their problem on to the backs of the taxpayers who will eventually have to bail them and millions of others out while the hedge funds suck the remaining blood out of the system for their own short term gains. Reducing ones exposure to the US dollar is a potential way to avoid getting hurt by the wrong doings of unsophisticated home buyers and of the disgustingly greedy financial players who have brought havoc to our financial system. Sorry to ramble the obvious but it feels good to express myself.

Joe M said...

People's actions are motivated by self interest. The couple got screwed and are probably good people overall, however once great financial pressure is applied, capitulation and walking away from a property will occur. The couple is essentially transfering their problem on to the backs of the taxpayers who will eventually have to bail them and millions of others out while the hedge funds suck the remaining blood out of the system for their own short term gains. Reducing ones exposure to the US dollar is a potential way to avoid getting hurt by the wrong doings of unsophisticated home buyers and of the disgustingly greedy financial players who have brought havoc to our financial system. Sorry to ramble the obvious but it feels good to express myself.

Ain't your huckleberry said...

This is typical of the stupid f@cking americans out there.they they think they deserve free equity for cars and other toys every year.This is a joke.They should be held accountable for the loss on the home and put in prison camps to work off the losses.

Buzz Saw said...

Hillary has nothing to do with it. The banks are in charge of the country. If the banks decide it is time for monetary discipline we will have it. Obviously, since they are in dire need of a bailout, we will not have it any time soon. The banks may determine that it is time to put the screws to the lumpen though, and that is good enough for me.

WINGS said...

Nothing personal, just business.

Everything these days is just a business decision.

We're losing our individual and collective, national soul.

However, when greedy, elite beautiful people trying to scam a few extra hundred $K get burned, I like it.

It makes me happy.

It makes my kittys frisky, too!

We're all moral hazard now said...

With the lenders shutting off HELOCs and credit cards, it seems that bailing on "what you agreed to" is just part of the game. I hope these folks take their months of free rent after they stop paying but before they walk.

LauraVella said...

That's what you get when you gamble.

Too bad they thought that Real estate only went up.

Anyone with a brain should realize that no one should buy a house using an adjustable rate mortgage at the peak of any housing boom.

If an ARM was used back in 1995-1998 that would be an entirely different story because its easy to sell or refi when the market is going straight up, but not easy when the market reverses.

Just plain stupid. Oh well, the more people that turn in the keys, the faster this thing will crash and the better selection I will have when we're ready to purhase a house.

Stuck in So Pa said...

God! This ticks me off so bad.

I'm not gonna pay because my widget is worth less than when I bought it. Same with my car, clothes, power tools, tv, and that last set of tupperware.

Where in the commandments does it say :"Thou shalt not have depreciation.......IN ANYTHING"

Spoiled, arrogant Americans. We deserve what we are going to get!

Hussein for President said...

After listening to Hitlery and her sex-fiend spouse, I will happily go to the polls in California Tuesday and vote for an islamo-caucasion first-term Senator from corrupt Chicago to lead the country.

That is how bad it is.

Hussein may kill of the USA once and for all, but I'd rather go down that road than another 8 years of Clinton x2 madness, deceit and looting.

Glue Horse McCain is dead. He looked ridiculous with bullhorn Guiliani on Leno licking each others b*lls like dogs circling one another. They will take McClown onto the tumbril on the way to the guillotine after Super Tuesday.

Good Riddance.

Just another old tired party hack, certainly NO HERO in my view, any thing but Senior McCukoo...

We WILL march on a ROAD of BONES come November...

clue_train said...

I like the story of underwater FB's buying the lower priced house (falling knife) across the street, then foreclosing on their old house. So buying a house before foreclosure ruins your credit.

michael said...

am i the only one that found the ticking watch at the end of the segment rather ominous?

smokester said...

are people really sheeple? maybe they're smarter than suzanne thinks they are!

the next thing congress will do is create a law which revitalizes credit histories faster so the "credit machine" can start churning again!

Anonymous said...

Save the Homeowners!!!

We should have the government buy their rates down to 4% and insure their lender against any losses on the loan.

Anonymous said...

.
.
.
.
.
.
.
Hate to break it to you Keith, Finance, Insurance & Real Estate
is the largest donor to Barak Huessin Obama! And he is not disclosing a larger precentage (18%) than Hillary.

What is he hiding?

http://www.opensecrets.org/pres08/index.asp?cycle=2008

Tyrone said...

"Matt and Stephanie said they knew exactly what they were doing when they bought this small, 2-bedroom house for $355,000."

Read the above a few times. 2-bedroom shithole in Stockton for $355K, and they knew what they were doing.

They, or others, posted a response in their name at my blog.

Anonymous said...

HAVING MADE LESS THAN THE AVERAGE RENT IN A CITY LAST YEAR BEING ILL, UNCLE SAM STILL WANTS 10 PERCENT, AND THE DOG AND PUPPY SHOW POLITIC PROMISES ME.....HEALTH CARE......???????????????

Anonymous said...

NO WONDER THE MAJOR AND LARGEST PROSCRIBED DRUGS HAVE BEEN LINKED TO CAUING MORE "PROBLEMS" THAN HELP

Malcolm said...

Ya, that’s the clip that had me yelling at the TV.

Sadly typical of this generation.

If the deal is good for them, they’re all for it. If they start to lose, it’s time to change the rules so they can win.

I don’t know if these people have kids, but if they do, they’re probably the type who run on the field and knock over the other little kid when their precious fumbles the ball.

Forget contracts, promises, forget the law and right and wrong.

It would be as bad as if a candidate for president agrees that a state’s delegates didn’t count, and then suddenly wants them to count once THEY have won.

Oh, wait a minute…

- - - - - - - - - -

In related news: I heard a great true story yesterday:

Little kid puts off writing a book report until the night before it’s due. Mom decides to write the report for him (and attempts to dumb down the language so the teacher won’t know).

Teacher knows right away, and fails the student for cheating.

Mom is pissed off with the “how dare they fail my child” argument.

(this is the same person who takes trips overseas, wears fur coats, has lots of diamonds, and now is having their house foreclosed on because they can’t “afford” to make the payments)

Anonymous said...

what happened to debtors prison?

curtstest said...

People aren't "ignoring the contract". The option to walk away is in the contract.

Just because a contract provides for what will happen in the event of a breach does not mean that you cannot breach the contract.

These people made a committment and have no problems with not even trying to fulfill it. There's nothing smart or OK about that, and to the extent that we think it is we're in more trouble than even I thought . . .

lunatic fringe said...

Why are you people so mad at the couple? You're getting mad at the street corner drug dealer, not the guys making the big bucks importing the crap.

Wall Street and the lenders greedily mis-priced risk and blew a huge bubble, making billions in the process. I have no problems watching them take it in the ass on the way back down.

I counsel anyone who asks me to run, not walk away from their depreciating POS and stick it to Wall Street. Besides, these people will have ruined credit for years as a punishment for their own stupidity.

It's a win-win.

Anonymous said...

I agree with you re the bailouts....yet you keep bashing Hillary, who isnt even elected yet. last time I checked its the GOP, Bush, and Paulson, crafting all the bailouts.

Melker63 said...

HP Blogger quote: "They should be held accountable for the loss on the home and put in prison camps to work off the losses."

Again - what does above do to the American society in the long run? US already have 2+ million prisoners. Now an added flavour: labour camps, with leg-ironed semi-prisoners. Another 3-5 millions added? Halleluja! And what about the scoundrels on the other side of the problem?

Theres a russian proverb: The fish rots from the head to the tail.

Anonymous said...

I don't blame them for walking away. I blame the lenders for giving them a 100% LTV that made it so easy to walk away. What did the lenders expect when lending money to scumbag?

michael said...

isn't the mortgage securitized by the asset?

banks problem.

that's why banks in the past would require 20% down payments. that way when douchebags like these walked a way, the bank could recover their loss.

Anonymous said...

all the arguments are useless. I thought when they purchased that house/apartment for 350,000 they were stupid. 1200sf for 350 grand what were they thinking? Before they signed those papers they should have looked at the rental section of the local newspaper and see what it cost to rent. Now they are stuck with 3200 a mo payments and the same house rents for half. This housing market has been going on for years at least since 2006 and if they were too stupid to see the signs (slow housing sales even in 2006 they have no one blame but themselves)The sticks and wood used to build the house didn't even cost 350,000 with all the stuff inside added in. Even now people don't think the whole ball of string is coming
unwound. They still want things to be like it was before even though prices (especially food) show it is not and they keep hoping that it only takes a few months to recover even though they heard the president tell them things are not looking good. When MR BUSH comes on TV and tells you a hurricane (Katrina as well as the economy) is coming you should leave, you should leave because I don't believe he is the type to scare you unless you need to be scared. When he nonchalantly tells the middle east those gas prices are really working to bring down the american economy he said it because he meant it regardless of the tone. When he offers you 600 hundred dollars for absolutely nothing and just wants you to spend it (at Wal-Mart no less) I can not hear a message spoken louder than 'WE ARE IN FUCKING TROUBLE AND PRETTY SOON YOU ARE GOING TO BE ON YOUR OWN" than that.
People have been telling people to dump the property walk away for months and when people decide to do it people get angry. Well then don't tell them to walk away tell them to stick with thier decision because at some point the market will come back. Be patient (and broke). Oh what a web we weave when first we practice to decieve.

Anonymous said...

In my country its a-ok for a company to outsource jobs, cut payrolls, cut jobs, all in order to increase ceo compensation; but when a person attempts to to the same,to just do the whats right for MY business he is looked down upon? Rotflmao, I didn't just make this up.

When did my country become a nation of corporations instead a nation of people?

Like i have said repeatedly the bush built shit sandwich commeth, you hath been warned. Hillary had not one damned thing to do with 9-11, or the great bush built lending fraud housing con. Just like 9-11,the 'Iraqi freedom thingie', and the housing fraud con easy lending con happened all on the bush watch. Or lack there of.

Frank@Scottsdale-Sucks.com said...

"And we can all say goodbye to no-money down liar's loans. This is what happens when people have no stake in their homes. They just ignore the contract, and walk away."

That's why we'll be returning to 20% down. The whole point of 20% was that the buyer had so much of his/her own money invested that defaulting and walking away was a non-option.

To you spoiled lazy whiners who will say, "But I don't have 20% to put down," what that means is your inability to be smart with money and save up the down payment means you are not responsible enough with money to be trusted with a mortgage. End of story.

Anonymous said...

I hope they walk away and get screwed up credit. That is the price they pa for speculating. Also, the lender should eat it. Why? That is the lesson they learn for making stupid no money down ARM loans.

Luvingthatbush said...

LOL. The greedy big money interests had to go and dismantle all those restrictions FDR put on them back in the 1930's to save Capitalism from itself. Now the system is imploding and everyone is acting, oh, so, surprised. The Libertarian / Laissez-Faire crowd is their own worst enemy.

Uncle Jerry said...

Jingle mail sounds nice in theory, sticking it to the greedy bankers and all that, but then I see a video like this.

These people are imbeciles and should be made to suffer. $32K a month for a depreciating asset doesn't make sense? How about $350K for a 1200 sq ft sh!tbox? Or a no down neg am mortgage? Or buying when you can rent for half the monthly nut?

Suddenly "sense" is a factor in the lives of these losers?

"Suzanne" has probably researched a falling knife down the street that these losers can catch before they walk away.

I don't know the details of a standard mortgage agreement but I would bet there is a clause that protects the lender for the full value of the note if the borrower provided false information on the application. Makes me think maybe the banks were not as stupid as the sheeple getting the liar loans thought.

The first rule of gambling-The house always wins.

Assuming Matt and Stephie have a liar loan they had better read the fine print on their contract before they send in those keys. Right now they have a ridiculous payment on a depreciating asset. If they try to walk away they might wind up with no house but still on the hook for the full and complete balance of the mortgage, lump sum not low monthly payments, court costs and possible criminal fraud charges.

The banks may be going down but they're gonna go down fighting. If sheeple like Matt and Stephie think they can just walk away they are in for a rude awakening.

Uncle Jerry said...

What Constitutes Mortgage Loan Fraud?

If you lie on your real estate loan application, it's mortgage fraud. Even tiny white lies constitute mortgage fraud. But many borrowers hedge a little there, puff a little here, often because they don't know any better or, worse, because a real estate professional suggested it's no big deal.
It is a big deal. So-called "creative financing" went out in the 1970s, along with bell bottoms. If the lender subsequently discovers any part of your loan application is false, not only can it demand immediate full payment of your loan, but you could pay six-figure fines, find FBI ringing your doorbell and / or go to jail.


http://tinyurl.com/yv9fzy

Forward this link to anybody who thinks they can just walk away and tell them Orangelo called to tell them BWAHAHAHA!

Yoski said...

Everybody was greedy, everybody was gaming the system to the best of their ability. The buyers figured it out and walk away. The banks lost. Game over.
Tis is a GOOD thing. In the future banks will require 20% down and all that other old fashioned stuff that got in the way of making a killing. An expensive but necessary lesson for the banksters.

Frank@Scottsdale-Sucks.com said...

Damn, I just watched that again and got even more pissed off. I can't stand the attitude in her face and voice when she says she's only willing to make payments if the value is going up.

YOU SIGNED AND AGREED TO MAKE THE PAYMENTS NO MATTER WHAT, YOU SPOILED SELF-ENTITLED NARCISSISTIC B*TCH!

I say we all start writing our senators and congressmen to propose a change to the credit laws so that a "walk-away" foreclosure stays on your credit PERMANENTLY instead of only 7 years.

When I lived in the Arcadia section of Phoenix, little 1,000 sq ft shacks like that were selling for $500k+ (and half of the buyers were total white trash) so I can only imagine how much of this is going on there now.

The good news is I was shopping for a rental recently and the landlords have gotten INSANELY strict on credit so a-holes like this one will have no chance of renting after walking away and taking the foreclosure.

Anonymous said...

Look, this chick is kinda hot, and will obviously make a great poll dancer in her new role as debt serf to the bank of China. If she is lucky, she may become a mail order bride to a rich Chiease. Her husband on the other hand is not very pretty and may have a hard time in the mines or cotton fields. Thats life I guess.

Anonymous said...

House values will follow moral values into the abyss.

Damn, I'm glad I rent.

However, since I have a combined household income of over 100k I would rather have purchased a home in 2003.

Prices then were already too high and, IMHO, will come down to 2.6x medium income for an area.

Nobody should care what anyone else (builders, banks, "owners") paid for a house - only what they can afford.

Do I really care if someone else goes BK? Nope. I only care if I go BK.

Will I care if 100,000,000 people go BK? Probably since I don't live in a vacuum.

IMHO, it is going to get a lot worse before it gets better. I am already leaning towards calling several service providers and letting them know they either reduce my rates or get nothing. I can live w/o a lot of the 'technology' and would most likely be happier than I am now.

These sheeple, Matt and Stephie, should have taken one look at that shack and said, "NO F'ING WAY!" Instead, they joined the lemmings off the cliff. Now they have big worries and probably trouble sleeping at night.

Me? No problemo.

Anonymous said...

Anonymous said...

Look, this chick is kinda hot, and will obviously make a great poll dancer in her new role as debt serf to the bank of China. If she is lucky, she may become a mail order bride to a rich Chiease.

He won't be rich for very long.

Anonymous said...

What would stop someone from buying a lower priced home across the street and then foreclosing on the first house?

Zanni-baby said...

House of cards in (2) easy steps:

1. Homeowner smartens up and walk away. Send back keys.

2. Tax payer smartens up, and says
NO MAS!!!

Anonymous said...

-February 03, 2008 12:00 PM:
It so obvious that this woman wears the pants in the family. She thinks she is smart but really is a complete idiot.


Ugh I can't stand feminists either

Anonymous said...

It is people like HER that The Fed hasn't thought about yet. Is anyone else just screaming mad everytime you turn on the TV and hear a reporter still labling this as a "SUBPRIME MESS"??

News Flash to the News Media:

Sub Prime might have been the first wave coming in, but there are many more waves to come. People like this will ALSO be walking away from their homes by the millions, because they have just made it so EASY. Why should they continue to make their payments when their nieghbor's house just foreclosed for 150K less????

With the Tax burden also taken away, it just makes more economic sense to WALK THE F AWAYYYYY!!!

Damn, this is going to get soooo ugly--The Fed has Noooo IDEA!

Anonymous said...

There is a canadian web site about the coming housing crash in Vancouver. Listening to the bone heads who are in a state of denial is like time warping back two years ago. All the same crap... property CAN'T go down...minor correction...economy is good...good times ahead..interest rates will go lower. Maybe its just realtors blogging?

LaTechDude said...

You agreed to this loan, just because the agreement currently works against you financially does not give you the right to breach the agreement.

Intentionally breaching agreements happens all the time in business. The consequenses are spelled out in the agreement. In this case the lender gets the house back and they get to place a ding on a borrower's record. This is just like the lender wanted it when they drafted the loan docs. It's the lenders own fault for not pricing the risks of greater defaults into borrower's rates, and for not requiring a bigger downpayment in a home lending environment thats been risky for a few years now.
Comes down to mispricing of risk.

Anonymous said...

She is right, why can't the bank give them 5% fixed rather than foreclose? Nobody will answer that, and from what I have seen out there they want to foreclose. They are not doing short sales, they are foreclosing then putting these houses back on the market for more than they owe. They sit there and ruin the rest of the neighborhood.

Anonymous said...

"Why can't the mortgage company just work with us?"

Because that loan has been sold, and resold, who knows who owns it now.

Anonymous said...

When a company fires half its workforce or slashes pensions, its just business. This is the same.

alba said...

easy come, easy go. These people, and MANY more liek then don't have any issue with dumping their house. Some are trying to buy one in a different neighborhood, or closer to work. It's the American Way! Don't like yoiur house; Don't like the new payments; Don't have equity; Simple; buy another one! Think about it. You establish a culture of free money and no lending standards, most all would eventually succumb to the loss of responsibility in home buying. Don't look at the folks at the end of the food chain as ones who impact our society. Look at the crooks who architected this mess....starting with Greenspan.

Anonymous said...

I love reading your comments sections Keith.

Its just funny how the whole moral hazzard argument keeps coming up.

There is no credit or debit entry on balance sheets identified as Moral Dollars.

Anonymous said...

Well she can always sell Pu$$y. It can pay Bills =). I;m just saying!!!!!!!

OC Slacker from 05 Housing Loot said...

I think the best solution is the banks refi the loans to a new price at a fixed rate based on the original teaser rate. The buyer was originally affording the teaser rate, and lender was getting what the home is worth for prebubble market value. the rest the banks eat. No bailout!, no reason for buyer to walk and foreclose. Plus this will set the new market prices for real estate. If the lender can't agree then the buyers will walk and keep walking and no FBI is gonna stop anyone. as for credit ratings it takes no time at all before credit offers are arriving in your mailbox after foreclosure. Will negatively affect your credit rating for about 2 years. Besides with the difference you save in walking and renting you can use as cash instead of credit.

Anonymous said...

our company decides every year what contracts to keep and which ones to get out off. in the end it comes down to what it will cost to get out of the old contracts added to the saving of the new ones compared to the cost of staying in the old contracts.
...that is if the old ones can't be re-negotiated.

Big Cheese said...

Keefer,

This video clip is evidence that the sheeple prefer inflation and Bennie is gonna give it to 'em- right up the you know what.

Inflation creates the illusion that the house is going up in dollars although in any other buying terms it's going down. The casulaties are the savers or anyone holding USD as you've stated countless times.

Do you think BB is going to get 'taken out' anytime soon? And no, I'm not referring to dinner.

-BC

Frank@Scottsdale-Sucks.com said...

Damn, I'm glad I rent.

However, since I have a combined household income of over 100k I would rather have purchased a home in 2003.


Be careful what you say, according to the trolls on this site, if you rent you work at McDonald's for minimum wage.

I am already leaning towards calling several service providers and letting them know they either reduce my rates or get nothing.

Unlikely. When people write in to offer less than the retail price of my products I tell them to f--- off and ban them. Those people all turn out to be refunders or high-maintenance problem customers in the end anyway.

Cuts both ways... said...

I love the Sheeple Morality--you have to pay all your bills and debts. Interesting that the firms to whom you pay the bills have no problem getting bailed out, giving millions to execs even when lossing money. They have no problem firing thousands of people and taking advantage of the undereducated and stupid. So if you want to honor agreements with people who would hose you at the first chance go ahead and be their slave forever......News flash for the "moral" among you--this "morality" serves the elites and boy are they glad you are willing to slave day and night for your morality even if you take a financial bath. Who do you hurt by being "immoral" the likes of angelo mozillo and the heads of Goldman Sachs, Merril Lynch. Please continue with your morality--we need more money so we can buy our yachts and pay ourselves mult-million bonuses. What still reading? Go back to work to pay that 500k mortgage on that 200k house--be stupid but "honor" your commitment to the multi-billion dollar scheme.....morons......

“The Road To Hell” said...

This is “The Road To Hell”

http://www.youtube.com/watch?v=oO-H4cLyPyA

“And all the roads jam up with credit
and there’s nothing you can do
It’s all just bits of paper flying away from you.
Look out world, take a good look what goes down here.

You must learn this lesson fast and learn it well.
This ain’t no upwardly mobile freeway

Oh no
this is the road
this is the road
this is the road to hell”
_______________________

Good old Chris Rea, a bit prophetic eh?

Anonymous said...

She will keep making the payments only if "the value keeps going up"??????

WTF is this? I don't think even socialism or the communists offer their people this promise.

If the banks get a bailout (100% sure they will unless Ron Paul wins)....I want this logic applied to automobiles. If your car depreciates you can just walk away to get a new one.

These people are complete idiots playing on the line of "we are poor helpless innocent vicitims".

NO YOU ARE NOT! You are stupid. Can you honestly say if this was 2003 you would have not been flipping that box and doing high fives when that POS jumped 12% in only a year?

Andrew Hac said...

Yes, it is the time to pay the Piper for that Wild-Wild-West Housing Bubble Party last night. Add in the maxed out CC debt, the home equity extract, the spend-like-there-is-no-tomorrow mentality of the Americano, the oversize SUV, the run-down-the-cow F350 pickup truck and the Americano is now having a handful of shits and hangover to deal with. But worry not, my dear fat-ass buckteeth Americano, Dubya Shrub will lead you through the dark, ominous, pee-in-the-pant time. He has to, he has no choice, since the dim nitwit Americano voted for him 2 terms in a row. Yes, it is fittingly beautiful: "The head turkey leads the horde of fat, blind turkey down the gutter...".

Now, a little verse from the "Man With The White Beard" to cheer things up for the horde of Snapper Turtles and Porpoises.

Psalm 23:4

"Yea, though I walk through the valley of the shadow of the Housing Bubble,
I will fear no foreclosure:
for Dubya Shrub & Penis Shooter art with me:
thy bail-out and thy rebate-check, they comfort me."

Melker63 said...

Quote: "YOU SIGNED AND AGREED TO MAKE THE PAYMENTS NO MATTER WHAT, YOU SPOILED SELF-ENTITLED NARCISSISTIC B*TCH!"

What would you have done in a different, but similar situation? What about this example:

http://tinyurl.com/o7kqz

$246,000 for 18 days but no surgery? Would you do the honourable thing and start making those fair payments?
Have ensurance? Does that garantee anything? Have you seen Michael Moores "Sicko"?

Anonymous said...

"Look, this chick is kinda hot, and will obviously make a great poll dancer in her new role as debt serf to the bank of China. If she is lucky, she may become a mail order bride to a rich Chiease.

He won't be rich for very long."

Actually, he'll be completely out of the picture within a year if you know what I mean.

Anonymous said...

I think the wife said it best, "It makes no sense".

$355K for 1,200 sq ft? This isnt a case of house gamblers taking advantage this is a case of economic insanity at the very highest levels of this country.

Stuck in So Pa said...

Frank@Scottsdale-Sucks.com said...

....Unlikely. When people write in to offer less than the retail price of my products I tell them to f--- off and ban them. Those people all turn out to be refunders or high-maintenance problem customers in the end anyway.
============================
Boy Frank, you nailed that one on the head, but good. Fourty years in business talking here. The worst deadbeats are ALWAYS the highest maintainance customers. The s.o.b.'s get the employees conditioned to dread the moment they walk in the door, so consequently they give the ba$tards everything they want to get them back OUT THE DOOR!

Always better to never have had them as customers in the first place!

Anonymous said...

When will you socialist morons realize that FDR's Fannie Mae and Freddie Mac have never been safegaurds for the Us citizens or economy. They are a safeguard for the banks to shift the risk onto the taxpayers. The banks get the commissions and interest payments and the taxpayers take all the risk of a foreclosure. FDR stuck it to the US citizens for his banker buddies. Now they're going to raise the conforming loan limits to $700,000.

Anonymous said...

When a company fires half its workforce or slashes pensions, its just business. This is the same.
--
So true. Why the negativity on this woman. She took the original teaser rate to save money, expecting to sell for a large profit or just refinance after the 2 years.

She kept her options open. When the market turned her bet went bad and now she's making what appears to be the correct business decision which is to cut a large loss of having to pay out the loan at a high rate.

Why would she do that when she calculated the alternative of having to move and the credit rating hit leaves her better off. Why attack her for acting in her best interests.

The lenders were stupid allowing gamblers like her to freeroll the housing market while putting little to none of their own money in. If the market goes up, she wins. If it goes down she walks and the lender takes the loss. Nothing like gambling with someone else's chips.

U.B.where said...

Fourty years in business talking here. The worst deadbeats are ALWAYS the highest maintainance customers.

My grandfather taught me that one of the most important lessons in running a successful business is which jobs( aka customers) NOt to take.

Honest abe said...

When will you socialist morons realize that FDR's Fannie Mae and Freddie Mac have never been safegaurds for the Us citizens or economy. They are a safeguard for the banks to shift the risk onto the taxpayers. The banks get the commissions and interest payments and the taxpayers take all the risk of a foreclosure. FDR stuck it to the US citizens for his banker buddies. Now they're going to raise the conforming loan limits to $700,000.

February 04, 2008 4:30 PM

You sir are an absolute idiot! FDR fought the bankers, the same bankers who caused the depression.

If you had an ounce of brains then you'd understand that what FDR did saved the nation from depression and collapse. Further he mobilized the nation to defeat that bankers tool Adolph Hitler.

If you were awake you might notice that those same bankers are at it again (having successfully overturned all FDR's major banking regulations) but this time Michael Bloomberg will play the role of fascist austerity enforcer.

brokersleaveyoubroke said...

I don't blame the couple. The bank has an army of accountants and economists to make sure the loan is drawn up in such a way that they can't lose any money if the loan defaults. We know now that the banks were driven by greed to make risky loans.
I don't blame the couple but if they were my neighbors they would not be my friends and I certainly would not lend them any of my tools.

Honest Abe said...

I don't blame the couple. The bank has an army of accountants and economists to make sure the loan is drawn up in such a way that they can't lose any money if the loan defaults.

This comment is a perfect example of the insanity that pervades the thinking of most American households, especially the upper income brackets.

There is no sure fire way to prevent losses, in fact the housing bubble was created because the banking system was already bankrupt! Why do you think large banks like Citi, BofA, HSBC are writting down billions? Because the paper was never worth what the banks said it was worth.

The universe is lawful and there is a limit to the effectiveness of accounting tricks and parking your toxic paper into some SIV incorporated in the Cayman Islands.

This isnt a housing crisis, this is a crisis of the post Bretton Woods monetary system. It is bankrupt and any attempt to prop it up constitutes a crime against humanity.

Markus Arelius said...

Why is it that Americans think they only have to pay off their mortgage when the home value is the same or increasing? The NAR and realtors have home consumers believing that this is the case 90 to 100% of the time, when in fact it may not even be the case 50% of the time. Just pay your damn mortgage. If you can't, well then tough shit. Sell or get out. But don't whine about it on national TV and expect American taxpayers to bail out your no-mortgage-contract-reading-asses.

This sense of financial entitlement belongs only in France.

Markus Arelius said...

Why is it that Americans think they only have to pay off their mortgage when the home value is the same or increasing? The NAR and realtors have home consumers believing that this is the case 90 to 100% of the time, when in fact it may not even be the case 50% of the time. Just pay your damn mortgage. If you can't, well then tough shit. Sell or get out. But don't whine about it on national TV and expect American taxpayers to bail out your no-mortgage-contract-reading-asses.

This sense of financial entitlement belongs only in France.

Don't Believe the Hype said...

Banks break the law and breach their contracts with consumers every day. I've personally caught BofA repeatedly double charging me fees and committing other illegal and dishonest acts in relation to my account. Chase changed my terms and then jacked my credit card interest rate up to nearly 30% with zero late payments, zero change in my credit history, etc.. F 'em. Walk away, debt slaves. Your credit rating is not your life.

Anonymous said...

>This is typical of the stupid
>f@cking americans out there.they
>they think they deserve free
>equity for cars and other toys
>every year.This is a joke.They
>should be held accountable for
>the loss on the home and put in
>prison camps to work off the
>losses.

Hey Toad Face, you should be put in jail!