Here's an expose on two laid-off New Century subprime execs, with over $10,000 a month in mortgage and other expenses, and a home crashing in value

So, should we feel sorry for them? Or happy to see their downfall as they helped create the problem?

Hundreds of thousands of REIC are going to be financially ruined during the downfall (along with millions of Americans). But they created the downfall which financially ruined them.

Oh, what to feel HP'ers? What to feel?

Schadenfreude? Mercy? Compassion? Rage? Forgiveness? I guess it'll be a case-by-case basis. First steps would be an apology, taking the blame, and an admission of guilt. And I don't think I've seen that from ANY realtor, mortgage broker, appraiser or REIC member yet. But damn, I can't but help feel sorry for these people. Everyone except Greg Swann that is.

Careers vanish after subprime 'free fall'

Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.

CA has set up a $5.6 million fund to retrain laid off mortgage brokers. I didn't know drug dealing, used car selling and stripping needed training

And $5.6 million - isn't that about $1 per laid-off REIC ramen eater?

Hat-tip to blownmortgage for the link

Gov. Schwarzenegger Announces Actions to Jump Start California’s Economy through Job Creation, Offset Housing Slump

The Governor also announced that the federal government today awarded up to $5.6 million to help mortgage and banking industry workers laid off as a result of the subprime crisis make career transitions to high-demand jobs in other industries.

One more life question for ya... If you lost your job today (like our REIC friends), would you be OK? Are you prepared?

Are you one of the millions of no-savings debt-monkeys running around America and Europe tonight, maxed out to the teeth, living beyond your means, and assuming the good times will last forever?

Or are you an HP'er?

Any Questions?

When we as a country no longer build homes, millions go unemployed.

When we as a country have rampant unemployment, local economies collapse.

When we as a country have local economies collapsing, housing values plummet.

When we as a country have plummeting housing prices, millions face bankruptcy, foreclosure and unemployment.

hat-tip papermoney for the chart