HousingPANIC Thought of the Day

"Right about now I'm guessing that millions of homedebtors wished they hadn't cashed out their "equity" and spent the loot like it was real."

(Get ready for the sale of the century on eBay...)

In Come the Waves: Try to internalize this Adjustable Rate Mortgage Reset Schedule.

Teaser rate ARMs didn't seem like a bad idea at the time, because that really friendly mortgage broker who cared so much about you said when the rate reset, you could just take out another ARM and also take out more cash!

Oops. Didn't quite work out that way.

And now millions and millions of Americans will lose everything.

Thank you mortgage brokers of America! Thank you Alan Greenspan! Thank you commission-junkie realtors! Thank you corrupt appraisers! Thank you greedy homebuilders! And thank you Americans for being so gullible, greedy and financially ignorant.