HousingPANIC Stupid Question of the Day

Why are people who listened to realtors on commission and bought homes with toxic loans in 2005, 2006 or 2007 in Phoenix, Sacramento, Tucson, Tampa, Miami, Vegas, Orlando, Ft. Lauderdale, LA, San Diego, Miami, DC, Atlanta, Boston, Naples, Detroit, Stockton, Riverside, Fresno, Jacksonville or Reno (and probably a few more) still paying their monthly mortgage payments, taxes and association fees?

Don't they know by now that they'll probably go bankrupt and be foreclosed on?

Don't they know that they're free to stop making payments today, horde as much cash as they can, and eventually just turn in the keys?

A Special HousingPANIC Message to the Toxic Mortgage Gamblers with 3% Teaser Mortgages Resetting to 10% - STOP STRESSING - WALK THE FU*K AWAY AND RENT

Remember in the movie Titanic, when the ship breaks in half and Leo and Kate rush to the top of the boat to give themselves a fighting chance, while others slide down into the cold waters below to their sure deaths?

We're to that point.

It's now every man for himself. Financial survival is the goal. Help the women and children if you can, but if you're dead, you can't be of much help.

And yes, I have a BIG problem with people who sign contracts and walk away from them. Or who borrow money and then don't pay it back. But we're to that point, and I'd rather see banks, hedge funds and corporations screwed over before I see real people take it on the chin. People gotta eat. And when your loan resets from 3% to 10%, you gotta do something.

So if you're a housing gambler or homedebtor who's facing the ARM-reset-disaster, stop stressing, and get ready to walk away if you can't refi. Don't forget to gut the house and put everything on ebay before you move.

And remember HP'ers that it was banker buddies Bush and Greenspan who gave these failed gamblers the green light in the first place.

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?

Washington Post: Foreclosure Wave Bears Down on Immigrants (who they call "victims")

Oooohhhh, those poor "victims" - the immigrants (legal and illegal). No, I guess they didn't sign the loan paperwork. No, since they're immigrants, they have no sense of supply and demand. No, they weren't as greedy as regular Americans. And no, they should have no personal responsibility, after all it was the evil realtor who conned them into joining the ponzi scheme (ok, that one has a bit of truth...)

Man, this article (and this reporter's attitude) make me sick.

Tip of the iceberg folks, tip of the iceberg. Remember all those illegals getting no-doc loans to buy homes at the peak? The ones employed by the REIC to build homes for more suckers? Well, they'll be zipping home now, turning in the keys, walking away, and saying "adios!" to a country of bagholders.

There's something almost poetically circular about that one, eh muchacho?

"¡Andale! ¡Andale! ¡Arriba! ¡Arriba! ¡Yii-hah!"

Foreclosure Wave Bears Down on Immigrants - Economic Success Story Turns Sour as Thousands May Face Losing Homes

By Kirstin DowneyWashington Post

Immigrants are emerging as among the first victims of a growing wave of home foreclosures in the Washington area as mortgage lending problems multiply locally and across the country.

Nationally, 375,000 high-interest-rate loans were made to Hispanics in 2005, and nearly 73,000 of them are likely to go into foreclosure, said Aracely Panameno, director of Latino affairs for the Center for Responsible Lending. About 1.1 million homes in the United States are expected to go into foreclosure in the next six years, and many native-born Americans are likely to be stuck with burdensome loans. But immigrants are getting hit first in part because their incomes tend to be lower and many have lost construction jobs.

Homeownership rates among immigrants surged in the first half of the decade, making their prosperity an economic success story. Now it is becoming apparent that many people managed to buy homes in an inflated real estate market by turning to unusual new mortgages only now receiving scrutiny from regulators and legislators. Many of these loans start with attractive low "teaser" rates but feature payments that can suddenly increase.

Unfamiliar with the U.S. mortgage market, unable to speak or read English well and vulnerable to the blandishments of real estate professionals who told them property values always rise, many immigrants are struggling to deal with high mortgage payments as their homes sag in value, making it harder to escape the loans by selling.

Tysons Corner mortgage broker Jose Luis Semidey, who has a popular Spanish-language real estate talk show on Radio Universal, is being deluged with calls from desperate homeowners who are falling behind on their mortgages. The calls started in late 2005 and have steadily risen; he now receives 40 to 50 calls a day from throughout the area.

"I see more coming," Semidey said.