Woo be the Sub prime victims!

[cannon_fodder]

A CNN article chronicles the troubles faced by 2 of the sub-prime victims:
http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105

I thought this was a joke, but it isn't.  Someone at CNN really thought this was a sympathetic case.  Both of these people worked selling sub prime mortgages to people and admittedly made loads of money, they lost their jobs in the collapse (which they caused).

First, the now only make $21,600 a year by both being on unemployment.  They need at least $173,000 a year to cover their "basic payments."  

They complain their home is worth far less than when they bought it.  If only we knew who the jerks were that helped jack prices higher and higher to unsustainable levels!

The best part though, by far, is the cuts they have had to make to ensure ends meet.  

quote:trading in Kent's Corvette for a Suburban and getting rid of the gardener, for example . . . .

And a single tear rolls down my cheek.  Seriously, people were and are being hurt by this real estate cluster - why try to present these people as victims on a slow news day?

[Conan71]

I feel only slightly bad snickering like Muttley when I read a story like that.

It hasn't even been 15 years since the last time the bottom fell out of the RE market in Orange and Riverside Counties.  You'd think they would have learned after the last time.

[TeeDub]

I am thinking about when I should stop paying my mortgage so I can be bailed out next.

"WASHINGTON — Casting aside partisan differences, Senate Democratic and Republican leaders said on Tuesday that they would work urgently on a package of legislation to help millions of homeowners at risk of foreclosure, with the hope of bringing a bill to the floor as early as Wednesday afternoon."

http://www.nytimes.com/2008/04/02/washington/02housing.html?em&ex=1207281600&en=64074a76527d2661&ei=5087%0A

[si_uk_lon_ok]

quote:Originally posted by Conan71

I feel only slightly bad snickering like Muttley when I read a story like that.

It hasn't even been 15 years since the last time the bottom fell out of the RE market in Orange and Riverside Counties.  You'd think they would have learned after the last time.

I read something like this recently that made a lot of sense.

The problem is that the housing market moves in cycles of eleven years, but peoples memories are only nine years long. The last two years are just hype and overselling.

[sgrizzle]

So their way of "trying to make it" is trading a $75,000 car for a $50,000 car?

It sounds like they were over-extended when they were employed.

Too bad you can't revoke unemployment for idiots like these people and give it to humans with brains.

[TulsaFan-inTexas]

Trophy wife!

[Breadburner]

Boo Hoo....Should have saved some of that dough instead of pissing it off trying to be something you're not....

[Breadburner]

quote:Originally posted by TulsaFan-inTexas

Trophy wife!

Looks like somebody dropped the trouphy a few times....

[Steve]

I am thankful I live in a real estate market (Tulsa) that has been relatively immune to the wild cycles of the coastal markets.  But then again, I bought my home as a homestead, a place to live for the long term, not as an investment, so I really don't care, at least in the short run, what housing prices in Tulsa are.  My home is paid for and no one could blast me out of here.

My opinion is the sub-prime problem is due to predatory lenders looking for a fast buck from loan fees and dumb borrowers wanting much more house than they could normally afford.  No one wants a small no frills starter home anymore, and then work their way up to more luxury digs.  Buyers all want the best and latest thing ammenities NOW.  I have no sympathy for the borrowers or lenders in this situation, and I certainly don't want my tax dollars going to any government "bailout."

[Breadburner]

quote:Originally posted by Steve

I am thankful I live in a real estate market (Tulsa) that has been relatively immune to the wild cycles of the coastal markets.  But then again, I bought my home as a homestead, a place to live for the long term, not as an investment, so I really don't care, at least in the short run, what housing prices in Tulsa are.  My home is paid for and no one could blast me out of here.

My opinion is the sub-prime problem is due to predatory lenders looking for a fast buck from loan fees and dumb borrowers wanting much more house than they could normally afford.  No one wants a small no frills starter home anymore, and then work their way up to more luxury digs.  Buyers all want the best and latest thing ammenities NOW.  I have no sympathy for the borrowers or lenders in this situation, and I certainly don't want my tax dollars going to any government "bailout."

Sub-Prime is a term for the borrower....The people in the article were lenders...

[Steve]

quote:Originally posted by Breadburner

quote:Originally posted by Steve

I am thankful I live in a real estate market (Tulsa) that has been relatively immune to the wild cycles of the coastal markets.  But then again, I bought my home as a homestead, a place to live for the long term, not as an investment, so I really don't care, at least in the short run, what housing prices in Tulsa are.  My home is paid for and no one could blast me out of here.

My opinion is the sub-prime problem is due to predatory lenders looking for a fast buck from loan fees and dumb borrowers wanting much more house than they could normally afford.  No one wants a small no frills starter home anymore, and then work their way up to more luxury digs.  Buyers all want the best and latest thing ammenities NOW.  I have no sympathy for the borrowers or lenders in this situation, and I certainly don't want my tax dollars going to any government "bailout."

Sub-Prime is a term for the borrower....The people in the article were lenders...

Six of one, a half dozen of another.  All parties in these transactions deserve blame, be it greedy lenders or uneducated, narcisistic borrowers.  In any event, I don't want my tax dollars to bail out any party to this current fiasco.  Let them reap what they have sown.

[rhymnrzn]

To give credit only where credit is due, I think every single person ought to acknowledge just how many great labours we are entered into which we did not bring forth: and then also to acknowledge just what manner of grounding we have situated our labours upon, lest we at any time should be so stately sat upon our seats, that (if it can be moved) when they kick out our weight drops with detrimental force.

[rwarn17588]

Hmmm ... looks like rhymnrzn has stolen shadows' computer.

[}:)]

[Townsend]

quote:Originally posted by rwarn17588

Hmmm ... looks like rhymnrzn has stolen shadows' computer.

[}:)]

Closest I could find was rhymnrzn was paraphrasing the "Modern History of Austrian Economics"

[inteller]

probably why I'll vote for mccain because he is not extending the kind of pity on these idiots that the dems are.

You make your mess, you live with it!