Man this pisses me off -> - Page 2

B-Line · #11 08-31-2007, 03:24 PM

I say, let the bottom fall. It's these sub prime mortgages that drove up the prices of homes 100% in the last four years. Everyone just "had" to buy.

If homes go into foreclosure, that means it will become a buyer's market. Great, perfect time to buy some real estate. If my home drops in value, fine, I'll sit on it, for another 26 years, until my mortgage is paid off, and values return to normal.

All those, I'm gonna flip it, make a killing, people., they were all warned. But everyone wanted a taste of the band wagon.

I could of bought a home twice the size in 90210 if I went with a 5 year, interest only. I bought what I could afford, and I don't think my tax dollars should go to the jackasses who were trying to make a quick $100k on a flip.

I also don't think, if someone finances a car, then they are upside down, that the gov't should give them the money, to adjust for the loss in value of the car. Guess what, maybe you should not have bought that Mercedes.. A Volkswagon would have done the job just fine.

My point is, people invested stupidly, why should those of us who weren't trying to make it rich quick, suffer because of it.

B

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kirkX5m · #12 08-31-2007, 03:36 PM

Quote:

Originally Posted by B-Line

I say, let the bottom fall. It's these sub prime mortgages that drove up the prices of homes 100% in the last four years. Everyone just "had" to buy.

If homes go into foreclosure, that means it will become a buyer's market. Great, perfect time to buy some real estate. If my home drops in value, fine, I'll sit on it, for another 26 years, until my mortgage is paid off, and values return to normal.

All those, I'm gonna flip it, make a killing, people., they were all warned. But everyone wanted a taste of the band wagon.

I could of bought a home twice the size in 90210 if I went with a 5 year, interest only. I bought what I could afford, and I don't think my tax dollars should go to the jackasses who were trying to make a quick $100k on a flip.

I also don't think, if someone finances a car, then they are upside down, that the gov't should give them the money, to adjust for the loss in value of the car. Guess what, maybe you should not have bought that Mercedes.. A Volkswagon would have done the job just fine.

My point is, people invested stupidly, why should those of us who weren't trying to make it rich quick, suffer because of it.

B

+1
let the fools burn! let the greedy investors rot with their properties on their hands! why should tax dollars go to save those morons?!?!?!?!??!?!?

X5FX · #13 08-31-2007, 03:50 PM

The real question here is what dumbass would take on an adjustable rate mortgage when rates were already around 5%...did they really believe that rates were going substantially lower?

The real blame here though lies with the Mortgage Brokers...these guys are really scum pushing people into no interest and adjustable rate loans at a time when rates were already very low.

kirkX5m · #14 08-31-2007, 03:57 PM

oh the brokers are burning in hell too, a lot of them in so cal got visits from FBI agents and are behind bars for forging documents!!!!!!!!!! true story from a customer who saw those agents at his neighbor's doors. all of my broker customer have gone awefully quiet too in the last 18 months, i wonder if them too are behind bars?!?!?!??!

X5FX · #15 08-31-2007, 04:37 PM

Its a shame, but the Brokers flat out lie to you. I have dealt with them on 4 or 5 loans and told them up front I knew the game, have good credit, blah blah...they still try to slip shit in at final closing. I learned many years ago to stand firm and demand the fees are removed or walk...I walked once and they called me back the next day to close with all the bs fees removed.

SANguru · #16 08-31-2007, 04:40 PM

interesting how nobody on this thread has realized that default/foreclosures affect yourselves in more ways than one.

Eric5273 · #17 08-31-2007, 04:46 PM

Quote:

Originally Posted by SANguru

interesting how nobody on this thread has realized that default/foreclosures affect yourselves in more ways than one.

Don't be silly.... Nothing ever affects anything else. Each event in the world is completely isolated from every other event.

SANguru · #18 08-31-2007, 04:50 PM

Quote:

Originally Posted by Eric5273

Don't be silly.... Nothing ever affects anything else. Each event in the world is completely isolated from every other event.

liquidity and flight to quality mean nothing to some...

AzNMpower32 · #19 08-31-2007, 05:19 PM

I agree. People need to stop buying what they cannot afford, and they need to be prepared to take the consequences. The gov't is not a safety net. Too many people try to stretch their finances and take out risky loans and mortgage, crossing their fingers and hoping it will all pull through. I say let them suffer.

B-Line · #20 08-31-2007, 06:01 PM

Quote:

Originally Posted by SANguru

interesting how nobody on this thread has realized that default/foreclosures affect yourselves in more ways than one.

You have got to be kidding me if you think we are just naive. You don't think we realize that default and foreclosures are driving down the stock market and the housing market?

-- But I am ok with that. The market needed to correct and property values needed some cooling. Lets get rid of the trash, start clean with buyers who can actually afford what they are buying, and let the market self correct.
- Real estate is not a short term investment, and I could care less if my values have gone 20% in the last 4 months, they will climb back up at a rate dictated by real world values, not stupid, interest only, 5 year mortgages.

-- And I don't blame the brokers, if they forged documents that's one thing. But most where just selling a product to consumers who were more than willing to sign on the dotted line to make a quick buck.
Nothing in life comes that fast or that easy without an expected, quick turn.

Can't afford your house now.. MOVE... Chances are most likely you couldn't afford it when you bought it and you mortgaged your future. Taking a big loss on the property? Then you shouldn't have bought something you coulnd't afford to hold onto until the market corrected.

You want to buy a house, don't be a putz. Call a reputable bank, ala Bank of America. Pay the appropriate amount for a 30 year fixed mortgage (6% is a fantastic deal), and ride the wave's of an up and down real estate market..

But don't go crying to uncle Sam that it's not fair, because your neighbor who is living in the identical adjacent house, is paying twice what you are for the privialge, but at least they locked in a long term rate.

B

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