Comments on: Housing Bubble Blues http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/ The world is a hard place to be. It's harder if you're stupid. Wed, 28 Mar 2012 16:13:11 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: TC the Terrible » Housing Options Should Include Cardboard Boxes http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-16203 TC the Terrible » Housing Options Should Include Cardboard Boxes Tue, 10 Apr 2007 14:59:45 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-16203 [...] Housing bubbles burst.  That’s a part of reality that homeowners are used to and we’ve discussed that here before.  This new wrinkle at least makes it interesting. [...] [...] Housing bubbles burst.  That’s a part of reality that homeowners are used to and we’ve discussed that here before.  This new wrinkle at least makes it interesting. [...]

]]> By: James http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8601 James Thu, 15 Mar 2007 23:43:44 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8601 Word. Word.

]]> By: Your Future Tenant http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8598 Your Future Tenant Thu, 15 Mar 2007 21:45:15 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8598 Thank goodness Hillary and Dodd are going to pass legislation to help out distressed borrowers. Now I can trade up from a boxster to a 911 when my lease is up next year! See when the teaser rate expired I was vacationing in Hawaii and didn't notice for a month or two since I took a few months off of work to travel. Everyone should take many expensive vacations, do like I do and use the mortgage payment money for it. Now I'm back from Hawaii (with an awsome tan BTW!) and the credit cards are maxed out, the mortgage is behind and the rate reset up! Its not fair. I'm glad this is The Dmocrats platform: Everyone deserves 4 months a year vacation, a new porche every other year, and mortgage debt forgivness to pay for it all. Hopefully they can raise the FHA loan limit like Hilaray wants to 500k so I can buy a beach front condo in Maui, and lie on my application that its a primary residence. That way I can get it for no down payment, guaranteed by the you dumb tax payers and then rent it one year and flip it for HUGE $$$$. Oh and I can write off my vacations too! THANK YOU DEMOCRATS -THE PARTY OF THE REAL ESTATE FLIPPERS!!! REAL ESTATE IS THE NEW SOCIAL MOBILITY VEHICLE, YEAH!!!! Let the War On Savers continueth! Thank goodness Hillary and Dodd are going to pass legislation to help out distressed borrowers. Now I can trade up from a boxster to a 911 when my lease is up next year!

See when the teaser rate expired I was vacationing in Hawaii and didn’t notice for a month or two since I took a few months off of work to travel. Everyone should take many expensive vacations, do like I do and use the mortgage payment money for it.

Now I’m back from Hawaii (with an awsome tan BTW!) and the credit cards are maxed out, the mortgage is behind and the rate reset up! Its not fair.

I’m glad this is The Dmocrats platform:
Everyone deserves 4 months a year vacation, a new porche every other year, and mortgage debt forgivness to pay for it all.

Hopefully they can raise the FHA loan limit like Hilaray wants to 500k so I can buy a beach front condo in Maui, and lie on my application that its a primary residence. That way I can get it for no down payment, guaranteed by the you dumb tax payers and then rent it one year and flip it for HUGE $$$$. Oh and I can write off my vacations too!

THANK YOU DEMOCRATS -THE PARTY OF THE REAL ESTATE FLIPPERS!!! REAL ESTATE IS THE NEW SOCIAL MOBILITY VEHICLE, YEAH!!!! Let the War On Savers continueth!

]]> By: Lola http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8577 Lola Thu, 15 Mar 2007 15:33:42 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8577 *sigh* You know, the problem is just not the sub-prime sector. It's starting first in the sub-prime sector because their adjusted rate mortgages and interest only loans had a reset of 2 years. In the other sectors, the reset is 5 years. We're going to be seeing a lot of foreclosures, even in Northwest. Even in neighborhoods like Logan, and Dupont, and Adams Morgan. Housing was a bubble. And bubbles pop. Get over it. *sigh* You know, the problem is just not the sub-prime sector. It’s starting first in the sub-prime sector because their adjusted rate mortgages and interest only loans had a reset of 2 years. In the other sectors, the reset is 5 years. We’re going to be seeing a lot of foreclosures, even in Northwest. Even in neighborhoods like Logan, and Dupont, and Adams Morgan.

Housing was a bubble. And bubbles pop. Get over it.

]]> By: Greg Forest http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8576 Greg Forest Thu, 15 Mar 2007 15:19:33 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8576 There is a word being deleted from ethical economic dialog in our country - usury. I always thought that the word was in our language for a reason but I guess I am wrong. Our investors are no longer conservative. The old days of 10% being a good return and doubling your money in 7 years are gone. If you don' show significant gain in <strong>the next quarter</strong> - you're a loser. Greed is good and should be rewarded bountifully. There is a word being deleted from ethical economic dialog in our country – usury. I always thought that the word was in our language for a reason but I guess I am wrong.

Our investors are no longer conservative. The old days of 10% being a good return and doubling your money in 7 years are gone. If you don’ show significant gain in the next quarter – you’re a loser. Greed is good and should be rewarded bountifully.

]]> By: Todd http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8575 Todd Thu, 15 Mar 2007 14:38:42 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8575 The only issue I have with the sub prime lenders is this: Like credit card companies, they're pretty well saturated within the middle/upper class... so, in order to show their stockholders that their respective companies are continuing to show growth, they have to look outside their normal client base in order to expand. So, they market to people who are not set to take on a large mortgage, and the risk of default goes way up... One of the biggest problems now is that people have not been educated in fiscal responsibility... that's not the fault of lenders... how many schools still teach economics nowadays? The only issue I have with the sub prime lenders is this: Like credit card companies, they’re pretty well saturated within the middle/upper class… so, in order to show their stockholders that their respective companies are continuing to show growth, they have to look outside their normal client base in order to expand. So, they market to people who are not set to take on a large mortgage, and the risk of default goes way up…
One of the biggest problems now is that people have not been educated in fiscal responsibility… that’s not the fault of lenders… how many schools still teach economics nowadays?

]]> By: Pete http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8573 Pete Thu, 15 Mar 2007 13:59:21 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8573 I'm glad someone is asking the question about who should be getting our sympathy in this situation. I've got a little sympathy for people who maybe took a shot at getting the first house they might not otherwise ever be able to buy. I've got NO sympathy for the hordes of people buying more house than they could afford. I've also got NO sympathy for people just trying to game the system by taking teaser rate mortgages figuring they could flip into a fixed if the going ever got tough. Hey, the opportunity wouldn't exist if it was truly risk-free. Are these sub-prime lenders the bad guys? They're certainly no angels, but if people are willing to bet their house on getting a big raise before their interest rate shoots up, no sympathy. If people are willing to sign up for terms they don't really understand, no sympathy. If people are willing to sign papers without reading them, no sympathy. If these deal were misrepresented by the lenders, different story. I guess time will tell. I’m glad someone is asking the question about who should be getting our sympathy in this situation.

I’ve got a little sympathy for people who maybe took a shot at getting the first house they might not otherwise ever be able to buy. I’ve got NO sympathy for the hordes of people buying more house than they could afford. I’ve also got NO sympathy for people just trying to game the system by taking teaser rate mortgages figuring they could flip into a fixed if the going ever got tough. Hey, the opportunity wouldn’t exist if it was truly risk-free.

Are these sub-prime lenders the bad guys? They’re certainly no angels, but if people are willing to bet their house on getting a big raise before their interest rate shoots up, no sympathy. If people are willing to sign up for terms they don’t really understand, no sympathy. If people are willing to sign papers without reading them, no sympathy. If these deal were misrepresented by the lenders, different story. I guess time will tell.

]]> By: Your Future Landlord http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8572 Your Future Landlord Thu, 15 Mar 2007 13:49:11 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8572 Amen. For the last 7 years I've been saving money, putting it in sound investments, driving a cheap-ass car and paying rent on a small apartment while watching people who make less than I do take on car payments, mortgages and lifestyles they can't afford. Now it's all coming crashing down? Boo fucking hoo. I'll look forward to picking up that property on the foreclosure market and charging you rent, bitches, while you struggle with bankruptct. I'll keep enough in the kitty to pay for the "crime scene cleaners" after you splatter your brains all over the wall out of sheer desperation. Amen. For the last 7 years I’ve been saving money, putting it in sound investments, driving a cheap-ass car and paying rent on a small apartment while watching people who make less than I do take on car payments, mortgages and lifestyles they can’t afford. Now it’s all coming crashing down? Boo fucking hoo. I’ll look forward to picking up that property on the foreclosure market and charging you rent, bitches, while you struggle with bankruptct. I’ll keep enough in the kitty to pay for the “crime scene cleaners” after you splatter your brains all over the wall out of sheer desperation.

]]> By: Wonkette http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8518 Wonkette Thu, 15 Mar 2007 00:52:40 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8518 <strong>Metro Section: Food, Money and 90s Celebrities...</strong> Free Starbucks tomorrow. [DCFUD] At $50,000 a year, GW is the nation’s most expensive college. Nine local kids will now attend for free. [Read Express] RE: DC housing market: “For those of us with decent credit, watching all the...... Metro Section: Food, Money and 90s Celebrities…

Free Starbucks tomorrow. [DCFUD] At $50,000 a year, GW is the nation’s most expensive college. Nine local kids will now attend for free. [Read Express] RE: DC housing market: “For those of us with decent credit, watching all the……

]]> By: Todd http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8485 Todd Wed, 14 Mar 2007 19:45:42 +0000 http://tctheterrible.com/blog/2007/03/14/housing-bubble-blues/#comment-8485 As someone working in the Financial Profession, I have to say this is troubling. While I'm sorry that people are losing their homes, a lot of the blame (and rightly so)is being put on the "sub-prime" lenders... if you have poor credit, they'll get you financed SOMEWHERE... higher interest rates, Adjustable Rate Mortgages, etc... Truth is, these people should have never been qualified for mortgages... Now that the introductory rates are being adjusted upwards, their monthly payments are skyrocketing, and they're defaulting at the highest rate in the past 40 years! So now, these sub-prime mortgage brokers who borrowed money from large investors are suddenly not able to pay THEIR bills... see the snowball growing?? This COULD be the next "Savings & Loan Scandal..." As someone working in the Financial Profession, I have to say this is troubling.

While I’m sorry that people are losing their homes, a lot of the blame (and rightly so)is being put on the “sub-prime” lenders… if you have poor credit, they’ll get you financed SOMEWHERE… higher interest rates, Adjustable Rate Mortgages, etc…

Truth is, these people should have never been qualified for mortgages… Now that the introductory rates are being adjusted upwards, their monthly payments are skyrocketing, and they’re defaulting at the highest rate in the past 40 years! So now, these sub-prime mortgage brokers who borrowed money from large investors are suddenly not able to pay THEIR bills… see the snowball growing??

This COULD be the next “Savings & Loan Scandal…”

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