C.E.O bankers heads be rolling...

First Merril Lynch, now it sounds like Charles Lynch of Citibank is next to "resign".. 8 billion in subrime losses between the two, so far.. prolly more to come.. Wonder how many hundreds of millions these two geniuses will walk away with for their pathetic performance and instrumental moving and shaking in perpetuating the housing boom and bust for the millions of idiots who thought debt was wealth.....

Don't let the door hit you in the ass boys.. Just look at the bright side, you can buy 4 more homes to add to your 7 at a cheaper price.. Yay America

 

Here's one heap of the wreckage..

How to lose your home in a few easy steps
San Diego woman chased American dream, now lives in a garage

http://www.msnbc.msn.com/id/21082646/

 

A fool and her money is soon parted.

 

Indeed... Good God. Gonna be a lot more of em before this crap is over.. Boooo Hooooo .. My realtor told me prices always go up.

Wonder why.... Hahahahaha

 

The woman took home $2000 a month and buys a $400,000+ condo? Jackasses as far as the eye can see.. Unfortunately, I'm sure the taxpayers will clean up this mess again.

Then she buys a few months on a credit card at 20%+... Good luck with that..

I'm not sure, but I think the banks can go after her for the difference in what's owed and what they'll get at the fire sale unless the mortgage states otherwise.


I feel burned, she said. Ive always been one who paid the bills on time. I always did things the right way. If they had counseled me (correctly), I couldve made my payments. ~ poor victim who was forced to buy an overpriced home by "they".

Go cry a river in the mirror, idiot ~ wez

 

If you can't pay your mortgage with about 1 weeks income, DON'T BUY IT!

 

And you really should have the equivalent of about 2-3 months pay in the bank for "just in case". You never know when you're gonna be "down-sized" and need to find a new job.

 

Well, she did have $18,000 in savings which is now $16,000 in credit card debt.. Now, with the new bankruptcy laws, she'll prolly be owing the banks a chunk of that deficit from mortgage owed to fire sale price. I would imagine it'll end up costing her $75,000 or so, not counting the interest on her debt, to live in her dads garage..

Plenty of blame to go around in a ponzi scheme..

 

Sound advice..

 

Apparently she couldn't do Math

 

Citi took 6.5 bil. already in Q3.. another 8 - 11 bil. to come for citi alone to write down assets to reflect some type of reality.... Expected to be 250 billion over the industry for the next 5 years.. I'd like to have 1/2 of 1% of that.. damn.

 

Ya know, I think that if the banks and lending institutions had to keep the paper on those mortgages for a period of time (say until a year after the interest rate was adjusted), that we wouldn't see very many defaults. They'd be much more careful about loaning money.

 

There was no more buying time for these idiots.. there has also been a ton of legal charges against people for false appraisals, just a local story yesterday of some charges against a 30 some year homebuilder f*cking around. Him, his wife and son all charged.. It was all a ponzi scheme at every turn.. Hahahaha

Check out the tulip bulb bubble of centuries gone by.. And Ponzi.. borrow from one to pay another til it all blows up. Upside down pyramid.. Smooth

Plus, they already are watching who they borrow to now. I heard about people such as doctors being denied with 35% down payments... Those rate cuts wont do crap cept trash the dollar and make oil more expensive and give a boost to multinational corps..

 

That's because they know they'll have to keep the paper in-house. Almost impossible to sell the debt on.

 

I remember when I went to buy my first home, they had approved me for a loan at $850 a month when I was only making about $350 a week.

When I explained how that wasn't a very smart loan to accept, they did try quite hard to convince me it was "do-able".

I kept renting and a few years later I was making more than double that, then I accepted a similar loan.

Personal responsibility goes a long way.

 

Say that again brother.

I am sick of all the crybaby types all complaining they got a raw deal. Nobody forced them to agree to buy what they could not afford.

As has already been discussed here, people can live well and be happy if they just settle for what they can afford but instead they want it all now and refuse to wait, and this is the result many times.


"A fool and his money are soon parted." - Thomas Tusser
"There's a sucker born every minute...and two to take 'em." - P.T. Barnum

 

Many, actually most, of the people I've known or met that are having issues holding onto their mortgage have a few things in common. They all have sweet ass high tech cell phones with plans running in excess of $50 monthly. They have sweet ass brand new vehicles with monthly payments in excess of $350 monthly. They have high speed cable internet connections, monthly payments in excess of $30 monthly. They have High Definition wide-screen 60 inch televisions, brand new PC's, wicked stereos with surround sound all paid for with credit cards (PLURAL).

These same people blame the loan companies for "tricking" them into believing they could afford the loan. In many cases, they could afford it, if not for their lavish luxuries and continuous "keeping up with the Johnsons", or competitive purchasing practices. Gotta have a TV at least as big as your best friend, aye?

It's actually kinda humorous. Whats the point of furnishing your home with lavish amenities when that very act causes you to not be able to afford the house in which you plan to put all these toys?

 

That's why I will continue to be pissed when the government steps in to help anyone on either side. Let em take their medicine.. all of em, then maybe things can get back to a semi normal.


If you can't afford to pay for something, you sure as hell can't afford it on credit.

 

Oils inching on $100.. people are cut off from the credit well.. the dollar continues to nose dive... China is threatening to diversify their dollar holdings, aka dumping them on the open market and shoving our big stick up our ass, and Brittney Spears is topping the charts. It's a sad day to be an American.... Think I'll wear a paper bag in public today.

 

Last I heard, oil is stabilizing around $97 on news the US inventory wasn't as low as everyone thought - we might have to wait a day or two for $100..New record lows for the dollar today..China dumping dollars, that's what we get for selling our national debt outside the US (but then, who else would buy it?)..Does anyone really care about Britney Spears?