[guppas]

“It may sound crass, but we deserved a nice home.”

With a mind set like that, what could possibly go wrong?

[Notary Sojac]

This maroon is listed as a WP "Staff Writer". God help us all if he's on the economics beat....

We pay taxes in the highest bracket.

And you think anyone should feel sorry for you?

It may sound crass, but we deserved a nice home.

I think I deserve a Gulfstream. Will you lend me $15 mill or so?

I asked Glassman, "Did we mess up?" He pointed out that we were still paying a lower interest rate than we would have by buying now or even starting with a 30-year, fixed rate, so that was good. And the market shakeout could end in the three years before my loan balloons. "The answer is we don't really know yet," Glassman said. "Five to 10 years from now, I'll be able to give you an answer." But then he quickly added, "Were you wrong? Well, you now own a house. You have a place for your family."

Totally wrong, a$$hat. You and your financial planner too. With an interest only mortgage you own nothing, you're just renting money from the bank.

In closing, here's a shot of my sympathy meter....

[ex-snook]

"Also, with the real estate market then booming, we planned to sell the house within five years anyway -"

'Ladies and Gentlemen place your bets. ..............Sorry sir you lose'.

[READINABLUESTATE]

Very likely the first time in their lives they faced real consequences for their bad decisions.

[Kenton]

Goodness. Here I sit 5 months from retirement with my house paid off, no debt of any kind and a hefty portfolio, and thank God for giving me the modest lifestyle which has led to those things...

I do feel sorry for these folks; lots of people make mistakes. I'm just glad I come from humble roots, I guess.

[moonman]

"If the economy really tanks, it would likely cause interest rates to fall sharply, meaning that lots of people would lose their jobs, but my wife and I could refinance our house at a much lower rate."

Wait until he finds out that his home is worth 20% less than what he paid for it. Being upside-down in a mortgage, there are no refinancing options.

[dfwgator]

[goldstategop]

A well-heeled professional couple buys a home in Montgomery County, one of the most expensive real estate markets in the country, with an interest-only loan? Idiots. Even well off people buy in the wrong place and spend way more than they should. They could bought a home for half that amount somewhere else.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[Lancey Howard]

LOL, what a genius. I have zero sympathy for anybody who took out an adjustable-rate mortgage in a market with the lowest fixed rates in history. None.

[kenth]

A tad off-topic, but the phrase “we got pregnant” bug anyone else but me?

[utahagen]

It’s amazing how many ostensibly well educated people have no grasp of how the free market works.

[penowa]

Am I supposed to feel sorry for this couple who “deserved” a nice home even though they had no down payment, couldn’t afford the payments for anything except an interest only, balloon payment mortgage on the house they chose, priced beyond their range, and waited 2 yrs. before even exploring what they have gotten themselves into instead of asking these questions before signing first? Now he thinks the best outcome is a recession for the country so that interest rates fall? Apparently, it never crossed his mind that he just might be one of those expendable people who lose their job in a recession. Maybe he’s related to somebody at the WaPo and doesn’t have to worry about that. For his sake, I hope so, because as stupid as he sounds, it may be a l-o-n-g, l-o-n-g time before he finds employment again.

[Freedom_Is_Not_Free]

Wonderful 1st hand account of stupid, selfish people being stupid, even knowing they are being stupid and not caring bout it, because by gosh “we deserve it”. Stupid people.

[N3WBI3]

Im in a similar spot though because I bought conservatively it wont kill me but I bought a 900sq ft, 142K condo in the twin cities seems like in 6 months the condo market died and not *if* I had to sell I would guess Id get 135 and it would take 6-12 months to get that..

So as my family has grown in the two and a half years we’ve been there we cant move right now... Oh well at least I might be able to rent it to cover expenses until the market recovers..

[hometoroost]

I think the old saying “dumb as a post” should be revised to “dumb enough to write for the Post.” This guy is the prototypical hypocritical,whiny, look-at-me, someone-else-is-to-blame, naive, over-educated liberal. He said he deserves a good house but I think he’s getting what he truly deserves.

[Cinnamon Girl]

Lessons on Liberal perspective #1:

It may sound crass, but we deserved a nice home. We did what we had to do to get one.

Lessons on liberal perspective #2:

The world is a tricky place, and nobody teaches you this in school.

[lesser_satan]

bump for later ranting

[Old Professer]

“But that wasn’t really on our minds two years ago. For us, and I suppose others who signed such deals, the lower payments afforded by an interest-only loan helped us buy a house in an expensive county — Montgomery — where we wanted to live and eventually send our children to school.”

By then I’m sure that their plans were to hire a child walker to escort them.

[FlyVet]

Where I live, the housing market had been red-hot to white-hot for years. There was a large plot near me, with graders and bulldozers busily readying the plot for a hundred and some new homes.

A few weeks ago, everything stopped...it's dead quiet over there. All the graders and dozers are gone. They made a nice, big, level dirt patch, though.

[Suzy Quzy]

It must suck to be as stupid as Michael Rosenwald!

Whatever happened to SHAME?? This man should be ASHAMED of his stupid decisions......eegads.