I do not agree with this guy on his happiness.
Many FReepers have said for a while that this would happen and now it is coming like a run away train.
Financial disaster will be hard to stop as the panic sets in with already scared investors.
It was not more than a year ago that I jogged through a beach front community in San Diego and saw tiny 700 square foot homes selling for $795,00 dollars with a zero lot line and street only parking.
I pity the poor dufoos that ponied up a down payment and assumed a VRM on what I would have considered a $35,000 dollar bungalow at best.
Posters on many forums have told of their disdain for public welfare for the poor.
Some of these posters may soon have ample opportunity to find out for themselves just how lousy public assistance really is.
At least they will be able to tell the welfare folks to stick their help where the Sun don’t shine.
Hmmm...I don't. What is the biggest investment most people make in their lives? Cars? Daily Starbucks?...No! A house. I saw first-hand the pieces of garbage these people were buying for top dollar. Worked in a hardware store where they were coming to buy supplies to repair 2 year old overpriced houses. The BIGGEST inverstment in your life and you buy a piece of junk? That is pure stupidity. No pity!
I pity the poor dufoos that ponied up a down payment and assumed a VRM on what I would have considered a $35,000 dollar bungalow at best.
Yep, I pity them too. I don't pity the mortgage vultures though. There is a lot of cheatin' goin' on out there...
I am a mortgage loan officer. I never delved much into the “crazy” market - most of my clients verify income and have at least decent credit. While occasionally I come across a subprime scenario, I don’t seek them out, they’re usually referrals from another client. If the customer seems to be smart enough and astute enough to not let whatever made them subprime in the first place happen again, I work with them. Never will I do a loan I know someone can’t afford. Never have.
So far, I’m doing OK through this. Not great, but OK, actually better than last year because of moving to a better company and better market. I’m also still in a good enough position to not justify a career change, as I still make more money and enjoy my work more than I would a salaried Dilbert-style desk job somewhere.
However, wishing the entire industry collapse because of some unscrupulous parts of it is unfair and pisses me off. I understand how people feel, and would agree that a large part of the run-up in prices is due to financing terms that probably never should have occurred. Primarily using stated income loans for people that just honestly couldn’t afford them, not for their original purpose, which was to make it easier for self-employed people who write off expenses to qualify for loans.
Most of the problem was abuse of what in and of themselves were good loan programs, for the right borrower. Abuse by giving them to people that either shouldn’t have had ANY loan, or didn’t know how to use what they did get and/or didn’t truly understand it.
However, wishing for all realtors and mortgage brokers to be out of work, and housing values to plummet 50% is going to hurt EVERYONE.
“I do not agree with this guy on his happiness.”
Since, I, the taxpayer, in all this is footing the bill, I’ll feel any damned way I please, and I feel great! People have said for years, years, as in ten+ years, that this sort of mortgage nonsense was an extremely bad idea that the rest of us will end up paying for in one way or another. We were told we didn’t know what we were talking about and to shut up. Now that we’re paying for all this, those that want to cry in their house they can’t pay for can shut up. Since we are paying their bills, we can feel any damned way we please to include laughing at them, because if we don’t laugh we’re all going to go nuts.