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OMFG ishtar, so they stopped paying their mortgages and then bought two new cars and are taking vacations? okay THIS people is why we are in the situation we are in. GRRRR
they should be out waiting tables and sucking dick in alleyways to make their mortgage payments, NOT taking vacation and buying cars.
and before you tell me to pay back my student loans, bite me!
rob….only the bank loses and it’s only a balance sheet item. There’s no landlord. They wind up spending the money on booze & cigarettes and McDonalds so it goes into the general economy where it is multiplied by the money velocity multiplier.
The transition from Street to Shtreet is something I have been watching for a while. I think that it is an affectation – you hear that lockjaw in Texas but also in CT. Listen to Maria Bartiromo, she does it. It irks me. Very pretentious.
Theory relies on the govt continuing to print money and propping up the banks that are not getting paid. Inflating our way out of liabilities.
I think the theory is probably true to a small degree but immaterial as a stimulus to the economy as a whole.
It isn’t that stupid, rob. I know several people in Cali dealing with foreclosures now. Once they figured out they couldn’t refi due to being underwater into a 30 fixed from AMR, they opted to stop paying after their mortgages nearly doubled. One of them is renting a larger house for $1800 when the mortgage on the house they bought was almost $4k per month. He bought two new cars before all the late payments hit his credit report. His family is forever taking vacations now. Please believe this scenario is not that unusual.
I have a friend whose house is worth half of what she owes, but she keeps paying the mortgage. I told her she was crazy. I would walk away, rent a place for less than half, stack cash, and have another down payment in 10 years provided congress hasn’t passed some crazy law penalizing people who lose their homes.
OMFG ishtar, so they stopped paying their mortgages and then bought two new cars and are taking vacations? okay THIS people is why we are in the situation we are in. GRRRR
they should be out waiting tables and sucking dick in alleyways to make their mortgage payments, NOT taking vacation and buying cars.
and before you tell me to pay back my student loans, bite me!
*rob*
rob….only the bank loses and it’s only a balance sheet item. There’s no landlord. They wind up spending the money on booze & cigarettes and McDonalds so it goes into the general economy where it is multiplied by the money velocity multiplier.
I resent the fact that the rest of us end up subsidizing irresponsible people like that Ishtar.
The transition from Street to Shtreet is something I have been watching for a while. I think that it is an affectation – you hear that lockjaw in Texas but also in CT. Listen to Maria Bartiromo, she does it. It irks me. Very pretentious.
Theory relies on the govt continuing to print money and propping up the banks that are not getting paid. Inflating our way out of liabilities.
I think the theory is probably true to a small degree but immaterial as a stimulus to the economy as a whole.
I didn’t notice, m4l. And they’re not sitting here in Cafe car for me to leer. 🙁
It isn’t that stupid, rob. I know several people in Cali dealing with foreclosures now. Once they figured out they couldn’t refi due to being underwater into a 30 fixed from AMR, they opted to stop paying after their mortgages nearly doubled. One of them is renting a larger house for $1800 when the mortgage on the house they bought was almost $4k per month. He bought two new cars before all the late payments hit his credit report. His family is forever taking vacations now. Please believe this scenario is not that unusual.
I have a friend whose house is worth half of what she owes, but she keeps paying the mortgage. I told her she was crazy. I would walk away, rent a place for less than half, stack cash, and have another down payment in 10 years provided congress hasn’t passed some crazy law penalizing people who lose their homes.
cuz then like the landlord who doesnt get his rent paid to him has less purchasing power. same with the banks and mortgages, no?
im sorry but if you stop paying your rent and mortgage you are a SCRUB!
*rob*
cuz then like the landlord who doesnt get his rent paid to him has less purchasing power. same with the banks and mortgages, no?
im sorry but if you stop paying your rent and mortgage you are a SCRUB!
*rob*