Quote of the Day
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments…
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments and closing costs. This is very serious. In addition, all the empty, boarded up houses just encourage crime and destroy the property values of their neighbors’ houses. In sum, poor people were screwed on the way up and they’re being screwed on the way down. The rich are not going to suffer as much.
— by mopar in Last Week’s Biggest Sales
Based on personal experience with certain members of my wife’s family, I have to agree with panda10. There is a definite subset of poor who were not screwed both ways and whom I, as a bailing-out taxpayer, have little sympathy for. I’m guessing they are a small group though.
And lets not forget taxpaying low-income renters, they didn’t lie about their income, they didn’t continually and unrealistically continually refi and splurge on crap, they got nothing from this, and they will get nothing.
This is for ‘dumbest quote of the day, right?
If you live with your parents are you considered poor?
Now What?
Someday I may need to pay rent
Yeah, I just got off the phone with my lawyer discussing the latest contract changes by the seller, and boy was I surprised to see this.
Mopar, you are so right on the button.
Benson, your day will come.
Actually we heard some interesting statistics today that the banks are pulling back from foreclosures. it has always been a widely held viewpoint that banks don’t want to foreclose and even moreso don’t want to own the properties. What they are seeing is a clampdown by municipalities to extract fees/fines/taxes/etc out of the banks once they see a cash register that now owns the properties. The banks are pulling back on this and letting the bad loans stay. They are able to package the bad loans and sell them to the government and other private entities. Yes, bad loans are being bought now in large numbers.
You will see this soon in the overall national foreclosure numbers and, although the actual number of people in arrears is not declining, the number of foreclosures will decline.
Well said Mopar!
Benson, you tell ’em!!
besides clawing back from the false prophets of Wall St, can we also claw back all those false profits made by the mortgage loan officers, brokers etc. etc.
benson–you could write that same quote out everyday this year and I would never tire of it. If I had your address I would send you flowers right now. Despicable is the exact perfect word for someone who tries to talk down the market and make light of other people’s travails to get a good deal on a house.
Mopar-sorry about my participation in the highjacking of your thread, your moment of glory.