Will Moderate For Cigars
Date registered: Apr 2005
Vehicle: 2002 ML320, 2005 S430 4MATIC, 2010 F150 Crew Cab
Location: City on the TN River
Mentioned: 3 Post(s)
Quoted: 230 Post(s)
We all have to understand, first and foremost, that we were young and stupid, once. We believed what loan officers and lenders told us. But, then wisdom set in. While I don't necessarily subscribe to the victim thing, I do believe a few were victims of predatory lending. It's the new hook and crook that was used by mortgage brokers fudging on home values to boost their commissions while screwing the home owner. It was, really, a house of cards. You can only hold up inflated/false values for so long and when the wind gusts a little, it all comes crashing down. I pity the fool who bought my last house and '125'd' it. He's probably considering 'jingle mail', right now.
So, I do feel bad for some of these guys. They simply bought into the hype that their house values had no where to go but up and they were shown the data, that since the great depression, home values steadily increased. Many bought to flip them a couple years or so later, beating the five year variable interest rate set. I do not sympathize with those. I sympathize with the people who bought into the hype that they could get a loan on their inflated home value, use the extra money from closing to fix it up and it would be worth double 5 years later. They sunk their life savings and livelyhood into it to walk away with nothing. It's those families I have sympathy for, to a degree. The speculators: I say screw them.
2005 S430 4Matic 'Morton' W220.183 • 722.671 Rest in Peace
Bells and whistles are thorns and thistles.
Last edited by cmitch; 12-20-2008 at 06:36 AM.