Reality Check for Subprime employees in San Clemente

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xsocal land merchant_IHB

xsocal land merchant_IHB

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<p>I thought this article really shows the reality of the <a href="http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105">subprime mess in Orange County.</a> </p>

<p>It hits close to home since I lived in San Clemente for a long time.There will be many more stories like this to come in the future. </p>

<p>Before you rejoice in their problems remember that this will affect the economy in general along with the state tax revenue. </p>

<p>The problems will be more than home prices dropping.</p>

<p>Things have a long way to go since a lot a people were so living far over their heads.</p>

<p>I'm glad to see that he decided to get frugal and get a Suburban. <img class="inlineimg" title="Roll Eyes (Sarcastic)" alt="" border="0" src="http://www.early-retirement.org/sk/forums/images/smilies/rolleyes.gif" />





A base model Suburban costs $41,870, without any options, and without the destination charge, and it gets 14 miles per gallon. It really never ceases to amaze me what some people consider to be "cutting back." And letting the gardner go adds one more person to unemployeement unless the gardner was illegal!</p>

<p>Regards</p>

<p> </p>
 
<p>It brings home the point of saving bucks while one is in your peak earnings years... Not many companies are going to hire a nearly 60 year old guy with his particular set of experience. Surely few outside of the mortgage industry would even consider it. </p>

<p>These people shouldn't have had a HELOC. They should have had a tiny mortgage that unemployment would mostly cover. It amazes me how little people consider their financial futures...</p>
 
It's been said before, but it's absolutely shocking that ppl's equity went down even as real estate values shot up like never before. Meaning, they were able to out-consume the rise in home "values." What does that say about what will happen when values fall?
 
Give them a break, we don't know if they got a used or new suburban :) (I wish we had a smiley for rolling eyes) Either way, I had no idea the base Suburban was 41k. Yikes!



edit: original poster does have a rolling eyes smiley, whats the command for that?



But yeah, hard to imagine wanting to start a real estate business right now.
 
It looks like his "cutting back" is as a matter of image, rather than the actual numbers making sense. That's probably what he tied all of his meaning of worth to: image and what others perceive.
 
<p>So do you think that the dude has collected unemployment benefits for weeks he was working on his real estate license and focused on starting up his business? I think the EDD should audit him and make sure his benefits haven't been overpaid. He should get his butt over the Walmart and put in an app if he is willing and able to work. People shouldn't be able to collect UI while they are effectively self-employed.</p>

<p>From the EDD site:</p>

<p><strong>Individuals must meet eligibility requirements each week that they claim benefits.</strong>





A person must be physically able to work, available for work and actively looking for work each week benefits are claimed. An individual must complete a claim form every two weeks, sign and date the form and return it to the Department for payment. If the information on the form shows that the individual did not meet eligibility requirements, the Department will schedule a telephone interview. Based on the information obtained, benefits may be reduced or denied. An individual who disagrees with our decision to reduce or deny benefits may file an appeal. </p>
 
Would i be out of line if i said "typical south orange county" ? hahahahaa





did you see the comment about Their home equity line, mortgage, health and life insurance premiums alone cost about $10,000. what about food and other stuff like botox for the wife that will probably run another 10k.





i honestly don't feel sorry for them, their story, pales to comparsion to other region in the U.S., read their story here:








http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/
 
Ok, here are 2, and how are doing the other 3,998 financial services employees that lost their job since one year ago?
 
<p>"Ok, here are 2, and how are doing the other 3,998 financial services employees that lost their job since one year ago?"</p>

<p>I just ran a search of the resume database on Monster with the keywords New Century and got a 1000 hits on resume posted or updated within the last month...</p>

<p>Ole Mysti's resume is out there, but not Ken's it would appear. She was working retail up until '99 with her degree from FIDM in San Diego. Amazingly she went from a marketing assistant to at New Century in 2001 to VP by 2005. Guess it helps to have a hubby that is a major player... Asking salary, $130K. Tough to achieve that on a 2-year degree from FIDM I suppose.</p>
 
Check this skek, Mysti is from the IE! Worked at Harris' in Redlands for a long time. Looks like she probably graduated high school is 88' or '89. You might have dated her...
 
<p>Harris' used to be a family-owned chain until the 80's. Their family was the $hit in the IE for a while. I dated one of the clan and went to school with another... My former girlfriend had millions in trust. I shoulda stuck with her for the long haul!</p>

<p>What else has IPO's internet stalking turned up? The Copes apparently bought their place in Feb 2005 for $1M flat. It's a 4/2.5 3000sf property built in 1980 on a large lot, almost 10,000sf.</p>

<p>This one down the street in in escrow for $650K:</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1524734">http://www.redfin.com/stingray/do/printable-listing?listing-id=1524734</a></p>

<p>It's 400sf smaller but 7 years newer on similar lot size. The Cope family house is probably worth $725-750K so Ken is under-estimating their loss a bit... </p>

<p>At least they weren't lying about keeping up on payments. No NODs filed on their property yet.</p>
 
Buddy of mine will be in almost the same position 6 months from now. Lost his gig in the mortgage industry, didn't save much, bought a bunch of fancy toys... etc.
 
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