Rich Americans Default on Luxury Homes Like Subprime Victims

NEW -> Contingent Buyer Assistance Program
A

Anonymous_IHB

New member
<A href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aXIKT1zzD4.g">http://www.bloomberg.com/apps/news?pid=20601087&sid=aXIKT1zzD4.g</A>
 
<blockquote>The number of U.S. homes valued at more than $729,750, the jumbo-loan limit in the most affluent areas, entering the foreclosure process jumped 127 percent during the first 10 weeks of this year from the same period of 2008</blockquote>
WOW
 
Perhaps it's just me, but I can't stand the term "Victim" in this whole debate. Were there people who were taken advantage of? Out of 100 - I'd guess 5.



Were there people who swallowed bad advice from "professionals" who should have had their info double checked before taking the plunge? Out of 95 - I'd guess 45. This group made fully informed decisions based on data they decided to trust. You can't call these people victims. People make wrong choices, but making a wrong choice based on data you've got and did not cross check does not make you a victim.



That leaves 50 out of 100 who I believe knew full well what they were doing when they signed their loan documents. The worst of the worst were the "stated stated cash out" bunch and the investor class that never intended to pay their loans back.



There are few authentic victims in this mess. The rest of them should live with their decisions and not point fingers anywhere other than at themselves.



My .02c



SGIP
 
[quote author="asianinvasian" date=1241685050]Don't you mean poor people pretending to be rich default on luxury homes like subprime victims?</blockquote>


You mean just like all those pretenders who bought in that cesspool Villages of Columbus?
 
[quote author="no_vaseline" date=1241685322]

You mean just like all those pretenders who bought in that cesspool Villages of Columbus?</blockquote>


It must suck to have been rejected by VoC. I know you've been saving up that downpayment your whole life. But then to go and lose it all on bank stocks... looks like you'll be renting for the rest of your life. Sorry bud.
 
[quote author="asianinvasian" date=1241734958][quote author="no_vaseline" date=1241685322]

You mean just like all those pretenders who bought in that cesspool Villages of Columbus?</blockquote>


It must suck to have been rejected by VoC. I know you've been saving up that downpayment your whole life. But then to go and lose it all on bank stocks... looks like you'll be renting for the rest of your life. Sorry bud.</blockquote>


Here's a secret - nobody who applied to the VoC was rejected. Just to let you know.
 
You must log in or register to reply here.
Back
Top