... the lender held a gun to your head and forced you to take a pick a pay mortgage ...












nope didn't think so ...








you did it willing with dollar signs in your eyes ... and greedy anticipation of how much money you were going to make when you sold ...

lol

where are ALL you greedy bastards ... whining how the bank screwed you over ...


and your predicament is ALL someone else's fault

It is their fault.....I may never always be right, but I'm never wrong......got a nice ring to it, don't ya think?......lol.

Have you ever said anything positive in your life "Bonehead"?

I bet if you did sell real estate when all of the creative financing was being offered you did not discuss it with your clients like a good agent would. Fiduciary duty is part of being a real estate agent; I think you may have been more into being a "greedy [censored]" and doing what ever it took to close a transaction.
Yes this is directed at you, get a life and move on.

So in your small mind anyone who did not get a 30 year fixed rate conventional loan is greedy and was looking to make money.

Are you directing this post at me?

no

The only reason I asked was at the top of your post said RE: CandyMan.......Carry on...I getting my popcorn now.......

The Blame Someone Else theory started years ago --

Remember Flip Wilson's "The Devil Made Me Do It"?

How about the guy who killed the mayor in SF with the "Twinkie Defense"?

Or the Menendez brothers with the "Abuse Excuse"?

It's hard to find anyone today who just says "I screwed Up".

I stopped working with buyers at the height of the craziness...They would ask me what it would take to buy a house...and I would say a minimum $5000 in your check book for misc. expenses ie...inspections, closing cost...or... at the very least window treatment when you move in...they would say... but I dont have that kind of money...then I would say ....sorry I cannot help you...

I remember the peak. I represented a few buyers at the time. Luckily none are in trouble now. Fortunately they were financial sound otherwise.

Buyers were so impatient. Looking for a house was literally looking for a house. There was no inventory. A listing would hit and if it had not been presold the contracts piled up rapidly and only the most conciliatory and qualified buyers were successful.

To make their offers more attractive, buyers were foregoing home inspections, striking appraisal clauses (appraisals were coming in low since the market was going up so quickly), and they were putting in silly escalation clauses. Home warranties were used and likely abused to cover the lack of due diligence.

I recall most agents advising against these strategies in most instances. But buyers were SO fearful of missing the boat. If they did not get into the game now, they might never have a chance in the future (boy was that psycology proven wrong).

I am waiting for the opposite of that now. I think we are close, where sellers will do almost anything to sell...fearful if they do not sell now, then they may never be able to sell. I think we are close.

It is all about human psycology and sociology. Everyone knows it is smart to buy low and sell high. Then why did the opposite happen?

dear fiddybpo ... your dead wrong




but then again is that really a surprise

The fear of loss overides the common sense. That is what drove buyers a few years ago. "prices are going up, and I'll miss out when I flip in a few months" Even the tv shows gave the false impression that anyone could make a mint flipping properties, so people took the risky mortgages because they didn't intend to hold the property that long. When the bottom fell out folks acted as if it was a complete surprise, but the signs were there. In 2006 if you told a seller that housing prices were dropping, they'd just call someone else who told them what they wanted to hear. They'd list at a higher price and after six months, would be chasing the prices down.

Ditty, you appear to be someone with integrity. That is a good quality in any aspect of life.
At the height of the market everyone wanted to get a real estate license to make easy money, where are they now?
Bonehead you are making a generalization that anyone who is losing there home for what ever reason was greedy. Each case is different.

I know your post was just your opinion, but you know “opinion are like as****es everyone has one”

Side note to this thread, my censored word was the same word “bonehead” used in his second post.

This attitude is corrupting our nation. Stereotypes and generalizations are very important and have their place. They can be used without ignoring the fact of individual case anomolies.

Next time you think twice about walking through a dark alley, take your generalization and bark at the moon, then head into the dark alley---otherwise use it as it was intended--as a warning to you, some might call it a gift from above.

I totally agree that during the peak years, everyone seemed to have their RE license. As a matter of fact the saying back then was, "The first thing someone does when they come to Florida is get their drivers license. The second thing is their real estate license." That felt so true back then. My local board of Realtors played into the whole scenario. They declined to renew their yearly lease in an older building, bought land, and built a large state of the art new building. Now they have declining membership, and I am sure they regret their decision.

Yes, every case of foreclosure is different. However it has been my experience that many of these foreclosures are equity lines of credit, 125% LTVs, second and third mortgages, etc. When they "cashed out", they sold their home IMO and now have to either pay that money back or get foreclosed on. It's kind of like maxing out a credit card and then complaining you have to make payments to pay it back.

I don't think anyone finds fault with someone who has a sudden health problem that keeps them from working, or someone who has loss their job to the economy. I am in an area of 12% unemployment, so I highly sympathize with those people. Yet again from my experience from looking at a lot of the tax record data of the BPOs that I do, most of these properties took out mortgages past the initial purchase.

If you look at Bonefish's post history, you'll see he adds a lot of levity to the MB. That is something I really appreciate. I find his humor often refreshing and funny. He is now making a serious point that I generally agree with. When you borrow something, you need to pay it back. I don't see what is complicated with that concept, with certain exceptions that I just mentioned being understandable.

I was in the mortgage business for 15 years as a regional manager with a company called Countrywide, at the peak of all this nonsense they were giving large incentives to loan officers, branch manager and area managers to keep borrowers from regular conventional loans. They would require us to push the creative financing loans. There was not enough money to be made in conventional loans, as a result they came up with option arm, arm loans and similar products to entice borrowers into getting a loan they made them think they could afford.
Does anyone remember the print ad, phone calls, TV advertizing and mailers letting people know that they could borrow money on their present home or easily get qualified for 100% to 125% loans because values were skyrocketing. I received phone calls from many companies offering me money for more than my house was worth and that I would easily qualify for what I needed. I knew the scam and didn’t buy into it.

No, it was not a gun held to their head but a carrot on a stick that was put in front of you every day until you were ready to take a bite.

Banks did not lose money on this fiasco; it is us the tax payers and investors who are paying for it now. While the fat cats are laughing all the way to the offshore bank. Any jail time spent?

This is a mess that will last a long time, but as usual will be forgotten and repeat its self. Human nature.

I was fired from Countrywide for not meeting my goals (never did an option arm), I saw through the smoke screen and used my knowledge to help people understand lending practices and make good decisions.

The Clinton's created this mess but, it all started with Theodor Progressive Roosevelt.

I too saw mortgage brokers and agents during the market peak pushing their clients into bad loans and homes they couldn't afford. The property will appreciate, you'll make more money later on, this is a good deal, blah, blah, blah... I was appalled. I think most of those buyers are in trouble now. While I don't feel sorry for the investors or the show-off McMansion buyers who got caught when the bubble burst, I do feel for some of thes first time homebuyers who were not that savvy about the process. Ultimately, they did sign the loan docs but they relied on their agents advice. I always tried to get a sense of my clients financial situation and discourage them into getting into something they would regret later. With my 10% down buyers, I tried to show price points where the mortgage payment was fixed at least 7 years (advised 10 years) and their income relative to payment was high. This was during the heyday. I knew there was a bubble coming, especially living through the tech bust.

The only mess Mr. Clinton created was in his personal life, and even that was not his fault. Clearly that intern used him, why would she save a stained dress? Maybe he should have offered her a few bucks to cover a cleaning, but that would have made her look cheap, he was trying to be a gentleman.

I blame the borrower. As somebody else commented if the boom continued nobody would be passing on their profits back to the bank.

comment edited/self deleted prior pushing the Submit button.

Not directed at you Dayton, just an observation on my part.
Buyer puts 3.5% or less down. Perhaps they've moved from a 3 family to a nice single family, picket fence, etc.
They pay a reduced rate for about a year (less then rent). The rate adjusts after a year and they stop paying. 1 to 1.5 years later they're evicted. They've lost it all...poor folks. Their 3500 down payment is down the drain. Or is it offset by the 5000 CFK they received? And we'll cuss out the lenders for placing them in that position?? WTF. Regarding the year plus of no payments...The average time line from default to eviction is 592 days, close to 2 years. and a bonus check at the end. Raise you hand if you wouldn't like almost 2 years with no housing costs.
Maybe some folks would consider the real fools here are folks like me. 60% down payment, all payments on time, work every day and, silly me, I live within my means.

Yes there are some real hard stories out there, death, job loss, sickness, divorce and such and I do feel for these folks.
What I don't feel for are those described earlier.

What ever happened to personal responsibility?

As long as Americans demand instant gratification, this won't stop.
$2500 Big Screen TV -- No problem, 24 easy payments
Need a New car -- no problem, 84 easy payments
Need a new house - no problem, 360 easy payments.
Need cash -- Get a cash advance on your credit card

Do you see a pattern here?

Jack's comments hit me in the liver. I do what I need to do to meet my obligations. I have three teenagers and what really grinds me is that we see the profile that Jack and Roadkill illustrate, add in vacations, nice cars etc and the kids are hurt that we don't have all the things that these others have. People I "know" are in beyond deep and still adding to the tab. I'll keep going to do what I have to do, but I'm wondering about the next generation in my own house.

With that spewed, get out there and make some honest $$$$ today people, it's not everything, but it helps!