NEWS: I Hope You Lose Your House, Idiot

Well, let's hope I'm not right.

fdic braced for 100 bank failure in next 1- 2 years.
apparently thats 100 out of 8000.
http://calculatedrisk.blogspot.com/2008/02/fdic-bracing-for-bank-failures.html

That would be the majority of the time. What IS going to happen is twofold. Number one, the people at the bottom of the ladders will be blamed for the subprime mess-the consumers, the appraisers, the loan officers. THEY didnt create 2/28 or 3/27 loans. The guys that got greedy-the CFO's who created these loan packages, will get off scott free, instead of being indicted for fraud (creating loans that qualify people for the lower rate instead of the higher one).

Number two, after a whole bunch of staff people lose their jobs-loan processors, underwriters, etc.-there wont be enough people left to process the loans (with any experience) so there will be excess demand and longer loan times.

I wouldn't necessarily classify many of the first-time home buyers who acquired property via sub-prime financing "morons" who were "grabbing every property around." A goodly portion of Americans, I'm sure, would prefer to own a home than to pay their landlord's mortgage forever, and that their financial institution was able to make that happen for them does not cause me to wish them to lose said property in the wake of the current economic downturn. I don't advocate expensive government bailouts to make everything better (largely cause they won't). But neither do I pout and cry that my all my hard work building my credit has been laid to ruin.
As for house-flipping douchebags (and they are kind of douchey); they could really only be accused of having the savvy to take advantage of the prevailing interest rate/financing climate of the time. So simmer down.

Fuck all of this who's to blame shit. Anyone who participated at any level is at fault and everyone involved needs to pay for their mistake. That's how lessons are learned. Finger pointing doesn't solve anything anyway it just distracts from the issue.

Government bailouts only encourage stupidity and these bailouts have become so regular that people are expecting it. If you build a house in a location prone to some type of "natural disaster" you ought be prepared for the eventual destruction of that home. Government bailouts (yes all of that disaster relief crap is government bailouts) only encourage people to make the same mistakes again, and why not when the feds step in to mitigate the negative consequences of personal decisions.

It sure doesn't take a genius to realize that when you buy something you can't afford you probably won't be allowed to keep it. Blaming someone else will not absolve you of guilt. They may have enabled, but ultimately it was your decision. Take responsibility for your actions, quit suing everyone and we'll all be happier.

There's nothing at all savvy about house flipping, maybe 20 years ago or whenever it was conceived but now it's just the bandwagon people are throwing themselves at because the TV shows and infomercials are promising millions in profit. It's nothing but suckers and douchebags now. The savvy ones are those of us who saw this correction coming and decided to wait for it because we were smart enough to realize that we couldn't afford to pay the ridiculously inflated prices.

I may be a callous bastard but when the economy is based on speculation, credit and debt, it's only a matter of time and this housing market correction is likely just a sign of the coming apocalypse so to speak.

Let's be very, very clear about this; the entire economy is based upon speculation, access to credit, and appetitive for debt. Toss in risk and market potential in case you feel the need for a missing ingredient. Be confident of your grasp on the fundamentals of economics before you wade in with commentary.

I never had any designs on becoming an economics professor but if you want to "toss in risk and market potential" call them variables for speculation not bases.
Try to correct me if you feel you must but being a dick about it fails to impress.

What else would you base your speculation on?

You finish off that rambling diatribe with this and actually expected to be taken seriously ?

Hum. Interesting, so to speak.

If you wish to argue then do so. Don't point out that I over simplified something in stating my opinion then call me stupid.
Whine about semantics all you want, even call them bases if you must, they are still bases for speculation and therefore in the over simplifed veiw presented above included when I say speculation. Had I any intention of spewing forth economic doctrine (ever) I wouldn't have disposed of my college econ texts so willingly.
Is there really any need for me to comment on listening to the bankers and the lawyers?
My comments were never represented as anything other than opinion, as such you can take them seriously or not, your choice. You may even take offense to it as seems to be the case here but the only effective argument made yet amidst all of these personal attacks is for the tightness of your assholes and how impressed you all are with yourselves.

Okay, i'm going to be honest here and say i didn't read this article at all, but i wanted to write that i have land and i love it. Um is that of any relevance? if not move along. Land rules.

No, seriously. If you operated in an environment based upon speculation, on what basis would you speculate?

Nice redirect, I must profess however that I was a bit eager to find out if any of these self proclaimed smarter than thou lawyers and bankers would dive into a discussion over the implications of "correcting" my opinion.

Personally I would love to own land, that was kind of the missed point of my original rant above, a point that I admittedly strayed from and was subsequently drawn further from.

You should read the article though.

I couldn't buy a home because asshole Californians who had no plan to ever live in them drove up the price of homes here buy taking their inflated $1.5 million out of their homes there, and moved here, getting one nice home for themselves in Summerlin, The Lakes or Spanish Trails and dropped whatever they had left into "investment properties" in the parts of the valley that had previously been in my price range.

Now I guess I'll get to pay to bail them out of their bad investments. Yay me!

Who is being a dick to you in this thread?

The statements you made are full of errors and demonstrate your complete lack of knowledge of money and banking, the economy, and how to do basic research it would be a complete waste of time to correct you.

Why do people keep bumping threads from weeks ago?

I bumped it as a joke. I am not responsible for what occurred after.

I suppose I can let you off the hook for this.

*puts away hook*