dcarl, you have it all wrong. sdrealtor is in Carlsbad and SD Realtor is in Scripps.
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Buying overpriced houses with a NINJA loans is not taking a chance. It’s financial suicide. I don’t see how that is taking a chance on the American dream. Going to school and learning new skills is taking a chance. Getting into debt to own something your can’t afford is not taking a chance; it’s stupidity.
I don’t wish ill on people. But buyers need to be responsible for their own decisions.
The buy-sell-buy-refinance-flip model is a pyramid scheme that was bound to unravel. The music stopped and many don’t have chairs to sit on.
It’s just not subprime. Most prime borrowers have plowed their profits back into ever more overvalued properties. They will equally suffer. These guys were taking a chance for sure — on greed.
