“I couldn’t quite grasp the unbridled joy that the doom-and-gloomers seemed to have about the possibility that many families might lose THEIR HOMES in a downturn.
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Sorry George,
They are not THEIR HOMES until they pay back every penny of principal + interest on the suicide loans they signed to get into these homes. If every one of the families you mention would simply PAY THEIR MORTGAGES, not a single one of them will lose THEIR home.
But of course, almost none of 80% of the Loan-owners who took out the suicide loans could actually afford to make the real payments on these because that was never the intent to begin with. The intent was to continue to run up housing prices ever higher in order to steal the money from the next greater fool before the ARM resets kicked in. That way they could run away with the cash and leave me holding the bag.
It is this greed filled ponzi scheme that I take “unbridled joy” in seeing destroyed.
Just like you, George, I simply want, “a place to live for the rest of my life.” But because of the fraudulent housing price run ups you helped facilitate, my family and all future generations are now priced out forever.
Well, thanks to us on these blogs, maybe not “forever.”
