A piggington theme

[Blissful Ignoramus]

I was going to reply to beachlover, but greensd said it all perfectly.

[Anonymous]

Cry me a friggin river beachlover. If you owned your house for 20 years then you aren’t going to lose any money out of this deal so what are you complaining about?

The vast majority of the homeowners who are getting forclosed on deserve everything they get. They voluntarily took unnecessary risk and due to their greed and/or stupidity cuased our real estate prices to get irrationally overpriced. It’s payback time.

I hope that hundereds of thousands of people are financially ruined and move out of San Diego, traffic is terrible right now.

[Anonymous]

Cry me a friggin river beachlover. If you owned your house for 20 years then you aren’t going to lose any money out of this deal so what are you complaining about?

The vast majority of the homeowners who are getting forclosed on deserve everything they get. They voluntarily took unnecessary risk and due to their greed and/or stupidity cuased our real estate prices to get irrationally overpriced. It’s payback time.

I hope that hundereds of thousands of people are financially ruined and move out of San Diego, traffic is terrible right now.

[Allan from Fallbrook]

deadzone: Dude! Don’t hold back now, tell us how you really feel!

All kidding aside, I have to profess that I too am tired of this incessant whelping from homedebtors about how their realtor/mortgage broker/bank/etc misled them into a toxic loan.

Purchasing a home represents the single largest financial commitment you will make in your life (generally speaking), and the responsibility for reading the fine print and knowing the terms of the loan is yours and yours alone. The majority of these people bought into the hype and now want to duck their responsibility because they weren’t able to flip their property and make an obscene profit quickly.

Any investment banker worth their salt will tell you about risk versus reward, and that there is no such thing as either a free lunch or a sure thing.

I agree about traffic, too, by the way. Especially on that 15 corridor.

[Allan from Fallbrook]

deadzone: Dude! Don’t hold back now, tell us how you really feel!

All kidding aside, I have to profess that I too am tired of this incessant whelping from homedebtors about how their realtor/mortgage broker/bank/etc misled them into a toxic loan.

Purchasing a home represents the single largest financial commitment you will make in your life (generally speaking), and the responsibility for reading the fine print and knowing the terms of the loan is yours and yours alone. The majority of these people bought into the hype and now want to duck their responsibility because they weren’t able to flip their property and make an obscene profit quickly.

Any investment banker worth their salt will tell you about risk versus reward, and that there is no such thing as either a free lunch or a sure thing.

I agree about traffic, too, by the way. Especially on that 15 corridor.

[Arraya]

I find myself being caught up in a bad financial market that I didn’t create.

What are you complaining about, the market is fine for you? You can price to what ever you need to sell and still make a ton. Then sit on your mountain of equity until you find the perfect place. What is the problem?

As for piggs bashing people that were fiscally irresponsible, that is just because we are happy that stupidity is no longer rewarded. All is right in the universe.

Now you just take your huge equity gains, find a nice place to rent and sit back and enjoy that fact that you sold close to the top.

[Arraya]

I find myself being caught up in a bad financial market that I didn’t create.

What are you complaining about, the market is fine for you? You can price to what ever you need to sell and still make a ton. Then sit on your mountain of equity until you find the perfect place. What is the problem?

As for piggs bashing people that were fiscally irresponsible, that is just because we are happy that stupidity is no longer rewarded. All is right in the universe.

Now you just take your huge equity gains, find a nice place to rent and sit back and enjoy that fact that you sold close to the top.

[ibjames]

I wish I was in your shoes, I’m one of those white collar professionals that moved out here, and cannot buy a home. I have friends moving away, all are frustrated.

So pardon me while the guy in the mailroom laughs at me because I didn’t take out an interest only loan and ride the gravy train. He’s been trying to sell his place in normal heights now for over 8 months.

I’m supposed to be sorry? I’m the one that didn’t gamble, didn’t buy lavish items to keep up with the Joneses. I saved and tried to be rational, and still feel that things got so blown out of proportion shit will never get back to levels that make sense.

Greed and chaos led by stupidity, one big toilet that is flushing right now. Except, I’m not one of the turds in the toilet that was hailing interest only as a great investment tool.

Eh.. feel sorry for them. No one cared about the person that could never even get into a house. They weren’t coming up with sob stories in the newspapers for them. So they must not exist.

[ibjames]

I wish I was in your shoes, I’m one of those white collar professionals that moved out here, and cannot buy a home. I have friends moving away, all are frustrated.

So pardon me while the guy in the mailroom laughs at me because I didn’t take out an interest only loan and ride the gravy train. He’s been trying to sell his place in normal heights now for over 8 months.

I’m supposed to be sorry? I’m the one that didn’t gamble, didn’t buy lavish items to keep up with the Joneses. I saved and tried to be rational, and still feel that things got so blown out of proportion shit will never get back to levels that make sense.

Greed and chaos led by stupidity, one big toilet that is flushing right now. Except, I’m not one of the turds in the toilet that was hailing interest only as a great investment tool.

Eh.. feel sorry for them. No one cared about the person that could never even get into a house. They weren’t coming up with sob stories in the newspapers for them. So they must not exist.

[Bugs]

I have a somewhat different reason than most for basking a little bit in the I-told-you-so afterglow. I’m in the business of valuation and it’s my job to call it straight down the middle. I spent no small amount of effort observing and reporting that, regardless of what the buyers were doing during the runup, there were significant and unavoidable risks involved. I lost out on a lot of business as a result of being honest and I watched the dishonest players profit via their misconduct. I had idiots telling me that being well informed wasn’t nearly as important as being bold and “going for the dream”.

Most of my long term clients listened to me and had equally well informed opinions of their own that prevented them from participating in the orgy. They didn’t run up the massive short term profits but they also aren’t facing the massive long term losses. They will survive quite well to continue doing business. Those clients who didn’t listen to me and went with their yes-men are now facing some real problems.

I’d bet $100 that virtually all the losers have – at least once – ignorantly bragged about how smart their decisions were to the more prudent people around them. That’s why I don’t look at them as being innocent bystanders and why I don’t feel any guilt whatsoever in the misery they are currently going through. This meltdown isn’t some accident of nature and for the most part these people were never victimized.

[Bugs]

I have a somewhat different reason than most for basking a little bit in the I-told-you-so afterglow. I’m in the business of valuation and it’s my job to call it straight down the middle. I spent no small amount of effort observing and reporting that, regardless of what the buyers were doing during the runup, there were significant and unavoidable risks involved. I lost out on a lot of business as a result of being honest and I watched the dishonest players profit via their misconduct. I had idiots telling me that being well informed wasn’t nearly as important as being bold and “going for the dream”.

Most of my long term clients listened to me and had equally well informed opinions of their own that prevented them from participating in the orgy. They didn’t run up the massive short term profits but they also aren’t facing the massive long term losses. They will survive quite well to continue doing business. Those clients who didn’t listen to me and went with their yes-men are now facing some real problems.

I’d bet $100 that virtually all the losers have – at least once – ignorantly bragged about how smart their decisions were to the more prudent people around them. That’s why I don’t look at them as being innocent bystanders and why I don’t feel any guilt whatsoever in the misery they are currently going through. This meltdown isn’t some accident of nature and for the most part these people were never victimized.

[Author]

Posts