Sympathy for this couple???

[peterb]

Shadow inventory being held by banks is an interesting topic. Mr Mortgage goes into it a little. But recently he has stated that he thinks it’s coming to a point where the lenders may have to come clean and do some “bulk asset” sales. Worth a look at what he’s saying. IMO.

Having lived near sky scrapers most of my life, I know the shadows grow very long as the sun rises and then again when it sets.

[Ren]

[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.

Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
[/quote]

Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.

Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.

That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.

[Ren]

[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.

Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
[/quote]

Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.

Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.

That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.

[Ren]

[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.

Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
[/quote]

Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.

Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.

That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.

[Ren]

[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.

Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
[/quote]

Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.

Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.

That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.

[Ren]

[quote=esmith]
They have been living in that house for free since last June and the bank has just gotten around to evicting them.

Also, is it really possible to sink 364k of cash into a few years of payments for a nursing home, drug bills, and a hospital bill for a broken ankle? IMHO, if the bank wants to track down the rest of that money, they should check with local casinos.
[/quote]

Exactly. They started out with no mortgage payment, which is an ideal situation even if you’re unemployed, and a few minor medical bumps (and those are definitely minor) should not have derailed that. Even living on some kind of assistance they could have easily made it and had the mother-in-law live with them until they saw better times.

Instead, they saw a big payday and couldn’t resist. People with no real experience with money will spend whatever you give them, which they did. I’m guessing the house was previously owned by the mother-in-law, because I can’t see that couple having the discipline to pay off a house on their own. They got her to transfer it to their names and then booted her.

That said, I agree that sometimes you have to protect people from themselves (and other taxpayers from them). They shouldn’t have been able to get the loan.

[kev374]

They lied to get money, then they had financial problems now they are crying that they want to keep their home? What kind of arrogance is this? Many of us financially responsible people can’t even afford homes and we should have sympathy for those that feel entitled to have their home even if they don’t pay their bills?

What do they expect someone (or the government) to give them a free or greatly subsidized home?

[kev374]

They lied to get money, then they had financial problems now they are crying that they want to keep their home? What kind of arrogance is this? Many of us financially responsible people can’t even afford homes and we should have sympathy for those that feel entitled to have their home even if they don’t pay their bills?

What do they expect someone (or the government) to give them a free or greatly subsidized home?

[kev374]

They lied to get money, then they had financial problems now they are crying that they want to keep their home? What kind of arrogance is this? Many of us financially responsible people can’t even afford homes and we should have sympathy for those that feel entitled to have their home even if they don’t pay their bills?

What do they expect someone (or the government) to give them a free or greatly subsidized home?

[kev374]

They lied to get money, then they had financial problems now they are crying that they want to keep their home? What kind of arrogance is this? Many of us financially responsible people can’t even afford homes and we should have sympathy for those that feel entitled to have their home even if they don’t pay their bills?

What do they expect someone (or the government) to give them a free or greatly subsidized home?

[kev374]

They lied to get money, then they had financial problems now they are crying that they want to keep their home? What kind of arrogance is this? Many of us financially responsible people can’t even afford homes and we should have sympathy for those that feel entitled to have their home even if they don’t pay their bills?

What do they expect someone (or the government) to give them a free or greatly subsidized home?

[peterb]

Who do they think they are, Wall Street rich guys?!!

All the BS executives that got their huge end of year bonus’s in January knew damn well where the company stood.Yet, they said things were great there. Then all of the sudden they’re at deaths door and the stock drops over 90% in 2 days.
The bail-out by their pals at the Fed, made sure they could keep the bonus. What a scam.

Moral hazard is learned from out leaders. If they can do it, why cant I ?!

[peterb]

Who do they think they are, Wall Street rich guys?!!

All the BS executives that got their huge end of year bonus’s in January knew damn well where the company stood.Yet, they said things were great there. Then all of the sudden they’re at deaths door and the stock drops over 90% in 2 days.
The bail-out by their pals at the Fed, made sure they could keep the bonus. What a scam.

Moral hazard is learned from out leaders. If they can do it, why cant I ?!

[peterb]

Who do they think they are, Wall Street rich guys?!!

All the BS executives that got their huge end of year bonus’s in January knew damn well where the company stood.Yet, they said things were great there. Then all of the sudden they’re at deaths door and the stock drops over 90% in 2 days.
The bail-out by their pals at the Fed, made sure they could keep the bonus. What a scam.

Moral hazard is learned from out leaders. If they can do it, why cant I ?!

[peterb]

Who do they think they are, Wall Street rich guys?!!

All the BS executives that got their huge end of year bonus’s in January knew damn well where the company stood.Yet, they said things were great there. Then all of the sudden they’re at deaths door and the stock drops over 90% in 2 days.
The bail-out by their pals at the Fed, made sure they could keep the bonus. What a scam.

Moral hazard is learned from out leaders. If they can do it, why cant I ?!

[Author]

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