The new smart financial move is walking away

[briansd1]

I actually don’t blame anyone. The “system” encouraged such behavior. It’s the animal survival-of-the-fittest behavior of the jungle/savanna.

People (buyers, banks, intermediaries) saw the upside and not the downside. The downside becomes someone else’s problem.

I don’t blame anyone for taking the no-lose-no-skin-in-the-game deals.

We need to let the system evolve and rectify itself. It all works out in the end, if we let it.

[peterb]

I remember talking about this a year or so back. It wont be long before people that dont “walk away” will be considered suckers. This public opinion is becoming more main stream every day.

[peterb]

I remember talking about this a year or so back. It wont be long before people that dont “walk away” will be considered suckers. This public opinion is becoming more main stream every day.

[peterb]

I remember talking about this a year or so back. It wont be long before people that dont “walk away” will be considered suckers. This public opinion is becoming more main stream every day.

[peterb]

I remember talking about this a year or so back. It wont be long before people that dont “walk away” will be considered suckers. This public opinion is becoming more main stream every day.

[peterb]

I remember talking about this a year or so back. It wont be long before people that dont “walk away” will be considered suckers. This public opinion is becoming more main stream every day.

[CDMA ENG]

You know…

I understand if some simply say “I am making a business decision and I am paying for my bad decision with my credit”. That I can respect. But all of these people are justifing thier positions to the tune of “I am just getting even with the system”. That I cannot respect. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…

Now they are blaming the system and probably the same people blogging about the bailout monies…

ugh…

CE

[CDMA ENG]

You know…

I understand if some simply say “I am making a business decision and I am paying for my bad decision with my credit”. That I can respect. But all of these people are justifing thier positions to the tune of “I am just getting even with the system”. That I cannot respect. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…

Now they are blaming the system and probably the same people blogging about the bailout monies…

ugh…

CE

[CDMA ENG]

You know…

I understand if some simply say “I am making a business decision and I am paying for my bad decision with my credit”. That I can respect. But all of these people are justifing thier positions to the tune of “I am just getting even with the system”. That I cannot respect. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…

Now they are blaming the system and probably the same people blogging about the bailout monies…

ugh…

CE

[CDMA ENG]

You know…

I understand if some simply say “I am making a business decision and I am paying for my bad decision with my credit”. That I can respect. But all of these people are justifing thier positions to the tune of “I am just getting even with the system”. That I cannot respect. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…

Now they are blaming the system and probably the same people blogging about the bailout monies…

ugh…

CE

[CDMA ENG]

You know…

I understand if some simply say “I am making a business decision and I am paying for my bad decision with my credit”. That I can respect. But all of these people are justifing thier positions to the tune of “I am just getting even with the system”. That I cannot respect. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…

Now they are blaming the system and probably the same people blogging about the bailout monies…

ugh…

CE

[GoUSC]

While I do agree that the buyers are as much a part of the problem as the sellers I think that we do need to take into consideration the pressure that was put on buyers. You had brokers, mortgage brokers, the news, the Realtor Association, friends, etc. all pressuring people to buy. You were told by the main stream media that you could be priced out of the market forever…

Look I am not justifying any of this but if you are non real estate professional with friends who were all making money on RE it is very easy to understand how people made bad decisions. They were talked into complex loans where the supposide expert (aka Mortgage Broker) just fed them a line of bullshit that on face value they took for the truth. I didn’t buy a place until May of this year…but that’s because I work in RE and understood what was going on.

I understand why some of those completely underwater feel the way they do… Especially when they see the big banks getting bailed out and the execs still making millions.

[GoUSC]

While I do agree that the buyers are as much a part of the problem as the sellers I think that we do need to take into consideration the pressure that was put on buyers. You had brokers, mortgage brokers, the news, the Realtor Association, friends, etc. all pressuring people to buy. You were told by the main stream media that you could be priced out of the market forever…

Look I am not justifying any of this but if you are non real estate professional with friends who were all making money on RE it is very easy to understand how people made bad decisions. They were talked into complex loans where the supposide expert (aka Mortgage Broker) just fed them a line of bullshit that on face value they took for the truth. I didn’t buy a place until May of this year…but that’s because I work in RE and understood what was going on.

I understand why some of those completely underwater feel the way they do… Especially when they see the big banks getting bailed out and the execs still making millions.

[GoUSC]

While I do agree that the buyers are as much a part of the problem as the sellers I think that we do need to take into consideration the pressure that was put on buyers. You had brokers, mortgage brokers, the news, the Realtor Association, friends, etc. all pressuring people to buy. You were told by the main stream media that you could be priced out of the market forever…

Look I am not justifying any of this but if you are non real estate professional with friends who were all making money on RE it is very easy to understand how people made bad decisions. They were talked into complex loans where the supposide expert (aka Mortgage Broker) just fed them a line of bullshit that on face value they took for the truth. I didn’t buy a place until May of this year…but that’s because I work in RE and understood what was going on.

I understand why some of those completely underwater feel the way they do… Especially when they see the big banks getting bailed out and the execs still making millions.

[GoUSC]

While I do agree that the buyers are as much a part of the problem as the sellers I think that we do need to take into consideration the pressure that was put on buyers. You had brokers, mortgage brokers, the news, the Realtor Association, friends, etc. all pressuring people to buy. You were told by the main stream media that you could be priced out of the market forever…

Look I am not justifying any of this but if you are non real estate professional with friends who were all making money on RE it is very easy to understand how people made bad decisions. They were talked into complex loans where the supposide expert (aka Mortgage Broker) just fed them a line of bullshit that on face value they took for the truth. I didn’t buy a place until May of this year…but that’s because I work in RE and understood what was going on.

I understand why some of those completely underwater feel the way they do… Especially when they see the big banks getting bailed out and the execs still making millions.

[Author]

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