Unbelievable Comments…

[mgubnyc1]

I only know from what I saw when I lived in Murrieta, I bought in 2003 and sold in August of 06. Got the hell out of there!!
Trust me not everyone cashed out and moved away. Alot are still sitting with cash (under their mattress for all I know) waiting for their loan to reset, do you really think they will give that money back to stay in that piece of crap stucco box worth 1 or 2 hundred thousand less then what they paid????
I personely saw 4 neighbors each make close to 200K. I know for a fact the other homes they bought after they sold the ones on my street were zero down. Now I see 2 of these homes in foreclosure. I really don’t think these people are worried about how to hide the money. In the first place 5 or 6 years ago they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!

[kewp]

If lots of folks were sitting on cash, I doubt the US savings rate would be negative.

[kewp]

If lots of folks were sitting on cash, I doubt the US savings rate would be negative.

[kewp]

If lots of folks were sitting on cash, I doubt the US savings rate would be negative.

[Navydoc]

“they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!”

Oh yes they are. If not to the bank, then the IRS for the debt forgiveness 1099 they’re going to get. Or to the court for the summary judgement. Don’t worry, they won’t be able to hide it all. I’m a big believer in poetic justice.

[Navydoc]

“they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!”

Oh yes they are. If not to the bank, then the IRS for the debt forgiveness 1099 they’re going to get. Or to the court for the summary judgement. Don’t worry, they won’t be able to hide it all. I’m a big believer in poetic justice.

[Navydoc]

“they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!”

Oh yes they are. If not to the bank, then the IRS for the debt forgiveness 1099 they’re going to get. Or to the court for the summary judgement. Don’t worry, they won’t be able to hide it all. I’m a big believer in poetic justice.

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[Anonymous]

My wife is a realtor in central CA where we have also witnessed insane run ups due to ridiculous lending standards. She has first hand knowledge of the circumstances of the “poor american families” on the brink of losing their homes. The large majority bought their million-dollar tract homes with a complete understanding that they would not be able to meet their adjustable rate without the help of a home value appreciation cash out. It beat the alternative, remaining in a depressed neighborhood and waiting until their finances allowed for a reasonable step up. The latter requires effort, patience and (dare I say) fiscal responsibility. Instead they were able to live well for a few years, refi on an inflated appraisal, and use the cash for new cars and furniture (ie no money to recapture even if the banks/government wanted to). Whats next? List the house as a short sale on the slim hope of saving a credit rating that was poor to begin with, eventually foreclose, return to the original neighboorhood with a paid-for Hummer, Lexus and more Ethan Allen furntiture than you can stuff into the rental house. Who pays? It’s an election year so we must have bail outs. And our new Fed, long before the crisis has truly developed, has spinelessly conceded a rate cut and pumped the M1 money supply with billions. So ultimately you and I will cover the bill in the form of runaway inflation. Buy gold!

[Anonymous]

My wife is a realtor in central CA where we have also witnessed insane run ups due to ridiculous lending standards. She has first hand knowledge of the circumstances of the “poor american families” on the brink of losing their homes. The large majority bought their million-dollar tract homes with a complete understanding that they would not be able to meet their adjustable rate without the help of a home value appreciation cash out. It beat the alternative, remaining in a depressed neighborhood and waiting until their finances allowed for a reasonable step up. The latter requires effort, patience and (dare I say) fiscal responsibility. Instead they were able to live well for a few years, refi on an inflated appraisal, and use the cash for new cars and furniture (ie no money to recapture even if the banks/government wanted to). Whats next? List the house as a short sale on the slim hope of saving a credit rating that was poor to begin with, eventually foreclose, return to the original neighboorhood with a paid-for Hummer, Lexus and more Ethan Allen furntiture than you can stuff into the rental house. Who pays? It’s an election year so we must have bail outs. And our new Fed, long before the crisis has truly developed, has spinelessly conceded a rate cut and pumped the M1 money supply with billions. So ultimately you and I will cover the bill in the form of runaway inflation. Buy gold!

[Author]

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