Underwater Homeowners Thread

[TheBreeze]

paramount,

What would you have done in 2006, if a representative from the government had come to you and said, “Look, there’s been a ton of fraud in the housing market. We’re going to unwind all the housing transactions back to 2001. You’ll be made whole, but that 50% equity increase (or whatever it was between your purchase in 2003 and 2006) was basically a product of fraud, so you won’t be getting any of that.”

I bet you would’ve screamed bloody murder! This is what bugs me about you ‘victims’. You’re only claiming victimhood because you ended up upside down. If you had made money due to all the fraud in the market and the government tried to take it from you, you would again characterize yourself as a victim.

It looks to me like you are trying to build some type of ‘moral case’ so that you can walk away with a ‘clear conscience.’ I’m sure at this point that you are going to walk away no matter what anybody on this board says, but if you walk away, you won’t be sticking it to the fraudsters. At this point, the American taxpayer essentially owns your loan and that is who you will be sticking it to. The fraudsters are long gone and many taxpaying citizens like myself who never participated in the housing bubble one way or the other will be forced to pay for a mess that we had no part in.

It sucks that I as a responsible bill-paying person have to have my taxes go to paying for people like you, but that’s life.

[TheBreeze]

By the way, if you walk away, you shouldn’t think of yourself as a victim. Because you will be relying on taxpayer funds to bail you out of your mortgage, I would characterize you as more of a welfare queen. A housing welfare queen. That’s you.

[TheBreeze]

By the way, if you walk away, you shouldn’t think of yourself as a victim. Because you will be relying on taxpayer funds to bail you out of your mortgage, I would characterize you as more of a welfare queen. A housing welfare queen. That’s you.

[TheBreeze]

By the way, if you walk away, you shouldn’t think of yourself as a victim. Because you will be relying on taxpayer funds to bail you out of your mortgage, I would characterize you as more of a welfare queen. A housing welfare queen. That’s you.

[TheBreeze]

By the way, if you walk away, you shouldn’t think of yourself as a victim. Because you will be relying on taxpayer funds to bail you out of your mortgage, I would characterize you as more of a welfare queen. A housing welfare queen. That’s you.

[TheBreeze]

By the way, if you walk away, you shouldn’t think of yourself as a victim. Because you will be relying on taxpayer funds to bail you out of your mortgage, I would characterize you as more of a welfare queen. A housing welfare queen. That’s you.

[RB132]

I guess that we all should teach our childen this learning: there is nothing wrong/right but just whether other are doing it.

[RB132]

I guess that we all should teach our childen this learning: there is nothing wrong/right but just whether other are doing it.

[RB132]

I guess that we all should teach our childen this learning: there is nothing wrong/right but just whether other are doing it.

[RB132]

I guess that we all should teach our childen this learning: there is nothing wrong/right but just whether other are doing it.

[RB132]

I guess that we all should teach our childen this learning: there is nothing wrong/right but just whether other are doing it.

[briansd1]

[quote=CA renter]TG,

Here in San Diego, and parts of L.A., the natural peak was in 2001 in many places. You can see the sales rates and price increases slowing down in late 2000/early 2001, and many people in the RE field (back when they were fairly sane) were calling the top of the housing cycle.

I knew plenty of people who were getting neg-am/no-doc and other toxic loans before 2003, and buyers had been in a frenzy since the late 90s. An anecdote: our favorite waitress at a local, family-style restaurant could hardly contain her enthusiasm when she told us about how she and her *boyfriend* (who also worked at the restaurant) were buying a $400K house. They had no downpayment, no other income, and they were both in their very young 20s. This was around 2001/2002, IIRC.

We were never allowed to experience the recession that was supposed to happen in 2000/2001. We just dipped a little, then it was off to the races when Greenspan started juicing the housing market. Now, we will have to experience the pain from the 2001 recession in full, PLUS suffer the effects as all the money that was created in 2001-2007 gets sucked back out of the system. Greenspan really f’ed us.[/quote]

I agree with you.

Y2K is when government flooded the market with money to avert the Y2k bug (what a joke that was).

More money was pumped in to avert the recession brought on by the dot com bust.

Then more funny money was poured into the financial system after 9/11.

As jpinpb frequently reminds me, 1997 is when Clinton did away with capital gains on primary residences and when people started speculating on their own houses.

I believe we will see Year 2000 prices again.

[briansd1]

[quote=CA renter]TG,

Here in San Diego, and parts of L.A., the natural peak was in 2001 in many places. You can see the sales rates and price increases slowing down in late 2000/early 2001, and many people in the RE field (back when they were fairly sane) were calling the top of the housing cycle.

I knew plenty of people who were getting neg-am/no-doc and other toxic loans before 2003, and buyers had been in a frenzy since the late 90s. An anecdote: our favorite waitress at a local, family-style restaurant could hardly contain her enthusiasm when she told us about how she and her *boyfriend* (who also worked at the restaurant) were buying a $400K house. They had no downpayment, no other income, and they were both in their very young 20s. This was around 2001/2002, IIRC.

We were never allowed to experience the recession that was supposed to happen in 2000/2001. We just dipped a little, then it was off to the races when Greenspan started juicing the housing market. Now, we will have to experience the pain from the 2001 recession in full, PLUS suffer the effects as all the money that was created in 2001-2007 gets sucked back out of the system. Greenspan really f’ed us.[/quote]

I agree with you.

Y2K is when government flooded the market with money to avert the Y2k bug (what a joke that was).

More money was pumped in to avert the recession brought on by the dot com bust.

Then more funny money was poured into the financial system after 9/11.

As jpinpb frequently reminds me, 1997 is when Clinton did away with capital gains on primary residences and when people started speculating on their own houses.

I believe we will see Year 2000 prices again.

[briansd1]

[quote=CA renter]TG,

Here in San Diego, and parts of L.A., the natural peak was in 2001 in many places. You can see the sales rates and price increases slowing down in late 2000/early 2001, and many people in the RE field (back when they were fairly sane) were calling the top of the housing cycle.

I knew plenty of people who were getting neg-am/no-doc and other toxic loans before 2003, and buyers had been in a frenzy since the late 90s. An anecdote: our favorite waitress at a local, family-style restaurant could hardly contain her enthusiasm when she told us about how she and her *boyfriend* (who also worked at the restaurant) were buying a $400K house. They had no downpayment, no other income, and they were both in their very young 20s. This was around 2001/2002, IIRC.

We were never allowed to experience the recession that was supposed to happen in 2000/2001. We just dipped a little, then it was off to the races when Greenspan started juicing the housing market. Now, we will have to experience the pain from the 2001 recession in full, PLUS suffer the effects as all the money that was created in 2001-2007 gets sucked back out of the system. Greenspan really f’ed us.[/quote]

I agree with you.

Y2K is when government flooded the market with money to avert the Y2k bug (what a joke that was).

More money was pumped in to avert the recession brought on by the dot com bust.

Then more funny money was poured into the financial system after 9/11.

As jpinpb frequently reminds me, 1997 is when Clinton did away with capital gains on primary residences and when people started speculating on their own houses.

I believe we will see Year 2000 prices again.

[briansd1]

[quote=CA renter]TG,

Here in San Diego, and parts of L.A., the natural peak was in 2001 in many places. You can see the sales rates and price increases slowing down in late 2000/early 2001, and many people in the RE field (back when they were fairly sane) were calling the top of the housing cycle.

I knew plenty of people who were getting neg-am/no-doc and other toxic loans before 2003, and buyers had been in a frenzy since the late 90s. An anecdote: our favorite waitress at a local, family-style restaurant could hardly contain her enthusiasm when she told us about how she and her *boyfriend* (who also worked at the restaurant) were buying a $400K house. They had no downpayment, no other income, and they were both in their very young 20s. This was around 2001/2002, IIRC.

We were never allowed to experience the recession that was supposed to happen in 2000/2001. We just dipped a little, then it was off to the races when Greenspan started juicing the housing market. Now, we will have to experience the pain from the 2001 recession in full, PLUS suffer the effects as all the money that was created in 2001-2007 gets sucked back out of the system. Greenspan really f’ed us.[/quote]

I agree with you.

Y2K is when government flooded the market with money to avert the Y2k bug (what a joke that was).

More money was pumped in to avert the recession brought on by the dot com bust.

Then more funny money was poured into the financial system after 9/11.

As jpinpb frequently reminds me, 1997 is when Clinton did away with capital gains on primary residences and when people started speculating on their own houses.

I believe we will see Year 2000 prices again.

[Author]

Posts