Why not walk away?

[ucodegen]

@mortgage3

The facts:
He bought in 2003 before the really stupid loans(no doc 100%, 100% with no reserves, 100% with low ficos, Option Arm 1st’s with a 100% CLTV, etc) became all the rage. Was he supposed to know that Wall Street would completely lose their mind??

To me, it looks like this guy’s bed was made for him by others(wall street and neighbors).

Not really. House prices and interest rates move in opposite directions. If interest rates go down, house prices go up.. if interest rates go up, house prices go down (in the general term of things). Buyers don’t always look at the actual price of what they are buying.. most look at the monthly payment and say… I can buy that.

He bought when interest rates were at an unusual low.. making house prices at an unusual high. Unfortunately the price lie was not immediately uncovered.. and was postponed by fancy financing.. which has resulted in this mess. Either way, because he bought at an unusual high, the price of the condo was bound to drop anyway, when interest rates went up. It is just happening faster now and will be bound to overshoot.

By the way, with the fancy financing continuing the frenzy resulting in a disaster now.. what does that tell you about the likely result of the bailout? Postponing a problem does not make it go away and does not fix it.. it only gets worse. Eventually there is a reckoning.

[Anonymous]

I cannot believe this. 🙁 Please no bailout! I guess it’s too late. These people are going to get a bailout?? I’m sorry, but I have zero sympathy for the OP in his million dollar condo.

I can’t believe we all have to pay for these people’s mistakes. From what I’m hearing, many of you don’t think this bailout will successfully stall the ongoing crash of this bubble, or do you?

If so, how long will it keep prices from hitting rock bottom?

[Anonymous]

I cannot believe this. 🙁 Please no bailout! I guess it’s too late. These people are going to get a bailout?? I’m sorry, but I have zero sympathy for the OP in his million dollar condo.

I can’t believe we all have to pay for these people’s mistakes. From what I’m hearing, many of you don’t think this bailout will successfully stall the ongoing crash of this bubble, or do you?

If so, how long will it keep prices from hitting rock bottom?

[Anonymous]

I cannot believe this. 🙁 Please no bailout! I guess it’s too late. These people are going to get a bailout?? I’m sorry, but I have zero sympathy for the OP in his million dollar condo.

I can’t believe we all have to pay for these people’s mistakes. From what I’m hearing, many of you don’t think this bailout will successfully stall the ongoing crash of this bubble, or do you?

If so, how long will it keep prices from hitting rock bottom?

[Anonymous]

I cannot believe this. 🙁 Please no bailout! I guess it’s too late. These people are going to get a bailout?? I’m sorry, but I have zero sympathy for the OP in his million dollar condo.

I can’t believe we all have to pay for these people’s mistakes. From what I’m hearing, many of you don’t think this bailout will successfully stall the ongoing crash of this bubble, or do you?

If so, how long will it keep prices from hitting rock bottom?

[Anonymous]

I cannot believe this. 🙁 Please no bailout! I guess it’s too late. These people are going to get a bailout?? I’m sorry, but I have zero sympathy for the OP in his million dollar condo.

I can’t believe we all have to pay for these people’s mistakes. From what I’m hearing, many of you don’t think this bailout will successfully stall the ongoing crash of this bubble, or do you?

If so, how long will it keep prices from hitting rock bottom?

[Anonymous]

People like the OP, and borrowers in general, will not be bailed out. They own nothing of their house, and someday will leave it via foreclosure or the equivalent, generally neither gaining nor losing more money. The bailout is of the banks, who will lose less on the loans because of additional years of mortgage payments, and of the population in general, because these homes will remain occupied and thus occupiable, rather than deteriorating to teardowns with years of no maintenance and upkeep. Also, the current administration gets bailed out because delaying the crash means it will be blamed less on Bush % co. and more on whoever is next.

[Anonymous]

People like the OP, and borrowers in general, will not be bailed out. They own nothing of their house, and someday will leave it via foreclosure or the equivalent, generally neither gaining nor losing more money. The bailout is of the banks, who will lose less on the loans because of additional years of mortgage payments, and of the population in general, because these homes will remain occupied and thus occupiable, rather than deteriorating to teardowns with years of no maintenance and upkeep. Also, the current administration gets bailed out because delaying the crash means it will be blamed less on Bush % co. and more on whoever is next.

[Anonymous]

People like the OP, and borrowers in general, will not be bailed out. They own nothing of their house, and someday will leave it via foreclosure or the equivalent, generally neither gaining nor losing more money. The bailout is of the banks, who will lose less on the loans because of additional years of mortgage payments, and of the population in general, because these homes will remain occupied and thus occupiable, rather than deteriorating to teardowns with years of no maintenance and upkeep. Also, the current administration gets bailed out because delaying the crash means it will be blamed less on Bush % co. and more on whoever is next.

[Anonymous]

People like the OP, and borrowers in general, will not be bailed out. They own nothing of their house, and someday will leave it via foreclosure or the equivalent, generally neither gaining nor losing more money. The bailout is of the banks, who will lose less on the loans because of additional years of mortgage payments, and of the population in general, because these homes will remain occupied and thus occupiable, rather than deteriorating to teardowns with years of no maintenance and upkeep. Also, the current administration gets bailed out because delaying the crash means it will be blamed less on Bush % co. and more on whoever is next.

[Anonymous]

People like the OP, and borrowers in general, will not be bailed out. They own nothing of their house, and someday will leave it via foreclosure or the equivalent, generally neither gaining nor losing more money. The bailout is of the banks, who will lose less on the loans because of additional years of mortgage payments, and of the population in general, because these homes will remain occupied and thus occupiable, rather than deteriorating to teardowns with years of no maintenance and upkeep. Also, the current administration gets bailed out because delaying the crash means it will be blamed less on Bush % co. and more on whoever is next.

[Chris Scoreboard Johnston]

Rustico

The answer is both I guess, although I am looking forward to seeing 4 plex on stage at the local comedy club, calling himself an optimist has to be part of his stand up routine.

I just feel so differently on so many of these subjects, even though in general I share the bearish RE view. I feel if you make a commitment, be it financial or otherwise, you should live up to it, not look for ways to get out of it the minute things become dicey.

Who ever promised anyone that everything in life is completely fair, or that your RE should appreciate? That dude is nothing more than a condo day trader, who should never be extended credit ever again if he bails on something that he is capable of paying on because he is upset about the valuation change. That is a disgrace IMO.

[Chris Scoreboard Johnston]

Rustico

The answer is both I guess, although I am looking forward to seeing 4 plex on stage at the local comedy club, calling himself an optimist has to be part of his stand up routine.

I just feel so differently on so many of these subjects, even though in general I share the bearish RE view. I feel if you make a commitment, be it financial or otherwise, you should live up to it, not look for ways to get out of it the minute things become dicey.

Who ever promised anyone that everything in life is completely fair, or that your RE should appreciate? That dude is nothing more than a condo day trader, who should never be extended credit ever again if he bails on something that he is capable of paying on because he is upset about the valuation change. That is a disgrace IMO.

[Chris Scoreboard Johnston]

Rustico

The answer is both I guess, although I am looking forward to seeing 4 plex on stage at the local comedy club, calling himself an optimist has to be part of his stand up routine.

I just feel so differently on so many of these subjects, even though in general I share the bearish RE view. I feel if you make a commitment, be it financial or otherwise, you should live up to it, not look for ways to get out of it the minute things become dicey.

Who ever promised anyone that everything in life is completely fair, or that your RE should appreciate? That dude is nothing more than a condo day trader, who should never be extended credit ever again if he bails on something that he is capable of paying on because he is upset about the valuation change. That is a disgrace IMO.

[Chris Scoreboard Johnston]

Rustico

The answer is both I guess, although I am looking forward to seeing 4 plex on stage at the local comedy club, calling himself an optimist has to be part of his stand up routine.

I just feel so differently on so many of these subjects, even though in general I share the bearish RE view. I feel if you make a commitment, be it financial or otherwise, you should live up to it, not look for ways to get out of it the minute things become dicey.

Who ever promised anyone that everything in life is completely fair, or that your RE should appreciate? That dude is nothing more than a condo day trader, who should never be extended credit ever again if he bails on something that he is capable of paying on because he is upset about the valuation change. That is a disgrace IMO.

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