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She's just one of millions who are in for a long betrayal hangover

digitusmedius said:
http://talkingpointsmemo.com/news/trump-voter-lost-home-steve-mnuchin
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There is not enough detail in the article to really be able to judge the case, but I looked at a good number of this type of complaint a few years ago after the crisis. It was always about the same thing. The people had bought real estate that they cold not afford and did not understand. When the probable outcome of a bad investment resulted, the hardship was, What it was and the investor blamed the lender, still not understanding, what had hit them.

In Europe everything is fine, you see: World’s Most Expensive Home Hits Market for €1 Billion - Mansion Global
 
joG said:
The people had bought real estate that they cold not afford and did not understand. When the probable outcome of a bad investment resulted, the hardship was, What it was and the investor blamed the lender, still not understanding, what had hit them.
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That, in a nutshell, is the difference between investing and speculating.

These folks thought they were investing but they weren't.

They didn't understand the capital intensity or cash flow dependency of the real estate investment market and they got involved in buying these assets with money they couldn't afford to lose at a level of risk they couldn't afford to take.

It worked out great for them while it worked out great, but when the bottom fell out they lost their shirts.

I have to agree with you that in all honesty there really isn't enough detail in the article to really be able to judge this case, but the woman's hang-dog look as she blames things on Mnuchin, who had nothing to do with originating her loan and who lost a LOT of money initially as a result of the ban loans on the books at IndyMac, tells me that she still doesn't know what happened to her and that, consequently, she never knew what she was doing.

If she's anything like the people I know then her nephew or someone talked her in to taking out a couple adjustable rate loans that leveraged her beyond her means in order to buy properties she couldn't reasonably afford all without taking to a single asset manager or financial advisor about what she was doing.

I feel bad for her, I really do.
 
soot said:
That, in a nutshell, is the difference between investing and speculating.

These folks thought they were investing but they weren't.

They didn't understand the capital intensity or cash flow dependency of the real estate investment market and they got involved in buying these assets with money they couldn't afford to lose at a level of risk they couldn't afford to take.

It worked out great for them while it worked out great, but when the bottom fell out they lost their shirts.

I have to agree with you that in all honesty there really isn't enough detail in the article to really be able to judge this case, but the woman's hang-dog look as she blames things on Mnuchin, who had nothing to do with originating her loan and who lost a LOT of money initially as a result of the ban loans on the books at IndyMac, tells me that she still doesn't know what happened to her and that, consequently, she never knew what she was doing.

If she's anything like the people I know then her nephew or someone talked her in to taking out a couple adjustable rate loans that leveraged her beyond her means in order to buy properties she couldn't reasonably afford all without taking to a single asset manager or financial advisor about what she was doing.

I feel bad for her, I really do.
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That in a nutshell is the story over and again. And it must be made public that it was the lady's fault not that of the bank.
 
joG said:
There is not enough detail in the article to really be able to judge the case, but I looked at a good number of this type of complaint a few years ago after the crisis. It was always about the same thing. The people had bought real estate that they cold not afford and did not understand. When the probable outcome of a bad investment resulted, the hardship was, What it was and the investor blamed the lender, still not understanding, what had hit them.

In Europe everything is fine, you see: World’s Most Expensive Home Hits Market for €1 Billion - Mansion Global
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You should have stopped after the first clause of your first sentence because everything after that is the stale rehash of blaming everyone but the real culprits of our collapse. Sure there were people who over leveraged their homes and a few "flippers" who got what they deserved but the vast majority of the bad loans that lead to Bush's "Ownership Society" (his slogan for the 2004 election) were conned into those loans by unscrupulous mortgage brokers aided by the lenders and corrupt appraisals. You also seemed to miss the point of the OP was Der Dumbpster's preference for financial and economic advisors come from the same stock of predators and grifters who took this country's, and the the world's, economy down just 8 years ago. It's taken us all that time to get it back afloat again and Der Dumpster's gang of pirates could have us on the bottom again in less than half that time.
 
What are you trying to say? Just posting a link and dipping? Throwing a bloody steak into a tiny 10x10 cage with 10 lions in it?

Not a good idea.
 
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volsrock said:
That does tend to happen if you do not pay your bill in full. If i don't pay the right amount for my monthly health insurance the policy most likely would be terminated. This woman is no different.


Guess what, don't pay for your home or car they take it back



Better yet will you co-sign for any homeless guy I pick on a house? If not why?
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Thanks for yet another installment of of the long-running rightwing comedy "What forest? All I see is a tree."
 
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