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Portraits of Underwater America

By Patrick   Follow   Mon, 4 Jun 2012, 4:01pm   1,966 views   18 comments
In Menlo Park CA 94025   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://www.yesmagazine.org/new-economy/mortgaging-the-future-portraits-of-america-underwater-1

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1. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   1   4:44pm Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   so sick of the victim card

2. pazuzu Follow Befriend 6 threads 198 comments

   2   4:57pm Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   Didn't see 1 bit of information on how many of those folks took their "hard earned" equity out via HELOCs etc... Without that info it is tough to know what to think, other then most of them would be better off now if they just walked away.

3. jvolstad Follow Befriend (4) 1,003 threads 1,146 comments San Antonio, TX jvolstad's website

   3   5:08pm Mon 4 Jun 2012   Share   Quote   Permalink   Like (2)   Dislike   This never would have happened if people were required to put down at least 20%. "Oh that's racist cry the liberals". No it's not. Start saving and live a modest life style and you will be surprised how fast you can get your down payment.

4. joshuatrio Follow Befriend 41 threads 704 comments Monterey, CA

   4   5:30pm Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   PockyClipsNow says so sick of the victim card +1

5. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   5   5:37pm Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   if you put zero down, then get 300k heloc, then squat and/or rent skim for 3 years before foreclosure you are SURE AS HELL BETTER OFF NOW than if you had rented like a chump for years. is buying awsome or what?!?

6. CrazyMan Follow Befriend 449 comments Boulder Creek, CA

   6   5:48pm Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   1. All of these people should be foreclosed on if they can't pay (not a single fuck is given). The houses should be immediately placed on the market at the newer more realistic price. 2. The banks should be liquidated, sold off to the highest bidders and the stock holders wiped. Banks knew it was a house of cards and knew that we, the suckers, would bail them out as soon as it came crashing down.

7. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   7   5:56pm Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   I agree, speed up foreclosure process! The reality is the white house has slowed it down from 12 month avg to 3 year avg AND NOW they are selling the defaulted REO inventory in bulk to REITs and hedge funds so they can keep prices high. Im sure those entities are using OPM/borrowed/printed money to buy them right? There is very little MLS inventory in some areas due to investor activity - now getting worse with bidding wars. somehow this makes me angry - i just wanna house for 50% of peak 2006 prices. that should be easy but aint.

8. golfplan18 Follow Befriend (2) 537 threads 114 comments Irvine, CA

   8   6:09pm Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   America Underwater http://ochousingnews.com/news/america-underwater

9. EastCoastBubbleBoy Follow Befriend (13) 104 threads 471 comments Premium

   9   7:51pm Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Here’s my stance on it. I can’t count how many times from 2004 to 2008 I heard “you can ALAYWS refinance”. Here’s the problem. Most (myself included) first time home buyers don’t realize that Realtors® and mortgage brokers are actually licensed as “salespeople” in most states. I mistakenly thought that I was getting a professional assessment of the facts. Just as I don’t think to go to my doctor for a second opinion unless I hear something I don’t like, I don’t go to another realtor or mortgage lender if they tell me what I want to hear – I mistakenly believing they are professionals looking out for my best interest – not salespeople who, although well intentioned, at the end of the day want to make the sale. When they said “you can refinance” many, looking upon them as experts, took that statement at face value and were not educated enough to dig deeper. So as much as I hate the victim card, I believe when people say that the risk was not fully explained to them. There’s plenty of blame pie to go around, from the buyers to the sellers, form the banks to the politicians, and so one. On some level even I am to blame. I didn’t raise holy hell while these practices were going on… I just sat there and said “shucks… I guess I’m priced out.” I guess in hindsight I can see both sides of it.

10. Homeboy Follow Befriend 17 threads 1,606 comments

    10   12:32am Tue 5 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Hey underwater America - this is the world's smallest violin, and it is playing a sad song for you: So you couldn't afford the house, but you thought if you borrowed even MORE money, then you COULD afford it? And now you all want a do-over? Is that it? You should watch this video: http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/27169

11. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    11   3:50am Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   EastCoastBubbleBoy says I mistakenly thought that I was getting a professional assessment of the facts. Just as I don’t think to go to my doctor for a second opinion unless I hear something I don’t like, I don’t go to another realtor or mortgage lender if they tell me what I want to hear – I mistakenly believing they are professionals looking out for my best interest – not salespeople who, although well intentioned, at the end of the day want to make the sale. article published back in 1999-2000 put it in very good perspective: it talked about how middle aged ladies, formerly selling tuppeware switching to real estate and pulling in 6% on $1M deals.

12. JodyChunder Follow Befriend (3) 21 threads 1,525 comments Victorville, CA Premium

    12   4:02am Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   jvolstad says This never would have happened if people were required to put down at least 20%. "Oh that's racist cry the liberals". No it's not. Start saving and live a modest life style and you will be surprised how fast you can get your down payment. That is looser talk.

13. lisalisa Follow Befriend 1 threads 79 comments New Lenox, IL

    13   6:48am Tue 5 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   I give this whole discussion a "thumbs down". Been there, been told lies, murphys law kicked in, banks turned their noses. Lost what I had. "I'm Out"

14. aurelius Follow Befriend 12 comments

    14   8:19am Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   EastCoastBubbleBoy says Here’s my stance on it. I can’t count how many times from 2004 to 2008 I heard “you can ALAYWS refinance”. Here’s the problem. Most (myself included) first time home buyers don’t realize that Realtors® and mortgage brokers are actually licensed as “salespeople” in most states. I mistakenly thought that I was getting a professional assessment of the facts. Just as I don’t think to go to my doctor for a second opinion unless I hear something I don’t like, I don’t go to another realtor or mortgage lender if they tell me what I want to hear – I mistakenly believing they are professionals looking out for my best interest – not salespeople who, although well intentioned, at the end of the day want to make the sale. When they said “you can refinance” many, looking upon them as experts, took that statement at face value and were not educated enough to dig deeper. Nailed it. Reminds me of a Chris Rock joke: It's like if I dressed up as a police officer and some lady runs up to me asking for help cuz she's being chased. "Whoa whoa whoa here lady! You think just because I'm dressed this way I'm a police officer????"

15. Oxygen Follow Befriend 14 threads 168 comments Brooklyn, NY

    15   8:28am Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   It was Dave Chappelle that said that. aurelius says Nailed it. Reminds me of a Chris Rock joke: It's like if I dressed up as a police officer and some lady runs up to me asking for help cuz she's being chased. "Whoa whoa whoa here lady! You think just because I'm dressed this way I'm a police officer????"

16. YesYNot Follow Befriend (2) 17 threads 443 comments Reston, VA

    16   8:44am Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   I do feel bad for these people, particularly the 90 year olds. They probably never thought they would make it that long. In any case, it would suck to get kicked out at that age. As for the others, they should really just stop paying. I don't understand why this is so complicated.

17. zzyzzx Follow Befriend (9) 436 threads 4,261 comments Baltimore, MD

    17   12:08pm Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   YesYNot says I do feel bad for these people, particularly the 90 year olds. If I were a dictator, it would be illegal to give a 90 year old (or anyone else beyond average life expectancy) any type of loan. My reasoning being that I expect very few corpses to pay off the loan.

18. JodyChunder Follow Befriend (3) 21 threads 1,525 comments Victorville, CA Premium

    18   2:37pm Tue 5 Jun 2012   Share   Quote   Permalink   Like   Dislike   zzyzzx says If I were a dictator, I start near every sentence with this same preface.