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Posted by: ETproductions 1 year, 7 months ago

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ETproductions1 year, 7 months ago

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How hard was that. Anybody with half a brain could see this coming in the sub-prime lending that concentrated on ARMs. I'm a web developer with all my training in engineering, and I knew this was coming. Are all MBAs brain dead?

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  cowboygrandpa1 year, 7 months ago
  
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  ETproductions:
  "Are all MBAs brain dead?"
  No just mostly greedy and full of themseves. LOL
  I took accounting and was employed as a full charge bookkeeper for a while. Had to get out of it. Bored me to tears.
  I saw this comming back in 2004 and was telling people. But you know greed is like a fever. It can leave one delirious.
  It's not only the ARM's it's also a case of real value being over estimated in relation to affordability. In other words if you can't afford it but think that the price and value will continue to increase. Well you play the rob Peter to pay Paul game until you have enough equity to pay both. LOL
  People never fail to amaze me. They don't make enough to afford it yet buy it on hope and a prayer.
  And businesses will do anything to show their profit now. That bonus the executives receive makes them happy.
  
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    DoseASpinoza1 year, 7 months ago
    
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    I never took accounting and I'm not even that good at math but I could tell this was a boondoggle from the beginning.
    I started looking for a house in 2002, when I felt financially ready to do it, and was immediately priced out by two-income families bidding up outrageous amounts on anything in my price range. Realtors pressured me to stretch for something I could not afford, but I resisted. I put a bid on one place I could afford and 18 hours later others had bid the price up about $40k over asking. Any nitwit could figure out that was not based on the actual value of the property.
    Everyone on that food chain figured out how to increase their own commissions and pass the liability to someone else -- realtors, appraisers, brokers, banks. You would think institutional investors would know better. And maybe they did. How many were sitting in boardrooms planning to seek government bailouts when the inevitable happened? Who cares, as long as they got bonuses and commissions.
    
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      dunkirk1 year, 7 months ago
      
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      Amen to that. When I was looking for my first house I found ne I really liked. As I did the numbers for mortages and downpayment I was coming up short. The real estate broker ( a die hard Republican btw) suggested I contact a relative or any0ne who would vouch for me making more then I was. I declined knowing that fictional amount wasnt going to materialize out of thin air and I really couldnt afford that house.
      
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