For your (insert name of idiot poster) information - my loan is a non-recourse loan (fixed rate 35-year old) I doubt you know much about these things because likely you "trade" from your momma's basement. But a non-recourse loan means, that yes(!) I can LEGALLY, hand the keys back to whomever fucker I borrowed the money and he/it keeps the house. Fair? Now this (mark downs etc) happens in commercial R/E all the time, but most of you dumb fucks here are too ignorant to know any better. FUCK YOU ALL! LOSERS!
No. Foreclosures & defaults have been happening for decades. Suprime lending was around before 2002. Banks were climbing over themselves to grab any mortgage they could and leverage it out 10 times over, while knowing that it was crap to start with. That's the cause. They lose their home, kill their credit and have a judgement entered against them. If possible, their wages get garnished and bank account seized. They don't just walk away. It's just that at a certain point, they have nothing to lose. And you sound like you are looking for someone to blame, yet refuse to educate yourself.
Well, this is what food chain is about. These higherUps are in a position that can rape you anyway they want. When they make profit, they say it is because they are highly skilled and look down on you. When they screw up, they say pay me, and you are supposed to say "Yes Sir!".
to get out of this mess we need some sacrifice and class: "Deutsche Bank CEO Ackermann to Forgo '08 Bonus, Spokesman Says" http://www.bloomberg.com/apps/news?pid=20601087&sid=a.Hrrma43huQ&refer=home
No incentive. What incentive does the government have to invest or spend the money it stole from you under threat of violent force? Zero.
Why is it the public's responsibility to guarantee Lloyd Fucking Blankfein a $70MM paycheck? And Hank Fucking Paulson too? He's the fucking idiot who created all this shit. If Joe Plumber has to pay $35K to banks for something that is not his fault, I pride him if he can offset that $35K with a $35k bailout. The bailout is nothing but a smokescreen to buy time. It does not work. The whole thing does not work. The GDP of planet Earth is not large enough to bail out all the financial mess Hank Paulson created when he was CEO of GS. Who should loose here? The investors who bought MBS and those who sold CDS. They are the ones who made the bad investments. Joe Plumber only bought a home like any other HARD WORKING AMERICAN. But you want to say fuck the working man and bailout big business. Fuck that!!!!!!!!!!!!!!!!!!!!!!!!
You have a very good point Mgookin. Should of had Joe the Plumber running LEH instead of that offspring of Satan Dick Fuld. They'd still be in business.
well under Joe the Lehmans would certainly not pay taxes - which they paid under Fuld (billions...) `Joe the Plumber,' Who Dislikes Obama Tax Plan, Owes Back Taxes By Ryan J. Donmoyer Oct. 16 (Bloomberg) -- ``Joe the plumber,'' the Toledo, Ohio, man whose complaints about Barack Obama's tax plan were featured in the final presidential debate, owes the state of Ohio almost $1,200 in back income taxes. According to records on file with the Lucas County Court of Common Pleas, the state filed a tax lien against Samuel J. Wurzelbacher for $1,182.98 on Jan. 26, 2007, that is still active. Wurzelbacher was thrust into the national spotlight this week when he told Obama he worried that the Illinois senator's proposals to roll back Bush administration tax breaks for Americans earning more than $250,000 would prevent him from buying a plumbing business that would earn between $250,000 and $280,000 a year. Republican John McCain, the Arizona senator, pointed to the exchange during the debate last night when he turned to the camera and said, ``I will not stand for a tax increase on small- business income.'' Directly criticizing Obama, he added, ``what you want to do to `Joe the plumber' and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.'' Today, at a rally in Downingtown, Pennsylvania, McCain said that ``the real winner last night was `Joe the plumber.''' Wurzelbacher's home telephone number is unlisted, and efforts to reach him by calling his neighbors and family were unsuccessful. Attempts to reach Wurzelbacher at the plumbing company where he works were also unsuccessful. The address on the lien and other records for him matched the address published by the Toledo Blade, which also noted the lien.
Everybody knew house prices were out of whack . They should still fall another 20% from today's level. And that would be a good thing for the average working man. Stay in your home , you are lucky to have one. You bought into a greater fool scheme but in the end you will be alright. Now if you really want to prevent this from ever happening again. It' s not Wall Street you have to tackle it's yourself, and all the greedy middle class landlords whose ways you are tempted to adopt. They are more greedy than Wall Street CEO's, Wall Street CEO's make money out of thin air , they don't see people they might be hurting . Greedy landlords they are worse they don't care they raise rents on their tenants and then they call themselves geniuses. What you need is the same regulation as in continental Europe, we don't have your housing problem , not as bad at least. You need rent control, stricter regulations on what landlords can do (here they can't raise rents unless inflation goes up (EU) or rates go up (Switzerland). You need higher taxes on buying and selling homes, less tax incentive for buyers probably and finally you need a monetary policy that targets inflation (including asset prices). Now obviously if you implement all this now that would make things much worse but over the next 20 years , that's how you make things better for the average working joe.