Comments on: Subprime mortgages, Citigroup, Acorn, NACA

By: burbatoga

burbatoga — Tue, 27 Nov 2007 07:12:25 +0000

re 5. and only $150/mo: food stamp program accounted for ~$33bn of tax money in 2006.

By: MLS-2.com

MLS-2.com — Tue, 27 Nov 2007 04:44:17 +0000

“Over the past five years, she has refinanced her home five times, each time taking out cash and paying prepayment penalties.”

Her prepays totaled enough for a new Porsche!

By: et_tu_alt_a?

et_tu_alt_a? — Tue, 27 Nov 2007 00:28:31 +0000

This type of thing couldn’t possibly be relevant to the Bay Area as noone round here would be so fiscally irresponsible as to extract over $500k in equity from their house to fund their Lexus etc leaving themselves upside down to the tune of $150k… right?

By: MLS-2.com

MLS-2.com — Mon, 26 Nov 2007 22:25:32 +0000

One Bay Area example was given in the article, in Redwood City. Don’t worry, we have our share!

By: ex-sunnyvale-renter

ex-sunnyvale-renter — Mon, 26 Nov 2007 22:12:39 +0000

Yes the big problems with any bailouts is, they’re out of tax dollars (I’m taking tax dollars vie food stamps but it’s only $150 a month) and, the bailouts won’t save anyone’s “american dreams”

the thing to do is scale back, way back, as soon as possible. Get your spoiled kids out of their bedrooms with bigscreens and find a decent rental. Sell off all the assets you can and apply to debt. Maybe you can cut back enough and raise enough through selling the Lexus etc to dig your way out. If you can’t do it that way, and by adopting a FRUGAL lifestyle, then go ahead and do your Chapter 7 BK.

By: Pralay

Pralay — Mon, 26 Nov 2007 22:05:33 +0000

And govt is thinking about giving my tax-dollars to pay for Natalie Brandon’s “white Lexus”!!! I am still driving my 2003 Honda Accord and I still have to pay $2000+ for that loan. I can re-paint my black Honda to make it “white Honda”, if govt is willing to pay Natalie Brandon’s tax-dollars to pay for my car.

By: ex-sunnyvale-renter

ex-sunnyvale-renter — Mon, 26 Nov 2007 19:37:23 +0000

Same kind of thing going on here. Places for sale all over, people moving out to try to move in with family who will maybe take them in, etc.

It may be the Depression on 08-’12 or so.

By: waiting_for_the_fall

waiting_for_the_fall — Mon, 26 Nov 2007 17:00:48 +0000

The lady buys a lexus with equity, one of the more expensive high end cars, and complains that she can’t afford her mortgage payment?
I have no sympathy for these money hungry fools.

By: 3rd Generation

3rd Generation — Mon, 26 Nov 2007 14:44:41 +0000

Perfect financial examples of people who should have never been granted loans to buy houses.. Find out who received comissions and Jail them all. Too bad the new house is a ‘crate-in-the-yard” -Oh well, they’ll have something to tell their kids about someday, if they survive the winter? – The Depression of 2008 -2009. I think I’ll go take a long shower and turn the heat up, I feel a chill…
Thank you Burbed for the stories – Keep ‘em coming!