Credit Meltdown
Joined: Oct 2003
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From: MAHT-O-MEDI
[QUOTE=chrisjgiuliano,Sep 29 2008, 09:13 AM]Is anyone else getting increasingly perturbed by the pathetic people whining on tv and the internet about how they can't pay their credit card bills or their mortgage and the government has failed them because they were supposed to protect them?
Why is no one asking why Joe Dicksmack was retarded enough to rack up $25K in credit card debt or a $600K mortgage on a $60K salary with two HELOC's? Why is the common man in America reduced to a damn lemming following the one in front of him right over a cliff?
These people are stupid and deserve to lose their homes and file for bankruptcy. Wake the #### up and take responsibility for your actions America!!!
End Rant!
Why is no one asking why Joe Dicksmack was retarded enough to rack up $25K in credit card debt or a $600K mortgage on a $60K salary with two HELOC's? Why is the common man in America reduced to a damn lemming following the one in front of him right over a cliff?
These people are stupid and deserve to lose their homes and file for bankruptcy. Wake the #### up and take responsibility for your actions America!!!
End Rant!
Joined: Oct 2003
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From: MAHT-O-MEDI
Yeah the sad part is, the people who stashed everthing away into savings will get killed (like me) and the people who charged themselves into oblivion will declare bankruptcy, lose nothing, and keep all the crap they bought. Joke is on us.
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Originally Posted by vader1,Sep 29 2008, 12:14 PM
Yeah the sad part is, the people who stashed everthing away into savings will get killed (like me) and the people who charged themselves into oblivion will declare bankruptcy, lose nothing, and keep all the crap they bought. Joke is on us.
Almost 800 down today, the 19th floor looks pretty high :-(
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From: Lost in the mountains
Originally Posted by Wildncrazy,Sep 29 2008, 01:21 PM
Yup, those greedy lenders suited up, hollered "lock & load" and then hit the streets and drug those poor suckers in and made them take out a loan.
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From: Oh kwa tan zen wan
Originally Posted by Wildncrazy,Sep 29 2008, 04:21 PM
Yup, those greedy lenders suited up, hollered "lock & load" and then hit the streets and drug those poor suckers in and made them take out a loan.
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From: Doh!!
Originally Posted by KeithMajkasays,Sep 29 2008, 01:33 PM
I wouldnt really put it in those terms but when lenders dont require proof of income when giving a loan then id say the stupidity falls a bit on both sides.
If you have no money, bad credit rating, no means to pay any loan back, and some schmuck will loan you $500K for signing your name.
If you get lucky, wait 2 years and sell the house for $300K profit. Or refinance and get $100K out of the house you don't own. If you get unlucky, in a couple of years you lose the house you don't own to foreclosure and ended up exactly where you started.
Upside - Getting $100K for free & potentially making $300K.
Downside - nothing.
wouldn't you do it if you were in their shoes?