Why Our county will implode
So now I own 2 homes. net worth over 1.2 million in property. how is this possible? greed... on all of our behalf.
Greed on my behalf because I am starting to understand the system and figuring out how to manipulate it to my advantage. shame on me. Why cant I be satisfied with working a single job for 40 years, paying my simple mortgage and retiring off of my pension like so many generations before me. In a lot of ways I think this might actually be the smarter way to go. Less stress, more free time (theoretically) and complacency, which I think there is something to be said for. Was the life that was lead so much worse than mine? doubtful.
Greed on the lenders behalf because of something called stated income. These lenders were so hot to get loans under them that they will slide your financial statistics around based on your credit score. they are gambling on the fact that with great scores comes great responsibility. Guess they were off the mark on that one based on todays market as opposed to the one 6 months ago when they basically lied about my information to make the loan more appealing. I didnt really understand this until after it was done and I reviewed the papers. I think part of the reason there is so much paperwork involved with buying a house is becasue they know that you would never enter into the agreement if you understood and read it all in 2 concise pages that laid it all out in black and white. Instead the play the odds that you will never read it all and you will just sign away like a good stooge.
Anyway it looks like we will beg borrow and steal our way into debt as long as someone will put us into it. seems like everyone has mortgaged their assets, what will happen when the first tier default (because guess what they are the ones who can actually afford to default, it only affects them right) the rest will collapse like dominoes. I think we are starting to see the beginning of that trend people. Dollar falling, real estate falling. What else is left?
Greed on my behalf because I am starting to understand the system and figuring out how to manipulate it to my advantage. shame on me. Why cant I be satisfied with working a single job for 40 years, paying my simple mortgage and retiring off of my pension like so many generations before me. In a lot of ways I think this might actually be the smarter way to go. Less stress, more free time (theoretically) and complacency, which I think there is something to be said for. Was the life that was lead so much worse than mine? doubtful.
Greed on the lenders behalf because of something called stated income. These lenders were so hot to get loans under them that they will slide your financial statistics around based on your credit score. they are gambling on the fact that with great scores comes great responsibility. Guess they were off the mark on that one based on todays market as opposed to the one 6 months ago when they basically lied about my information to make the loan more appealing. I didnt really understand this until after it was done and I reviewed the papers. I think part of the reason there is so much paperwork involved with buying a house is becasue they know that you would never enter into the agreement if you understood and read it all in 2 concise pages that laid it all out in black and white. Instead the play the odds that you will never read it all and you will just sign away like a good stooge.
Anyway it looks like we will beg borrow and steal our way into debt as long as someone will put us into it. seems like everyone has mortgaged their assets, what will happen when the first tier default (because guess what they are the ones who can actually afford to default, it only affects them right) the rest will collapse like dominoes. I think we are starting to see the beginning of that trend people. Dollar falling, real estate falling. What else is left?
posted by CMapes at 2:59 AM
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