The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: XoFruitCake who wrote (51414)	4/5/2006 3:43:54 AM
From: Amy J	Read Replies (2) of 306849

RE: "But a lot of people in the last few years is doing the legal version of this scheme. They did the 110% cash out with stated income/IO loan and draw money out to spend on luxury items. And when the music stop, they go bk. Since they don't have any money left, it is legal." Good post. There's a huge difference between someone having a medical problem that causes bk, and someone that intentionally tries to abuse the spirit of the law (that's intended to help those with sincere issues). Anyone can cheat in life at any point - you can cheat on an exam, you can rob a bank, you can steal a wallet - but most people don't do this. There are choices in life - why cheat when you can instead apply energy in a constructive manner to benefit yourself? If a person cheats, even against the spirit of the law, it has a negative impact to the system as well as to that person - how many friends do you have that cheat? Probably none, right? That's one way how they lose out - they lose some of the most trustworthy relationships and end up being surrounded with other cheats. If I learned someone cheated on their taxes, they would no longer be my friend. I'd also add to the list, what you mentioned above: people that irresponsibly spend and expect others to bail them out for their own irresponsibility. RE: "ultimately some bagholder will loss a lot of money. The question is who. And I am not sure anyone know. I am looking at some closed end bond fund and a lot of them has some MBS in their portfolio and you wouldn't be able to tell if you just look at the name of the fund (e.g. Is the bond from FNM safe? What about bond from WM?)" Am wondering about this too. Do others have insights to this question? Regards, Amy J

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