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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Proud Deplorable who wrote (88159)10/30/2007 12:34:39 PM
From: benwood  Read Replies (1) of 110194
 
"[...]where other predators (the rich) are bidding on the foreclosed homes of the poor who Wall Street [...] has robbed and cheated."

I don't think one can be classified as "cheated" out of something that they did not pay for. Yes, it's a travesty, and some are trying to stay put under financial pressure post interest rate reset. For some who really thought they could handle it, the most tangible thing they'd be cheated out of may simply be their credit rating, enticed and/or bamboozled into getting in way over their heads.

But in exchange for their zero down liar loan and teaser rates, many lived for the same or less than they were paying renting, hence the no-brainer move on their part. And when they throw in the towel and await foreclosure, they will pay no property tax nor mortgage payments, living free for several months or more.

The ones being cheated are the US middle class taxpayers who will pay the brunt of the bailouts handed to the US banking industry and the distorted financial tentacles on Wall Street.

Seriously, you can't be "poor" and cheated out of a 600k house for which you made no down payment and teaser interest payments. And if you lied to get the loan, who's getting cheated?

Many ignorantly believed they'd get something for nothing, the same as those who "invested" near the zenith of the tech bubble in late '99 and got "cheated by fate." Or to those who recognized the fallacy, cheated by their own ignorance and willful blindness.
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