Originally Posted by Brian Austin Whitney
Joe, that makes my point.

Brian


I noticed that. I even posted it before I read you previous post.

Great minds think alike and now I can compare you to a Nobel prize winner.

I completely get your point that "victims" of sub prime loans have themselves to blame. And for the folks who were using their false 'equity' as a person ATM, I have not much sympathy. But there is a category of borrowers who were defrauded every step of the way.

I have a brother in LA who owns a three bedroom ranch style house with a small yard near LAX. Five years ago it was appraised at $850,000- before he remodeled it! My house is huge compared to his and is on one acre (near Fort Worth) and is appraised for $200,000. If Jerry's house was in Fort Worth, it wouldn't bring $150,000. Jerry has a high anxiety job as an airport re-fueling manager. He has no retirement to speak of. I suggested to him about 18 months ago that he sell his house, move to Oregon or New Mexico, buy a house for $200,000 and bank the rest. He didn't listen of course. Now it may be too late and LA is just one catastrophic earthquake away from a mass exodus. It may the the epitome of a place where people live beyond their means.