Turn Off Ads?
Page 2 of 2 FirstFirst 12
Results 16 to 27 of 27

Thread: Extreme Makeover Foreclosure

  1. #16
    Member
    Join Date
    May 2000
    Location
    The Bush Leagues
    Posts
    9,172

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by RichRed View Post
    Don't forget, "Buy now or be priced out forever!"

    Warren Buffett, "get scared when everyone is greedy, get greedy when everyone is scared."
    The widow is gathering nettles for her children's dinner; a perfumed seigneur, delicately lounging in the Oeil de Boeuf, hath an alchemy whereby he will extract the third nettle and call it rent. ~ Carlyle

  2. Turn Off Ads?
  3. #17
    Danger is my business! oneupper's Avatar
    Join Date
    Jun 2004
    Location
    Back in Florida
    Posts
    8,157

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by Rojo View Post
    Warren Buffett, "get scared when everyone is greedy, get greedy when everyone is scared."
    The wild speculation that was going on the past few years made it really tough for those of us who were just looking for a house (home).

    I bought my house in early 2005, KNOWING I was overpaying. It was either an expensive house or NO house. Wife, kids and pets want a place that is THEIRS. There was no waiting option (and heck...we'd still be waiting).

    I had enough foresight to get a good fixed rate mortgage, and hedge the price indirectly (short on Long Bond futures and selected homebuilders), so the hit has not been that bad. Plus there are the homeowners tax incentives.

    But I work this stuff for a living, you can't expect everyone out there to have that kind of financial acumen.

    Moreover, while there was greed, there was a LOT of misinformation and deception going on. Mortgage Brokers doing bait and switches right before closing, just as an example.

    While the guys in the show got their house for free, and lost it stupidly, I can't help thinking of a lot of good folks who are losing theirs. I can't write them all off as greedy.

    To top it all off, another group of good folks are losing or going to lose their jobs as this mess plays out while possibly oblivious to the whole thing.

    Sorry for the rant, mods...if it's too political, remember I can't vote (yet).
    Last edited by oneupper; 07-29-2008 at 06:41 PM.
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

    http://dalmady.blogspot.com

  4. #18
    Haunted by walks
    Join Date
    Apr 2000
    Location
    Syracuse
    Posts
    6,691

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by Rojo View Post
    Warren Buffett, "get scared when everyone is greedy, get greedy when everyone is scared."
    In other words, Moneyball.

  5. #19
    2009: Fail Ltlabner's Avatar
    Join Date
    May 2006
    Location
    Cincinnati
    Posts
    7,441

    Re: Extreme Makeover Foreclosure

    Moreover, while there was greed, there was a LOT of misinformation and deception going on. Mortgage Brokers doing bait and switches right before closing, just as an example.
    Yep. Bought our current home in 2004 taking advantage of a foreclosed property that wasn't beat to death.

    Two days before closing the broker say the rate will be almost 2 points higher. She thought she had us over a barrel because the implied pressure of "losing our dream home". Simply told her to give us the old rate or we would walk.

    To cover myself on the back-end (and give the broker some incentive), I tracked down her boss in Columbus and let him know of my displeasure.

    About two hours later I got a tearfull call from the broker saying we had our old rate.

    Funny thing is, even though the broker tried to pull a fast one, at no point was their a gun to my head to sign a deal I (a) didn't understand or (b) couldn't afford. The word "no" can be so powerfull.
    a super volcano of ridonkulous suckitude.

    I simply don't have access to a "cares about RBI" place in my psyche. There is a "mildly curious about OBI%" alcove just before the acid filled lake guarded by robot snipers with lasers which leads to the "cares about RBI" antechamber though. - Nate

  6. #20
    On the brink wolfboy's Avatar
    Join Date
    Dec 2002
    Location
    is everything
    Posts
    2,685

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by Ltlabner View Post
    Yep. Bought our current home in 2004 taking advantage of a foreclosed property that wasn't beat to death.

    Two days before closing the broker say the rate will be almost 2 points higher. She thought she had us over a barrel because the implied pressure of "losing our dream home". Simply told her to give us the old rate or we would walk.

    To cover myself on the back-end (and give the broker some incentive), I tracked down her boss in Columbus and let him know of my displeasure.

    About two hours later I got a tearfull call from the broker saying we had our old rate.

    Funny thing is, even though the broker tried to pull a fast one, at no point was their a gun to my head to sign a deal I (a) didn't understand or (b) couldn't afford. The word "no" can be so powerfull.
    There are a good number of people in prison for their activities in subprime lending. I hope you understand that they aren't there for trying to give a higher rate a few days before the closing. The mortgage bubble was littered with fraud. Trust me on this. I saw a heck of a lot of it in my previous job.
    How do we know he's not Mel Torme?

  7. #21
    Smells Like Teen Spirit jmcclain19's Avatar
    Join Date
    Apr 2004
    Location
    Phoenix
    Posts
    6,490

    Re: Extreme Makeover Foreclosure

    Maybe this might be the beginning of being able to pull down the facade that is Extreme Makeover Home Edition.

    How about instead of giving one family a $500-750k custom mansion loaded to the gills with top of the line perks they spread that money around communities a little more. But that doesn't make quite as good a show.

    As an extra note of bitterness, my three year old home was built by a builder who's been on the show 3 times. I'm reminded of that because it's everywhere, on their literature, on their website, on their letters...and so on.

    On the show - the builder is treated with god like reverence because they took time out to build one house. Yet I live in a community riddled with problems due to that same builders malfeasance. Their flippant attitude towards the issues my neighbors face simply adds gasoline to the fire (the actual fires of which there have been several).

    But hey - they did get good pub from ABC - so they have that going for them. Which is nice.
    Last edited by jmcclain19; 08-01-2008 at 05:28 AM.

  8. #22
    Charlie Brown All-Star IslandRed's Avatar
    Join Date
    May 2001
    Location
    Melbourne, FL
    Posts
    4,855

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by jmcclain19 View Post
    Maybe this might be the beginning of being able to pull down the facade that is Extreme Makeover Home Edition.

    How about instead of giving one family a $500-750k custom mansion loaded to the gills with top of the line perks they spread that money around communities a little more. But that doesn't make quite as good a show.
    Yeah. They should put on a worse TV show, get cancelled, then no one gets anything. That would be much better. :
    Not all who wander are lost

  9. #23
    Zoinks!
    Join Date
    Dec 2005
    Location
    Edgewood, KY
    Posts
    575

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by IslandRed View Post
    Yeah. They should put on a worse TV show
    Impossible

  10. #24
    On the brink wolfboy's Avatar
    Join Date
    Dec 2002
    Location
    is everything
    Posts
    2,685

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by minus5 View Post
    Impossible
    Yes. For the most part, it's all on an equal plane of bad.
    How do we know he's not Mel Torme?

  11. #25
    Danger is my business! oneupper's Avatar
    Join Date
    Jun 2004
    Location
    Back in Florida
    Posts
    8,157

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by jmcclain19 View Post
    How about instead of giving one family a $500-750k custom mansion loaded to the gills with top of the line perks they spread that money around communities a little more. But that doesn't make quite as good a show.
    Financially, it's a game show. The difference is that the network gets to pick the winner and said winner is usually picked for being a huge loser (for whatever reason, many times not their own fault).

    I'm surprised there aren't more of these cases.
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

    http://dalmady.blogspot.com

  12. #26
    2009: Fail Ltlabner's Avatar
    Join Date
    May 2006
    Location
    Cincinnati
    Posts
    7,441

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by wolfboy View Post
    There are a good number of people in prison for their activities in subprime lending. I hope you understand that they aren't there for trying to give a higher rate a few days before the closing. The mortgage bubble was littered with fraud. Trust me on this. I saw a heck of a lot of it in my previous job.
    Obviously there was fraud and bad business decisions being made left and right.

    Just seems that people are more willing to blame the "big bad evil corporations" and completley absolve the people who made horrifically bad decisions.

    There is blame on both sides of the so called "mortgage crisis".
    a super volcano of ridonkulous suckitude.

    I simply don't have access to a "cares about RBI" place in my psyche. There is a "mildly curious about OBI%" alcove just before the acid filled lake guarded by robot snipers with lasers which leads to the "cares about RBI" antechamber though. - Nate

  13. #27
    Member VR's Avatar
    Join Date
    Apr 2000
    Location
    Vancouver, Wa
    Posts
    8,588

    Re: Extreme Makeover Foreclosure

    Quote Originally Posted by Johnny Footstool View Post
    A $450K house, plus $250K in the form of scholarships, a home maintenance fund, etc.

    That's a lot of money wasted.
    That's nearly impossible to blow. What am I missing here? If the family stayed at the Ritz Carlton every night for the last 3 years, it would barely by 500K.
    Baseball is like church. Many attend, few understand


Turn Off Ads?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please.

Thank you, and most importantly, enjoy yourselves!


RedsZone.com is a privately owned website and is not affiliated with the Cincinnati Reds or Major League Baseball


Contact us: Boss | GIK | BCubb2003 | dabvu2498 | Gallen5862 | LexRedsFan | Plus Plus | RedlegJake | redsfan1995 | The Operator | Tommyjohn25