Monday, February 04, 2008

More Mortgage Ridiculousness

As a follow-up to my last post regarding the latest Mortgage Bailout Flavor of the Week, I figured I'd throw in a relevant link:

HomeGuide123: Top 5 Ridiculous Mortgage Borrower Stories of 2007

It's a fantastic recap for those of you who were passed-out drunk during most of 2007. Topping their list is everyone's favorite blogging dartboard, Casey Serin, whose tale I guiltily followed for a while.

I was also somewhat familiar with the second story on their list — that of a $15k per year California fruit-picker who was able to qualify for and close on a mortgage on a $720k home. If I didn't know before that this whole mortgage situation was gonna go down in flames, I knew it then.

As for the rest of the stories listed, well, their respective subjects all qualified for Financial Dumbass Honors. Somebody wake me when all this is over.

If we still have a solvent banking system, that is.


— Posted by Michael @ 12:49 PM


Jeez! Reading that list makes me SO frustrated! These people are part of the real problem...and they're being portrayed as victims...UGH!


I didn't get that they were being portrayed as victims at all.


The grim reality is that all of us will be paying for this mess for a long, long time; including all of the frugal, disciplined savers living below their means with little or no debt. One way or another, we will all be picking up the tab for the live for today, spend more than we earn, donít plan for tomorrow crowd. Looks like itís time to tighten our belts another notch. Ouch. No fair.

** Comments Closed on this Post **

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]