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David's Macro Blog

Analysis and commentary on business, economics, real estate, financial markets, and other fun topics

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Archive for September, 2010

By now we’ve all heard or read stories about disillusioned home owners (home debtors really) who haven’t made their loan payments in quite a while but feel that everything will work itself out. They may be working on a loan mod, short sale, principal reduction, or just the “free rent” program.

What tragic commentary on the situation we’ve created! The credit bubble bursting made 25% of home loans under water and foreclosure a likely outcome. There will be a whole generation of home owners and their children scarred by this experience just like the Great Depression.

Hat tip – Jim Klinge

Favorite Quotes

Realtor – “My name is Randy and I am a local Realtor…”

Homeowner – “Oh yes, I am quite aware that many of you low-life blood sucking vultures…”

”but we are in the middle of a loan modification so we are just FINE!

“I don’t mind at all you blood sucking vampire…we are behind 17 payments just like the rest of our social climbing friends.”

Realtor – “It appears I am too late, and you will keep your head buried in the sand because you actually believe you are going to get your loan modification…”

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