User 161168

3 Comments

    • Foreclosure-Proof Homeowners [view article]
      This sounds really compelling. I had a hunch stuff like this was happening but it's nice to see it in print. If I owned, and were judgement proof, I'd stop paying and start squating too. And I encourage EVERYONE with 100% financing or two mortgages to do so. I will be years before the bank kicks you out, and by that time you will have saved enough money to buy back a similar our nicer house at a fire sale price. Last year I made a CASH bank deposit of over $1300. I kept my receipt. The deposit just disappeared. No record, no nothing, no notification. I called the bank they said it would be straightened out a few days later and they would call me, of course nothing. I called several more times - get this - the manager says they lost all the records asks me how much I deposited then he just puts that amount in my account! If I had tossed the receipt, or had been too busy to check, guess where my money would be. This was at one of the larges banks in the country - JPM/Chase. It's time for all of the boworrowers out there who were lucky enough to get 80/20 financing to stiff it to the banks HARD. Afterall they were trying to stiff the borrower in the beginning - now it comes back to them. Mar 06 07:19 PM
    • Thornburg's a Huge Bargain After Monday's Crash [view article]
      I just wanted to say thank you Jack for posting your original piece on this stock. Regardless of whether this company comes back or not, your opinion is well written and thought provoking, something that is hard to find through mainstream sources.

      That said, I just wanted to state my opinion in that there is nothing wrong with enjoying the meltdown in the mortgage/housing/lever... industry. It's just a perspective of what side of the trade you are on. I don't own a home or have much stock in exposed companies, I have cash, so more meltdown equals more opportunities. Wanting a collapse in housing/credit and then enjoying it as it happens, indicates no more insecurity than being on the long side before this happened and enjoying the run up.

      Btw, I once knew an ER surgeon who was netting less than zero despite working full-time at a hospital. 50% of his $500k/yr in 1998 went to taxes, and the other 50% went to his ex-wife. Says he got burned by a female divorce judge. So he had no money coming in to even eat on an ongoing basis. My only advice to him was to flee to Costa Rica - easy for a young buck to say, I was in my early 20s. The point is, as you've pointed out, is that we all need to count our blessings.       Mar 06 06:33 PM
    • The Thornburg Meltdown: Resolution Trust Corp. Redux? [view article]
      The execs running these levered up the a** shell games need to decide whether they want it the communist way - face execution and gov't intervention, or the american way - you agreed to the terms now you pay up sucka. Congrats to JPM for seizing the collateral - now thats responsibility. To even ASK for tax dollar intervention is obscene. This isn't the 1930s. Not looking too smart now for leveraging like some p*** poor latin american country. Haha. Thornburg - your company name sounds like it would make good kindling for a fire. Mar 06 06:04 PM
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