Chuck-A-Luck

Wall Street Breakfast: Must-Know News

Did I game the system? Do I deserve to default?

L.A. CA
-1996: bought my first house at age 36 for $178K w/ 20% down.
-2002: I saw it was going up quickly and decided to press my bet. I sold for $335K (80% gain) and bought a semi-fixer in a nicer area for $429K. Put down $100K. Put $80K into improvements.
-2005: Thought the market was topping, put it on sale for $749K and watched my realtor work the phone one afternoon 7 days later as he got it up to $785K (80% gain). Rented and waited.
-2006: got tired of throwing away money and made a low-ball offer on a house near the beach. Bought a house in good condition for $850K, put $450K down. $400K interest-only loan for 10 years, then re-set.

I work in Hollywood film production. The town is dead from both the world economy and the threatened SAG strike. I'm working 0-1 days/week currently.
FICO scores around 800. NO debt aside from the mortgage.
Do I, or anybody, deserve a hand-up from Uncle Sam to keep me in my house until I can find work again?

Thanks for your opinion.

The Few Retail Standouts

Nordstrom et. al. (luxury dept. stores) will feel the pain longer than the general economy. Cheap money created a nation of sophisticated yokels driving 8 mpg vans, eating $40 steaks, and wearing $200 blue jeans.
That time is over, and may not return for a long while.
The drunken frat-rat party of the Bush II administration has left a bad taste in our mouth. Woolen plaid shirts and sensible shoes will be more in vogue than acid-washed, pre-faded, pre-worn-out jeans.
Do they still have a piano player at Nordstrom's?