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Old 05-21-2009, 05:45 PM
 
12,850 posts, read 24,511,901 times
Reputation: 18860

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If this guy wasn't a supposed economic writer, it's be just another story of dumb choices (and hormones shouldn't be an excuse after, say, age 21).
But that he's a financial writer, yow.
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Old 05-21-2009, 08:16 PM
 
1,989 posts, read 3,845,965 times
Reputation: 1379
Of all the idiotic things this man did, the most horrifying sentence in the article was the last one:

"Eight months after my last payment to the bank, I am still waiting for the ax to fall."

Combine this with the anecdotal comments from Traderx and others on this board and it quickly becomes clear that the housing crisis is FAR from over. The banks haven't even begun to process all the defaults and foreclosures.

Frightening.
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Old 05-21-2009, 08:19 PM
 
1,956 posts, read 4,681,617 times
Reputation: 1101
Quote:
Originally Posted by cohdane View Post
Of all the idiotic things this man did, the most horrifying sentence in the article was the last one:

"Eight months after my last payment to the bank, I am still waiting for the ax to fall."

Combine this with the anecdotal comments from Traderx and others on this board and it quickly becomes clear that the housing crisis is FAR from over. The banks haven't even begun to process all the defaults and foreclosures.

Frightening.
This guy is not going to leave his house, because there will be no foreclosure. He's been on talk shows and he's putting out a book published by Norton. He'll easily be able to pay whatever the bank decides to settle at, if not the entire amount owed. And then he'll get on living just fine on his NYT salary. He'll probably put out another book or two in a few years.
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Old 05-21-2009, 08:20 PM
 
Location: southern california
55,237 posts, read 72,484,664 times
Reputation: 47457
yep, that cost me a wife. i finally told her chose, me or VISA, i heard from the lawyer 6 months later.
scrubbed toilets for 3 1/2 years at night plus a tough day job to pay it off.
better to marry a vampire than a compulsive spender.
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Old 05-22-2009, 03:02 PM
 
Location: San Jose, CA
1,318 posts, read 2,974,378 times
Reputation: 754
The writer seems unwilling to accept that since he got divorced and the ex got a $4000/mo alimony + child support, that he is only getting $2700/mo take home pay. From the article it seemed that he wanted to live as just like he did before the divorce with his new wife. The entire time ignoring clear signals that it won't work out that way. The discussions with the broker before he got a mortgage, the running out of money at the ATM, the refinancing, the fact that they made no adjustment after his wife lost her job, still buying nice stuff taking nice vacations, it completely sounds like he is just trying to ignore the problems. At no point did he mention cutting out this or that, or avoiding buying something. No it sounds like he just wants to live like he did before the divorce in a little fantasy, I suspect it won't really hit him until all his stuff is in the front lawn as the (Montgomery County?) sheriffs officers has evicted him from the then bank's house.
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Old 05-22-2009, 09:44 PM
 
Location: Banana Republic, LA
378 posts, read 981,305 times
Reputation: 298
Quote:
Originally Posted by Huckleberry3911948 View Post
yep, that cost me a wife. i finally told her chose, me or VISA, i heard from the lawyer 6 months later.
scrubbed toilets for 3 1/2 years at night plus a tough day job to pay it off.
better to marry a vampire than a compulsive spender.
God I'd have moved to Costa Rica.
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Old 05-23-2009, 12:00 AM
 
Location: Colorado Springs, CO
2,221 posts, read 4,655,096 times
Reputation: 1682
There's more to this story. The Atlantic did a follow-up on this guy...seems his wife may be a serial debt defaulter who takes great advantage of easy lending and a far too lenient bankruptcy system. This doesn't look as innocently dumb as the author painted it.

Megan McArdle: The Road to Bankruptcy
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Old 05-23-2009, 09:13 AM
 
223 posts, read 462,429 times
Reputation: 209
Wow that is a big part of the story that is missing. He should have gotten to know his wife better before he got married, that may have changed things considerably. Shame on him for knowing better and going ahead with it anyway. The bank should have picked up on that when they did the mortage paperwork if her name was on it.
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Old 05-23-2009, 10:23 AM
 
1,956 posts, read 4,681,617 times
Reputation: 1101
I guess the point of all this now is to never get remarried when you have alimony payments to another woman -- unless of course the new wife makes a lot more money already!!
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