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Old 05-13-2008, 06:04 PM
 
Location: Michigan
29,391 posts, read 55,499,866 times
Reputation: 22043

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LOS ANGELES (Reuters) - A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.

California man losing nine homes in mortgage mess | Reuters
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Old 05-13-2008, 06:12 PM
 
Location: West Michigan
12,082 posts, read 38,780,166 times
Reputation: 17006
The phrase "complete and utter idiot" comes to mind. 9 neg-am loans, just how far up the rectal cavity does your head need to be in order to NOT see what a BAD idea that was.
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Old 05-13-2008, 06:28 PM
 
Location: Cold Frozen North
1,928 posts, read 5,157,718 times
Reputation: 1306
Also, how stupid were the lenders to allow this insanity to go so far.
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Old 05-13-2008, 06:42 PM
 
947 posts, read 3,134,781 times
Reputation: 736
Quote:
Originally Posted by Bydand View Post
The phrase "complete and utter idiot" comes to mind. 9 neg-am loans, just how far up the rectal cavity does your head need to be in order to NOT see what a BAD idea that was.

AAAAAAAAAAAAAAMen!
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Old 05-13-2008, 06:45 PM
 
Location: Tucson
42,831 posts, read 88,042,435 times
Reputation: 22814
Quote:
Originally Posted by John1960 View Post
LOS ANGELES (Reuters) - A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.

California man losing nine homes in mortgage mess | Reuters
No kiddin'!
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Old 05-13-2008, 07:38 PM
 
323 posts, read 2,086,807 times
Reputation: 172
WOW......9 negative amort loans...SEEMED like a good idea even though I knew the market was going to soften..WOW
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Old 05-13-2008, 08:37 PM
 
Location: Houston, Texas
10,447 posts, read 49,587,025 times
Reputation: 10614
And if the market did not disintegrate the man would have been an American hero. A very very wealthy one.

Shame on him never the less.........
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Old 05-13-2008, 08:57 PM
 
20,187 posts, read 23,806,587 times
Reputation: 9283
This amazing idiot wants to start over and do what exactly? Start his own business? OMFG! I hope his wife runs but apparently its too late, they have a kid now... great... I wonder what this genius is going to think of next for his business maybe buying up land to drill for oil? Who wants to loan him money? Anyone? Where did everybody go?
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Old 05-13-2008, 09:38 PM
 
13,783 posts, read 26,220,258 times
Reputation: 7445
I am going to share one of my favorite sayings for this occasion...He doesn't know his a$$ from his armpit. What a dumba$$.
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Old 05-14-2008, 02:58 PM
 
Location: Oxygen Ln. AZ
9,319 posts, read 18,716,205 times
Reputation: 5764
I had a good chuckle out of this guy starting his own business. Probably do it on other peoples money.
When I saw the amount of $$ he lost, over $800,000 I about choked. He stands there smiling....what a Jabooosh.
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