PaulX2 (318 posts) Tue Apr 17, 2018, 11:21 AM
Trying To Make Obama Fail While My Family Struggled To Not Go Bankrupt - Will Never Forgive Them
Whenever some idiot says something nice about anyone, or anything Republican, I remind them I HATE ALL REPUBLICANS GUTS.
I had a number of houses, and my life was great in 2008 before the collapse. In a matter of months all my equity disappeared, and I couldn't make all my payments, and the whole thing started to collapse while I racked up debt month after month while my life's work faded away. I was pretty much penniless, teetering on insolvency day after day. The stress was literally too much.
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Translation:
LPC Noob bought deeply into the housing bubble using very low down payment loans. The bubble burst,
LPCN's properties went upside down and mortgage holders demanded extra payments to get the debt-value relationship back upright. This was the risk PaulX2 assumed with every property he bought - his choice, Rs having basically nothing to do with the risk or the bursting of the bubble (which was the culmination of 30+ years of foolish government-forced loosening of loan standards). But in typical Prog fashion, PaulX2 blames a bogeyman he hates rather than acknowledging his situation was his own doing.
A contrasting
, some friends of ours took advantage of easy home equity loans in the mid-2000s. Their equity was a very small % of the "value" of their home, and when 2008-2009 hit, they lost their home. Their comment, when we were catching up with them was, "It was our fault." They went through foreclosure, rented and buckled down (not high salary jobs, BTW), and in 5 or 6 years they were able again to buy a home. They didn't rail against Bush or Republicans, nor did they look to Obama or Democrats as some sort of savior.