> If you're talking about "mispricings" during the "housing crisis," my dude, nobody wanted to sell their house to these dumb fucks! They were going to starve, they had no choice!
This seems like a pretty gross misunderstanding of all of the very basic finance here. It was NEVER “their house.” A lender let them live their while they payed off a long term contract. They lost it when they could no longer make basic payments OR sort out deferment or other basic accommodations to the existing contract.
> How does that not seem like a scam of some sort to you?
The “scam” that caught your average homeowner wasnt foreclosure. It was the moment someone convinced them could have free money by signing a mortgage at 20x their annual income, 100% ltv, and a 5% adjustable rate. And when they tried to take money off the table with a HELOC they doubled down in to the unsustainable fantasy. They were already blown out and just didnt understand it yet.
Your burys et al werent part of that. they were there to sink the bigger fish who were trading this monopoly money around.
This seems like a pretty gross misunderstanding of all of the very basic finance here. It was NEVER “their house.” A lender let them live their while they payed off a long term contract. They lost it when they could no longer make basic payments OR sort out deferment or other basic accommodations to the existing contract.
> How does that not seem like a scam of some sort to you?
The “scam” that caught your average homeowner wasnt foreclosure. It was the moment someone convinced them could have free money by signing a mortgage at 20x their annual income, 100% ltv, and a 5% adjustable rate. And when they tried to take money off the table with a HELOC they doubled down in to the unsustainable fantasy. They were already blown out and just didnt understand it yet.
Your burys et al werent part of that. they were there to sink the bigger fish who were trading this monopoly money around.