So I woke up this morning, looking forward to a peaceful and lazy Sunday. I get myself a cup of coffee and then go out to get the paper and there on the front page was the “punch in the gut”. Big headline talking about how houses have gone down in value and my being the masochist that I am I just had to read the story. Apparently in my area of town the percentage of homes that now have negative equity is about 33%. That means that if I tried to sell my house right now I most likely would end up having to pay because I couldn’t sell it for enough to cover what I owe. Now I know what you’re thinking, that I bought above my means like so many others (those who I believe are a contributing factor in this mess) but when I bought my house it cost a bit over 100 grand. Way on the low end of houses here…and within my budget.
In the same article there were what I think were supposed to be “oh pity me” sob stories but I have zero sympathy for these people, in fact I feel rage since they are examples of the problem. The first story was about a 26 year old woman who bought a 750 sq ft house for $132,000.00 with only $2,000.00 down with a sub prime loan. She’s paying 13% interest! Someone like her should NOT have bought a house nor should any bank have given her a loan. She now will most likely lose her house.
The second situation was an older woman who bought a house with no money down for a monthly mortgage of $1,400.00 a month. The stupid fucking cow only made $2,000.00 a month from 2 jobs, one she has since lost. Another foreclosure in the making.
I think we should take all the banks that gave people like these women loans and string them up. It’s criminal.
Yeah. If that doesn’t suck big time I don’t know what does.