Tonight's installment comes courtesy of CNN, that bastion of news integrity that it is, in an article on people how those people in the subprime industry are holding up. In an online article called Careers Vanish After Subprime 'Free Fall', which focuses on a couple that both worked for suprime lenders and recently lost their six-figure jobs. Ace reporter Chris Isidore captures in vivid detail the dramatic cutbacks this Orange County couple have had to make: trading in his Corvette for a (gasp!) Suburban, getting rid of their gardener. The part that really got my goat was when the husband said "It's very expensive to live in Orange County, and you pay a lot for your home and you can't get what it's worth now."*Attention, Captain Asshat: here's a newsflash - your home is worth what you can get for it. That's the definition of what it's worth. You would think that someone in the mortgage business would know that but then again these two geniuses somehow didn't anticipate that there might be some employment issues in the subprime lending industry considering the fact that they both worked in it and that many experts have warned about this collapse for years.
You, Sir, Are a Moron.
*Italics mine
2 comments:
The killer is that 80% of homes on the market are fetching more than they would have 5 years ago. People say they are taking losses compared to prices within the past 5 years, but few people actually expect to turn homes over in such a short time. You are so right that the house is worth what you can get and not what you want to get. But people's wants are not even close to reasonable.
I am glad I'm not included in the list of people who say stupid shit....even though we both know I say stupid shit. Thanks!
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