An open letter to strategic defaulters..., like Jacbob himself

[mEDITate-OR;
totally misunderstand what you say that you do...
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Good morning, Jacob.

Now we know why you do not permit the rest of U.S. to comment on your articles...

nor on you personal "political" comments.

You would prefer not to be told that you are wrong.

So, forgive one of U.S. for pointing that out to you.

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First, your "friends" in the mortgage & investment banking industry created US$ 2.5 Trillion in very bad ARMs and subprime RE mortgages in the sand states of Cal, Nev, fla and AZ. 

ALL of those bad RE loans are now more than 50% underwater, in or already back out of foreclosure, or through BKs.

Some 85% of those bad RE loans are now defunct in the sand states.

They no longer exist.

Second, most of those RE loans were "speculative", and there were two kinds of them.

As a new NY Fed report shows U.S. most of them were "investors", buying multiple homes speculating on the huge appreciated values. ALL of Those People have long since walked away from their bad investments. 

The other "speculators" were those with no reason to buy those home - except that with nothing down, no payments and doing nothing except making Countrywide, WAMU, Wichovia, and New Century very rich.., expected to become very rich themselves by selling a hugely appreciated home in a couple'a years.
Those People have long since lost their homes.

So, Jacob, WHO, precisely, is left out there?

Third, surrounding those bad ARMs and subprimes are people who obtained "conventional" RE loans - put down 20% in order to buy a home in order to work at Boeing or Intel in AZ. Beginning school teachers, firemen, and police officers, too.

As we said in Canada, up to being kidnapped and brought to The States, at the age of 4n1/2... they are really Pucked.

But, of course, you don't give a GD about "Those People" do you Jacob?

Fourth, all of the miscreants you condemn to financial death have already walked, Scot free

The only ones left, that appear to offend you, are those who played by the rules you say should be "inviolate".

Kerry Kissinger will really love you, Jacob.

Those People will not.

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Oddly, those of U.S. who read you every day, thought you were better/smarter than that.

And, we do not like you trying to prove U.S. wrong.

You little devil, you.

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An open letter to strategic defaulters
http://www.housingwire.com/2011/12/13/an-open-letter-to-strategic-defaulters
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