How does an MBA who spent decades working in commercial real estate fuck up this badly?

http://www.msnbc.msn.com/id/29516455/


Then you have the idiots at CNBC condemning people who barely finished high school for doing the same thing??

He made some really stupid decisions. Getting a mortgage that could jump 3% points at once was one.

Shadow Wrote:
>>> He made some really stupid decisions. Getting a mortgage that could jump 3% points at once was one.


I agree. If he's some high powered exec, he should have no problem saving money and living within his means. Boo-freekin hoo.

I also gotta laugh at his attitude, shown in this statement:

"I may just have to rewrite my resume a dozen different ways: As an accountant who makes $50,000, as an unskilled laborer without a college degree. Perhaps I’m better off applying for a job as a pizza delivery boy."


As if taking a 50K a year job is somehow less preferable than going bankrupt and losing your home.

I'm sure there are plenty of people out there that would like that 50K job. Fuck this guy.

Shadow Wrote:
-------------------------------------------------------
> He made some really stupid decisions. Getting a
> mortgage that could jump 3% points at once was
> one.


so he originally had an 8% ARM...who the hell gets that.

Plenty of people fuck up. They make bets or dumb decisions and sometimes get burned. As Meeper said, boo-fucking-hoo. The same boo-fucking-hoo I give for the people who don't have MBA's.

TheMeeper Wrote:
-------------------------------------------------------

>
> I also gotta laugh at his attitude, shown in this
> statement:
>
> "I may just have to rewrite my resume a dozen
> different ways: As an accountant who makes
> $50,000, as an unskilled laborer without a college
> degree. Perhaps I’m better off applying for a job
> as a pizza delivery boy."
>
>
> As if taking a 50K a year job is somehow less
> preferable than going bankrupt and losing your
> home.
>


As if an unskilled laborer needs a resume.

walkman Wrote:
-------------------------------------------------------
> Shadow Wrote:
> --------------------------------------------------
> -----
> > He made some really stupid decisions. Getting
> a
> > mortgage that could jump 3% points at once was
> > one.
>
>
> so he originally had an 8% ARM...who the hell gets
> that.


Maybe it adjusted more than once.

pgens Wrote:
-------------------------------------------------------
> Plenty of people fuck up. They make bets or dumb
> decisions and sometimes get burned. As Meeper
> said, boo-fucking-hoo. The same boo-fucking-hoo I
> give for the people who don't have MBA's.


I'm not excusing this guy. I think it is interesting seeing how many realtors, mortgage brokers and bank executives have ended up in the same situation. It is this whole "herd mentality." Kind of like, "everyone is doing it, so how bad can it be?"

Hell 25 Million home owners are in trouble this guy is just one more

WashingToneLocian Wrote:
-------------------------------------------------------
> walkman Wrote:
> --------------------------------------------------
> -----
> > Shadow Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > He made some really stupid decisions.
> Getting
> > a
> > > mortgage that could jump 3% points at once
> was
> > > one.
> >
> >
> > so he originally had an 8% ARM...who the hell
> gets
> > that.
>
>
> Maybe it adjusted more than once.

The article stated that it changed 3% at once. "In 2007, his mortgage rate jumped three percentage points to 11 percent, more than he could afford." If he couldn't afford the 11%, he shouldn't have gotten a loan that would be 11%.

I have an ARM, cna only change 1% each year, up or down. I've pretty well with it. THis isn't rocket science.

WashingToneLocian Wrote:
-------------------------------------------------------

> >
> >
> > As if taking a 50K a year job is somehow less
> > preferable than going bankrupt and losing your
> > home.
> >
>
>
> As if an unskilled laborer needs a resume.


I've seen plenty of guys outside of 7-11 with their resumes.