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Option Arm Explosion.like we didn't know.

Discussion in 'General Real Estate and Real Estate Finance' started by Lawrence R., May 21, 2009.

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  1. Lawrence R.

    Lawrence R. Senior Member

    0
    Mar 27, 2007
    Professional Status:
    Certified General Appraiser
    State:
    South Carolina
  2. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Gosh, we never saw it coming. Wonder what kind of whining we're going to hear from this bunch of borrowers.

    It reminds me of people who bought houses on a 99 year land lease on the oceanfront in SoCal, with 30 years remaining. At the end of the 30 years they were faced with a HUGE raise in the land rent, and they raised a big hissy fit. Didn't they know they didnt' own the land? They knew darn well that property values had increased in that time, and that this was prime oceanfront land. Some people are so clueless.

    It's like when you see really stupid driving from someone driving a Lexus. You have to wonder how they found the brains to earn the money to buy it if they're as stupid as their driving says they are.
     
  3. c w d

    c w d Senior Member

    0
    Oct 2, 2006
    Professional Status:
    General Public
    State:
    Florida
    Yet another failure of imagination. Who could've imagined?!?
     
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