"In 2015, Mr. Martinez said, his monthly payments will be $12,000 a month."

i just cant have any sympathy for this guy's $12,000 per month mortgage

anyone with an ounce of common sense could and would know that there was a signifigant risk of that happening

nobody has any sympathy for a trader that abuses leverage and blows out

why real estate speculators think they're any different, i'll never understand

'poor me, i cant afford MY home!'

it never was his home, he was just speculating with borrowed money
 
it never was his home, he was just speculating with borrowed money
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100% right

here is the magic formula for mr martinez(i hope he can read in english)
As a broad generalization, most people can afford to purchase a house worth about three times their total (gross) annual income, assuming a 20% down payment and a moderate amount of other long-term debts, such as car or student loan payments. With no other debts, you can probably afford a house worth up to four or even five times your annual income.
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Burdened? That makes them sound like victims when in reality they did this to themselves!

What's really happening is that these scum are now learning to live within their means. Anyone who buys a house for $630,000 in a speculative market on an interest only loan deserves what they get.
Quote from ByLoSellHi:

Burdened with credit card debt and a house losing value by the day, they are learning the necessity of self-denial for themselves and their three children.

The Martinezes bought their house in early 2005 for $630,000. It is now worth about $420,000. They have an interest-only mortgage, a popular loan during the boom that allows owners to forgo principal payments for a time.
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Quote from swtrader:

i just cant have any sympathy for this guy's $12,000 per month mortgage

anyone with an ounce of common sense could and would know that there was a signifigant risk of that happening

nobody has any sympathy for a trader that abuses leverage and blows out

why real estate speculators think they're any different, i'll never understand

'poor me, i cant afford MY home!'

it never was his home, he was just speculating with borrowed money
More...

Excellent points.
 
Quote from ByLoSellHi:

But these loans eventually become unmanageable. In 2015, Mr. Martinez said, his monthly payments will be $12,000 a month. He laughed and shook his head at the absurdity of it.
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Based on this statement I would say that either this reporter or Mr. Martinez is full of it. Even allowing that he paid the full $630K for the house and put nothing down, a 30 year mortgage would have to have an interest rate of 22.83% for ths loan to have a payment of 12K/month.

What am I missing here.
 
Quote from Mav88:

Mr. Martinez is about to get bailed out by the rets of us.
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actually they both about to be bailed out-the seller of shitty mortgage and stupid buyer. win win for both and mr hank and his buddies from wall street. no such thing for honest people..

the questions is-what next? what if because of mr martinez US economy continues to go down,he lose his job,house price continue to go down for next few years..then what?
 
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