Landlords and Real Estate speculators the Slaveowners now

gwb-trading said:
Actually many who owned their houses for a long period of time and kept getting higher mortgages & home equity loans are the most screwed non-investor group in 2008. Many times these people also lost their jobs after using their homes as a “free cash machine” — behavior that was urged on by their bankers and financial advisors.
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They weren't screwed, they stripped their equity and spent it.

I still have my equity, when I do spend it, it will be gone too.
 
gwb-trading said:
Actually many who owned their houses for a long period of time and kept getting higher mortgages & home equity loans are the most screwed non-investor group in 2008. Many times these people also lost their jobs after using their homes as a “free cash machine” — behavior that was urged on by their bankers and financial advisors.
More...

Read story on line about some woman in CA who had refi'd her home over and over... taking $1.4MM in cash-outs. Then when prices collapsed, she just walked. (Non-recourse on home mortgates in CA... apparently applies to refis too.) Murica. What a country!
 
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