The Creel Deal

I've recently had the great displeasure of debating (on AR) with a CA homeowner that essentially blames everyone in the world for their situation but themselves. I've never dealt with a person so full of self-pity and hate. I'm amazed how some people simply are unwilling to accept an iota of blame for their own actions.

Now certainly it can be said that there are people out there that were mislead by unscrupulous lenders, and I'm not denying that. However, there seems to be a breed of homeowner that simply takes the attitude "If the homes depreciated, why I should make the payments?"  That just blows me away.

I don't think it was kept a secret that the market faced the possibility of collapsing or reversing. Seems I read about it everyday for years before it happened. What really surprised me was that this person blames REALTORS, claiming we were pushing homes off on people knowing that they were over priced, and telling buyers that they would appreciate by 25% in value every year, forever!

At one point the person only identified as CA Homeowner decided I was a CountryWide loan officer and said this:

"You are probably a Countrywide Loan Officer which is why you have the position you do.  Things were good when you could lend to a dog, much less a person, and doop them in to a Payoption loan where you would make 400 bps now you and your company profits are paying the price for your own crummy lending practices.  Don't blame the consumer, blame yourself and your institution for you're the problems we are in.  As they say, don't hate the player, hate the game."

Then when I pointed out I was not a lender but a Realtor, it was Realtors that caused the problem:

"You being the real estate agent and all are very much part of the problem that is this market and b/c now you do not get paid like you used to you blame the guy you sold the house down the street to for an inflated price to fatten up your wallet.  Blame yourself for the problem pal.  Keep finding and sending those pictures from the internet b/c god knows as a RE agent you have nothing else better to do. 

Its so interesting and pathetic how you advertise on these sites, feeling desperate are we?  Funny how things change in a year huh bud! 

Mike you really have a lot of time on your hands these days don't you bud.  I mean when the RE market is distressed and you have nothing to do it really allows for a lot of play time on the internet".

The day you look in the mirror and start to blame yourself for being part of the problem the RE market is in the more latitude we will give you to spout your worthless financial bable.  

Lets ask the "I didn't do it" RE agent (thats you) w/ the halo over his head a few questions shall we?  Ok, lets start...Did you push houses in the market you work in to the highest possible price knowing full well that they were overpriced (I mean, it is so typical to have mammoth appreciation every year)?  Did you work w/ clients w/ not as much knowledge as you in the RE market? 

Did you know of lenders offering 100% finaning w/ payoption loan programs w/ 1mth teaser rates, claiming that it is a good deal to your clients and that there will always be 25% appreciation per year?  I could go on w/ the Q&A but I know, you know, and everyone knows what the answer is to these questions are and if you say anything but yes, you are a LIAR!!!!! 

If you didn't, how could you afford that mortgage payment you claim to pay every month for the posh house you live in, the slick black mercedes you drive to show those clients the house they are going to buy, along w/ your wife's spending habits, kids private school, etc.  At least w/ my job I can go to bed at night knowing I didn't doop people in to getting my possessions and knowing when I pay my mortgage, it is not from making people bankrupt in the process. 

So there it is there, all summed up with a bow on it, we did it! We tricked clients into paying to much for their homes. Who knew?