I have no info on anyone's individual situation. But I wanted to remind us all that, in the long-ago days of 2004-2005, in California, 90% of everything the average person heard, read and saw was telling them if they didn't buy at the prices then, they would
never be able to own a home. They would be a permanent renter, a lifelong loser, forever shut out from the American Dream. Lots of apparently authoritative people said this, the media and all manner of books said this. Meanwhile prices were steadily moving out of reach.
There was tremendous pressure to stretch and buy a house, while one still could.
Yes, some of those people were gamblers, schemers, and speculators. But others were simply ordinary people (who didn't read the "More Bad RE News" thread closely enough) who were trying to do what they thought they had to do. They were wrong, and they will lose a lot of money, but I wouldn't necessarily tar them with the "gambler" brush.
Quote:
Originally Posted by Seahawk
he, like many others, were gambling, were willing participants in financial schemes they hoped was mortgage upsidasium...and they thought that they would win
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