Foreclosure Realtors throw a big party.....sick

[Tampa Rob]

Homeowners’ Hard Times Are Good for the Foreclosure Business

PALM DESERT, Calif. — The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”

The Reomac conference at the Desert Springs J. W. Marriott formally began on Sunday, with a golf tournament.
One woman in a T-shirt walked around with a hand-written sign that read “Bank Property” affixed prominently to her chest.

Welcome to the spring 2009 Reomac conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.

R.E.O. is industry lingo for “Real Estate Owned,” the term that bankers assign to homes they have taken in a foreclosure. Reomac is the industry group that serves the mortgage default trade, specializing in selling the busted-up American dream.

http://www.nytimes.com/2009/04/06/us/06convene.html?_r=1&th&emc=th


You know, I realize that people will profit off this....but some of the comments in here...just...ugggh.

TR

[hobbit709]

1. Carrion feeders.

I hope they all have to go through the same events in the future.

[midnight]

2. These vultures planned for everthing.

[izzie]

3. Guess times have changed

My father bought a home like this in 1938 that the bank had owned. No one lived in it and it had sat empty since after it was built in the 192o's. The man lost his SECOND home only in that deal. The man who built it, at a high cost for the times, was a CEO of the NY Power Co. My father said many people lost their homes when he was a young man and they had those bad tent cities which I guess are going once more. Where do these people move to any how?

[pnutbutr]

4. It's their job

You can't hold these people responsible for others not being able to pay their mortgage. I know many people who have purchased foreclosed properties as first homes recently. It's a great market for first time buyers. Good rates, cheap foreclosure property and tax credits. At least the homes are selling and not just sitting there rotting away decreasing in value and depressing the entire areas real estate market even more. What do you expect to happen to these homes?

[Tampa Rob]

5. Yeah, great market. Unless you are struggling to hold on to your home,

are having trouble buying food for your family, etc. Great Market.

People are bottom feeding off the misery of others. I didn't blame homebuyers in this, I think it's sick that the industry throws itself a big party to pat itself on the back - basically saying "Look at us! We can still profit, even though the bubble has burst".

How about a conference on KEEPING people in their homes so that these vultures can't get their property?

Vulture Capitalism at it's finest.

It's sick and wrong. MHO only.

TR

[pnutbutr]

8. congress

has had many discussions and passed legislation to help keep people in their homes. It's not the job or responsibility of realtors to sacrifice their finances for others. You may consider them vultures but what they are doing is helping to keep the real estate industry moving and lessen the effects of bad debt on the banks which is what caused the financial mess we are in now. They are people, same as you and me trying to provide for their families also. When times were good and there were few foreclosures these people were probably struggling. It's selfish in a way to deny them their windfall.

[Missy Vixen]

22. You didn't answer my question, did you?

>It's selfish in a way to deny them their windfall.<

How is this different than what's going on in banks and investment houses right now? After all, they "worked hard", too. :sarcasm:

[asthmaticeog]

6. It's their job to administer the transfer and sale of such homes.

I doubt it's specifically in their job descriptions to throw a fuckin' party openly reveling in families being put out into the streets. You don't see the difference? One is sad but necessary, one is fucking evil.

[Tampa Rob]

9. Much more eloquently put than my reply. That's what I was trying to say.

I get the fact that this is going to happen when all other resources have been exhausted, but the revelry is just...sick.

TR

[pnutbutr]

10. business is good

have a party. I just see them as people happy to be making money in the economic situation we are in right now. Maybe they will spend it to help boost the economy and provide needed revenue to businesses so they can expand and create jobs?

[Missy Vixen]

13. Anyone with a soul would be embarrassed

>Maybe they will spend it to help boost the economy and provide needed revenue to businesses so they can expand and create jobs?<

It's always fun to celebrate the death of someone else's dreams, isn't it? :eyes:

[pnutbutr]

14. happens every day

someone somewhere celebrates at the expense of others.

Maybe I shouldn't have sold my house 3 years ago when the price was ridiculously inflated because I felt sorry for the people who bought it knowing the market was going to take a dramatic tumble and they would be stuck with a hundred thousand dollars in negative equity and a mortgage they couldn't afford. Oh wait, I celebrated selling my home. Does that make me a bad person because I didn't sacrifice my family's financial situation to help someone I knew was making a huge mistake? Or, maybe I'm just selfish. I dunno. I still say good for these people making money at a time like this. They had nothing to do with the creation of the situation or the destruction of those people's dreams. It's unfair to demonize them for making money doing the business they have been doing for years with the only difference being they have more business now.

[prolesunited]

16. Bad analogy

and even worse argument.

[Missy Vixen]

17. Oh, so it's okay?

>someone somewhere celebrates at the expense of others.<

At the very least, it's poor manners.

I really don't care what you did with the sale of your house. What I do care about is a group of people so braindead that they would think it appropriate to celebrate someone else's misfortune.

>It's unfair to demonize them for making money doing the business they have been doing for years with the only difference being they have more business now.<

Oh, so you think what's going on right now in our financial sector is just fine, too? After all, "it's unfair to demonize them for making money", too, isn't it?

[pnutbutr]

19. They haven't done anything wrong

except for being schmucks in your opinion. Have that opinion, it's fine with me and probably everyone else but you cannot logically blame these realtors for what happened to those who lost their homes.

What the banks did to make money and what these realtors are doing is not even comparable.

[asthmaticeog]

25. You keep changing the subject.

Nobody's denying that the forclosures have to be administered by somebody. Only that it's incredibly crass to throw a huge fucking fiesta to celebrate the profits they've derived from others' devastating losses, rubbing their frivolity in the faces of the destitute. Nobody's denying that it happens every day. YOU'RE denying that they're craven scumfucks for doing it. And you're wrong, wrong, wrong.

[pnutbutr]

53. I am denying it

cause I see them as people making a living for themselves and family just like everyone else and not "scumfucks" as you so eloquently call them.

[asthmaticeog]

54. AGAIN, nobody's begrudging them their jobs. It's the party that's tasteless.

And now it's beyond obvious. You're doing this shit on purpose. It's ignore for you, troll.

[sarcasmo]

52. Greed usually takes away the soul.

[prolesunited]

15. Exactly

An apt picture would be hundreds of homeless families with children in tow staring in disbelief through the iron fence that separates them.

[pnutbutr]

20. what are they supposed to do?

say omg I'm so sorry I sold your house that went into foreclosure because the bank swindled you into a mortgage you couldn't afford so here's all the money I earned selling what used to be your house. It's all yours even though I had nothing to do with you losing your house. Now let's switch places, you go party while me and my family stand over here behind the iron fence.

[Missy Vixen]

21. You know what? You're being deliberately dense

>I'm so sorry I sold your house that went into foreclosure because the bank swindled you into a mortgage you couldn't afford<

Here's the facts on foreclosure in Florida, as well as other areas of the country. Those who were "swindled into a mortgage you couldn't afford" are few and far between compared with the sheer numbers of those who bought a house they could afford until they LOST THEIR JOB. There is ONE courtroom in Florida churning out 1,000 foreclosures a day. One. It was on the national news a month ago; I wrote about it on my blog.

Barack Obama said at his press conference last week that forty percent of current homeowners qualify for the mortgage plan he outlined. FORTY PERCENT. This is a widespread problem, and it's not just those who didn't take "personal responsibility". It's people who worked hard, paid their bills, lost their job, and can't find another.

Those who are crass enough to celebrate when someone else loses a house, especially in this economic climate, are obviously in the wrong place. For those who profit off the misery, they might want to bear in mind that Karma's a bitch.

[pnutbutr]

23. ok so

explain how it's the fault of these realtors that people lost their jobs.

Those bad mortgages were one of the major reasons for the downturn in the economy which resulted in the lost jobs.

[prolesunited]

24. Don't you have a grave to dance on or something

or are you to busy defending the indefensible?

[Commie Pinko Dirtbag]

28. Are those the only possibilities? Throwing a party vs. giving away their money? Is it?

[pnutbutr]

30. I wonder

how much the servers and bartenders at the party made in tips that day? I'm sure they weren't complaining about taking money that was made at the expense of others.

[SammyWinstonJack]

35. .

:banghead:

[Commie Pinko Dirtbag]

36. I'll bet the Manson family murders were good for business too.

Lots of newspapers sold. I'll bet the humble newsstand owners didn't complain.

[pnutbutr]

39. bet they didn't nt

[redqueen]

26. Bravo.

Such distinctions are so carefully and seemingly intentionally missed/ignored... why, I don't know.

[Commie Pinko Dirtbag]

27. I'm reading a book about people like you.

The brain, apparently, works differently than the majority of people, but in a way that preserves language, rational thought, and survival instincts. Nasty.

[pnutbutr]

29. cause

rational thought and survival are evil. :rofl:

[Commie Pinko Dirtbag]

31. No, they're not.

The lack of the OTHER things the disease attacks, on the other hand, is.

[pnutbutr]

32. what the hell

are you talking about?

[Commie Pinko Dirtbag]

33. You rational thought is intact. Figure it out while you celebrate the weak's misery.

[pnutbutr]

37. as usual

you avoid the question by telling me to figure out what you were unable to explain. On the plus side you have just called the unfortunate people who lost their homes due to bad loans and job losses weak which is quite inappropriate considering it wasn't their fault and had nothing to do with weakness. Good show sir!

[Commie Pinko Dirtbag]

38. I'm not unable to explain.

It's just that the explanation would be against forum rules.

[pnutbutr]

40. :rofl:

wat :rofl:

[Ikonoklast]

41. No need to explain.

The history of this one speaks for itself.

See: Radar/flying under.

[Hassin Bin Sober]

34. i think the book you should be reading is the sequel to "Internet Tough-guy" ..

.... its called "Internet Millionaire"

All over DU bragging about his business acumen and how clairvoyant he has been throughout this downturn. He sold stocks bla, bla, bla, .....he sold his house bla, bla, bla.

I'm sure he is a black-belt too.

[Lyric]

42. I can sure as fuck hold them responsible for gloating over it.

Repossessing automobiles is a job, too, one that my own brother does on a regular basis as a tow truck driver. But he HURTS when he has to do it. He hates it, even though he knows that it's not his fault.

There is no human empathy in these dirtbags CELEBRATING their profit over people's destroyed lives. None whatsoever. Do your job, but have some fucking heart. It doesn't lessen anybody's bottom line to maintain some dignity and solemnity about eating the carcass of someone's entire life.

[pnutbutr]

43. guilt

expecting someone to live their life foregoing pleasure out of guilt for the source of their income is ridiculous. I'm sure your brother has enjoyed and maybe even flaunted the fruits of his labor on many occasions.

[Commie Pinko Dirtbag]

45. Are you only able to think in extremes?

"live their life foregoing pleasure" -- gimme a break.

[pnutbutr]

48. EXTREME!!!

[Lyric]

49. You're wrong.

Just because you can't imagine someone hurting after being forced to contribute to the hurt of other people, doesn't mean that good people like that don't exist.

It's not called GUILT. It's called having empathy and a CONSCIENCE.

I pity anyone who cannot understand the difference.

[pnutbutr]

50. empathy

is being able to understand another's feelings. It is guilt that causes one to inhibit their actions.

[Commie Pinko Dirtbag]

44. On lack of human empathy. In all likelihood, it's physiological.

http://tinyurl.com/dap7nr

[pnutbutr]

46. cool but

you just linked to studies about visual and auditory recognition to imply the outcome to someone over the internet. The fail just keeps on going. :rofl:

[Mari333]

7. vultures picking at the flesh of dead animals..

thats the only image i can conjure up.

[TheCowsCameHome]

11. Grave robbing has a certain thrill to it, too.

[sinkingfeeling]

12. You're blaming the wrong people. Realtors didn't foreclose on anybody. They could actually be

helping someone who managed to get out from under one house to locate and get into one they can afford.

[Vidar]

18. A pity the gun nuts never shoot in the right direction.

[dysfunctional press]

47. it's a rough and stressful job- i don't blame them for wanting to have a party.

everyone needs to unwind sometime.

[sarcasmo]

51. GREED, and even in hard times someone always has a GREEDY angle.

SICK!