Another Darwin award... - BMW Luxury Touring Community
 
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post #1 of 8 Old May 12th, 2008, 7:39 pm Thread Starter
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Another Darwin award...

REAL PAIN:

"A 37-year-old California man defaulted on nine homes and expects the bank to foreclose on all of them. He bought a Santa Cruz, California, home in 2000, then used $800,000 in tech-company stock options to put 10% to 40% down on negative amortization loans – loans in which payments don't cover the interest and the principal grows. After the fact, the man said, "I knew I was sitting on time bombs. I knew the market was going to go soft, and I knew that property values would decline. But I figured that I had enough equity to survive the storm and sell or take the loss and refinance. I didn't anticipate a downturn of epic proportions such that home values are 40% less than they were."

In his defense, he probably wouldn't be any better off if he had held onto those stock options.


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post #2 of 8 Old May 12th, 2008, 8:02 pm
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Re: Another Darwin award...

and then he killed himself for the insurance?

Just Go
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post #3 of 8 Old May 12th, 2008, 8:49 pm
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Re: Another Darwin award...

..he rode the wave... same thing many, many others have done...

Darwin would be proud.. I suppose..

...............
J.M.J...
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post #4 of 8 Old May 12th, 2008, 8:53 pm Thread Starter
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Re: Another Darwin award...

Quote:
Originally Posted by mwnahas
and then he killed himself for the insurance?
Good one!

Here's what Sid Vicious had to say on the subject: (hey, it's motorcycle related!)

BURY ME IN MY
LEATHER JACKET,
JEANS AND MOTOR
CYCLE BOOTS

GOODBYE”


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post #5 of 8 Old May 12th, 2008, 9:03 pm Thread Starter
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Re: Another Darwin award...

Quote:
Originally Posted by cfell
..he rode the wave... same thing many, many others have done...

Darwin would be proud.. I suppose..
I dunno Channing - kind of like goin' surfin during a Tsunami.


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post #6 of 8 Old May 12th, 2008, 9:37 pm
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Re: Another Darwin award...

Quote:
Originally Posted by mwnahas
and then he killed himself for the insurance?
Nah, in some circles Darwin awards have taken on the connotation of someone simply doing something incredibly stupid, rather than the original interpretation where said stupid act must end in death.

So posting a Darwin Award story where someone doesn't actually die could now be considered a nomination for a Darwin Award. Simple, right?

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Some people see the gas tank as half empty. Some see it as half full. All I care is that I know where the next tankful is coming from...
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post #7 of 8 Old May 13th, 2008, 1:40 am
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Re: Another Darwin award...

Come one, he just needs to wait to get bailed out by taxpayers. It's the American way. What was it Reagan said?
Quote:
[G]overnment's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
It seems the housing market is at the "stop moving" phase. Too bad Reagan was better at the talk than doing the walk.

When a government takes over a people’s economic life it becomes absolute, and when it has become absolute it destroys the arts, the minds, the liberties and the meaning of the people it governs.
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post #8 of 8 Old May 13th, 2008, 6:32 am
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Re: Another Darwin award...

Quote:
Originally Posted by Bobnoxous
... Too bad Reagan was better at the talk than doing the walk.
IIRC, In context, Reagan was taking a shot at congress when he said that.

Dave Hoogerland

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