Author Topic: Housing Bubble terms explained in everyday words  (Read 1144 times)

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Offline Matthew

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Housing Bubble terms explained in everyday words
« on: September 28, 2006, 07:43:24 PM »
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  • From my favorite housing bubble blog (please excuse the language at times):

    It would appear a new language is developing on this blog post-bubble. From FB's to REIC, from homedebtors to ponzi scheme.

    So here's a list - please add to it like a wiki and hopefully the newcomers and 2008 Harvard MBA class studying the housing collapse will have a nice and tidy list

    FB: Fuc&ed borrower or buyer

    REIC: Real Estate Industrial Complex

    Homedebtor: Someone living in a home with a mortgage, usually thinks and says he "owns" a home ("homeowner") when all he's doing is renting the money from the bank.

    Negative-am: A loan that'll kill you. You pay less than you owe every month (negative amortization). The shortfall is added to the principal (and reported as profit by the bank), so you owe more every month, culminating in your bankruptcy a few years down the road.

    Realtwhore: Someone with a real estate license who will do anything, and I mean anything, for a commission.

    NAR: National Association of Realtwhores, nuff said

    Used homes: the correct (non-NAR) way to say "pre-existing homes"

    Sh*tbox: Poor quality, usually wood-framed, stucco finished and built by illegal mexican immigrants, homes built 1999 - 2005 that will be torn down 2020 - 2030.

    Soft Landing: NAR's way to describe an epic financial crash never before seen in the history of humanity

    MSM: Mainstream media, made up of homedebtors who don't want to admit the truth because of their personal conflicts of interest, as well as the pressure being applied by their #1 advertising group - the REIC

    HELOC: Commonly referred to as "Home Equity Line of Credit" but correctly referred to as personal loan enslavement (PLE) or Fake Equity Withdrawal that Needs to Be Paid Back One Day (FEWTNTBPBOD). Used by people to extract Phantom Home Equity.

    Phantom Home Equity (PHE): See above.

    Liar's Loan: A mortgage product used by con men, thieves and liars, pushed by corrupt mortgage bankers, where income numbers are made up and not verified. Correctly referred to as "What the F*ck Where They Thinking Loans" - WTFWTTL

    Median Home Price: The bogus and inflated numbers provided by the NAR and government that do not take into account cash back at closing and incentives-galore

    Paranoid Ben: A blogger who didn't want his readers to see a better bubble blog for fear of losing his audience

    Homebuilder: An illegal immigrant from Mexico with a hammer and a willingness to work for significantly less than a legal American worker, while cheating the system, cutting in line in front of millions of better qualified potential American immigrants around the world

    Housing Ponzi Scheme: The largest financial pyramid scheme ever concocted, with massive amounts of leverage and a record number of participants. Caused the Second Great Depression.

    Retirement: The dream of millions that disappeared when the Housing Ponzi Scheme blew up, wiping away the Phantom Home Equity that made up potential retires' entire life savings

    The Corrupt David Lereah: The Charles Ponzi of the Late, Great Housing Bubble
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