[$tinkle]

Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.

The two didn't say exactly how much money they made at their last jobs but Kent admitted they each had six-figure incomes.

Today, they're trying to get by on his unemployment benefits of about $450 a week, which covers only about an eighth of the basic payments they owe every month.

call me silly, but if my household was pullin down a 1/4 MILLION / year, i'd put a few nickels aside. how the fcuk do you anchor yourself w/ $10k of debt per month?

let them snort cake.

 

[moff_quigley]

Yeah my butt totally bleeds for them. Retards.

 

[jimmydean]

Life can be a bitch.

I feel into the same situation when I was making bank back in 1999. It seemed like I would forever make truckloads of cash and I didn't manage to save much of anything. My debt was only about $5k a month, but $400 a week on unemployment is a bitch.

I managed to sell off everything and reduce my standard of living fairly quickly. Even though I make more money now, my standard of living has remained somewhat the same (only I save a lot more now).

 

[Westy]

The people I know who are in the most debt are the people I know who make the most money. Morons.

 

[Silver]

There are a lot of 7 series BMWs on car lots around here these days...

 

[sanjuro]

Just like my heart bled for Kenneth Lay...

 

[Tenchiro]

I was shopping for a house in Seattle, and every person I spoke with tried to get me into an investor mortgage. When I brought up that I wasn't interested in anything but a standard mortgage they did their damnedest to steer me away from it. Mostly so they could sell a house I couldn't normally afford. I walked away without a house after I gave up trying.

The industry made its bed and I have no pity for them lying in it now.

 

[SlapheadMofo]

Heehehe...I was jsut reading that article thinking along the same lines.

Had to get rid of your gardener? Cry me a f*cking river.
Good luck selling bikinis you idiots.

 

[ohio]

And they've made cutbacks: trading in Kent's Corvette for a Suburban and getting rid of the gardener, for example.

the horror.

 

[Tenchiro]

the horror.

You have to feel bad for the gardener.

 

[narlus]

how will they manage to raise their crop of organic kale and brussels sprouts?

 

[$tinkle]

and just in case you think anyone who chooses to go by "Mysti" is smarter than a stripper, i offer you this:

Mysti said she and many other employees who survived the early rounds of layoffs at New Century thought they'd be able to ride out the bad times even after the firm stopped taking new mortgage applications in March of last year and filed for bankruptcy in April.

every once in a while, a crappy company makes a good decision.
letting go people who have nothing to do - especially during a rebuilding period - is a no-brainer.


lo! the plight of upper class orange county white people

 

[jimmydean]

From a Vette to a Suburban. WTF?

 

[LordOpie]

You have to feel bad for the gardener.

Actually, he's laughing last as he now makes more than them.

 

[reflux]

My parents live in San Clemente, perhaps not too far away from the douches featured in the article.

My parent's next door neighbor clearly purchased her house as an investment. I believe she lived in the house for the requisite two years before putting the house on the market circa 2006. At one point, she turned down an offer of $1.4mil on the house. The renters have moved out, the house remains empty, and she will be lucky to get $900k. Stupid b1tch.

 

[Plummit]

and just in case you think anyone who chooses to go by "Mysti" is smarter than a stripper, i offer you this

Ol' Kent's not lookin' too sharp there himself: Nothing spells business acumen like posing in your velour track suit for your CNN exposure.

 

[dante]

From a Vette to a Suburban. WTF?

it had better look like this:

and I can see that they haven't gotten any smarter about finances, they're still clinging to their "dream home" while cashing out on savings and emptying their 401ks...


edit: further rantings.

"You can't run into someone who isn't impacted by what's going on," said Kent. "It's very expensive to live in Orange County, and you pay a lot for your home and you can't get what it's worth now."

guess what? your home is currently "worth" what someone else will pay for it, just like it always was, no less and certainly no more. if you don't understand that much, you're not going to be that good at foreclosure real estate either... <shaking head>

 

[Westy]

it had better look like this:

and I can see that they haven't gotten any smarter about finances, they're still clinging to their "dream home" while cashing out on savings and emptying their 401ks...


edit: further rantings.



guess what? your home is currently "worth" what someone else will pay for it, just like it always was, no less and certainly no more. if you don't understand that much, you're not going to be that good at foreclosure real estate either... <shaking head>

Probably have an interest only loan and would have to pay to sell their house at a loss.

 

[$tinkle]

guess what? your home is currently "worth" what someone else will pay for it, just like it always was, no less and certainly no more. if you don't understand that much, you're not going to be that good at foreclosure real estate either... <shaking head>

precisely.

furthermore: googling "mysti cope" reveals the #1 hit being this article. nothing is a humiliating as having it done publicly.

 

[N8 v2.0]

i feel for these two morons more than i do for idiot home buyers who took out stupid-low APR ARM's and are now crying about being "victimized.."

 

[Silver]

A lot of people who made a lot of money in the mortgage industry weren't what you would call financially sophisticated...that's why the whole house of cards took so long to fall.

 

[SlapheadMofo]

how will they manage to raise their crop of organic kale and brussels sprouts?

Mysti's kid just picked up some new chores...just until mama finds another old duffer with a decent gig and a place with a view tho, I'm sure.

 

[JohnE]

I can say honestly that I have not been directly affected by this crisis. I too shot down a real estate agent who tried to sell me on an ARM a year and a half ago.
If it sounds too good to be true, it prolly is...

 

[JohnE]

"Since he lost his job, Kent has gotten a real estate license and is trying to start a business selling the rapidly increasing inventory of foreclosed homes in Orange County, Calif"

So is he is turning lemons into lemonade, or trying to reap the rewards of his own scamming?

 

[SlapheadMofo]

You were smart enough not to buy a house you couldn't afford? I was under the impression that was next to impossible.

 

[stinkyboy]

She'll be single soon fellas!

 

[reflux]

...She'll be single soon fellas!

She would have to bring more to the table if I were to take on her AND her kid.

 

[Silver]

She would have to bring more to the table if I were to take on her AND her kid.

Lose a little weight too...I see a pretty hefty spare tire hiding under that shirt.

 

[X3pilot]

Too bad she didn't get an interest only boob job.

Eh, add her to the PPILF

Poor People I'd...

She should start contacting horny ex-govenors, they pay pretty well..

 

[DaveW]

She'll be single soon fellas!

She struck me as being quite the bitch.... I'm not sure I have a barge pole long enough.

 

[ire]

From a Vette to a Suburban. WTF?

I thought the same thing. You would think $3+ a gallon would steer them clear of that trade

 

[JohnE]

I thought the same thing. You would think $3+ a gallon would steer them clear of that trade

Nothing said they were smart...article should have tipped you off on that!
I picture her twisting around a very large and sturdy pole at a low rent peeler bar soon, and him, well, reall estate foreclosures are perfect, or a used car guy.