Meet Carl Richards—part of the 99% who are directly responsible for the collapse of the housing market. They moan and bemoan those who let them feed at the trough. Really. Even my toddler knows that what Carl Richards did would not work out well and anyone with a more developed brain can see the likes of Richards got us into the housing mess and then the ultimate financial collapse. What did dumbot Richards do? Well it hurts to write it but here goes:

He could afford a house that cost ~$350, 000 by his own reckoning but bought a home for $575,000.

He borrowed 100% of the cost of the home. Not a 10% down payment, let alone the standard 20%. Zero down. Zippo.

A year later Carl Richards refinanced his home. Not in order to lower his interest payments and put more toward the principal. NO. Dumbot Richards refinance so he could actually ADD to the amount he owed on “his” house each month. And..he opened a line of credit on the house so he could borrow even more money on home he’d not put one thin dime into.

He lived FAR beyond his means—four kids, expensive vacays, a 3,500 sq foot house, 2 cars,

He had an adjustable rate mortgage even though his job was tenuous at best. The dude actually was so dumb that he answered an ad that said something about security and he thought he was applying to become a security guard. Instead he sat down at a phone an actually gave financial advice to others for a living. Talk about moron.

But the common thread with SO SO many of the underwater homes that you hear about is this: by the time he sold his house (six years AFTER he’d bought it) DumBot Carl Richards owed $200, 000 more than he’d paid for the home.

If he’d put even 10% down (56K) and taken out a fixed mortgage he’d have whittled down his debt on the home by ~$36K and outstanding debt would have come in at ~$480K.

When Richards sold his home in 2009, he sold it for $531K. So he’d not have been underwater at all. Sadly he’d not have made any equity in his home over those six years, but that IS the gamble we take on home ownership.

But the issue is this: Richards is the reason so many of the rest of us have no equity in our homes. He tanked the market.
And those of us Responsibles are left holding his dirty Dumbot bag of shitty housing laundry. Carl Richards was let off the hook for both his FIRST and SECOND mortgage. That is right. Us responsibles are stuck paying for his dipshit mind and manners. And what does he do?

You guessed it: he wrote a book. A no knowing in the form of Barack Obama, a man who thinks everyone else should pay for ALL the stuff he wants regardless of ability to pay, has written a book.

I can’t think of a single reason why a single person of sound mind would read a word Carl Richards has to say. He is the face of the GREED that comes to mind when you think of the Occupy Wall St. crowd. They want us hard working Responsibles to pay for all their time at the pig trough.

There is plenty to do for the American Homeowner and not a bit of it has to do with a bailout for the likes of Carl Richards, even though we taxpayer have done just that—to the tune of $200K.

So enough already with the bullshit of the greatness of the 99%. What a fucking joke. It is those who laud the Occupy Wall St. crowd that are very very very very likely to be Dumbots like Carl Richards, whose greed is breathtaking.

And it is those of us who laud the Tea Party who are stuck paying Carl Richard’s bill. We are the NOt SO FUCKING GREEDY % who Do the Right Thing every day, over and over while Obama and his ilk taunt us with charges of racism and Michelle Obama calls us just plain mean.

Taxpayers bailed out banks who bailed our Carl Richards and Banks have paid back their bailouts with interest but ...Carl Richards walked away with your taxpayer money.

My minister preached to us this morning about what scumbags we are if we don't embracing the OWS movement. He has an Obama sticker on his car, which the church paid for which I paid the church to pay for him to drive. Is anyone getting the picture here?

Where is John Gaut. That is, how much longer do those who do the right thing have to pay for those who do not. And for the love of God can the Dumbots please stop telling me what a shithead I am for always doing the right thing: buying a house with 20% down, not in my 20s or 30s but waiting until my 40s when I had the right amout saved and the right amout of job behind be to see me through good and bad times. For treating this like the American dream it is not a piggy bank to hedge your bets against a taxpayer bailout. I would LOVE to claw back all those nice vacays Carl Richards took at my expense. I would love to have more than the one child I felt I could afford, I would love to ask Carl Richards why I should live so much less so he can live so much more at my expense. I am no a scumbag for hating the breathtaking greed of the OWS sect or the Obama 15 Trillion and counting debt he is racking up so he can tell me what a scumbag I am for paying the single woman, no mortgage deduction tax rate for so many years and never asking for a bailout while I pay and pay and defer and defer.

Guest post, by Naomi -- a single mom in the Heartland.

http://www.nytimes.com/2011/11/09/business/how-a-financial-pro-lost-his-...