Funny (But Depressing) Mortgage Crisis Quotes

It's a small world after all!

From Spain:

Martinsa-Fadesa SA was the largest Spanish developer to seek protection from creditors since the decade-long real estate boom ended last year and won't be the last, according to Credito y Caucion, a Spanish credit insurer.

...Martinsa-Fadesa was created by the acquisition of Fadesa Inmobiliaria SA by Grupo Martinsa for 4 billion euros last year. Chairman Fernando Martin owns 60 percent of the stock and the stake's value has plummeted to 408 million euros from 1.1 billion euros in four months.

``The secret is to buy low and sell high,'' said Jose Carlos Diez, chief economist at Intermoney SA. ``He did the opposite.''

From Las Vegas:

The recession is a "self-cleaning of the economy" that will sift out developers who came to the party late, said Avi Ruimi, principal of Woodland Hills, Calif.-based Blue Marble Development. He bought the land for Paxton Walk before the runup in prices.

"They all had good intentions. I feel bad for them," Ruimi said. "Each of them made a different mistake. I can analyze those mistakes in retrospect. At the time they made the decision, they were right. It's very difficult to predict a market like Vegas. It's not a market that gives you a sign before the bubble bursts in your face."

From Minnesota:

Bendel, the mortgage trade group president, views problems with home mortgage defaults and write-offs as part of a larger pattern of concern over consumer credit.

"America is kind of living check to check," Bendel said. "It doesn't matter where you make $50 grand or $250 grand, you don't have a lot of money left over to weather a storm. When a storm comes, the boat sinks."