By all calculations the Nash's house should have been paid for. If he was born there their 30 year mortgage should have been paid off. He had no business having his mom borrow $85,000 against a home that was mortgage free.
shareHe took out a loan to buy tools so that he could work, which would have been fine if the banks hadn't brought down the economy and shut down the construction industry in particular (especially in Florida!). It isn't like he bought a sweet little Porsche and took his wife to Tahiti.
shareHe bought $85,000 worth of tools?
shareMaybe he was also paying for training and certification for the different things he did? Maybe he bought his truck too? The economy was doing great until it went to *beep* right? My own (UK) government spent money it probably wouldn't have had it forcast 2008.
share[deleted]
Yes, I figured the truck was included in that total. And you're right to bring in the fact that virtually everyone was operating as if things would continue on as they had been.
shareThe film does not bother explaining BUT even if he was born in the house -- it is clear that Nash and his mom are IDIOTS. They probably used the money for stuff like his big truck, vacations, eating out, the newest iPhone (clearly shown in film) and other stuff.
I know people in their homes for over 30 years, but they keep borrowing for stuff like to pay off excess credit cards.
So it is POSSIBLE, but UNLIKELY. Also, I know construction workers and they don't have $85,000 worth of tools. NOTHING we are shown displays $85,000 of tools -- just a red steel tool drawer, and some basic stuff like drills and saws and nail guns. I have all that stuff, from Sears or Home Depot, and I assure you that the whole lot didn't cost even close to $2000 let alone $85,000.
Now -- a better film would have said something like Nash's mom had cancer, and the money went for her medical bills, as they are UNINSURED. A very good likelihood given their circumstances.
Did anyone but me wonder why Mrs. Nash Senior could not get a paying job in a beauty salon? She's not 80 -- she is about 45 or 50 and appears perfectly healthy.
So I stand by my original statement. They made their own problems. They thought the house was an ATM, they borrowed against the equity and Mrs. Nash Senior didn't work.
shareMy thoughts exactly. And the minute the kid starts making money he starts spending, including buying that ridiculous house. I have known people through the years who have lied on mortgage apps, and who thought it awesome and funny to find themselves qualifying for mortgages well above their pay grades, only to find it's not so funny after all. It's the story of the little red hen.
shareI had a friend who did the same thing and I thought maybe the bank knows better and that you won't be able to afford the payments so they're actually doing you a favor by not loaning you money. But you lie and qualify you still can't afford the payments unless you're dealing in a cash only business under the table.
shareyou do realise the banks knew all that and it was a form of marketing. Banks advertised and foisted loans onto people who were not financial experts.
shareYeah, lots of people who lose their home made their own problems... but it still doesn't excuse unscrupulous realtors skimming off the top, and committing fraud to evict people... The film was as much about corruption as it was about the ordinary and unfortunate.
"Your mother puts license plates in your underwear? How do you sit?!"
The idea was sold to him by bank marketing departments. It was part of a massive con that was pulled. The idea was to ultimately insure bundles of well secured loans, multiple times over. By crashing everything, they could pick up the insurance payments (multiple times over).
Why are you standing back yourself and blaming victims of a scam? The perpetrators also walked away with your money - unless you are some banking high-flyer who took a fortune from all this.