Comments on: ‘Extreme Home Makeover’ sees family foreclose on ‘free’ house

By: Butai Kaune

Butai Kaune — Fri, 21 Nov 2008 10:13:11 +0000

I like reading this blog, it is really interesting and it illustrates good all this housebubble situation in the world.

By: Adina

Adina — Thu, 18 Sep 2008 16:05:45 +0000

SoCal, where are you?????????????????

By: Headless Unicorn Guy

Headless Unicorn Guy — Wed, 17 Sep 2008 23:05:08 +0000

Here comes Santa Claus,
Here comes Santa Claus,
Right down Bailout Lane,
Fannie Mae & Freddy Mac
A-pullin’ on the reins!
Gummint Gravy Train rollin’ in,
All is happy and bright,
So dream of condos to flip flip flip
‘Cause Santa Claus comes tonight!

By: john Taylor

john Taylor — Tue, 16 Sep 2008 20:41:02 +0000

Ah… 450k in construction + 250k in donations and a loan for 450k against the 450k construction (or it’s final appraised value) cancels out. They don’t both have the equity in the home and the cash from the loan at the same time. So they really only blew 450k from the loan, 250k in donations, and whatever equtiy was left after the bank foreclosed. It’s not really like ONLY 700k + equtiy makes it any better, but some people are just not good with money.

By: bw

bw — Mon, 15 Sep 2008 15:39:54 +0000

And the *good news* just keeps on coming..

Lehman Bros. just declared bankruptcy today.

“Lehman files for bankruptcy protection

Wall Street titan goes under after frenzied search for buyer falls short

By MarketWatch

Last update: 11:13 a.m. EDT Sept. 15, 2008Comments: 857NEW YORK (MarketWatch) — Wall Street awoke to a dramatically changed world on Monday as Lehman Brothers’ bankruptcy filing rocked investors and pulled down financial stocks around the globe.

Lehman (LEH:Lehman Brothers Holdings Inc
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Last: 0.19-3.46-94.93%

11:37am 09/15/2008

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LEH 0.19, -3.46, -94.9%) on Monday filed for Chapter 11 bankruptcy protection, ending the 158-year-old Wall Street firm’s run and rattling the foundation of the global financial system.

Lehman said that it will continue business while it explores the sale of its broker and investment-management units and other strategic alternatives.
The news sent the firm’s shares tumbling more than 90% Monday morning and shook financial stocks. See full story.
The filing shows that Lehman is closing its doors with more than $600 billion of debt. The bank has total debts of $613 billion against total assets of $639 billion. Its filing with the Bankruptcy Court of the Southern District of New York shows that Lehman had more than 100,000 creditors.
The announcement came after a frantic weekend of negotiations in which potential acquirers backed away from a deal and federal officials balked at committing taxpayer funds to help save the Wall Street giant. ”

http://www.marketwatch.com/news/story/lehman-files-bankruptcy-protection-historic/story.aspx?guid=%7B50D06AF4%2D0AD5%2D4B38%2D8206%2DD4C8D6E62EC7%7D&tool=1&dist=bigcharts&symb=LEH&sid=12484

I don’t think that there is enough money in the world to bail “everybody” out..

By: SoCalMtgGuy

SoCalMtgGuy — Mon, 08 Sep 2008 20:08:07 +0000

I will be getting a post up about this soon…so stay tuned.

SoCalMtgGuy

By: Brownie

Brownie — Sun, 07 Sep 2008 03:48:53 +0000

So Cal,
Sorry man, just went back and read your post from July 16th and that pretty much sums it all up. How do you think the stock market will react to this Fannie/Freddie news on Monday morning? Huge down, huge up, somewhere in between? Scary times right now.
You are a visionary, keep up the good work!

By: Brownie

Brownie — Sun, 07 Sep 2008 03:13:30 +0000

So Cal,
I would like to hear your thoughts on this whole Fannie/Freddie situation. Specifically, what do you think should be done, if anything?
We all are looking forward to your next post.

By: Ken

Ken — Sun, 24 Aug 2008 01:00:29 +0000

Just put another log on the idiot fire. The taxpayer bailout is illegal. I wish every congressman that voted for the bailout would not be re-elected in November. Get rid of all the bums.

By: curiouscat

curiouscat — Sat, 09 Aug 2008 21:41:02 +0000

SoCal,
I heard from the people of the know that the skyrocketing gasoline price is caused by commodity speculation, which is financed by money made in the recent housing boom. If this is true, some people in the haute finance are clearly dancing on every Joes and Janes misery.

What’s your reading, SoCal??