UPDATE: an FB situation 14 months later
I know many of you are waiting for the next dose of subprime mortgage madness…don’t worry…it is coming. I have been out of town quite a bit lately, and I am going to be gone a bit more. Don’t worry though, you aren’t going to miss anything as this mess is going to take years to pan out. This post should hold you over for a little while until I can get the next big post up.
That said, I wanted to post the following e-mail that I received. Some of you might remember this person from an earlier post. Well, here is the update from this individual. Here is the link to the earlier post so you can ‘refresh’ your memory to the situation: Confession from a reader “I was in denial…I might be an FB myself”
Here is the latest e-mail to me:
————————————————————–
Dear Mr. AFB-blogman,
My name is xxxxxx xxxxxx. You might remember me from January 22, 2006. http://anotherfuckedborrower.blogspot.com/2006/01/confession-from-reader-i-was-in.html
I should tell you what happened to me in the last year. I give you free permission to post this e-mail on yor site, if you like.
After your post, and the ensuing comments, we tried real hard to sell the house FSBO for $639K. Didn’t happen. We had our baby, and, with four mouths to feed now, I got another title rep job, but it only lasted for three months. Got one realtor to list at $639K, just to cover the $601K in debt, commissions, etc. Didn’t get a bite for 90 days. We let him go after the contract, and hired a “hitter.” She listed at $599K. We spoke to her assistant for the ensuing months. Not much really happened. We stopped paying the mortgage after April 2006’s payment. We received the notice of default in September. I had already moved the family to a rental in Garden Grove in June. After three short sales fell out of escrow, we closed on a short sale to a landscaping contractor for $550K. He went no money down. The bank had to eat, among other things, a new septic tank, a tenting for termites, and $30,000 in agent commissions. We bought the house for $605K, paid $3K of principal, and stuck the bank with a $122K loss. The short sale closed on the day of filing for Notice of Trustee Sale in November. The bank, in their deduction schedule, showed the entire period of January through September 2006, as mortgage interest paid, making our write-off 4 times larger than I expected. [Maybe I’m ignorant: is this supposed to happen, and I just didn’t know?] Also, the bank didn’t 1099 us! I talked to the supervisor in the collections department eight weeks ago, and he said our file was noted as “do not issue 1099.” The super interpreted this to mean that the bank must have thought it wasn’t worth it. I was planning on claiming insolvency to the IRS through my job loss, anyway, but they didn’t even give us a 1099!
I continue to follow the national real estate scene on the Internet; now, through, with a great deal of schadenfreude, because I’m no longer an FB.
Incidentally, the wife and I opened a transcription business from home, and are doing excellent in the first quarter of 2007. Ironically, I produced the podcast transcript for Casey Serin these last couple days.
Yours,
xxxxxx xxxxxx
NobleTranscription.com
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As you might remember, this individual was a title rep in the industry. If you haven’t done so already, I suggest you read the earlier post from about 14 months ago. It will shead some light on why I see things getting worse.
This individual was ‘in’ the industry making good money for a relatively short period of time (less than 3 years). I call this a short period of time, because most mortgages require 30-50 years of payments these days.
You are going to see even more ‘industy’ people foreclose on homes as that 10-20k+ a month isn’t coming as easily, or at all. Not to mention that most people in the industy were caught up in the madness just as much, if not more than the ‘average joe’.
Anyway, keep the feedback on topic and constructive. I know there are going to be some people that don’t agree with the way things pan out, and that is fine. All I will say is that a few hundred thousand here, a few hundred thousand there, and pretty soon you are talking about ‘real money’. There will be consequences when tens of thousands of people start walking from homes and leaving ’somebody else’ to hold the bag. You had just better hope that ‘guvment’ doesn’t step in and use taxpayer money to bail people out. Remember: government does ONE thing well…perpetuate itself.
Stay tuned…
SoCalMtgGuy
March 27th, 2007 13:09
I think the bank actually got lucky on this one. Yes, they “lost” $122,000 but in terms of where the market is going this is a major win.
Ironic how this guy did the transcription for Casey who is the uber real estate investor. Rates are resetting at a rate of $100 billion a month so we have a long way to go.
Government? Well we know what Senator Dodd is talking about and bailout is sounding pretty good to someone who had their payment jump $1,000 in one month.
March 27th, 2007 13:23
I’m glad this person found their way out. Good for him.
Unfortunately, not so good for the next guy who wants a loan. We can see now that restrictions will be tightening… probably a good deal more. I guess it’s all part of being driven to excesses. (both the bank and buyers)
It’s all just part of the math of having an open society. Hopefully for all, Sen. Dodd will not be giving any handouts. It sounds like people are getting enough, and banks should have to eat it. Why should we taxpayers be bailing out banks? (they’re the ones who feel the pain anyway)
Chuck Ponzi
www.socalbubble.com
March 27th, 2007 13:37
Two observations/comments
1). If other banks follow this template then folks going in with 100% down will not lose a dime. The folks paying interest only have the most to win from banks deciding to eat the loss.
2). Isn’t it interesting that it is up to the discretion of banks to decide whether the IRS is owed taxes vis-a-vie the issuance of 1099’s? It isn’t a matter of whether a bank feels “it is worth it” to file one since the bank doesn’t collect the tax owed and is not the beneficiary of taxes paid as a result of the 1099. I find this curious.
March 27th, 2007 14:30
I don’t understand how people can say good for this guy…he is an incompotent person who, with a family, should have never taken on such a risk. Amazing how many idiots are in this world. He was also going to claim BK…why not. He then ends up saying he is no longer a FB…that’s what he thinks. This country has gotten completely pathetic. I’ll bet he drives a BMW.
March 27th, 2007 16:13
in the end, he screwed someone (whether it be a large publicly traded company) or a small one person business out of money that was due them. that’s not ok.
i personally don’t think this is anything to celebrate. lot’s of small businesses that can’t afford the lossgetting screwed now. if prices had gone up instead of down, this guy would probably just buy a new car or bigger house.
March 27th, 2007 16:31
Agree - this guy made mistakes and screwed someone else.
I guarantee that the bank is just holding that non-cash expense to not hurt current earnings. When they do decide to let it hit the books, all they have to do is file a new or amended 1099 and he will still owe IRS. As a taxpayer - I think he should pay.
March 27th, 2007 17:30
There is a forum discussion going on about making money off reporting FB’s like this guy to the IRS. Check it out:
http://forums.irvinehousingblog.com/discussion/167/how-to-make-a-buck-off-short-sales/#Comment_2101
I have to think short sales are going to become quite common. I used to think FB’s were pretty stupid because of the risk they were taking on. Now I don’t. What risk? Nothing bad happened to this guy. He lost a house he could never afford anyway, so what did he really lose?
Anybody want to report him to the IRS and make a 15% commission off the taxes on $122,000?
March 27th, 2007 17:41
If the bank doesn’t give him the 1099, why would he owe taxes now? The IRS would pay you now 15% of zero, not very much
I don’t know, however, how long the bank can wait and still stick the 1099 to him. I thought, banks use 1099s to reduce their own taxes.
March 27th, 2007 18:04
“You had just better hope that ‘guvment’ doesn’t step in and use taxpayer money to bail people out.”
I keep asking where they think they’re going to get that tax money. Haven’t gotten an answer. Unless they slap the taxes on Wall Street Pig Men and other parasites who made out like bandits during this train wreck, the only alternative is the printing press.
March 27th, 2007 20:18
LMAO,
Read part of that Casey Serin page!!! The only person dumber than him is the ignorant lady asking him for advice about flipping RE!!!!!
This twit should be on everyones IGNORE ADVICE list…
Simply amazing that she is seeking pointers from someone that lost (borrowed and lost) millions!?!?!?!?
The gereral ignorance out there is astounding.
March 27th, 2007 20:24
Helicopter Commander Bernanke
March 27th, 2007 18:04 9“You had just better hope that ‘guvment’ doesn’t step in and use taxpayer money to bail people out.”
I keep asking where they think they’re going to get that tax money. Haven’t gotten an answer
You’re kidding, right? The gov’t runs a 700 billion dollar deficit and you think they give a rat’s ass about taxes covering expenditures? Good one!
March 28th, 2007 07:57
Bernanke to congress: Housing issue “substantial.” More at http://infohype.blogspot.com
March 28th, 2007 09:48
“You’re kidding, right? The gov’t runs a 700 billion dollar deficit and you think they give a rat’s ass about taxes covering expenditures? Good one!”
In other words, fire up the printing press. Same reason gold exploded after Bush announced that the government would be paying for Katrina. Too bad the housing bust is going to make Katrina look like a pleasant little breeze.
March 28th, 2007 15:36
As always, there is a reply from the source needed.
I admit, looking back, I was incompetent and stupid because I bought too much LTV with not enough reserves. For the record, though, I went full doc with New Century, after WaMu and WF applications got stuck in an underwriting morass, and it was coming time to close. I got that purchase loan with New Century in 72 hours. New Century approved me, seeing I was not misrepresenting myself, unlike IAFF, who obviously misused stated income loans.
However, I take exception to the idea that I’m taking food out of someone’s mouth by sticking the bank with the loss. An appraiser made the valuation, and I got a loan. No one forced New Century to give me the loan to buy the house, but they did. They confirmed the value, and thus, assumed all risk, especially since I went no money down with an, at the time, 720 mid-FICO, and the wife as well.
When I stopped paying the mortgage, because I couldn’t affor to, I got ONE collection call. I arranged the short sale possibility myself with New Century, which they readily and happily approved; they said, bring a buyer asap. They didn’t have to accept the short sale after the fact, but they did, and I’m very grateful. I did the right thing for me and my family at the time. I tried a deed-in-lieu-of-foreclosure, but they would not accept it. Besides, everyone connected got paid — the termite guys, the septic tank replacers, the realtors, the purchase lenders, and the government for taxes, which were never delinquent. Yes, New Century was out the dough, but that’s the risk they took.
I have nothing to hide, but the insinuation that I did this on purpose is over the top. You don’t know me personally, but if you did, you’d know I have a little more character than to try to screw someone over. I believe in lowering tax burdens on myself, but not tax avoidance. This isn’t a cheat, if the Feds want to audit me, I’ve got plenty of paper trail to fend off any fraud charge they want, not to mention hardships that are within current IRS guidelines to file an amended Schedule C, according to myy accountant.
I consulted a BK attorney when I lost my job in Jan 2006, and he chuckled me out of his office after 5 minutes. He showed me the rule changes, and how there was no way I could qualify for forgiveness, with all the money I had made in 2004 and 2005. So BK was out of the question from the beginning, which is why I never mentioned it in the first place.
I welcome any and all constructive feedback, and I appreciate the couple pats on the back I’ve received here. Thank you.
March 28th, 2007 18:42
An appraiser made the valuation, and I got a loan. No one forced New Century to give me the loan to buy the house, but they did. They confirmed the value, and thus, assumed all risk
unbelievable!
you get very little sympathy after that little gem.
March 28th, 2007 18:57
I imagine the same painful experiences will soon pile up throughout the NYC market in the very near future. Take a peak at these foreclosure charts… http://www.nydailynews.com/news/2007/03/28/2007-03-28_set_up_for_a_fall-3.html
SoCalMtgGuy, kepp up the great posts.
March 28th, 2007 20:02
The advice I would give that FB is that transcription is a very price-sensitive business, and offshoring is coming his way. He should get ahead of the curve now & find a team of folks in Southeast Asia who can do the actual work at a fraction of the US price, while he focuses on sales & marketing.
March 28th, 2007 21:08
Wow…
An appraiser made the valuation, and I got a loan. No one forced New Century to give me the loan to buy the house, but they did. They confirmed the value, and thus, assumed all risk.
You didn’t assume any risk? You don’t feel responsible for this? It’s someone else’s fault. You’ll take responsibility as long as it doesn’t cost you any dollars?
Wow…it’s someone else’s problem now eh? Privatize the profits and socialize the losses.. No problem, society will take it from here… UFB
March 28th, 2007 21:10
The Former FB,
I think the problem is you worked in the industry, and you took advantage of the circumstances. You were only out for yourself in this situation, and I get the sense you thought you were entitled to that house, and the accompanying lifestyle. When I read these stories, the sense of entitlement really irks me; it’s as if people have lost their moral compass. I’m not saying you’re not a good person, but I think you temporarily crossed the line into what’s bad about our society today: everyone out for themselves, and never mind who gets hurt along the way. Oh, and never mind the consequences, someone else will pick up those pieces.
March 28th, 2007 22:01
Can someone please shed light on how, if at all, a “short sale” affects the borrowers credit rating?
March 29th, 2007 05:39
We can spend all day debating the motives of the FB but the bottomline is the onus lies primarily on the lender and regulators. Greed drives a lot of people, especially the stupid uninformed ones - the fact that lending industry decided it would be a good idea to dangle the interest-only, no-doc loans to every schmuck with a purse just boils down to greed. Now they are paying and so is the schmuck with a gaping hole in his purse.
we’ll all pay for it, S&L debacle, 9/11, nasdaq bubble but we’ll bounce back.
March 29th, 2007 06:09
If I have to choose between a FB or a bank. I’m siding with the FB. Lesser of two evils.
March 29th, 2007 11:23
Yeah no sympathy out of me either. I refused to take out a loan TO BUY AN OVERBLOATED HOUSE.
WHAT DID I GET FOR THIS?
I still can’t afford to buy any of these insanley priced houses.
Jerks like you pushed up the price of houses for all. I hope you get the tax bill.
March 29th, 2007 13:11
Whoa, whoa, whoa. Back it up, one second here.
If I imply I’m entitled to anything, it’s my fault for not myself clear enough. I’m not proud of losing my house. I loved that house. Believe me, I’ve taken more slack from both sides of my family, where this kind of thing has never happened to them, nor have they participated in a crazy housing bubble.
I’m willing to admit to mistakes; I made plenty, including being in deep of a wildly volatile industry, and having the roof cave in on me. I’m willing to cop to being naive about purchasing way too much house at the top of the market. Yes, I showed no restraint. Mea culpa.
For the record, I have no sense of entitlement about anything, except what I earned. Regardless of what anyone calls work, I worked hard to afford the house at the time of purchase, when I could afford it. When I couldn’t afford it, I didn’t walk away; I didn’t turn in the keys; I helped mediate a solution to was acceptable to both parties; myself and the bank.
I don’t read real estate blogs, or participate in them, for sympathy or personal attention. I’m just sharing what happened to me. I’m a renter, and will be for the next several years, and definitely a bit more chastened, and hopefully wiser.
P.S. #17: Working on that. Thank you.
March 29th, 2007 13:36
Former FB, Thanks for sharing your story with us. As long as you dind’t lie for the loan application, it’s indeed the lender’s business risk to loose money in your foreclosure or short sale. The lender should have insisted on a large downpayment but didn’t - tough luck! I only hope that the loan doesn’t turn up in my 401k, but I should have cleaned it up sufficiently in January.
March 29th, 2007 15:20
This whole saga reminded me of this….
http://www.youtube.com/watch?v=TxylHPnoloI
…or maybe it was the other way around.
March 29th, 2007 21:27
#25 Do you think his loan was stated income? If it was would that be a lie?
March 30th, 2007 09:50
This FB claimed that it was not stated income: “I went full doc”.
If a FB uses stated income and lies about his income (e.g. Casey Serin from IAFF), I hope that the lender would go after the FB’s income and assests and that a court would deny FB bancrupty protection.
March 30th, 2007 20:40
Privatize the profits and socialize the losses…
That about sums it up.
Nice post, Rob Ranger…
That knucklehead…
April 1st, 2007 18:56
> Privatize the profits and socialize the losses…
It seems that the lender’s loss is still private, for example, resulting in lower stock prices of the lender. Now, if the federal government offers refinancing to all FBs through FHA, assuming all the risk and effectually bailing out lenders, that would be socializing giant losses … we are not there … yet.
April 2nd, 2007 11:29
Eight Steps to Getting Your Finances in Order
1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses such as car repairs, illnesses, etc., as well as predictable costs such as rent.
2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to a between 8 and 10 percent of your total income.
3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
Check out the school district. . . . www.ExchangeCA.com Eight Steps to Getting Your Finances in Order
La Jolla Real Estate, Search La Jolla Homes, Houses, and Condos
April 3rd, 2007 04:43
I’m prepared to assign this person to the “semi-victim” rather than “fraudster” class.
Was the house he bought for $639K really worth $639K, absent the bubble? And if was just a middle-class house, is it unreasonable for a middle class person like himself to have purchased it? Remember, this wasn’t a flip, and he wasn’t looking to get rich, he just wanted a family home.
He made a mistake and overpaid, because he was caught up in the frenzy and assumed that he’d be “priced out forever.” If anyone should be blamed for the bank’s loss, it is the seller and sales broker, who actually benefitted from the mania.
If all situations like this end up like this, we’ll be better off. A lower price. A haircut but not a wipeout for the bank. A chance to start over for the FB, who will presumably make better choices next time.
All the frauds and flips, however, will not turn out this well.
April 3rd, 2007 04:48
Pending Home Sales report due today (4/3). http://infohype.blogspot.com/
April 4th, 2007 00:31
I feel for the FB in this case. He thought he had a good job that would continue and life happened. Rents were up at the time because of all the apartment converting fraudesters, house prices rising because of the liar loan and mickey mouse banking, he thought he had the right choice and it backfired.
The people that bought more than a house to live in need to rot in hell. Duplexes on up are for rentals, not houses. They caused this mess, not the odd FB that paid his dues in a rental and just wanted a house to live in.
April 4th, 2007 20:08
I think the FB was more naive than anything else - and I’m not one for handing out easy forgiveness. FB didn’t understand the market and the froth/speculation; thought income was safe; was running with the herd and bad advice. When bad things happen, sometimes its hard for others to see that any more meritous actions occured. These folks will not give the benefit of the doubt that the best thing for all parties was done - even if means painful losses for some. In the end, blood is their only currency.
The truth is, the market needs and demands people like FB in order to provide new opportunities. Unfortunately for the FB in this situation, he’s like one of those Discovery Channel shows where the impala gets hunted, maimed, and devoured by the cheetah. Darwinism - a bitter pill for most.
dd
April 4th, 2007 20:34
from thursday’s wall street journal front page:
Home inventories jumped sharply in 18 metro areas at the end of March, with Los Angeles posting the biggest rise.
(i dedicate this to all the retarded real estate agents i’ve ever loved before)
p.s. — went to an open house in westwood this weekend. three bedroom house. recently re-modeled. care to guess? … 1.699 mill. i asked if this was a misprint. she said no, it’s recently reduced from $1.8. i said, what a bargain! and left. just showed me how sellers are STILL disengaged from reality. the reason there’s no bloodbath is because it hasn’t even started yet. it ain’t gonna be pretty.
April 5th, 2007 22:29
This loan was made pursuant to California law. The Borrower utilized the funds to purchase a residence. Under California Law (specificially Code of Civil Procedure Section 580b), the Borrower was NEVER personally on the hook for the loan. The lender’s sole recourse was foreclosing on the property and that action would have resulted in full satisfaction of the debt.
This isn’t about right or wrong. It is about responsibility as defined under California law. And the Borrower and his wife were simply never personally liable for the debt. Fairly cut and dry if you ask me and the likely rationale for not 1099ing this Borrower.
April 5th, 2007 22:44
#35 is my philosophy, but the problem is………
I have complained for 3 years that money was too easy…..
Realtors, brokers lenders, and appraires too eager…
local governments wanting new revenues….
and George hiding a big recession behind cheap money ….
FB is a prime example and bi-product of our new system…
long time industry vet who is pissed off, and upset
April 6th, 2007 11:02
This FB’s situation and the context of the current real estate market makes me think of the classic “hot potato” game where the potato is so hot that it burns your hands so you pass it to someone else. For the past 5 years, there was little risk of getting burned since there were so many other hands to pass the potato to: buyer passes risk to the bank; bank passes risk to MBS, hedge funds, etc. Now the number of hands to pass the potato to are dwindling and the odds of leaving the game with burned hands are greatly increased.
I agree that many FBs have not done enough to ensure that they will not become FBs (not reading loan docs, insufficient due diligence, etc.). But I also think the majority of the blame needs to be placed squarely in the lap of banks and lending institutions.
These institutions are supposed to be the gatekeepers. It’s not the bank’s role to give us consumers loans just because we ask for them. On the contrary, it is their job to come back and say “Sorry, Mr. Jones. We feel that the loan you’re requesting is too large given your financial means and we therefore have to deny your request.” Instead the banks were all too eager to make money themselves and issued loans they knew their customers were likely to default on but they didn’t worry becasue they were able to pass their own “hot potato” off to others to hold as mortgage backed securities.
I’m all for people taking responsibility for their actions, as this FB did as best he could. But shouldn’t this also apply to our country’s financial institutions? Their actions have a direct impact on the future of our economy. There could have been no housing bubble if the banks/lending institutions had been doing their jobs properly.
April 7th, 2007 18:46
“Privatize the profits and socialize the losses”
Yes, but… Visualize a partnership between corporate interests, the government and the Fed, a private group who manufactures the rate of inflation and sets interest rates. Just think of the riches available to those within each of these groups if they attain the position of “insider” as bubble cycles are inflated and subsequently deflated.
Now think about the steps that were taken to pump up the bubble(s). Greenspan with interest rates and liquidity, protesting that bubbles can only be seen in hindsight, the 1997 real estate capital gains tax act during the Clinton administration, the NASDAQ bubble, Greenspan telling lenders not to be “sensitive to borrower qualifications” to inflate the housing bubble and hinting that borrowers who had taken out adjustable rate mortgages were ahead of the game. Remember Bush said, in 2002 , “People take a look at the downpayment, they say that’s too high, I’m not buying…We can deal with that. And so I’ve asked Congress to fully fund an American Dream Down Payment Fund”. They were all in on it.
This was the “pump”. A trap. To blame this FB is to blame the mouse for being too stupid to say no to the cheese.
What about the “dump” and “bailout” phase? Just watch for a key, connected player to run into trouble - like a Citigroup - and that’s when the bailout will occur. Take a good, close look at who exactly gets the taxpayer bailouts. Follow the money. New Century and a ton of unfortunate homeowners will have already been fleeced and left to whither and die. Others may get crumbs of deflated dollars. But the insiders will be the only ones unharmed - plus had their losses made good.
Premeditated from the start. Interesting that we now face endless war, even greater centralized power, fabulous profits for corporations like Halliburton and Blackwater, $4 Trillion missing from the government’s books. In the end, the dollar will be worth much, much less. If it still exists.
Got Amero, anyone?
April 10th, 2007 02:47
I was thinking…
Is it possible that with the way all of these loans were being sold, that a lot of the bad loans are already in Europe and China? Could we have pulled another one on the world, bankrupting foreign investors, sort of the way the cold war went. In reality, sor of like spending billions on high tech weapon systems and watching the USSR spend itself into oblivion.
Anyone have any news on the east coast housing buble? I’m in the way out metro Washington DC area, and the prices are stagnent, but there are still houses being built. I’ve seen 8 pre-constructuion houses sold in the past months, most during Janurary. This seems to defy logic.
April 10th, 2007 06:56
Lumber costs plummet. http://infohype.blogspot.com
April 10th, 2007 07:43
slick,
You may find Yahoo’s Real Estate Article on Feb. 7 of interest. “Buy Backs: Keeping Lenders on the Hook”
http://realestate.yahoo.com/Foreclosures/4eb815b5b6a50ffb88c715f63ab43f2c?ref=patrick.net
Aside from the mess of entities trying to get anything out of defunct lenders, think about all the pension funds and GSE’s that got into buying up mortgages and who they in turn are going to impact. Since no one can get audited financial statements out of FRE, FNM or HUD, who knows what they’ve been up to.
In addition, it looks like there are laws that hold lenders on the hook for lending to people they should have known couldn’t pay them back. Aside from the merits, just think how many lawyers that’s going to keep employed!
April 10th, 2007 07:43
slick,
You may find Yahoo’s Real Estate Article on Feb. 7 of interest. “Buy Backs: Keeping Lenders on the Hook”
http://realestate.yahoo.com/Foreclosures/4eb815b5b6a50ffb88c715f63ab43f2c?ref=patrick.net
Aside from the mess of entities trying to get anything out of defunct lenders, think about all the pension funds and GSE’s that got into buying up mortgages and who they in turn are going to impact. Since no one can get audited financial statements out of FRE, FNM or HUD, who knows what they’ve been up to.
In addition, it looks like there are laws that hold lenders on the hook for lending to people they should have known couldn’t pay them back. Aside from the merits, just think how many lawyers that’s going to keep employed!
April 11th, 2007 08:27
IMF: Housing Killing US Economy. http://infohype.blogspot.com
April 11th, 2007 21:28
ok SoCal — you were right again:
http://news.yahoo.com/s/ap/20070411/ap_on_bi_ge/housing_woes
WASHINGTON - Amid new signs that the housing slump is worsening, key Senate Democrats said Wednesday that hundreds of millions of dollars of new federal aid may be needed to assist homeowners at risk of foreclosur
April 12th, 2007 21:22
Sad…but true.
The politicans never met a vote they weren’t happy buying with somebody else’s money.
The only thing more bankrupt than millions of homeowners, is this country with regards to personal responsibility.
Why pay your mortgage if the ‘guvment’ is going to pay it for you? Great message we are sending to a country that thinks the guvment holds the solutions to all problems.
Makes me absolutely sick…and this is JUST the beginning!
Stay tuned…
SoCalMtgGuy
April 13th, 2007 07:21
If the federal govt. is going to bail out people in risk of foreclosure, what is this going to do to the market? I’m hedging that it will keep prices high, and maybe protect inventory, but what of the investors who are like C. Serin? The last house I bought required a 20% down mortgage to get built, I think back now and see that they were hedging against the 0% down people. Any comments?
April 13th, 2007 12:37
I’m hedging that it will keep prices high
It will probably keep prices high relative to the dollar, but not high relative to gold and silver. You can also watch the dollar sink in terms of foreign currencies as well, but do keep in mind that all the foreign currencies are also dropping in value with respect to gold/silver as well. In the end, though, it is still possible to have rising prices on goods/services while incomes and asset prices remain unchanged.
However, I could be wrong in this assessment..
The markets may in fact turn out to be much larger and harder to ‘correct’ with any type of govt. interference.
bubble_watcher
April 16th, 2007 04:59
Tuesday’s One-Two Punch at http://infohype.blogspot.com
April 17th, 2007 04:36
Inflation lower than expected. Are rate cuts close? http://infohype.blogspot.com
April 19th, 2007 23:23
corey, read the fed minutes, you cluless realtor tool.
April 20th, 2007 02:44
yeah. read the minutes. there is wild inflation in the mid atlantic. Organic even, going to kill some myself.
April 21st, 2007 21:07
slick:
i guess you picked that name because you’re an oily realtor yourself. fed more concerned w/ inflation than anything else — bias is toward tightening. this will not help the current real estate malaise.
do me a favor, slick — go by some real estate today. especially in socal. as much as you can!
peace out!
April 23rd, 2007 08:14
g.olsen.
Dear Mr. Pansey:
As you can see I am clearly on the up and up. I have at least 0 properties in the So Cal area. My expertise is not of the real estate that you are so loving attached to. I am not of the type that you have said me to be. You are a card carrying realtor, and not a friend of those with me.
April 27th, 2007 05:54
test
April 29th, 2007 23:17
slick:
nice test. and wow, you really made me cry with the pansey remark. top notch stuff, realtor boy.
April 30th, 2007 05:51
G.olsen. (aka Mr. Pansey):
I see that you are the gold coat of century 21 realtor wearing person. I am not of your concern. I see that my test has pulled the wool of your eyes open, and that your tentacles have come out of your realtor headquarters. I am not of the type that you are to be made of. I am not a realator that you have claimed me to be. I see that you are of the type that angers easily, might I be of the suggestion that you are not a very good realtor or loan officer, but that you have too much time on your hands. You have so much of the time that you are being blinded by your hands. May inflation bite your commision you filthy realator. Might you also be a settlement person, of the cheap copying carrying type?
May 3rd, 2007 00:02
re: slick.
what a sad little (in every sense of the word) man.
May 3rd, 2007 05:02
Dear Mr. Pansey: (aka. g. olsen)
I see that you have found the internet of free at your starbucks, the official homesite of those in century 21. I see that you have replied only to be outdone in such a ways that you have not seen since your bubble burst. I am in the hopeing that it is not for naught that I am here to spread the news that realtors are infiltrating every ounce of decency. You sir, and I use that term in the most direspectful way, are of the kind that most do not want to be associated with. My smallness is not of the kind that you are thinking of when you are going blind.
May 3rd, 2007 12:40
When is part II of the insider view coming out?
May 9th, 2007 06:15
I am in the saying that no thanks to mr. pansey that I am fearing that this is a dead blog.
May 9th, 2007 19:45
This is not entirely a ‘dead’ blog. I still like the F’d borrower forum and I post their regularly on the subject that’s of greatest interest to myself and hopefully for a few more readers/blog posters; namely the San Diego, CA real estate market.
May 10th, 2007 13:01
Everyone — especially “Slick” — should give SoCalMtgGuy a break. This is NOT a “dead blog.” If you were a regular reader of this fantastic endeavor, you’d know that from time to time SoCalMtgGuy gets busy with other work, but eventually returns with another great entry. In fact, I’ll bet he’s working on one right now.
Do not give up — your patience will be rewarded. This blog might not be the most frequently updated housing bubble blog, but it is no doubt the best, and SoCalMtgGuy’s insights have saved numerous people hundreds of thousands of dollars.
May 11th, 2007 20:34
Amen to that!
May 14th, 2007 08:16
Dear Mr. Pansey (aka G. olsen):
Please do not be of the type that gets your panties in such of a rush in your rear end. I am of knowing that you are not patient with you wearing a Century 21 gold coat. If I am not with your thinking then you are not in the boat of mine. I am not your commission monkey. I see what you are of interesting in and not of you in me.
May 14th, 2007 20:18
Yes, I know….it has been quite a while since the last post.
I apologize. I have been out of town quite a bit, and I have been working on starting a company.
This thing is going to take YEARS to pan out. Unfortunately, this blog doesn’t ‘pay the bills’ for me. I enjoy doing it, but it can no longer be the priority it once was. I will keep posting, but you will have to bear with me right now.
Like one of the posters above said, I have helped many people save hundreds of thousands of dollars. That makes me feel good, but it isn’t paying my bills.
I am out of town again this week, but look for a new post coming soon.
Thanks for your support and stay tuned…
SoCalMtgGuy
May 16th, 2007 05:22
Mr Pansey:
Of your concern with blindness, I am not sure why the personal attacks against said person in question. I am not of the realtor type that you are so found of. My coat is not from the coldwell banker that you are in with. My concerns of real estate and the united states is such that I am not going to respond to such propaganda that you are with. You must be a snake in the grass with the leader of the NAR. I vote in with the people who say that you are inflationary.
May 17th, 2007 16:10
hey — i see the big foreclosure auctions are starting. looks like slick the realtor is going to be broke and out on the street soon. i feel so bad for him!
May 19th, 2007 13:57
Dear Mr. Pansey: (aka g. olsen)
I am in seeing that you are of the type that is waiting for commision to step across your path. I have seen that you and Casey Serin are of friends. He is mentioning of the friendship that you have shared. Is it true that you are a realtor friend of his? I think it is as true as a realtor smells of the sale and yours is bursting. How is it that you say such mean things, as if your heart is of stone and your hair on your knuckles is of no sense. Why are you not of the type the has brothers of love, you are from california nor of the city for loving brothers. I will someday see of the land of california where the cities are full of people who are not of the meaness that you represent. I will buy a taco when I arrive.
May 19th, 2007 19:11
slicky–
how are you today? the weather in los angeles is quite lovely. i now consider you a good friend, and i enjoy the conversation. i wish you nothing but the best in your non-realtor life.
yours truly,
mr. pansey
May 22nd, 2007 08:23
Esteemed Mr Pansey:
I am in the feeling of mutaual respect. I will see that you are in the new post and not of flypaper for the realtors to wrap you around in. I am now in the glee of having the time to see that you are not wearing the coat of remax either. Take care and do not let commision eat any profits in your endeavors.
July 15th, 2007 19:45
Even if the bank doesn’t give you a 1099, forgiven debt is still income for tax purposes. It’s similar to wages that are paid “under the table.” Even if you don’t get a w2 or 1099, you’re supposed to pay tax on it. The IRS is interested in any sort of unreported income, whether it shows up on a form or not. The forms just make it much easier for them to know when you’re under-reporting income.
October 12th, 2007 14:38
If there are any lawyers needing a expert witness as a mortgage broker please check out: http://www.expertwitnessmortgagebroker.com/
November 26th, 2007 02:42
A man is trying a very unusual way to propose to his girlfriend. He wants people to forward an email to as many people as possible and he hopes that it will eventually get to his girlfriend. Details here: http://www.proposal-to-mary.com
Here is what he wants people to send by email:
You could help me a lot to spread my proposal to Mary – it is important that it is distributed as widely as possible so that it eventually reaches Mary. If you would like to support my proposal to Mary, please send the following text by email to a lot of people
————- SNIP (email text end) —————
WHEN YOU RECEIVE THIS, PLEASE HELP TO DISTRIBUTE IT TO OTHER PEOPLE!
For a long time I have tried to find a special way to propose marriage to my girlfriend Mary, whom I know for five years now. I wanted it very special, romantic and memorable, something our grandchildren would still remember.
And here is my idea: I will send out the proposal to Mary to 50 complete strangers, people I don’t know - hoping, that they will forward my proposal to as many people as possible, which in turn forward it etc. And some day, I hope, it will reach Mary, after it has travelled a very long way. I know, it will take a long time and I am quite nervous…
From the poem MY Mary will know immediately that the proposal is for her.
I have created a homepage ( http://www.proposal-to-mary.com ) where you can find the current status of my quest. You can use the homepage to check if the proposal has already reached Mary (in that case it is not necessary anymore to forward the mail).
Once the proposal has reached Mary, I will put a note on these pages. Also I will publish there how many people have read the proposal so that everybody can see how far it has spread and that it is getting closer to Mary.
And of course you will find there what I am waiting for most: Mary’s answer! I can’t tell you, how nervous I am… Will she accept my proposal? Will she like the unusual way how she got it, through the hands of thousands of messengers all over the world?
Please cross your fingers for me! And please - help me by sending the mail to as many people as possible, to help it spread, so that it eventually reaches Mary.
And here is my proposal:
Mary, please forgive me, as you know English is not my native language. And I am not a poet. But I mean it from my heart.
My angel,
Five years ago, I will always remember the day When fate made us meet, blissful Alaskan moments in May Earth spun around us and a journey began Love, warmth, happiness, enough the years to span.
The longer it lasts the more grows our bond And with 80 still - of you I will be fond Whatever happens, I will stay at your side Through good and bad, together let us stride
No second with you was ever wasted
You are the sweetest I have ever tasted
We have spent so many years - why not a life?
Mary, will you marry me - and become my wife?
Mary, if you have received that and have recognized me, then give me a sign so that I can continue with the romantic part of my proposal…
————- SNIP (email text end) —————
March 6th, 2008 04:26
When do you think the Feds will implement the Amero currency?
Do you think the Amero will be just as worthless as the current dollar? Do you think things will be far worse if they do bring in the Amero?
What things can we expect to see (economy, society, housing, food, energy, foreign relations ect..) when they do bring in the Amero?
If I were you I would start buying gold and silver coins which I am.
Because those coins will be worth more than the dollar and the Amero.
July 9th, 2008 23:09
hurricane effects on insurance…
bearably Parsifal sanding …
July 11th, 2008 15:45
black decker basic life insurance policy…
viscous:quilting Jude understandings …