If you aren't familiar with San Diego politics, you might not know that Aguirre is a total nutcase. He's on a one-man mission to boldly go where no lawyer has gone before, but with very little coherence or sensibility to his actions.
This is just the start of craziness that will come from our elected overseers. Just wait until the recession hits full steam and threatens to turn into a depression.
Just think, though... in 50 to 100 years, people will be lamenting the fiscal plans our nation will implement in the next administration. Exciting!
"Yes, Michael, so I see you are here to apply for the vacant assistant city attorney position."
"Correct."
"So, let's see. Fresh out of law school. Decent grades. Tell me, Michael, why did you choose to go to law school in the first place?"
"Mostly because I didn't understand economics, finance, and business. Also, because I always like the episode of the Brady Bunch when they get into a car accident in the parking lot and go to court to prove their innocence..."
I scanned the entire report.
Nothing is positive for that company, and they are supposed one of the "survivors"- a fact that may now be easily in dispute. And they are still building houses!!!
House passes housing bill: "The bill allows Treasury over the next 18 months to offer Fannie and Freddie an unlimited line of credit and the authority to buy stock in the companies if necessary." - CNN
JMS Comment - Checkmate
When our kids ask us 10 years from now why we let our Government do this to us just shrug and say "you kind of had to be there, we were all very much in a delusional state of being at the time and we were all sort of willing victims of non-reality group think, things were moving very quickly and we were all immature and selfish, none of it felt real or personal, the word billion and even trillion lost all meaning and was beyond the average persons comprehension so we just seemed to let those in power stay in power and act as they saw fit without any checks and balances, without any protest, corruption was just so ingrained in the system after 8 years of the Bush Presidency that it just seemed like more of the same, ho-hum, sorry but it's hard to explain even to myself in retrospect."
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I dunno why he doesn't apply for some of that federal love coming to buy foreclosures and rent them for low income housing. Of course Section 8 on the beach is a bit much....
All kidding aside, this makes sense on so many levels. Preventing foreclosures is good because foreclosures are bad. Suing mortgage holders ensures that people know that you think foreclosures are bad. Finally, when good mortgages turn into bad foreclosures, it is bad, and mortgage holders are therefore bad enemies of the city who must be punished.
He may as well make San Diego a "mortgage sanctuary".
Too true. This should be amusing. I have this morbid desire to see two sets of CA voters, the payers and the spenders, slam into each other at high speed. Sort of like "you got your chocolate in my peanut butter", but gone bad.
""19. Bank of America (BAC) agreed to take over Countywide Financial (CFC) and twice announced Countrywide will add profits to B of A. Inquiring minds were asking "How the hell can Countrywide add to Bank of America earnings?" Here's how. Bank of America just announced it will not guarantee $38.1 billion in Countrywide debt...."
You have to love this!!!
Also in the posting:
"24. There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that.
Of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion. Where is the rest of the loot? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds where debt is amazingly paid back with more debt, and all sorts of other silly (and arguably fraudulent) financial wizardry schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back."
So tell me again why we can't have systemic meltdown????
I hope the answer is not something like... the full faith and credit of... Uh, never mind.... OR something like "keep those presses rolling...."
Far Out!!!
What if every attorney general turned their city into a "foreclosure sanctuary"... This would turn the entire USA into a "foreclosure sanctuary"... Brilliant solution to the nation's most pressing problem!!!
Who could have known that a lawyer who knows nothing about economics and finance could have such brilliant ideas?
Are you livin' in San Di-ego;
Be sure to burn your mortgage
when you're there...
Are you livin' in San Di-ego;
summertime,
will be a mortgage sanctuary there;
All across the nation,
such a strange vibration,
people in motion,
straight into the ocean....
Summertime...and the livin's easy (and free, for San Diegans!).
This ought to wonders to loosen up credit in San Diego, and California in general (if you think other city's AG's are going to sit by and let Aguirre take this mantel - and the press coverage - by himself, well I've got a bridge to sell you).
I'm guessing that when lenders start packing up shop, the gov'ment will just pass a law mandating that lenders give all their money to the proletariat, according to a pre-set scale based on political correctness.
Waiter? Check, please. The feckless fiscal plicies shown by our "leaders" - and the failure of the votes to care - makes one realize just how bad the public school system must have gotten.
Wednesday's filing in San Diego County Superior Court claims Countrywide engaged in predatory lending by selling borrowers loans they could not repay and failing to adequately explain the risks of adjustable-rate loans.
The actual filing will probably be available here tomorrow.
The problem is that whether it works or not, it's could take months for all of the procedural games to play out, even if the state judge throws it out immediately.
Hey, if you can pay in cash it sounds like a sweet deal as house prices will go to $200k in Pacific Beach.
Anecdotal point: Went to In-N-Out burger in Chandler for the 1st time in a month as I was overseas. Lunch hour, drive thru
Only 2 cars in line ahead of me, plenty of parking available for inside.
That doesn't happen @ In-N-Out. Ever.
The Bahama Breeze, My Big Fat Greek Restaurant(2nd rest. in # years at that location) closed and the TGIF got hit by some Philadelphia lightning all at the same intersection. Go 5-6 miles west on Chandler Blvd and another TGIF & RedFish are closed, the Outback is a ghost town(I guess the Countrywide building across the street closing didn't help. and huge swaths of Chandler dining have gone dark. Probably a 12-15% hit on sales tax coming up.
I would love to see all the banks get together and boycott all lending in SD while this lawsuit is going on. They could chalk it up to uncertainty about the business climate there, and make sure it's very publicly related to the DA on a crusade. Wonder what that would do to their RE market...
It's a solid idea, mock. With 9% approval on Congress, I'm surprised they haven't realized how convenient that would be. 100 million stoners wouldn't be banging pots in the streets a la Argentina when they finally figured out the swindle.
Smoke up and go home, America. Nothing to see here.
Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
Later in the day Michael Aguirre filed a lawsuit against Satan for the negligent release of Angelo Mozilo from hell. He sought unspecified actual and punitive damages.
Maybe it's a good idea. There's way to much consumer debt in this country (and especially California,) one way to fix that in a hurry is to make mortgages rare and prohibitively expensive.
Aguirre does some good things, such as fighting the City Council, attempting to force them to rescind the outrageous (and potentially illegal) pension benefits that they granted to city employees.
But, once again, as he was with the Mt. Soledad cross, he is on the wrong side of this issue.
Hey, if the Mayor can make San Diego a sanctuary city for illegal aliens (and he has), the City Attorney can certainly make San Diego a sanctuary city for mortgage defaulters.
It will be good to see San Diego get forced into bankruptcy (in '09?), to unwind all of this stupidity.
mock turtle writes:
there's only one way out of this mess.
legalize marijuanna,
tax the hell out of it
and have hankypanky, maximum leader and (ask not for whom the bell tolls) big ben to put down the bowl cause they cant handle the good shit
mock turtle | 07.23.08 - 6:31 pm | #
Mock,
They got half way there but forgot the tax part of it... They want to make it income tax free or something... check this out:
Sanctuary City? Misguided energy to say the least. Why not make the USA a Lawyer free Zone. What do these people produce anyway other than hot air and nonsense. Now if we could only tax those commodities?
Some mortgage companies are becoming VERY aggressive.
One of my clients died with a reverse mortgage balance of 56K, the home worth 40K max, and no other assets. I wrote to the mortgage company to inform them that they're outta luck -- estate is insolvent, we ain't probating, go jump in a lake. This was two weeks ago.
Today, they padlocked the house, confiscated lawn ornaments, took a "Yard sale" sign, even dug up flowers!
All completely illegal, of course, but there isn't much I can do short of probating the estate and raising hell, which isn't in the cards.
Just goes to show the lengths to which they're resorting to mitigate losses.
dang...
Mike Morgan says roubini is a kool-aid drinker ala the rest of the crew...
My clients decided not to buy right now, because they believe the global markets have not finished punishing those that are sucking on helium balloons and sipping the Kool-Aid being served up by Bob Toll, Cramer, Paulson, Bernanke, Roubini et al
dohhhhh .... calling roubini a koolaid drinker ,,,that's A BEAR
Back in '70 I toured the country by road - transportation was intermittent and thumb-propelled. One night somewhere in Southern CA I slept in the bushes in the middle of one of your giant cloverleaf interchanges.
No, nades, I was thinking of transportation for the necessities on the way to the pier(s).
Scott, that's good. Being able to blame Obama before he's even elected for Bush's mess. Are you working on the McCain campaign? If not, it might be a good chance to make a few bucks.
So I learned something today. Went to fill up the minivan today with a credit card and the sale was stopped at $75. Apparently there is a $75 limit on gasoline purchased with a credit card because this used to be a rare occurrance. No big deal as my tank was almost completely filled, but how the hell are cash-strapped SUV owners filling up their gas tanks?
Avram Goldman, President & CEO, Pacific Union GMAC Real Estate
Jas Jain, Real Estate Analyst, Calculated Risk
Dottie Herman, President & CEO, Prudential Douglas Elliman
John Williams, Economist, Shadowstats.com
TCA, a co-worker of mine started complaining about the $75 limit last month. It's easy to do with a dual-tank truck. He asked the card issuer to raise the limit and was told it's enforced by the gas stations.
closing the barn door after.most the horses have left the...
State to revoke license of CA mortgage company
07:49 AM PDT on Wednesday, July 23, 2008
Associated Press
OLYMPIA, Wash. - Washington state plans to revoke the license of a California mortgage broker.
The state Department of Financial Institutions says an investigation has found Paramount Equity Mortgage, Inc. engaged in deceptive lending practices.
snip
Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures and making state and federally required disclosures in a deceptive manner.
snip
The company made more than 1,700 mortgage loans to Washington borrowers in 2007, collecting more than $8.7 million in fees.
Seriously, does anybody know if the new federal law, requiring lenders and brokers to make sure that borrowers can actually make their payments, apply to hard money brokers? If so, there will be a lot more For Sale signs along the road.
One hundred percent of our hard money home loans are current. And, most of our borrowers have sketchy income. The key is low LTV, and payments less than they could rent a home for.
Internal Countrywide sales competitions routinely had the SD region as the top sales area in the nation. During the boom, quarterly loan volume topped $1 Billion. Region 87 extended from Lake Forest in Orange County down to the border.
I personally knew several loan officers who sold more than $100 million annually, one who topped $200 million. And surprisingly a nice guy.
But the only way to do this volume was on (1) high priced properties, (2) sell a HELOC on EVERYTHING, and (3) lots and lots and LOTS of "Fast & Easy" and other Stated / No Doc loan product, including Neg am loans. So the OC and SD counties are flush with Countrywide loans, just waiting to recast.
And that's why I'm still WaitingInOC. When those I/O and Option ARMs recast, it is going to take out the mid and upper price ranges. I'm guessing at least another couple of years until those 2005 and 2006 I/O and Option ARM loans recast in full force and go into foreclosure.
I can understand congress wanting to put the brakes on the housing declines. I can also understand people wanting time to figure things out.
What I don't understand is why all these "home buyers" either didn't read what they were signing or didn't care. I've signed many loan docs in my life and they are very well defined legally. The title company goes over everything in detail and asks you if you have any questions.
Of course, if there was fraud involved then BAC should get reamed properly and without lubricant.
AllenM writes:
Hey Dawg, did ja see RYL get gutshot for $5.70 per share loss? Hello, wall street, we just lost a quarter of our book value last quarter!
Didn't get to it yet. You've got a good memory. Ryland was one of my picks for a walking dead homebuilder because of their burn rate.
"What I don't understand is why all these "home buyers" either didn't read what they were signing or didn't care."
How many of them could read English?
It's not PC to talk about, but in our area we had a lot of Latinos buy homes in nice neighborhoods and rent them out to a dozen "cousins", after turning the garage into a barracks. Talk about block busting.
"The Housing Debate: Bull vs. Bear
Where are we in this housing cycle? Has recovery started or is it just beginning to show signs? Is there hope for an uptick by the end of the year? Join a lively debate between housing bulls and bears who present differing views of housing's future.
Panelists:
Avram Goldman, President & CEO, Pacific Union GMAC Real Estate
CR, Real Estate Analyst, Calculated Risk
Dottie Herman, President & CEO, Prudential Douglas Elliman
John Williams, Economist, Shadowstats.com
Noah Rosenblatt, Founder, UrbanDigs.com
Yves Smith, Author, NakedCapitalism.com "
People try to make us p-p-p-pay (Talkin' mortgage sanctuary)
Just because we're here to stay (Talkin' mortgage sanctuary)
Hands off McCastles in San Diego (Talkin' mortgage sanctuary)
Hope you die before I foreclose (Talkin' mortgage sanctuary)
Talkin' mortgage sanctuary
This is my mortgage sanctuary, baby
Why don't you all s-s-s-s-subsidize us (Talkin' mortgage sanctuary)
Payments only antagonize us (Talkin' mortgage sanctuary)
I'm not trying to give Tanta a c-c-coronary (Talkin' mortgage sanctuary)
I'm just talkin' mortgage sanctuary
Wow, that's a little scary. I'm within a couple weeks of a go/no-go decision on a $325,000 investment decision in San Diego, and I've got to say that this guy just stuck a weight on the "no-go" side of the scale.
I thought San Diego was a pro-business city. CR, thanks for the article. A real eye-opener!
WTF?
The threat of a "foreclosure sanctuary" will certainly encourage lenders to keep writing loans in San Diego...
Will someone get CR's autograph for me? TIA
Foreclosure sanctuary. Don't pay your mortgages at all and live in San Diego for free. What a great plan. No wonder you are only a city attorney.
If you aren't familiar with San Diego politics, you might not know that Aguirre is a total nutcase. He's on a one-man mission to boldly go where no lawyer has gone before, but with very little coherence or sensibility to his actions.
Something tells me someone has been spending a little too much time at the Wild Animal Park, in the Bird Sanctuary...
this from the city that totally screwed up its pension program via hedge funds... classic...
......................
This is just the start of craziness that will come from our elected overseers. Just wait until the recession hits full steam and threatens to turn into a depression.
Just think, though... in 50 to 100 years, people will be lamenting the fiscal plans our nation will implement in the next administration. Exciting!
"Yes, Michael, so I see you are here to apply for the vacant assistant city attorney position."
"Correct."
"So, let's see. Fresh out of law school. Decent grades. Tell me, Michael, why did you choose to go to law school in the first place?"
"Mostly because I didn't understand economics, finance, and business. Also, because I always like the episode of the Brady Bunch when they get into a car accident in the parking lot and go to court to prove their innocence..."
Why doesn't he just ask Hank for a line of credit?
I don't need no stinkin' enforcement of property rights in my county! Deadbeat debtors, you will always be welcome in my city!
Something tells me this lawsuit is subprime.
Let's all just pick up and move to San Diego.
Livin' is free there, apparently.
Hey Dawg, did ja see RYL get gutshot for $5.70 per share loss? Hello, wall street, we just lost a quarter of our book value last quarter!
What I like is they hurried up and amended their credit line at the beginning of July so as not to violate the limits.
Nah, they didn't engineer anything, now, did they?
I sure would hate to be their auditor. RYL: Summary for RYLAND GROUP INC- Yahoo! Finance
I scanned the entire report.
Nothing is positive for that company, and they are supposed one of the "survivors"- a fact that may now be easily in dispute. And they are still building houses!!!
Someday this war's gonna end...
This land is my land
This land is your land
From the Redwood Forest
To the shores of 'Diego
He may as well make San Diego a "mortgage sanctuary".
How about La Jolla? It's a free concert!
House passes housing bill: "The bill allows Treasury over the next 18 months to offer Fannie and Freddie an unlimited line of credit and the authority to buy stock in the companies if necessary." - CNN
When our kids ask us 10 years from now why we let our Government do this to us just shrug and say "you kind of had to be there, we were all very much in a delusional state of being at the time and we were all sort of willing victims of non-reality group think, things were moving very quickly and we were all immature and selfish, none of it felt real or personal, the word billion and even trillion lost all meaning and was beyond the average persons comprehension so we just seemed to let those in power stay in power and act as they saw fit without any checks and balances, without any protest, corruption was just so ingrained in the system after 8 years of the Bush Presidency that it just seemed like more of the same, ho-hum, sorry but it's hard to explain even to myself in retrospect."
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I dunno why he doesn't apply for some of that federal love coming to buy foreclosures and rent them for low income housing. Of course Section 8 on the beach is a bit much....
Someday this war's gonna end...
All kidding aside, this makes sense on so many levels. Preventing foreclosures is good because foreclosures are bad. Suing mortgage holders ensures that people know that you think foreclosures are bad. Finally, when good mortgages turn into bad foreclosures, it is bad, and mortgage holders are therefore bad enemies of the city who must be punished.
Rename SD BearnStearnsburg.
Sallie Mae beat! Profit is slightly down, but a beat is a beat.
Mortgage Pig! Mortgage Pig!
Move to Sanctuary City I said!
Mortgage Pig! Mortgage Pig!
If that won't work I call the Fed!
Mortgage Pig! Mortgage Pig!
Strawberry pickers livin large
Mortgage Pig! Mortgage Pig!
Thank dog the clueless are in charge
I'm on the phone with my mortgage broker. I'm planning to get me a house in La Jolla and then default first month. I plan to retire there.
What a life I'll lead!
To quote a line from another, somewhat less civil, forum on the internet...
"U cannot b serios!!11!!"
The funny part is this crazy lawyer might be able to find a judge that's nutty enough to play along. He just needs one that has a house underwater.
He may as well make San Diego a "mortgage sanctuary".
Too true. This should be amusing. I have this morbid desire to see two sets of CA voters, the payers and the spenders, slam into each other at high speed. Sort of like "you got your chocolate in my peanut butter", but gone bad.
Elvis | 07.23.08 - 6:07 pm |
Elvis, go to your room!
If the suit is only against BofA (standing in the shoes of Countrywide) then they are only trying to keep BofA from being able to foreclose.
Did you catch Mish's posting today:
Mish's Global Economic Trend Analysis: You Know The Banking System Is Unsound When....
""19. Bank of America (BAC) agreed to take over Countywide Financial (CFC) and twice announced Countrywide will add profits to B of A. Inquiring minds were asking "How the hell can Countrywide add to Bank of America earnings?" Here's how. Bank of America just announced it will not guarantee $38.1 billion in Countrywide debt...."
You have to love this!!!
Also in the posting:
"24. There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that.
So tell me again why we can't have systemic meltdown????
I hope the answer is not something like... the full faith and credit of... Uh, never mind.... OR something like "keep those presses rolling...."
Yeah, but you know, whether it's legal or not, whether it's ethical or not, ithas an impact.
It makes it more okay to be a walk-away.
I mean...a walk-away who doesn't really walk-away.
"Hey, honey, come look here on TV. These people in San Diego don't have to pay their mortgages. They can stay."
"Wow! We gotta try that here."
And RYL had a blowout quarter, unfortunately is was a blowout loss.
bullish on negativism!!!
I wonder how much longer banks will rally?
I guess when wamu goes, that will be the sign that the apocalypse has passed?
Ben, Warm up the choppers, Blow that horn trooper boy! Cue the Wagner!!!
Drop that money and blow up those excess houses!!!
Someday this war's gonna end...
Far Out!!!
What if every attorney general turned their city into a "foreclosure sanctuary"... This would turn the entire USA into a "foreclosure sanctuary"... Brilliant solution to the nation's most pressing problem!!!
Who could have known that a lawyer who knows nothing about economics and finance could have such brilliant ideas?
"Wow! We gotta try that here."
rich
I say the same think, but when we're watching entirely different programming.
The only thing I can think of...
Summmer Tiiiime. Annnnd theeee liiiving is eeeasy.
Are you livin' in San Di-ego;
Be sure to burn your mortgage
when you're there...
Are you livin' in San Di-ego;
summertime,
will be a mortgage sanctuary there;
All across the nation,
such a strange vibration,
people in motion,
straight into the ocean....
Summertime...and the livin's easy (and free, for San Diegans!).
This ought to wonders to loosen up credit in San Diego, and California in general (if you think other city's AG's are going to sit by and let Aguirre take this mantel - and the press coverage - by himself, well I've got a bridge to sell you).
I'm guessing that when lenders start packing up shop, the gov'ment will just pass a law mandating that lenders give all their money to the proletariat, according to a pre-set scale based on political correctness.
Waiter? Check, please. The feckless fiscal plicies shown by our "leaders" - and the failure of the votes to care - makes one realize just how bad the public school system must have gotten.
A little bit more info on the lawsuit:
Wednesday's filing in San Diego County Superior Court claims Countrywide engaged in predatory lending by selling borrowers loans they could not repay and failing to adequately explain the risks of adjustable-rate loans.
KNX - *
The actual filing will probably be available here tomorrow.
The problem is that whether it works or not, it's could take months for all of the procedural games to play out, even if the state judge throws it out immediately.
Won't take a lot of thought to get that case dismissed.
Are judges allowed to laugh while they rule?
Oops. the link for the San Diego Superior Court didn't work:
Hey, if you can pay in cash it sounds like a sweet deal as house prices will go to $200k in Pacific Beach.
Anecdotal point: Went to In-N-Out burger in Chandler for the 1st time in a month as I was overseas. Lunch hour, drive thru
Only 2 cars in line ahead of me, plenty of parking available for inside.
That doesn't happen @ In-N-Out. Ever.
The Bahama Breeze, My Big Fat Greek Restaurant(2nd rest. in # years at that location) closed and the TGIF got hit by some Philadelphia lightning all at the same intersection. Go 5-6 miles west on Chandler Blvd and another TGIF & RedFish are closed, the Outback is a ghost town(I guess the Countrywide building across the street closing didn't help. and huge swaths of Chandler dining have gone dark. Probably a 12-15% hit on sales tax coming up.
Why buy, when you can live under the pier at PB?
hey Alec, ate out at the new Grimaldi's in the West Valley for lunch. Peoria is a happening place!
The number of folks working at the restaurant equalled the number of lunchtime diners.
8.
Wow, that is all that I can say. Oh year, the calzone was excellent cooked in the coal fired oven!
The area will suffer a neutron bomb effect. Entire new stripmalls will be filled and emptied in record time.
Ah well, the party was really good in Phoenix while it lasted.
I can hardly wait to see the folks holding the financing on these white elephants!!!!
Huge haircuts are coming in a lot more place than most folks expect!
Where is the CRE paper?
What's in your insurance company!
Someday this war's gonna end...
I think San Diego should also become a tiger sanctuary. It would be a good public experiment to see how carnivores and mortgage victims interact.
I'm going WAYY out on a limb here and guessing that City Attorney Michael Aguirre will be running for DA.
So's this mean they're changing their name to San Deliquento?
Yes, CSC, on the platform of making San Diego a pot santuary, too.
I would love to see all the banks get together and boycott all lending in SD while this lawsuit is going on. They could chalk it up to uncertainty about the business climate there, and make sure it's very publicly related to the DA on a crusade. Wonder what that would do to their RE market...
I went long on lawsuits (with leverage) right at the top of the bubble. Talk about a sure thing trade. Knew it.
Another few winning trades and I just might be able to pay for my share of the housing bailout.
Wow, I feel much better now.
"Wonder what that would do to their RE market..."
What RE market? I do think it would hurt the feelings of Shamu. Leave the poor Killer Whale alone already.
Aguirre, the Wrath of God
Don't read this if you're already enjoying your apres slavage cocktails.
Mike Morgan's Quick Notes. Definitely a buzzkill.
there's only one way out of this mess.
legalize marijuanna,
tax the hell out of it
and have hankypanky, maximum leader and (ask not for whom the bell tolls) big ben to put down the bowl cause they cant handle the good shit
It's a solid idea, mock. With 9% approval on Congress, I'm surprised they haven't realized how convenient that would be. 100 million stoners wouldn't be banging pots in the streets a la Argentina when they finally figured out the swindle.
Smoke up and go home, America. Nothing to see here.
Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
GET THOSE BASTARDS!
Later in the day Michael Aguirre filed a lawsuit against Satan for the negligent release of Angelo Mozilo from hell. He sought unspecified actual and punitive damages.
NSA writes:
Why buy, when you can live under the pier at PB?
NSA | 07.23.08 - 6:20 pm | #
I've actually taken up residence under the porch of Lahinas....
...............
I confess to having slept on the bus bench in front of Buffalo Exchange. Only once though.
Maybe it's a good idea. There's way to much consumer debt in this country (and especially California,) one way to fix that in a hurry is to make mortgages rare and prohibitively expensive.
Well done, Mr. Aguirre.
Aguirre does some good things, such as fighting the City Council, attempting to force them to rescind the outrageous (and potentially illegal) pension benefits that they granted to city employees.
But, once again, as he was with the Mt. Soledad cross, he is on the wrong side of this issue.
Hey, if the Mayor can make San Diego a sanctuary city for illegal aliens (and he has), the City Attorney can certainly make San Diego a sanctuary city for mortgage defaulters.
It will be good to see San Diego get forced into bankruptcy (in '09?), to unwind all of this stupidity.
mock turtle writes:
there's only one way out of this mess.
legalize marijuanna,
tax the hell out of it
and have hankypanky, maximum leader and (ask not for whom the bell tolls) big ben to put down the bowl cause they cant handle the good shit
mock turtle | 07.23.08 - 6:31 pm | #
Mock,
They got half way there but forgot the tax part of it... They want to make it income tax free or something... check this out:
CSC you might have seen this one too!
California to Legalize Weed for Everyone - LAist
Amends constitution to legalize marijuana and hemp within California and to provide for broad individual constitutional rights, including rights to food, shelter, medical care, and to be free from �unreasonable� taxation. Ballot Measure Update - Elections & Voter Information - California Secretary of State
..........................
If foreclosures are off the table, I suppose I'm going to take a bit hit on my shopping cart longs. huh?
my shopping cart longs
temporary housing you're thinking?
.............
Ooh, high powered panel that CR is on:
Conference Program | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
Aw, CR, we were hoping that you rated a photo on the invitation!
excuse me for asking the question twice
i'm dense
ok so WaMu didn't benefit like WB and others from this weeks run up in financial stocks
so could this have to do with WaMu not being on the protected list of 19 (from naked shorts?)
Sanctuary City? Misguided energy to say the least. Why not make the USA a Lawyer free Zone. What do these people produce anyway other than hot air and nonsense. Now if we could only tax those commodities?
"I felt a great disturbance in the Markets, as if millions of mortgagees cried out in joy and were suddenly rescued."―Obi-Ben Bernanke
Some mortgage companies are becoming VERY aggressive.
One of my clients died with a reverse mortgage balance of 56K, the home worth 40K max, and no other assets. I wrote to the mortgage company to inform them that they're outta luck -- estate is insolvent, we ain't probating, go jump in a lake. This was two weeks ago.
Today, they padlocked the house, confiscated lawn ornaments, took a "Yard sale" sign, even dug up flowers!
All completely illegal, of course, but there isn't much I can do short of probating the estate and raising hell, which isn't in the cards.
Just goes to show the lengths to which they're resorting to mitigate losses.
Nice photo, CR! (see page 40)
http://www.inman.com/files/sf08/Connect_SF08_program.pdf
dang...
Mike Morgan says roubini is a kool-aid drinker ala the rest of the crew...
My clients decided not to buy right now, because they believe the global markets have not finished punishing those that are sucking on helium balloons and sipping the Kool-Aid being served up by Bob Toll, Cramer, Paulson, Bernanke, Roubini et al
dohhhhh .... calling roubini a koolaid drinker ,,,that's A BEAR
No way the lawsuit will fly. You can not have a City government successfully sue the Federal government. BAC is now a GSE.
Back in '70 I toured the country by road - transportation was intermittent and thumb-propelled. One night somewhere in Southern CA I slept in the bushes in the middle of one of your giant cloverleaf interchanges.
No, nades, I was thinking of transportation for the necessities on the way to the pier(s).
Scott, that's good. Being able to blame Obama before he's even elected for Bush's mess. Are you working on the McCain campaign? If not, it might be a good chance to make a few bucks.
I love this. If there is no mortgage market anyways, what is the disincentive in banning foreclosures? Why not?
ades wrote
They got half way there but forgot the tax part of it... They want to make it income tax free or something... check this out
probably right...hard to tax shit that grows in ditches along the side of the road, etc.
by the way i don't smoke it but like eliot ness said right before the passage of the 21 amendment,
"i guess i'll have a drink"
we may all need a dubie before this nightmare is over.
OT,
So I learned something today. Went to fill up the minivan today with a credit card and the sale was stopped at $75. Apparently there is a $75 limit on gasoline purchased with a credit card because this used to be a rare occurrance. No big deal as my tank was almost completely filled, but how the hell are cash-strapped SUV owners filling up their gas tanks?
Panelists:
Avram Goldman, President & CEO, Pacific Union GMAC Real Estate
Jas Jain, Real Estate Analyst, Calculated Risk
Dottie Herman, President & CEO, Prudential Douglas Elliman
John Williams, Economist, Shadowstats.com
Why isn't CR on this list?
CR is the only one is the program without a pic. Classic move.
we may all need a dubie before this nightmare is over.
mock turtle | 07.23.08 - 6:52 pm | #
Touche! ! !
...............
Ooh, high powered panel that CR is on:
I didn't realize CR was his real name.
He's like the Invisible Man!
All completely illegal, of course, but there isn't much I can do short of probating the estate and raising hell, which isn't in the cards.
Sure there is. Fight fire with gasoline. Or better yet, call Guido & Vinnie's Claims Adjusters.
Is The Constitution of any import to lawyers?
Not of import, just an obstacle.
TCA, a co-worker of mine started complaining about the $75 limit last month. It's easy to do with a dual-tank truck. He asked the card issuer to raise the limit and was told it's enforced by the gas stations.
No, nades, I was thinking of transportation for the necessities on the way to the pier(s).
Good idea, they also second as dressers if you're a cheap a*#....
Not that I've ever done that before...
................
closing the barn door after.most the horses have left the...
State to revoke license of CA mortgage company
07:49 AM PDT on Wednesday, July 23, 2008
Associated Press
OLYMPIA, Wash. - Washington state plans to revoke the license of a California mortgage broker.
The state Department of Financial Institutions says an investigation has found Paramount Equity Mortgage, Inc. engaged in deceptive lending practices.
snip
Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures and making state and federally required disclosures in a deceptive manner.
snip
The company made more than 1,700 mortgage loans to Washington borrowers in 2007, collecting more than $8.7 million in fees.
Hay, it's payment free zone.
Seriously, does anybody know if the new federal law, requiring lenders and brokers to make sure that borrowers can actually make their payments, apply to hard money brokers? If so, there will be a lot more For Sale signs along the road.
One hundred percent of our hard money home loans are current. And, most of our borrowers have sketchy income. The key is low LTV, and payments less than they could rent a home for.
The last mortgage broker
I think we're past that point, turtle.
Seems more like kicking the smoldering barn door hinges after the barn's completely burned down.
Oh, an' we done et the seed corn, an' the horses was tastier than we'da thought.
Anonymous Bosh
so what you're saying is that for some of our friends here, maybe one dubie might not be enough?
yeah, all joking aside, i hear you...seed corn and all the rest is up in smoke...we are toast
so maybe we should all get toasted?
"at a real estate conference"
So the tumbleweeds have a bit of companionship I gather....
Would love to have a post on that soon.
Ciao
MS
ok, i'm gonna have tee martoonies and then go to dinner
great idea Mock turtle however logical solutions are in very short supply at present. I'd buy that
Ciao
MS
Internal Countrywide sales competitions routinely had the SD region as the top sales area in the nation. During the boom, quarterly loan volume topped $1 Billion. Region 87 extended from Lake Forest in Orange County down to the border.
I personally knew several loan officers who sold more than $100 million annually, one who topped $200 million. And surprisingly a nice guy.
But the only way to do this volume was on (1) high priced properties, (2) sell a HELOC on EVERYTHING, and (3) lots and lots and LOTS of "Fast & Easy" and other Stated / No Doc loan product, including Neg am loans. So the OC and SD counties are flush with Countrywide loans, just waiting to recast.
Exit:
And that's why I'm still WaitingInOC. When those I/O and Option ARMs recast, it is going to take out the mid and upper price ranges. I'm guessing at least another couple of years until those 2005 and 2006 I/O and Option ARM loans recast in full force and go into foreclosure.
Lawsuit:
http://www.signonsandiego.com/news/business/images/080723aguirresuit.pdf
I can understand congress wanting to put the brakes on the housing declines. I can also understand people wanting time to figure things out.
What I don't understand is why all these "home buyers" either didn't read what they were signing or didn't care. I've signed many loan docs in my life and they are very well defined legally. The title company goes over everything in detail and asks you if you have any questions.
Of course, if there was fraud involved then BAC should get reamed properly and without lubricant.
Marc
AllenM writes:
Hey Dawg, did ja see RYL get gutshot for $5.70 per share loss? Hello, wall street, we just lost a quarter of our book value last quarter!
Didn't get to it yet. You've got a good memory. Ryland was one of my picks for a walking dead homebuilder because of their burn rate.
And freakin' RYL closes up 5%!
So did CR come out to speak with a brown paper bag over his head? The Unknown Economist?
the nation wide stupidity competition seems to take cosmic proportions this year.
"duh, you guys , i am like totally trying to help..."
wonder, how long do we have to wait to witness "welcome to communism" signs in our local City Halls .
p.s. It's Free, let's all move to SD!?!
From Marc:
"What I don't understand is why all these "home buyers" either didn't read what they were signing or didn't care."
How many of them could read English?
It's not PC to talk about, but in our area we had a lot of Latinos buy homes in nice neighborhoods and rent them out to a dozen "cousins", after turning the garage into a barracks. Talk about block busting.
The last mortgage broker.
Part of me is disappointed that no one supported this nutcase attorney's goal. But most of me is glad no one did.
When our kids ask us why we let the govt do this, we'll say, hey, wall street got drunk and we were tryin' to help with the hangover!
And mock turtle, you is right!
As noted, Aguirre is, in fact, a nut case, and loves press and attention.
Mike Aguirre is a world-class tool.
Also, an attention-seeking midget and an all-around turd of a guy.
"The Housing Debate: Bull vs. Bear
Where are we in this housing cycle? Has recovery started or is it just beginning to show signs? Is there hope for an uptick by the end of the year? Join a lively debate between housing bulls and bears who present differing views of housing's future.
Panelists:
Avram Goldman, President & CEO, Pacific Union GMAC Real Estate
CR, Real Estate Analyst, Calculated Risk
Dottie Herman, President & CEO, Prudential Douglas Elliman
John Williams, Economist, Shadowstats.com
Noah Rosenblatt, Founder, UrbanDigs.com
Yves Smith, Author, NakedCapitalism.com "
NOOOOO they only listed the name as CR
[i]I would love to see all the banks get together and boycott all lending in SD while this lawsuit is going on.[/i]
Sounds good to me. Then maybe we'll see prices fall until I can afford to buy a place for cash.
This is the ONLY time I wish I was in city limits! This guy really wants attention and he just might get some national coverage with this issue.
This counts for renters too, no? Like SD's gonna become an "eviction sanctuary" too, right? Only seems fair...
People try to make us p-p-p-pay (Talkin' mortgage sanctuary)
Just because we're here to stay (Talkin' mortgage sanctuary)
Hands off McCastles in San Diego (Talkin' mortgage sanctuary)
Hope you die before I foreclose (Talkin' mortgage sanctuary)
Talkin' mortgage sanctuary
This is my mortgage sanctuary, baby
Why don't you all s-s-s-s-subsidize us (Talkin' mortgage sanctuary)
Payments only antagonize us (Talkin' mortgage sanctuary)
I'm not trying to give Tanta a c-c-coronary (Talkin' mortgage sanctuary)
I'm just talkin' mortgage sanctuary
Wow, that's a little scary. I'm within a couple weeks of a go/no-go decision on a $325,000 investment decision in San Diego, and I've got to say that this guy just stuck a weight on the "no-go" side of the scale.
I thought San Diego was a pro-business city. CR, thanks for the article. A real eye-opener!
Hey, Anon B!
Did some thumb trippin in Cal myself - mine was mostly in '73 - 76 tho.
Passed thru lotsa places - but lived in SD for about a year.
It's Good to be a Blue Socialist Democrat -- way less to think about.