Alt-A Foreclosures in Sonoma
Submitted by
CalculatedRisk on Sun, 05/31/2009 - 12:02pm (137 comments)
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MORE WHINE !!!!
Hard to think of a better collective guinea-pig for the death of the bougie class than sonoma
Knew a lady whose husband was worth about 8 million who bought three multi-units for about 500k apiece in 2005. Wonder how much they are worth now?
Lots of Speculative money from SF and Marin found a home there
Kind of wondering when some of the vineyards will go TU, the land had to have been priced real high, and people may be cutting back on higher priced vino in this economy, switching to cheaper stuff. CR is very right though, the first wave of FC was on the wrong side of the tracks, the next wave will be in the "nicer areas" and each will involve a bigger hit to the lender.
I find it a tad funny that the MSM is attributing the new prime defaults to job losses, and not the fact that prime wasnt really prime, and all those with stated income loans all lied through their teeth.
why arent we pursuing them? loan fraud wouldnt be dismissable in BK, they'd be paying on it the rest of their lives!
"switching to cheaper stuff. "
nice profile on the 'two buck chuck' king in the second-most-recent new yorker for those interested
Try the Sonoma Valley Alta (house brand). It isn't as expensive or overbearing as the prime vintages but it matures much earlier.
I've been wondering that as well - why the lenders are not going after the borrowers for the deficiency balance after foreclosure... I have heard of some borrowers being forced to sign a promissory note for the balance on a short sale... Maybe it's that the lenders are overwhelmed, or that they dont want the political fallout, or that the actual owner of the loan is too far removed from the property and the borrower... There have also been a few stories of the borrower successfully fighting foreclosure because the holder of the loan is in doubt... In general, what a mess...
It will be nice to see these types of foreclosures happening in the more affluent Naples area in my neck of the woods.
They made All-day loans in Sonoma?
All day long....
somewhat OT - another friend with a great, very steady income has decided to abandon his deeply underwater mortgage...
intentionally delinquent for a few months now. i assured him that this was the right decision.
Caught a panel discussion on Bloomberg yesterday. Stiglitz, the Babe Whitney (who perched her stool like a pearl amongst swine), some guy named Sarkozy (not French), ex GE head whatshisname, and Austen Goolsby.
Some WSJ guy moderated.
Summation: Back and forth went the points with Goolsby speaking last in the first round. He said (paraphrasing): When I hear all your points about how we should have done more, we're doing too much, what about this matter or that one, we should be given some credit for making everything not worse. We stopped the collapse into depression.
He used the word depression. Everyone agreed that kudos were due for this Herculean effort.
What's next? That was the focus of the rest of the discussion. And nobody knew. Welch said he didn't know and everybody knows he gets advice directly from God almighty. Whitney just looked cute in some bow tie two tone pumps and legs that seemed to go forever. Sarkozy said that he expected disaster (essentially) because there was no demand for the money being created. And Stiglitz seemed to agree.
Upshot?
The point is that lenders don’t need to protect themselves with calls in periods of time when borrowers are busy exercising their puts.
tanta-mud luscious: ballons
the eecummings harmonic
Comrade Terry - yep, a real lender bender.
C
Re: beheads, pigged thread.
Why is that a worser way to go than, say, stabbing?
I thought the point was the guy was a vet with a mental problem, and nobody did anything.
From what I read, neither the son nor the old guy tried to get any help with the VA. The VA
is a pain in the butt, perhaps, but nobody tried with anybody. Or, it wasn't reported anyway.
That may mean we have less far to fall; we weren't all that good at our best. Is that good
or bad?
sm_landlord wrote (in previous thread):
I did not know that schools were in the business of diagnosing and especially treating emotional disorders.
Say it ain't so.
If true, I think we've just discovered a place to do some major budget cutting.
It is absolutely so. My wife is a special ed administrator for a large school district. In one case, the district was sued AFTER the student had graduated from high school because the student could not handle college and was diagnosed with ADHD and an emotional disorder. Parents said the district should have caught and treated the issues in high school.
Special ed is available for the following:
emotional disturbance
specific learning disability (dyslexia, etc.)
mental retardation
physically impaired
other health impaired (ADHD, cystic fibrosis)
autism
visually impaired
deafness
speech or language impaired
"we should be given some credit for making everything not worse. We stopped the collapse into depression. "
And they should be given credit for turning the eventual collapse into an economic catastrophe.
Another comment that comes to mind: All lauded the way the new administration, "...kept the game going..."
Some game, huh!
I had one where they made him sign a 15k promisory note. Big whoop. If
he ever pays a penny, I'll eat my hat.
The deficiency judgment discussion--it's ba-ack. Yes they can. No they don't. Virtually never.
Nobody knows why except possibly;
Bad publicity or,
The people would promptly file bk.
The more interesting question is, when there's renters, why don't they ask for a receiver?
Once you get your forms drafted, this should be a no brainer, and the bank promptly gets a
stream of income.
I did it in a commercial setting. It worked fine. You get to charge atty's fees out of the collected
money. Seems pretty win win, except for the borrower.
More on Meredith: She stood out like a diamond in a goat's ass. Wearing an ecru ensemble with a boat neck and wide curled collar, her hair diminutively tossed back and forth as she pretended to pay heed to what others were saying. She dressed up the stage like few others could.
She is in need of a color treatment, the roots were a bit harsh in the light of the stage. The crowd didn't seem to mind. I know I didn't. I'm just saying.
I don't see anything wrong with helping kids with the listed problems. Course, if it's that or shut down the schools, I guess the problem kids get cut.
The more interesting question is, when there's renters, why don't they ask for a receiver?
The houses are all owner-occupied . . . or so they said.
If I were gonna be on tv, by golly, my roots would be done!
Liz,
My concern is that patriotic vets who have nothing to lose will go ballistic on a country trashed by our leaders and take far worse retribution on the system. They are the best trained killers in the world you know. I just hope if they are going to kill someone, it is not the innocent but rather the people responsible for this mess.
liz: It was not her best feature.
Michael- "And they should be given credit for turning the eventual collapse into an economic catastrophe."
That is certainly possible.
All lauded the way the new administration, "...kept the game going..."
There really seems to be only a Plan A, when we need Plan 9.
Well, all you have to do is intend to be a live-in buyer. If you actually live there for a few months and circumstances changed, well, so what?
But the process servers always know when there's a renter there. Even if it would be, in better times, an event of
default, getting an income stream should be of the highest priority. Lenders have not had the slightest clue of what they were doing, from the beginning to the bitter end of this mess.
My son was a ranger. If we go mad max, he is boss.
Seems like there is an opportunity for a buisness to help the banks collect... and there are a lot of lawyers out of work... I feel the whoosh of air as the invisible hand of the marketplace moves into action....
See+CFC+See+FC.bmp (image)
-bacon dreamz cartoon on a tanta post...seems relevant here
Comrade Coinz;
"Parents said the district should have caught and treated the issues in high school."
Parents can say anything they want. The problem comes if some judge agreed with them.
How is it that the parents did not not notice that their child had a problem?
My guess is that there was no problem, just a convenient excuse to sue.
ADHD overdiagnosis is pretty well documented.
Just to be clear, I support special education, just not the mainstreaming fad that has been bloating school budgets and disrupting classrooms recently.
Liz raises her hand.
However, it won't happen. The foreclosure mills get hardly any money to do hardly any work.
They would have to actually pay me for my work, before I started, can't have that. And I would
want a decent fee. Can't have that. And somebody else is foreclosing the file, can't have a division
of labor. So even tho they'd get my fee back nearly all of the time and they'd get an income stream,
it would require some thought and effort, and the realization that you make more money if you
treat each property as unique, which it is, and we can't have that.
ShadowInventory (profile) wrote on Sun, 5/31/2009 - 1:35 pm
Seems like there is an opportunity for a buisness to help the banks collect... and there are a lot of lawyers out of work... I feel the whoosh of air as the invisible hand of the marketplace moves into action....
Too late. That same invisible hand in anticipation of a bevy of lawyers pursuing deficiency judgements has already pushed gun sales through the roof.
Dawg, dawg. Deficiencies. Not gonna happen.
The judges are starting to be on the borrowers side. They know who votes them in.
55,000 foreclosures in Miami-Dade County, in '08, and not one deficiency that I know of.
Receivers for rentals, good idea.
"Liz raises her hand."
If a situation ever called for outsourcing, this is it.
But as you say, we can't have that.
But do you insist on payment from all of your clients in advance? Or do you just not trust the foreclosure "mills"?
Liz, the bottom line is that lawyers are generally seen as an added cost. Whether in any particular case, your fee and the receiver's fee and the process server's fee and all other case costs would be paid out of collecting rent from a renter of the house, in general it would be a waste of money.
What works in a commercial setting just doesn't translate well to a residential setting.
lawyerliz (profile) wrote on Sun, 5/31/2009 - 3:34 pm
* reply
* Ignore user
My son was a ranger. If we go mad max, he is boss.
He is part of the 10's of thousands of veterans who are back in the economy that will not respond to the government. The guv will try to get as many as possible back in uniform. Even those who are in uniform may not fulfill their orders. Say what you want, these are real people with real wants and needs beyond mindless service to orders they don't or won't agree to.
So, you think we will fit this description?
In the case of litigation, oh, yeah, I don't do stuff appropriate for contingency.
Sometimes half and half.
Also, I don't trust the lenders or mills.
Banks won...We lost...Game Over
@lawyerliz,
One of biggest problems with the voucher system is that private schools can pick and choose what students they want. Public schools have to handle all kids with special needs and the associated greater costs. Comparing public school costs to private schools fails on this level.
Back on topic, isn't the legal cost of pursuing recourse on a foreclosure prohibitive and that's why most of time the banks simply take the property?
volker - the Sarkozy guy was from Carlyle.
C
The following quote is the first time I've seen in print a CRE participant speaking about lenders sandbagging the foreclosure process. It could be that these types of quotes are all over the place and I've missed them.
When it does pick up, said Fish, it will be because lenders are no longer willing to extend terms on borrowers in distress who will be forced to sell.
“If you don’t force the issue, then it won’t happen,” he said.
Demand for office space drops | Nancy Sarnoff: Real Estate | Chron.com - Houston Chronicle
Another notable item is that Houston Q1 CRE sales are down 88% from $347 mil to $42 mil. Now it's off to a little league baseball game.
lawyerliz (profile) wrote on Sun, 5/31/2009 - 1:44 pm
Dawg, dawg. Deficiencies. Not gonna happen.
The judges are starting to be on the borrowers side. They know who votes them in.
55,000 foreclosures in Miami-Dade County, in '08, and not one deficiency that I know of.
Receivers for rentals, good idea.
Oh, I know but I can't resist a good lawyer bash. Present company excepted.
Casey Serin signed a $50k with countrywide. He'll never pay a penny yet I am sure right now, near 3 years later that note is sitting in a Bank of America document vault valued at the full $50k as an asset of the bank.
My idea for the new age; house matchers. Coordinate families preparing to default to exchange houses. IOW rent from each other.
Counterpointer;
Did you find a link to the video that got Volker all hot and bothered?
If there's a renter there, I fail to see why they shouldn't pay the rent to the lender rather than the owner.
And I don't see why it would be more difficult than with a commercial tenant. The tenants we got money
from had to be coerced at first. Anyway you could pick out 50 files of renters and try it and see what
happens.
sm_landlord wrote:
My guess is that there was no problem, just a convenient excuse to sue.
ADHD overdiagnosis is pretty well documented.
Yes and Yes.
sm_landlord - try this:
Bloomberg News
or this, last on page:
Bloomberg.com:
Editors' Video Picks
C
Sometimes parents don't know what to do. Sometimes kids hide their problems.
Seems to me that in the case of dyslexia especially, the schools should make an extra
effort. Some of that other stuff, not so much. I feel sorry for kids who are essentially veggies,
but there's no sense in paying the school system for trying to educate someone who is a no-hoper.
Yeah, there aren't so many no-hopers, but there are some.
volker - the Sarkozy guy was from Carlyle.
C
I want to talk more about Whitney.
Thanks, C.
We don't get Bloomberg TV, and I can never find anything on their site.
I guess I should spend some time spelunking it.
Good grief, from the bloomie vid, @ 6:05 what did Whitney say? Labiarinth?
C
Liz, given geographical and jurisdictional differences in our locales, what you suggest may well work in your area, but I don't think it would work in mine.
To get a receiver appointed in California, you need to file a lawsuit, serve it, make a motion, have a hearing and so on. By then you're 60 days down the road and out a couple thousand in fees and costs. What is the renter's most likely response when he learns the house is in foreclosure? Move out.
Now, if you could convince some judge to let you name 50 renters in the same case, you could cut down on the fees and costs a little, but the foreclosure mills tried that by combining foreclosures and it didn't work out too well as I recall.
Well, this is a judicial foreclosure state, so the case is already opened. Just need a motion, hearing and order, and
a receiver to collect the money.
Now mind you, I am mostly on the other side, with clients living there/collecting rent while the foreclosure drags on.
On topic for a second, an alternate headline for this CR posting:
"Home Prices in Sonoma May Become Reasonable Soon"
California is basically a non-judicial foreclosure state, but I do know of one judicial foreclosure now pending in my area that may well result in a deficiency judgment. There is no renter, though, only a slab and a very expensive slab at that.
Good grief, from the bloomie vid, @ 6:05 what did Whitney say? Labiarinth?
C
Who cares, she looks fabulous, though the ecru kind of washes her out a bit.
You'd have to know what you are doing. You'd have to reassure the tenant that they could stay there; perhaps a provisional lease. You could even lower the rent a bit. You could tell the tenant they could stay there permanently or agree to sign an x years lease after the foreclosure was over. ETC.
This requires a few brains and some time. Never happen, even tho I think it would profitable.
You men, always talking about fashion. . .
Why was there a judicial foreclosure in that case?
"What is the renter's most likely response when he learns the house is in foreclosure? Move out."
Most likely, but not always. My condo is in foreclosure, I sent my last rent check last August, and I'm still here. A Receiver would probably have been a good thing for the bank.
“No one is going to be more concerned about future deficits than we are,” Geithner told reporters on the way to two days of meetings that start today in China’s capital. "
Geithner to Reassure China U.S. Will Control Deficits (Update1) - Bloomberg.com
Hurry hit my homepage!!!
Didn't we tear that sentence apart already? G's suit looks like it fits his neck today.
Go, Terry, Go.
How come your landlord hasn't evicted you? Aren't you in Fla?
"You'd have to reassure the tenant that they could stay there...."
That's a key point, Liz. The borrower is the owner until the transaction on the courthouse steps. Why should the tenant pay rent to anyone but the owner? The current lease is a contract between the borrower and the tenant. The bank is an interloper in the tenant's eyes.
C
how many people wanted the smack Whitney there? I guess all but Jack. Maybe. wait Didn't see Joseph there.
but I don't think you're suggesting that reimbursement, if authorized under the law, should be means tested. Once we go down that road, we might as well means-test Social Security and Medicare.
i'm saying that the law should be amended to include means testing, especially given the racket that private special education is quickly becoming. the problem with arguing this point is that it's so emotional, so that everything is black and white. another example of ideology over pragmatism. anyways, so many aspects of public education already have regressive "de facto" means testing.
i'm not saying that there aren't learning disabilities. There clearly are. I'm not saying that every child should be content with a generic special education curriculum. i'm simply saying that the pendulum has swung a little too far. there was a "House" episode a while back where a patient was inflicted with a condition that made him tell the truth. during one of his moments, he was like "my child doesn't really have XYZ syndrome. XYZ syndrome is made up so that yuppie folks don't have to admit that their child is below average." so wealthy parents have the means to see dozens of child psychiatrists, diagnosing a dozen reasons why Worthington Jr isn't in the top 25% of his class. of course, many of the experts are no different than economists: it's so easy to get a "paid" expert opinion, especially when their livelihood is tied to the condition. For example, one of the conditions that the student in the current case has is dyscalculia, commonly known as "math disorder." Probably half of my friends have those most of those symptoms; that's why they went to law school. About 90% of my students can't do basic multiplication without a calculator, which pisses the hell out of me, mostly because they were never forced to do rote memorization. absent clinical conditions, there's absolutely no valid reason for already sparse funds to taken from the general accounts to pay for borderline learning disabilities, especially where the parents have the means to pay for it themselves.
isn't the legal cost of pursuing recourse on a foreclosure prohibitive
Fannie and Freddie have a reimbursement schedule for these expenses. Of course, the schedule is premised on the fact that the houses are above water.
If the court says to, no prob. Residental Fannie/Freddie mtges have a receiver clause.
someone link the video from yesterday please 8)
The 'No Problem' Mindset: Guaranteed Destruction
The 'No Problem' Mindset: Guaranteed Destruction by Gary North
Life in Vichy America
Life in Vichy America by William Buppert
More Doomer reading
Why was there a judicial foreclosure in that case?
As I said, a very expensive slab. Lots of dollars gone, not much to show for it. I'll let you draw the inference.
But doesn't Wells Fargo assure us that all of the Wachovia ARMs will not be resetting. How many people who post here believe that?
From the Bloomie piece: “I will, of course, make it clear that we are committed to a strong dollar, that we are committed to bringing our fiscal deficits down over the medium term to a sustainable place, to a sustainable level,” Geithner said in the briefing May 27. “We believe in a strong dollar. A strong dollar is in the U.S. interest.” - Timmay
Words fail me.
"How come your landlord hasn't evicted you? Aren't you in Fla?"
Yes, Saint Petersburg. The landlord is in Michigan.
Funny thing. When the lease was coming to an end, I attempted to renegotiate the rent based on the idea that foreclosure was imminent, and I could be out in the middle of the month. Due to the uncertainty of tenancy, I wanted a half price rent, or I would find other digs. He sent back a letter stating that my proposal was 'unsatisfactory'. Inasmuch as there was no counteroffer, and no explanation as to what aspect of my proposal was 'unsatisfactory', I took it upon myself to stay here. I'm certain he assumes I've vacated.
I would like to get this ice maker fixed, but there's a hearing in a couple of weeks, so I'll wait to see what happens then.
Terry let us know what happens when the landlord shows up and finds you still in there.... Ha I would like to see the video of that moment... I can hear him sputtering like an engine with half the plug wires off...
I'm saying that the law should be amended to include means testing, especially given the racket that private special education is quickly becoming.
Okay, that would be a reasonable response by Congress.
Private Special Ed seems to know no bounds in California. It's a very lucrative racket. That may end soon, along with all sorts of other government programs, unless the feds force the state to spend its last remaining dollars according to federal law.
If it wasn't for the layers of administrators they have, I would say Special Ed has become a budget buster for the schools.
Very good article by Tyler Cowen in this most recent issue of CFA Magazine (May/June 09, Volume 65, Number 3)
"A Simple Theory of the Financial Crisis; or, Why Fisher Black Still Matters"
Page 17 to 20
I wonder if this may help us go beyond the usual tropes in our search for causes, reasons and villains.
"Words fail me."
What else is there to say? That statement is always made just before the government throws the dollar overboard like discarded ballast.
Incidentally I received in the snail mail yesterday a recall notice on my 2000 Buick... it could catch on fire under some circumstances... That's nice to know after 9 years.... But at least some part of GM is still functioning - they did send out the notice and apparently the dealer will get paid somehow to make a fix....
Comrade Terry, again, different jurisdiction, which means different rules, but in my state a landlord can sue a tenant (even a squatter who never had a rental agreement) for up to 12 months unpaid back rent, i.e., the fair rental value of the premises.
Was there a holdover provision in your last lease and, if so, what did it say about the rent?
Good article in on the Feds Condundrum
Federal Reserve puzzled by yield curve steepening
Federal Reserve puzzled by yield curve steepening
| Reuters
Shadow Inventory writes: "they did send out the notice and apparently the dealer will get paid somehow to make a fix...."
what dealer?
SI;
"dealer will get paid somehow to make a fix.... "
Be sure to check that everything still works after the recall repair. I got a recall notice on some Lincolns to address a possible fire problem in the cruise control. After the "repair" the cruise controls no longer worked. The dealer claims that is the fix. Same deal on three different cars.
No wonder people don't want to buy American cars any more.
sm_landlord writes: "I got a recall notice on some Lincolns to address a possible fire problem in the cruise control. After the "repair" the cruise controls no longer worked. The dealer claims that is the fix."
ROTFLOL, still, as I write, funny.
"Terry let us know what happens when the landlord shows up and finds you still in there."
He works for a GM dealership in Michigan. I doubt that he'll pay a visit.
However, if he did, he'd have to evict me. Big deal.
Terry is doing nice job of not trashing the property, and preventing others from doing so. The landlord
should pay him!!!
Actually, why should the ll assume you are gone? Do you have a deposit?
Did he ever call?
You know, you can get the foreclosure docket on line. If the hearing is a final summary judgment, and he
really thinks you are gone, you want to avoid being sued for unpaid rent payments, which he could do. But prolly
won't. Which means you should get outa there.
Or, you could appear at the hearing, say you are a renter, and can you have an extra month or 2 or 3? Depends on
how much hutzpah you have. Or you could ask the foreclosure mill to ask the lender whether you can stay. You are,
alas, gonna start having to pay soon.
Fla law gives the landlord a month to month on otherwise the same terms after a lease is finished.
MoT - quelle Conundrum. Market isn't conforming to the model. Time to remodel the market.
C
"Was there a holdover provision in your last lease and, if so, what did it say about the rent?"
I had to look at the lease to be sure. It becomes a month-to-month agreement. Nothing further is stated.
I recognize that I could have some (!) liability to the landlord, but, realistically, what is he going to do at this point?
I wonder how much US gold reserves Timmy G gave to the Chinese to keep quiet and keep up appearances. Giving away our gold has been a common practice of our traitors in government.
OT
TSA To Get Picky About Airline Passenger Names - Travel News Story - KMGH Denver
TSA To Get Picky About Airline Passenger Names
Elizabeth Davis of Boulder is one example of a passenger who might be delayed with the new rules.
Her ticket read "Elizabeth Davis" but her driver's license says "Elizabeth Van R. Davis."
REBear;
The TSA does not care because they don't have to.
Typical government operation.
We still have one big GM dealer left in the area - I think he will be around - he also owns several other dealerships including some Toyota... The problem is that since a lot of the GM dealers in the outlying areas have been closed, the big place service dept is now a zoo - I'll make an appointment, no problem, but the waiting room will be full of swine flu.... So I'll have to take another option - maybe drop the car off one day and pick it up the next... then decontaminate it before I get back into it....
Terry, listen to Liz since she's in your state, but, if I were you, I wouldn't volunteer to anyone that I was living there.
I'd probably also move all my stuff to one of those storage units and keep only a travel bag and sleeping bag in the condo.
Once you know which way the hearing goes, you'll be able to improvise based on the outcome.
The landlord could sue you for back rent. The statute of limitations is 4 years on a verbal contract and 5 years
on a written one. Up to the time the bank becomes the owner or you move out. I don't know whether a month to month counts as written or oral. Prolly written.
Do I think he will? Nope.
But keeping him in a state of ignorance on just when you move(d) out is a good thing.
I see sportfan & I are on the same wavelength. Lawyers who agree. Whocouldaknode?
"Actually, why should the ll assume you are gone? Do you have a deposit?
Did he ever call?"
He should assume I'm gone because I proposed that as an alternative. He didn't, however, state what he wanted - only that what I proposed was 'unsatisfactory'. He kinda left me in limbo, and I intentionally took advantage of the situation.
Deposit: yes. Even a deposit for Lily (The Cat who suffers my presence).
He never attempted further communication.
I check the Pinellas County website every day to monitor the progress of the foreclosure. That brings up another issue - landlord doesn't pay his mortgage, and I'm named as a co-defendant. Thanks a lot.
Anyone is free to get a judgment against me. Whether they get anything is a horse of a different color.
Basel Too: For example, one of the conditions that the student in the current case has is dyscalculia, commonly known as "math disorder." Probably half of my friends have those most of those symptoms; that's why they went to law school. About 90% of my students can't do basic multiplication without a calculator, which pisses the hell out of me, mostly because they were never forced to do rote memorization. absent clinical conditions, there's absolutely no valid reason for already sparse funds to taken from the general accounts to pay for borderline learning disabilities, especially where the parents have the means to pay for it themselves.
I bought something the other day for $8.60. I paid the clerk $10.10. She actually had to get a calculator out to make change.
Only in America.
They are required to list you as a codefendant. Did you get served? They can't kick you out unless they
join you and serve you. This should not cause a credit problem for you, because you don't owe the bank any
money. This is just the legal procedure.
Make them learn to multiply!!! Better late than never.
Terry you should hire Liz to get you one of those quilt claim deeds...
I'm waiting for Terry to hire Liz, too.
Well, I wonder why he thinks you never asked for your deposit back?
Of course, you and the Cat have lived out your respective deposits long ago.
"Sportsfan: Once you know which way the hearing goes, you'll be able to improvise based on the outcome."
Yes. I'll make arrangements to vacate once the 'courthouse steps sale' is scheduled. Until the, I'm pretty relaxed about the whole thing.
Lawyerliz: But keeping him in a state of ignorance on just when you move(d) out is a good thing.
Heh, heh... that was intentional on my part, Liz. I know how to finagle a bagel!
"This is just the legal procedure. "
You vill kommen mit mich. Nicht to vorry. Alles normal procedure.
Not necesary. I have seen Miami judges give tenants extra time to more if they look super
pathetic. Don't know about over there.
You don't actually have to leave until the sheriff comes and kicks you out. Here they put a big 24 hour notice
on the door that they are a-comin' the next day (and then don't show up for 3 weeks they are so busy). So you could
do the sleeping bag-cat carrier thing if you are of the playing chicken persuasion. But I'd advise to get poor Lily a
home.
Except it really is.
Yeah, I know the viking is snarking.
By the way, a few years ago, when I saw Rent, I was on the landlord's side so much
I couldn't enjoy the fantasy.
well volker, what would Svenskt do?
would you believe that a large percentage segment of the Estonian population speaks Finnish? Thats why the Swedbank has inflitrated the Balkan kool aid drinkers. Placing the sovereign in in the crosshairs of a dangerous outcome. The Peoples Party will not stand for this aggression...
danke.
"Of course, you and the Cat have lived out your respective deposits long ago."
I had a discussion with the landlord about the deposits, and he agreed with my proposal that the deposits should be liquidated in lieu of the last (September) month's rent. Two weeks later, I sent the letter asking for a reduction in rent. I'm incorrigible - first one thing, then another!
Yes, I was served. That's how they got my name. That I now have a 'record' at the courthouse is the most offensive thing to me. Very minor point, I know.
It's an interesting thing to watch. It's like Abbot and Costello's 'Who's on First?' It's a real clown showw.
She was gifted as a writer on top being expert in the subject matter!
OT!!! If those lenders had any brains, which they don't, they'd just keep taking the money and not reset the
loan. But I guess that wouldn't be allowed by the numbskulls who bought the securities.
Liz, did you mean
Rent
Yep.
The Moody Blues had a song on that theme which I like a lot better.
Which song?
Umm 22 thousand days, it's not a lot, it's all we've got, 22 thousand days. 22 thousand nights. . . .
This is the end of real estate in this country for 25 years.
Nah, just 10 years. If there were a normal, we'd be back to it in 10.
Where's Tom Stone?
This is his neighborhood.
Can't find a live version:
The Moody Blues 22000 days
Thanks to whoever suggested the Tyler Cowen piece in Fin Analysts' Journal (back aways, multi-pigged I think).
The conclusion however seems to be diametrically opposed to the prescriptions of the current government program.
Go figger.
C
Thanks, Sport.
It seems to me the whole mortgage business was built on the idea the process scales. Once the loan was approved everything could be turned over to the computers. One size fits all and any human intervention could be done by minimum wage droids following a script.
The opportunities which are so easy to see assume some street level intelligence and don't scale.
It seems like someone who knows the local market could find investors who just got crushed in the stock market but still believe in real estate. Buy for cash, rent or lease option and hope for the best.
Not saying it would work, or even be a good idea, but if I were an out of work Realtor it's what I would be doing.
Candy-gram for Mongo
I thought this was Lars' neighborhood?
Federal Reserve puzzled by yield curve steepening
Federal Reserve puzzled by yield curve steepening
| Reuters
"Federal Reserve puzzled by yield curve steepening"
In related news, a Federal Reserve spokesperson emphasized that the steepening yield curve has absolutely nothing to do with the "rumor" that the Dollar plunged in value over the period in which the yield curve steepened.
the Federal reserve is not puzzled by the yield curve, Bens sittin of a bazooka for the long end. All you convexity yield guys have ample warning,
I consider Reuters a front for the news in Europe. Monta's ankle coulda wrote that piece. the 10-2 yield blowout is poisoned.
Ministry writes:
Federal Reserve puzzled by yield curve steepening
Federal Reserve puzzled by yield curve steepening
| Reuters
Summary: Fed: WTF?
I image that the Fed/Tsy is running scenarios based on historical data and they are seeing a divergence from what would be expected from that data.
That is scary because it shows that the Fed, to some degree, still doesn't get it. Circumstances have changed so dramatically that, as lawyerliz sums up so welll: "there is no normal."
Israel held it's largest ever peacetime war drill today.
Israel stages biggest-ever war drill - CNN.com
North Korea isn't getting the love it received the last few times it threatened with it's nuclear toys and is escalating daily until someone ponies up some foreign aid. Pakistan is undergoing civil war and won't publicly declare the status of it's nuclear weapons. Iran refuses to back down and did I mention Israel held a huge war drill today after pretty much telling the US that it will do what they think is necessary in dealing with Iran. Am I alone in feeling the next shoe to drop might scatter radioactive debris and ensure the complete collapse of the world economy? I can barely imagine the ramifications of the use of a nuclear weapon in the Middle East.
When the world goes broke and conventional warfare is unaffordable then the final arrow in the quiver becomes like the guy with the hammer seeing nothing but nails.
Our leaders speak of signs of recovery and the world seems to be spiraling out of control. Power is never given up readily.
Will I get better mileage from radioactive gasoline?
ExC,
Yeah, someday Israel may say "it's them or us, and it's not going to be us" and turn Iran into a parking lot. Sure, everyone in the world will raise hell afterwards in the UN, but as they say "It's easier to seek forgiveness than permission".
I think the Alt-A "solution" that has been chosen is that these are (most likely) higher income individuals who have overstretched so get as much cash flow from the Alt-A crowd as possible through loan mods.
Yup,this is my neighborhood,been pulling weeds.The good areas have about 50% to fall and the very recent change in high end wishing prices shows it is on the way soon.When the nicer property is $1.6mm and the lesser property $2.9mm the times are changing...these are wishing prices,you need 30% down and 6 months reserves plus verifiable income to buy.We have throw up buyers but no move up buyers.
Hehe. Shows that the people at the Fed are MORONS.
I am no economist, but I can give them a hint - "supply and demand" ? Second hint - this has nothing to do with the economy strengthening (it ain't).
Idiots.
Michael
Just wait until the troops come home and the politicans discover what an all volunteer standing army costs. Oh you say discharge them. Yes and then they will be on the job market looking for all those good paying jobs they were fighting for.
lawyerliz
Yes as to the no hopers but the parents want the school to give them a break in the daily care.
I was in the PowerSports(Yamaha, Kawasaki, Honda motorbikes) shop yesterday and got chatting and the conversation turned to GM - a crowd of about 10 other fellow bikers gathered - mannnn they were pissed - "never gonna buy a car from Government Motors"...
I was surprised - I mean this is a apolitical, innocent macro-economics-wise, "stay out of my hair" ( those who have any ) crowd...
Needless to day, I was pretty pleased by the talk - I lived in England though that miserable experience of the rationalization of the British motorcar industry - British Leyland, BL, etc etc - 1968-1979 and that whole disastrous waste of money...
Will people see how stupid this all this quickly or will it take 11 years ?
-K
This post made me go to zillow to check out the old hood in Palo Alto which is somewhat an analog of Marin. Yikes!!! We sold too soon. If zillow anywhere near correct we threw away big bucks. When we sold I thought we had taken the last train out of Palo Alto before the crash. As they say the market can stay irrational longer than you can stay solvent.
We are not too unhappy with events as we were able to relocate to a better place - 1/3 the price of our old house and 3 times larger and newer (7yrold vs 5 ) - plus buy out the other family members interests in the Donner cabin.