What are the odds of Wyoming getting Californicated in the next few years? CA is "most troubled" and WY is "least troubled"
Cap and Tax passing, or additional environmental regulation on mining will kill Wyoming - they get their bucks off of the coal severance taxes - no state income tax.
Hi, First-time homeowner, long-time resister calling, and I want to talk about not having any patience, and assuming debts i'll never be able to pay, should I lose my job.
"The rating agencies made spectacularly misleading evaluations of mortgage-backed securities due in part to the lucrative fees they received from the same issuers, they were supposed to be objectively evaluating"
we're not talking about France in the 1500s here. No one around that is attempting to be Henry IV
Si Dieu me prête vie, je ferai qu’il n’y aura point de laboureur en mon royaume qui n’ait les moyens d’avoir le dimanche une poule dans son pot!
(If God spares me, I will ensure that there is no working man in my kingdom who does not have the means to have a chicken in the pot every Sunday!)
They paid $1 million for a duplex. Good luck making that cash flow.
No... they paid 33K for a Call option on a "1 Million" property. If it goes down in value... FHA takes the hit (-33K). If it goes up in value, they win big.
According to the survey investors bought 15% of homes in October....
First-time homebuyers accounted for 47% of purchases and were mostly buying using FHA insured loans.
Welcome to the new era of immobility. Like where you are or like where you buy because you are going to be there for a very long time. It also means the realty industry is going to see a full on seizure of profitable transaction activity.
As this grande ponzi pyramid deconstructs...dots will be connected...the coperative partnerships and mutual benefits and interests wil become apparent...the inter-locking networks will be examined more closely...and the legal justice term conspiracy will gain respect once again as the smoke and mirrors spin is demystified and exposed...
There isn't going to be a revolution anytime soon.
Washington DC was built with revolutions in mind. The streets are designed so they can not be easily barricaded. It is also easy for troops to get maximum return in casulties when they shoot.
America is designed the same way. So what if the riot in the city core. There is nothing of value there. The burbs are even more effective at making riots and barricades ineffective.
No, it is just going to be a slow side into squalor. Your neighborhood going to shit. 911 will be 11 minutes just to get through. No jobs. Sullen, drugged, drunk, and desensitized to violence people wandering around. The rise of nut job answers. Fear and rumors sweeoing the Internet and making people tremble an over react because they never leave the house let alone talk to a real live person.
Personal datapoint. I'm buying an investment condo next week. 20% off of original list, about 35% off of peak prices.
Oh, and that's in Dallas. Those Case Shiller numbers you see for Dallas are getting gamed pretty badly due to TX being a state where disclosure of sales price is optional. The people getting killed on price tend not to get their sales reported.
No... they paid 33K for a Call option on a "1 Million" property. If it goes down in value... FHA takes the hit (-33K)
Good point, assuming that they got a non-recourse loan. I would have thought there would be recourse on a commercial property loan with almost nothing down. But who knows?
There isn't going to be a revolution anytime soon.
Wait until the budgets are balanced
edit: should have read the whole post first. nevertheless, who says there will be police/military to suppress the masses. maybe a velvet revolution where a poet carries a flower to the seat of power
How about a home swapping service? There are an assortment of them already which are intended for vacations. Nothing says you can have someone who is underwater from San Diego live in your underwater house in Chicago while you go the other direction.
If I went into a coin shop, and tried to give $37 in exchange for a 1 ounce gold eagle, the proprietor would laugh me out of the store, and tell me to go see FHA for a loan, and come back and pay in full, if I wanted physical delivery.
Washington DC was built with revolutions in mind. The streets are designed so they can not be easily barricaded. It is also easy for troops to get maximum return in casulties when they shoot.
If you plan your assault around a Redskins game you gotta chance.
•Investor Purchases of REO Are Declining == Prices set to drop a lot.
Bet on it. I see a lot less buying at trustee sales. Traffic at retail is slumping and that means any investor inventory is SUSHI INVENTORY. Unless prices are 60% off peak no bids. None.
these figures don't add up. They show FHA bigger than Fannie and Freddie combined. That should mean that GNMA issuance would be larger than Fannie Freddie MBS issuance (since Ginnie also includes VA and RHS stuff). But Ginnie issuance numbers have been running a little below Fannie, to say nothing of the combined Fannie Freddie. I'm guessing that these are based on numbers of transactions, and not dollar amounts, but even so. They all have the same dollar limit now, and FHA is doing big business in high cost areas, so that can't explain much of a difference anymore.
I believe an angle like that was proposed privately but the administration quickly dismissed the idea. Chose the all or nothing approach, anything else is weakness to someone
be police/military to suppress the masses. maybe a velvet revolution where a poet carries a flower to the seat of power
Nice. I wish. Not going to happen.
We, as a nation do not even read poetry.
We are a drugged, out of shape, over armed, and the only thing that stiffens many backbones is their desire to get what they think they deserve. We won't get mad and do anything. We will just get online, jerk off, get high, and play games.
If we get really angry, it will be to stomp our feet, point fingers, and blame others.
The worst part of the 3 duplexateers is, they've gone and blown their savings and have played their part in the wealth diaspora, writ large on the middle-class.
It also means the realty industry is going to see a full on seizure of profitable transaction activity.
Rob Dawg,
Yep, that sounds right to me. FWIW, I'm still predicting that starts haven't bottomed as CR says. In fact, I think starts will crash down to or below 400k in 2010 or 2011.
Don't get me into another CFMA rant. The dreams I've had about what to do with Gramm if I ever got my paws on him would make H.P.Lovecraft hide under the covers and sleep with a nightlight on.
•A few weeks ago, Congress extended the higher lending limits for another year.
• Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan by $100,000, to $839,750.
•His bill would make the new limits permanent.
nova
not that it is a huge deal yet, but using as an example the UCLA protests of the 32% average tuition hike
you've got your crowd, what happens when the police no longer get paid overtime (necessary for any riot squad). Maybe their pensions are cut, maybe their taxes are doubled. At a certain point they just have to give up a little, and it snowballs from there
I'm not looking for fire and bloodshed, just a physical reminder to the body politic that people want accountability and answers now
The difference between the late 1960's and early 1970's protests, is it was a very us versus them crowd, whereas virtually everybody is in the same boat, this go round.
I HIGHLY doubt Fannie/Freddie loans are that loan. I would be interested in the methodology for determining if a loan is Fannie/Freddie vs other because there is clearly a flaw in their model.
What is sad is this economic paradigm also means lives lost, literally and figuratively. Media just isn't tell you about it. We can't get a perspective when media makes your neighbors your enemy and the heroes doing Gods work.
The dreams I've had about what to do with Gramm if I ever got my paws on him would make H.P.Lovecraft hide under the covers and sleep with a nightlight on.
Pliers and blowtorch?
Phil Gramm, the former Republican Senator from Texas who co-wrote the act that undid Glass-Steagall, has our DQotD:
“I’ve never seen any evidence to substantiate any claim that this current financial crisis had anything to do with Gramm-Leach-Bliley. In fact, you couldn’t have had the assisted takeovers you had. More institutions would have failed.”
Oh nooo....I worked in the OR for much of my career. I know how to produce very LOUD WHINES using much smaller instruments that last a LONG TIME. You know, efficiencies count.
I know that i am late to the party, however, comment on USgov and AIG on previous thread...
Didn't we nationalize AIG? If so or became the majority stockholder, we should have put all the employees on the govt payroll and paid them whatever their rating provided...If they wanted to quit, tell them that they would never work for the US govt again either as an employee or working for an independent contractor...If we intend to nationalize all business sectors, put them all on govt payroll...With regard to doctors under a universal healthplan, if they work as govt employees, no need for E&O insurance, liability insurance...That should shut up the right wing and their liability law suits against doctors...What, you are concerned about insurance co. liability claims--screw them...They wanted capitalism, well now they will get the full brunt of capitalism...my understanding of capitalism and the free market, is that information is available, with the end result that the owners of production will compete and lower the price to such a point that the owners will earn their individual wages.., ie investment interest will equal zero...
GENEVA (Reuters) - Somalia has announced it plans to ratify a global treaty aimed at protecting children, leaving the United States as the only country outside the pact, UNICEF said Friday.
Salaries for GS volunteers will be booked as a charitable contribution, while undocumented workers will be hired as stand-ins, resulting in a profit of $300M for GS.
Good point, assuming that they got a non-recourse loan. I would have thought there would be recourse on a commercial property loan with almost nothing down. But who knows?
Does recourse really matter with these folks? I mean the guy admittedly had to tap retirement savings to fund a move from Boston to San Fran. It doesn't sound like there is much "there" there to go after.
Ha, ha, ha! I agree, the whole thing is freakin' hilarious! They are so divorced from reality they can't even hear themselves anymore ...
They have become a bunch of three-year-olds with their hands in the cookie jar, looking you right in the eye and swearing up and down that they ARE NOT EATING COOKIES ... they are just washing their hands, like you told'em to. And you are so unfair for suggesting otherwise.
Oh no, way too crude...i'm talking long lasting, never abating with SMALL instruments that don't require power. Think "Marathon Man" scene with dental torture by a Nazi: cubed. ok enough of that, I hate being teased.
IT IS INCREDIBLE. Or HEY, grandma just paid $5,000 for her 3 meds on SS even with a supplemental part D package ...no not really, she just did without even though in the EU she could have had them all for $5.
Cap and Tax passing, or additional environmental regulation on mining will kill Wyoming - they get their bucks off of the coal severance taxes - no state income tax.
It's OK, we can just offshore the mining activity to China or India and substitute imported coal while we all sell one another fast food... and houses with 3.5% down.
Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan by $100,000, to $839,750.
No worries. I'm sure FHA will have blown up by then.
Is there much difference between the strawberry picker that got a loan on a $700k home-with nothing down, and 3x twentysomethings pooling just a little bit more than nothing into a duplex?
Sadly, Grandma can't afford the fees to get a passport and can't ride in a plane because she is at risk for emboli. Fortunately for Grandma, her great grandson knows how to get street drugs and her grandson grows his own personal stash at home he shares with her...problem with that is it gives her the munchies and her SS check only covers utilities, rent and soup.
yep-strawberry picker at least has job with future growth...strawberry=Jam=pies=margarita=shortcake=ice cream....etc...the other guys are doomed...Maybe i'll cruise by that house and see if I can smell some ganja...maybe they all carry a card and will be utilizing thier grow options at 30 plants each in the other duplex.....hopium comes in green leafy patterns
hey hey hey - timmah, Benny and the Liquidity Jets have a fan - because, after all if the dashboard lights are green who needs that pesky oil in the crankcase!
Venezuela's Chavez Slams GDP Methodology After 3Q Contraction
CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday he plans to come up with a new, socialist-friendly way of measuring economic growth, one day after gross domestic product data indicated his country is in recession.
Oil-rich Venezuela's economy shrank 4.5% in the third quarter, the country's central bank reported Tuesday. This comes after the economy shrank 2.4% in the second quarter.
COLUMBIA, S.C. -- South Carolina Chief Justice Jean Toal has paid a fine of more than $80 after getting a speeding ticket.
A Columbia police officer ticketed Toal for going 34 mph in a 25 mph zone on Rosewood Drive near downtown Columbia around 7:30 a.m. on Oct. 7.
A note on the ticket dated Thursday indicates Toal paid her $81.87 fine.
Toal's secretary said she was out of town and the chief justice didn't immediately return a phone message Thursday.
Toal has had traffic troubles before. In 2001, she was ticketed for leaving an accident scene and driving too fast for conditions when her minivan sideswiped a car. In March 2007, Toal was ticketed again for leaving an accident scene after hitting a car in a Columbia airport parking lot.
---You read it right.
Twice she has committed hit and run.
I am still reeling at the story about the guys buying a San Fran apartment for $1 million with $33k down. Thank you, FHA!
I wouldn't lend that much money to these guys because they aren't a family unit. They are just a bunch of frat guys looking for a lark and a place to live. In a year or two, they'll get girlfriends or married and move to someplace serious.
I know it's San Francisco, so maybe they are three gay guys living together.
In that case, I would lend a gay couple money. But not a gay threesome.
Barney Frank keeps raising the Government sponsored mortgage threshold so that banks can dump the ENTIRE mess on the public.
The top 1% of incomes are ~ $330K. But most of the $800K loans did not go to the wealthy. Far from it. They went to people that cannot pay. There is no economic reason for an $839K limit. The proposed $839K limit is for the benefit of the banks. At limits that high, millions more bad loans wll be refinanced and dumped on the government.
Banks and creditors are dumping more bad loans on the taxpayer. Barney Frank is helping Bernanke preserve the value of fraudulently issued bank credit.
The conclusions from a bunch of 'financial/currency crises' studies is that uncontrolled and unsustainable govt. (and consumer) debt destroys economies. This is a work in progress in the U.S. and elsewhere...
A late relative had no money and little SS before Medicare drug coverage and she lived in gov housing and got free drugs from manufactures just like they advertise on TV to the general public today.
Did you read about how the people in New Orleans are cheering because they think soon Obama will offer them hundreds of millions in damages caused by the Army Engineers failures during Katrina?
Did you read about how the people in NY are cheering because Eric Holder says, no problem, NYC won't have to pay the estimated $100 million price tag for security during the 9/11 terrorist bomber trial -- the feds will pick it up.
The Wheels of Justice turn sloooooooooooowly down here in South Carolina.
Thirty-six people have been charged for their involvement in cockfighting operations in Lexington and Williamsburg counties, S.C. Attorney General Henry McMaster said Friday morning.
The arrests are part of a 13 month undercover investigation. Officers from the S.C. Department of Natural Resources attended cockfighting events in Swansea and in Oceida, which is in Williamsburg County.
Cockfighting is a misdemeanor. If convicted, those charged face a maximum punishment of one year in prison and a $1,000 fine.
--13 freaking months for 36 misdemeanors.
Brilliant!
No Dope: Ft. Lauderdale Man to Smoke 115,000th Joint
Grown on a farm on the campus of the University of Mississippi, the weed is delivered to a local pharmacy where Rosenfeld gets it by the bushel.
My cousin got his Bachelors in Horticulture from there back in the 70's. I once related a story about the local apiary and honey tainted with THC. THIS is the place it happened all you naysayers out there-
LBD: I'm familiar with those, it takes abject poverty to qualify and even then some don't get it. There is a gigantic hole for people who are living right on the edge. People my age are picking up the tab for their elderly parents A LOT as Medicare covers less and less, supplemental insurance is ridiculously expensive and still they are under served in basic needs including but not limited to transportation.
rich - bit like an apology from ? "Dear Main St, sorry I totalled your economy as I passed by on the way to collect my bonuses. Call my insurance company, AIG. Hugs. Kiss my sacred Harvard Ring. L. "
That may be the only good thing I've seen come out of OC in 40 yrs. The crap that is being funded through FHA right now makes 2004 vintage subprime look conservative.
-ism creates structural imbalances, turbulence, increased risks of currency/debt crises, weak macroeconomic financial fundamentals, currency and financial crisis contagion, sudden stops, unsustainable fiscal positions, financial turmoil, unsound debt management...why are these policies pursued when they have *failed so many emerging and developing nations, Paul Krugman? Just wondering?
Now that you brought it up. Pissing your wealth away is how many end up on the receiving end. House paid for, fair paying office job, money in savings after the divorce and then she debted the house, lost the savings, house was to be repoed from giving all of it to one of her kids. I bailed her out sold the house for debt. Lived with our family for 12 years while working a lesser job and she paid off credit card debt. Poverty would be the right word but self inflected. Rewards for failure is not uncommon.
Ben, undoubtedly some people in poverty got there the common way, asked for it or was born into it without a plausible means out.. Fools and their money are soon parted as the saying goes. Sounds like a single mother who wanted to help their child to me and maybe made a couple of bad decisions. Where was the father, totally absent and irresponsible? Perhaps its worse than that, alcohol, gambling, drug addiction in her path to poverty? Or did she get sold a pie in the sky, you can have your cake and eat it too second mortgage, in particular, helping your child in trouble? My question to you Ben is do the consequences fit the crime. And you are good for helping this women who otherwise probably would have lived on the street until she died a premature death without your help.
Today it is different however. Nothing like seeing a young family wiped out completely because their newborn needed surgery or stay in ICU while their young lungs develop and insurance didn't pay. Nothing like watching someone lose their home just because they lost a genetic crap shoot and got a chronic disease; their insurance company decides that MS or Lupus just too expensive even if that person paid into that insurance system for 25 years.
I've seen plenty of people make plenty of mistakes. Question becomes relevant when mortgage brokers were selling to unsophisticated people and not fully disclosing for getting that equity (even if they didn't ask for that call on the telephone to offer it or get blasted with 24/7 commercials). When people are fighting for the lives of a loved one, they will do anything even if they know its wrong, even if they know it will bankrupt them, to save that life. Some people are stupid that way.
Being stupid is one thing, being deliberately misled is another.
Nanno, The details of the story, She gave 90% of her money to an adult child. The Father did the right thing and would no give him a dime. She also was a stay at home mom and never made much of a contribution to the SS and Medicare pool. The problem is we can not throw old people back into the work force if they did good by themselves or not. Insurance is exactly that a hedge against health problems not a gold card winning lottery. I have huge health expenses and the cost of insurance deductibles and high. Insurance does not cover all of the expense and I pay. So I get it far more then you realize. I also know my $2500 ride on a catscan pays for how many no pays given away by laws mandating free ER care. There are holes and the health care bill the government is shoving down our throat is BS. There will be holes under their system leaving many with out. To bad the warranty on our life ends when we pop in to the cruel world. The grass is always greener on the other side, Till you get there.
Thanks for your reply Ben and yeah, I get emotional. I've seen a lot of suffering for no good damn reason, financially, physically and otherwise. The whole health care thing is so f*ing cooked and complex, its like the economy-it needs to die before it can get better. I am no fan of either proposal of so called health care reform measures either side is offering as you're right, that will just exacerbate an already horrific system.
I too pay big for a problem both in insurance premiums and out of pocket expenses. So my sympathies. I count myself fortunate that I can pay both, all too many can't. There is a lot of hyperbole over health care reform. Many opinions but few come from those who have a lot of experience on the front lies and understand the inequalities, what constitutes this science in terms of vetted basic care vs overcare; waste, inefficiencies, fraud and the system that makes it easy, etc.
I could debate this topic endlessly and have for a long time. The insurers won, the lobbyists won, we all lose. End of story.
We basically agree and yes the system needs some work but not whats happening. When you say you are fortunate to be able to pay, that really is the reward for working harder and smarter. That is the way America works,at least it did for me. We are faced with the same worker to non worker ratio of 3 non to 1 worker that was a major contribution to GM's failure. We are now to an unsustainable economy. Sad, as you say we all lose.
I am still reeling at the story about the guys buying a San Fran apartment for $1 million with $33k down. Thank you, FHA!
And a pony in every pot.
C
Only 6% cash for first-timers? Ruh-roh.
Dead Shtick wrote:
What are the odds of Wyoming getting Californicated in the next few years? CA is "most troubled" and WY is "least troubled"
Cap and Tax passing, or additional environmental regulation on mining will kill Wyoming - they get their bucks off of the coal severance taxes - no state income tax.
Nemo wrote:
Totally agree. I have thoroughly screwed myself by being financially prudent.
Hi, First-time homeowner, long-time resister calling, and I want to talk about not having any patience, and assuming debts i'll never be able to pay, should I lose my job.
Where do I sign?
Not too big of a deal, but the Ohio attorney general is suing Fitch, S&P, and Moody's over how they rated CMBS: S&P, Moody’s and Fitch Are Sued by Ohio Over Ratings (Update3) - Bloomberg.com
"The rating agencies made spectacularly misleading evaluations of mortgage-backed securities due in part to the lucrative fees they received from the same issuers, they were supposed to be objectively evaluating"
Spunkmeyer wrote:
Don't envy those buyers too much. They paid $1 million for a duplex. Good luck making that cash flow.
Yeah, me too. Who knew that cash in the bank and no debt was a stupid move.
we're not talking about France in the 1500s here. No one around that is attempting to be Henry IV
sm_landlord wrote:
No... they paid 33K for a Call option on a "1 Million" property. If it goes down in value... FHA takes the hit (-33K). If it goes up in value, they win big.
Oh, they're screwed, no bout a doubt it. Thing is, I get to pay for their idiocy. And that sux.
According to the survey investors bought 15% of homes in October....
First-time homebuyers accounted for 47% of purchases and were mostly buying using FHA insured loans.
Welcome to the new era of immobility. Like where you are or like where you buy because you are going to be there for a very long time. It also means the realty industry is going to see a full on seizure of profitable transaction activity.
As this grande ponzi pyramid deconstructs...dots will be connected...the coperative partnerships and mutual benefits and interests wil become apparent...the inter-locking networks will be examined more closely...and the legal justice term conspiracy will gain respect once again as the smoke and mirrors spin is demystified and exposed...
There isn't going to be a revolution anytime soon.
Washington DC was built with revolutions in mind. The streets are designed so they can not be easily barricaded. It is also easy for troops to get maximum return in casulties when they shoot.
America is designed the same way. So what if the riot in the city core. There is nothing of value there. The burbs are even more effective at making riots and barricades ineffective.
No, it is just going to be a slow side into squalor. Your neighborhood going to shit. 911 will be 11 minutes just to get through. No jobs. Sullen, drugged, drunk, and desensitized to violence people wandering around. The rise of nut job answers. Fear and rumors sweeoing the Internet and making people tremble an over react because they never leave the house let alone talk to a real live person.
Rebound delayed until 2010. Wanes world?
Great quote, if this hasn't been posted before:
“You don’t pay a mortgage with economic output -- you pay a mortgage with a paycheck,” Jay Brinkmann, MBA’s chief economist, said yesterday.
U.S. Housing Recovery Delayed to 2010 as Market Wanes (Update3) - Bloomberg.com
C
/not yet, EHP, not yet...
Personal datapoint. I'm buying an investment condo next week. 20% off of original list, about 35% off of peak prices.
Oh, and that's in Dallas. Those Case Shiller numbers you see for Dallas are getting gamed pretty badly due to TX being a state where disclosure of sales price is optional. The people getting killed on price tend not to get their sales reported.
Blackhalo wrote:
Good point, assuming that they got a non-recourse loan. I would have thought there would be recourse on a commercial property loan with almost nothing down. But who knows?
I would guess that many of the "Cash" sales were actually private loans where the property or the buyer didn't qualify for a conventional loan.
EDIT: Unless that's what "All other Financing" covers.
dryfly
since this is ot and i got pigged will keep it brief
you are correct see my last previous thread
short version
gramm leach bliley act of 99 is not the same as
the commodity futures modernization act of 2000
nova wrote:
Wait until the budgets are balanced
edit: should have read the whole post first. nevertheless, who says there will be police/military to suppress the masses. maybe a velvet revolution where a poet carries a flower to the seat of power
No Dope: Ft. Lauderdale Man to Smoke 115,000th Joint
No Dope: Ft. Lauderdale Man to Smoke 115,000th Joint |
NBC Miami
Rob Dawg wrote:
How about a home swapping service? There are an assortment of them already which are intended for vacations. Nothing says you can have someone who is underwater from San Diego live in your underwater house in Chicago while you go the other direction.
I won't be holding my breath.
nova,
Your bleak scenario sounds like Zombie Nation in Hell. What if people just wake up to the sacms and disconnect in Love and Peace...
He can count?
C
If I went into a coin shop, and tried to give $37 in exchange for a 1 ounce gold eagle, the proprietor would laugh me out of the store, and tell me to go see FHA for a loan, and come back and pay in full, if I wanted physical delivery.
sacms are tired old scams...
No Dope: Ft. Lauderdale Man to Smoke 115,000th Joint
I think he's a closet CR reader:
"The first thing I do every morning is smoke two joints as I watch my business shows," Rosenfeld said.
merchants of fear wrote:
Not much of a historian, eh or from boonies where anyone you don't know is automatically 'the enemy'.
Washington DC was built with revolutions in mind. The streets are designed so they can not be easily barricaded. It is also easy for troops to get maximum return in casulties when they shoot.
If you plan your assault around a Redskins game you gotta chance.
•Investor Purchases of REO Are Declining == Prices set to drop a lot.
Bet on it. I see a lot less buying at trustee sales. Traffic at retail is slumping and that means any investor inventory is SUSHI INVENTORY. Unless prices are 60% off peak no bids. None.
these figures don't add up. They show FHA bigger than Fannie and Freddie combined. That should mean that GNMA issuance would be larger than Fannie Freddie MBS issuance (since Ginnie also includes VA and RHS stuff). But Ginnie issuance numbers have been running a little below Fannie, to say nothing of the combined Fannie Freddie. I'm guessing that these are based on numbers of transactions, and not dollar amounts, but even so. They all have the same dollar limit now, and FHA is doing big business in high cost areas, so that can't explain much of a difference anymore.
Nanoo,
Just saying 'All You need Is Love' is something that didn't work...
some investor guy wrote:
I believe an angle like that was proposed privately but the administration quickly dismissed the idea. Chose the all or nothing approach, anything else is weakness to someone
mock turtle wrote:
Hmm, learn something new every day...
Even so...
Nay OR-4 DeFazio, Peter [D]
Nay MI-7 Smith, Nick [R]
Nay MS-5 Taylor, Gene [D]
Nay TX-14 Paul, Ronald [R]
Of only Four!
GovTrack: House
Vote On Passage:
H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000
JD,
That trip to the coin shop is getting more expensive as we speak. Kitco has buying strength overcoming dollar strength again...
FNM and FRE buy FHA loans
The truth is the enemy of the state or the S&P
Standard & Poors New Policy: Concealing the S&P 500 P/E Ratio from the General Public
Cooling the mark out isn't going to work either...
be police/military to suppress the masses. maybe a velvet revolution where a poet carries a flower to the seat of power
Nice. I wish. Not going to happen.
We, as a nation do not even read poetry.
We are a drugged, out of shape, over armed, and the only thing that stiffens many backbones is their desire to get what they think they deserve. We won't get mad and do anything. We will just get online, jerk off, get high, and play games.
If we get really angry, it will be to stomp our feet, point fingers, and blame others.
LOL, I knew you were just messing around....it was too easy, I had to take a shot. Your moniker alone tells me you aren't into rainbows,
, 
and the 
of 
"Dip your balls in gold"
Full Episodes | November 19, 2009 - Jack's Mannequin | Comedy Central
JBR wrote:
You don't have any cash in the bank.
Three guys borrowed it to buy a duplex.
Whats a Bank?
..... 
We will just get online, jerk off, get high, and play games.
---Party at nova's!
Eric wrote:
CSC?
The way the Skins are playing the only riot will be the one in the stadium that marks their last game.
Blackhalo wrote:
That's exactly what I was thinking!
Sweet!....I'll bring the Brownies
+1
Good rant, bad spelling.
Like selling elevator passes to the freshmen at our one-story high school.
Step right up! Televised touts, con men, and prostituted 'experts' can't be wrong!
Bring your Kevlar gloves and catch a great deal!
The worst part of the 3 duplexateers is, they've gone and blown their savings and have played their part in the wealth diaspora, writ large on the middle-class.
sm_landlord wrote:
Recourse to the "assets" of an admittedly near-busted 27-year-old? Yeah, that's worth a lot.
Certainly sounds like the Commonwealth of Virginia.
Separately, builders getting a pounding on S&P; DR Horton, Pulte, Lennar. Drillers too.
C
It also means the realty industry is going to see a full on seizure of profitable transaction activity.
Rob Dawg,
Yep, that sounds right to me. FWIW, I'm still predicting that starts haven't bottomed as CR says. In fact, I think starts will crash down to or below 400k in 2010 or 2011.
Don't get me into another CFMA rant. The dreams I've had about what to do with Gramm if I ever got my paws on him would make H.P.Lovecraft hide under the covers and sleep with a nightlight on.
You missed the most unbelievable part of that story! Barney Frank wants to add another $100K to FHA loan limits and then make it PERMANENT!
Fund My Mutual Fund: NYT: With FHA Help, Easy Loans in Expensive Areas; Barney Frank Pushes for Permanent Higher Limits - Approaching $1 Million
•A few weeks ago, Congress extended the higher lending limits for another year.
• Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan by $100,000, to $839,750.
•His bill would make the new limits permanent.
I think the whole nature of a rant is that is does not encourage good spelling as much as the flow..
Yes, I can't spell at the best times...
nova
not that it is a huge deal yet, but using as an example the UCLA protests of the 32% average tuition hike
you've got your crowd, what happens when the police no longer get paid overtime (necessary for any riot squad). Maybe their pensions are cut, maybe their taxes are doubled. At a certain point they just have to give up a little, and it snowballs from there
I'm not looking for fire and bloodshed, just a physical reminder to the body politic that people want accountability and answers now
Thanks for posting those votes - everyone should send a thank you...even if it is a tad late.
broward wrote:
LOL!!!
Affordable Housing....
to $839k.
LOL. Mission FAIL.
The difference between the late 1960's and early 1970's protests, is it was a very us versus them crowd, whereas virtually everybody is in the same boat, this go round.
Counterpointer wrote:
We're not worthy!
Juvenal Delinquent wrote:
In the 60's and 70's, they were taking our lives in Nam - not just our money.
Since someone keeps posting about Frank's wanting to raise the limit, I feel obliged to point out it may not be a sure thing:
Republicans want hearings on FHA - Mortgage Insider : The Orange County Register
I HIGHLY doubt Fannie/Freddie loans are that loan. I would be interested in the methodology for determining if a loan is Fannie/Freddie vs other because there is clearly a flaw in their model.
What is sad is this economic paradigm also means lives lost, literally and figuratively. Media just isn't tell you about it. We can't get a perspective when media makes your neighbors your enemy and the
heroes doing Gods work.
Nanoo-Nanoo wrote:
Pliers and blowtorch?
The Big Picture
debtpushers everywhere....
Company debt sales top annual record already - MarketWatch
"I have thoroughly screwed myself by being financially prudent. "
no you haven't. Financial prudence is its own reward. Quit worrying about what the other guy is doing. Chances are these guys are going down hard.
Electric Drill, a belt sander and some salt?
barfly,
We're overdue for some of your poetry.
dum luk wrote:
How quickly we forget Iraq and Afghanistan.
Gramm also penned the CFMA, stuck it in a MUST PASS piece of legislation that was 11,000 pages long the night before it went to the floor. BASTARD.
Quit worrying about what the other guy is doing. Chances are these guys are going down hard.
Yes. And thanks to the power of the state, they are taking me with them.
broward wrote:
I'm going to assume you are just too young.
.rad TJ,
It has held it's ground nicely, keeping gains.
It's still very much the Rodney Dangerfield of investments, however.
GS buys more good press....
Goldman Sachs to take out garbage at Thanksgiving - Yahoo! News
I wonder how they are going to get themselves out of that can....
Oh nooo....I worked in the OR for much of my career. I know how to produce very LOUD WHINES using much smaller instruments that last a LONG TIME. You know, efficiencies count.
I know that i am late to the party, however, comment on USgov and AIG on previous thread...
Didn't we nationalize AIG? If so or became the majority stockholder, we should have put all the employees on the govt payroll and paid them whatever their rating provided...If they wanted to quit, tell them that they would never work for the US govt again either as an employee or working for an independent contractor...If we intend to nationalize all business sectors, put them all on govt payroll...With regard to doctors under a universal healthplan, if they work as govt employees, no need for E&O insurance, liability insurance...That should shut up the right wing and their liability law suits against doctors...What, you are concerned about insurance co. liability claims--screw them...They wanted capitalism, well now they will get the full brunt of capitalism...my understanding of capitalism and the free market, is that information is available, with the end result that the owners of production will compete and lower the price to such a point that the owners will earn their individual wages.., ie investment interest will equal zero...
jmho
Unbelievable.
GENEVA (Reuters) - Somalia has announced it plans to ratify a global treaty aimed at protecting children, leaving the United States as the only country outside the pact, UNICEF said Friday.
Somalia and the United States have long been the last hold-outs to the Convention on the Rights of the Child, adopted by the United Nations General Assembly exactly 20 years ago.
Somalia to join child rights pact, only U.S. outside
| Reuters
---Then again I guess the COPS wouldn't be able to tazer, pepper spray or shoot at kids.
Salaries for GS volunteers will be booked as a charitable contribution, while undocumented workers will be hired as stand-ins, resulting in a profit of $300M for GS.
this?
YouTube - Hostel: Part II (2007) - "The Tool Checkout Room"
SFW, but don't click on any other scenes from this "movie" unless you are seriously disturbed...
sm_landlord wrote:
Does recourse really matter with these folks? I mean the guy admittedly had to tap retirement savings to fund a move from Boston to San Fran. It doesn't sound like there is much "there" there to go after.
HomeGnome wrote:
I think is has more to do with trying them as adults and executions, of which the "law and order" types are very fond.
Chances are these guys are going down hard.
---Well it is San Fran.
On the Verge of Self Mutilation (profile) wrote
Ha, ha, ha! I agree, the whole thing is freakin' hilarious! They are so divorced from reality they can't even hear themselves anymore ...
They have become a bunch of three-year-olds with their hands in the cookie jar, looking you right in the eye and swearing up and down that they ARE NOT EATING COOKIES ... they are just washing their hands, like you told'em to. And you are so unfair for suggesting otherwise.
HomeGnome wrote:
We're in good company.
Gramm needs to repeal child labor laws to "wring out the market inefficiencies".
Oh no, way too crude...i'm talking long lasting, never abating with SMALL instruments that don't require power. Think "Marathon Man" scene with dental torture by a Nazi: cubed. ok enough of that, I hate being teased.
tg wrote:
Thanks for the link. I found out first hand when I went to their site a few days ago. Crooks...
$839K is ~ 17 X median income. Of the top of my head, it's close to 8 X the income of the 90th percentile of all incomes.
Futures ticking towards UNCH in the pre-market action here......
Lol just when you think you have seen it all.
Hey look I just bought a $600,000 home making $9 an hour at Wendy's...bizarro world is an understatement.
Hey look the taxpayers just bought a $600,000 home making $9 an hour at Wendy's
FYP.
IT IS INCREDIBLE. Or HEY, grandma just paid $5,000 for her 3 meds on SS even with a supplemental part D package ...no not really, she just did without even though in the EU she could have had them all for $5.
"Futures ticking towards UNCH in the pre-market action here...... "
Unchanged is a win for the bears in the new DOW world.
shill wrote:
Unfair comparison.
It's an "income-producing asset", not a "home".
Right thanks B, I almost forgot...
Terry wrote:
It's OK, we can just offshore the mining activity to China or India and substitute imported coal while we all sell one another fast food... and houses with 3.5% down.
Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan by $100,000, to $839,750.
No worries. I'm sure FHA will have blown up by then.
Is there much difference between the strawberry picker that got a loan on a $700k home-with nothing down, and 3x twentysomethings pooling just a little bit more than nothing into a duplex?
Buy Grandma a one way ticket to the EU! Don't for get to give her $5.
Lobbyist Ben Dover wrote:
Send Grandma out in the strawberry fields to harvest.
Double win!
"Go sell crazy somewhere else, we're all stocked up here"
The strawberry picker had a steady job?
All the fresh strawberries she can eat! Now that's healthy!
are there any limits on the number of buyers on a FHA mortgage? 52 people should just pool together for a timeshare.
Sadly, Grandma can't afford the fees to get a passport and can't ride in a plane because she is at risk for emboli. Fortunately for Grandma, her great grandson knows how to get street drugs and her grandson grows his own personal stash at home he shares with her...problem with that is it gives her the munchies and her SS check only covers utilities, rent and soup.
yep-strawberry picker at least has job with future growth...strawberry=Jam=pies=margarita=shortcake=ice cream....etc...the other guys are doomed...Maybe i'll cruise by that house and see if I can smell some ganja...maybe they all carry a card and will be utilizing thier grow options at 30 plants each in the other duplex.....hopium comes in green leafy patterns
All the fresh strawberries she can eat! Now that's healthy!
ANd maybe she will forget her name and where home is!
Operation Kill the Shorts part XX|| commencing captain.
hey hey hey - timmah, Benny and the Liquidity Jets have a fan - because, after all if the dashboard lights are green who needs that pesky oil in the crankcase!
Venezuela's Chavez Slams GDP Methodology After 3Q Contraction
CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday he plans to come up with a new, socialist-friendly way of measuring economic growth, one day after gross domestic product data indicated his country is in recession.
Oil-rich Venezuela's economy shrank 4.5% in the third quarter, the country's central bank reported Tuesday. This comes after the economy shrank 2.4% in the second quarter.
"We simply can't permit that they continue calculating GDP with the old capitalist method," President Chavez said in a televised speech before members of his socialist party. "It's harmful."
Venezuela's Chavez Slams GDP Methodology After 3Q Contraction - WSJ.com
SSRN-The Financial Instability Hypothesis by Hyman Minsky
OT Alert!
COLUMBIA, S.C. -- South Carolina Chief Justice Jean Toal has paid a fine of more than $80 after getting a speeding ticket.
A Columbia police officer ticketed Toal for going 34 mph in a 25 mph zone on Rosewood Drive near downtown Columbia around 7:30 a.m. on Oct. 7.
A note on the ticket dated Thursday indicates Toal paid her $81.87 fine.
Toal's secretary said she was out of town and the chief justice didn't immediately return a phone message Thursday.
Toal has had traffic troubles before. In 2001, she was ticketed for leaving an accident scene and driving too fast for conditions when her minivan sideswiped a car. In March 2007, Toal was ticketed again for leaving an accident scene after hitting a car in a Columbia airport parking lot.
---You read it right.
Twice she has committed hit and run.
rats, meant to post this:
YouTube - The Beatles-Ticket To Ride
I wouldn't lend that much money to these guys because they aren't a family unit. They are just a bunch of frat guys looking for a lark and a place to live. In a year or two, they'll get girlfriends or married and move to someplace serious.
I know it's San Francisco, so maybe they are three gay guys living together.
In that case, I would lend a gay couple money. But not a gay threesome.
Nanoo-Nanoo wrote:
Silly rabbit... health (and H1N1 vacs) is for
s
nova wrote:
After her loan is approved.
Triple win!
Operation Golden Phallus is still underway!
Operation Silver Rocket shall commence shortly.
Was she on her cellphone or sexting on her blackberry?
For whom the steel-belted radials, Toals?
I always get a chuckle with how slow yahoo finance is to update their articles.
Risk aversion sends stocks lower for 3rd day - Yahoo! Finance
current DOW quote -8.91
Barney Frank keeps raising the Government sponsored mortgage threshold so that banks can dump the ENTIRE mess on the public.
The top 1% of incomes are ~ $330K. But most of the $800K loans did not go to the wealthy. Far from it. They went to people that cannot pay. There is no economic reason for an $839K limit. The proposed $839K limit is for the benefit of the banks. At limits that high, millions more bad loans wll be refinanced and dumped on the government.
Banks and creditors are dumping more bad loans on the taxpayer. Barney Frank is helping Bernanke preserve the value of fraudulently issued bank credit.
Thanks again Barney!
---You read it right.
Twice she has committed hit and run.
Legally, it isn't hit and run if you hit a parked car.
Not if you leave an unsigned note on the windshield saying you're sorry.
Rumor has it that she is an alcoholic.
nova - here's testament to the work ethic in your area - 71 years old, leaves for work at 5:30am:
Va. woman dies after being run over by own car - washingtonpost.com
Runs over self.
Thus denying Ms Toal the opportunity to do so.
C
The conclusions from a bunch of 'financial/currency crises' studies is that uncontrolled and unsustainable govt. (and consumer) debt destroys economies. This is a work in progress in the U.S. and elsewhere...
A late relative had no money and little SS before Medicare drug coverage and she lived in gov housing and got free drugs from manufactures just like they advertise on TV to the general public today.
poic wrote:
You could almost make a living fading the Yahoo! Finance headlines.
can we go over how the FHA receives money to fund mortgages?
Did you read about how the people in New Orleans are cheering because they think soon Obama will offer them hundreds of millions in damages caused by the Army Engineers failures during Katrina?
Did you read about how the people in NY are cheering because Eric Holder says, no problem, NYC won't have to pay the estimated $100 million price tag for security during the 9/11 terrorist bomber trial -- the feds will pick it up.
Don't we have some great public servants?
The Wheels of Justice turn sloooooooooooowly down here in South Carolina.
Thirty-six people have been charged for their involvement in cockfighting operations in Lexington and Williamsburg counties, S.C. Attorney General Henry McMaster said Friday morning.
The arrests are part of a 13 month undercover investigation. Officers from the S.C. Department of Natural Resources attended cockfighting events in Swansea and in Oceida, which is in Williamsburg County.
Cockfighting is a misdemeanor. If convicted, those charged face a maximum punishment of one year in prison and a $1,000 fine.
--13 freaking months for 36 misdemeanors.
Brilliant!
C,
From the name, location, and time, she was probably on her way to MD to clean someones house.
It also has to do with RE markets like California.
Property taxes being halved will not be well absorbed by our collapsing state.
To keep things going, we need $800k SFRs that can be purchased by service sector employees making $12/hr.
As Americans, we deserve it, too.
shill wrote:
My cousin got his Bachelors in Horticulture from there back in the 70's. I once related a story about the local apiary and honey tainted with THC. THIS is the place it happened all you naysayers out there-
LBD: I'm familiar with those, it takes abject poverty to qualify and even then some don't get it. There is a gigantic hole for people who are living right on the edge. People my age are picking up the tab for their elderly parents A LOT as Medicare covers less and less, supplemental insurance is ridiculously expensive and still they are under served in basic needs including but not limited to transportation.
rich - bit like an apology from
? "Dear Main St, sorry I totalled your economy as I passed by on the way to collect my bonuses. Call my insurance company, AIG. Hugs. Kiss my sacred Harvard Ring. L. "
C
rich wrote:
WTF? Someone is padding their bill.
rich wrote:
Obama agenda: A very rough Thursday - First Read - msnbc.com
Blackhalo wrote:
Not just a river in Africa-
That may be the only good thing I've seen come out of OC in 40 yrs. The crap that is being funded through FHA right now makes 2004 vintage subprime look conservative.
nanoo-nanoo
"sexting" on her cell?
Is that why it is so popular? No one told me.
poic wrote:
Hah! Suckers
I have been away, has MP/Congire released their report/evaluation yet?
just asking
We should have concrete evidence of it soon.
Cockfighting4Cash.
...
Try this as an alternate source.
That's a flaming outrage!
Nanno,
Now that you brought it up. Pissing your wealth away is how many end up on the receiving end. House paid for, fair paying office job, money in savings after the divorce and then she debted the house, lost the savings, house was to be repoed from giving all of it to one of her kids. I bailed her out sold the house for debt. Lived with our family for 12 years while working a lesser job and she paid off credit card debt. Poverty would be the right word but self inflected. Rewards for failure is not uncommon.
Ben, undoubtedly some people in poverty got there the common way, asked for it or was born into it without a plausible means out.. Fools and their money are soon parted as the saying goes. Sounds like a single mother who wanted to help their child to me and maybe made a couple of bad decisions. Where was the father, totally absent and irresponsible? Perhaps its worse than that, alcohol, gambling, drug addiction in her path to poverty? Or did she get sold a pie in the sky, you can have your cake and eat it too second mortgage, in particular, helping your child in trouble? My question to you Ben is do the consequences fit the crime. And you are good for helping this women who otherwise probably would have lived on the street until she died a premature death without your help.
Today it is different however. Nothing like seeing a young family wiped out completely because their newborn needed surgery or stay in ICU while their young lungs develop and insurance didn't pay. Nothing like watching someone lose their home just because they lost a genetic crap shoot and got a chronic disease; their insurance company decides that MS or Lupus just too expensive even if that person paid into that insurance system for 25 years.
I've seen plenty of people make plenty of mistakes. Question becomes relevant when mortgage brokers were selling to unsophisticated people and not fully disclosing for getting that equity (even if they didn't ask for that call on the telephone to offer it or get blasted with 24/7 commercials). When people are fighting for the lives of a loved one, they will do anything even if they know its wrong, even if they know it will bankrupt them, to save that life. Some people are stupid that way.
Being stupid is one thing, being deliberately misled is another.
Nanno, The details of the story, She gave 90% of her money to an adult child. The Father did the right thing and would no give him a dime. She also was a stay at home mom and never made much of a contribution to the SS and Medicare pool. The problem is we can not throw old people back into the work force if they did good by themselves or not. Insurance is exactly that a hedge against health problems not a gold card winning lottery. I have huge health expenses and the cost of insurance deductibles and high. Insurance does not cover all of the expense and I pay. So I get it far more then you realize. I also know my $2500 ride on a catscan pays for how many no pays given away by laws mandating free ER care. There are holes and the health care bill the government is shoving down our throat is BS. There will be holes under their system leaving many with out. To bad the warranty on our life ends when we pop in to the cruel world. The grass is always greener on the other side, Till you get there.
Thanks for your reply Ben and yeah, I get emotional. I've seen a lot of suffering for no good damn reason, financially, physically and otherwise. The whole health care thing is so f*ing cooked and complex, its like the economy-it needs to die before it can get better. I am no fan of either proposal of so called health care reform measures either side is offering as you're right, that will just exacerbate an already horrific system.
I too pay big for a problem both in insurance premiums and out of pocket expenses. So my sympathies. I count myself fortunate that I can pay both, all too many can't. There is a lot of hyperbole over health care reform. Many opinions but few come from those who have a lot of experience on the front lies and understand the inequalities, what constitutes this science in terms of vetted basic care vs overcare; waste, inefficiencies, fraud and the system that makes it easy, etc.
I could debate this topic endlessly and have for a long time. The insurers won, the lobbyists won, we all lose. End of story.
We basically agree and yes the system needs some work but not whats happening. When you say you are fortunate to be able to pay, that really is the reward for working harder and smarter. That is the way America works,at least it did for me. We are faced with the same worker to non worker ratio of 3 non to 1 worker that was a major contribution to GM's failure. We are now to an unsustainable economy. Sad, as you say we all lose.