Posted: Thu Jul 24, 2008 11:04 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Man, this keeps up and I'm going to be half tempted to try to strong arm my mortgage company.
Call them up and say "Hey, I cant afford this. Lets make a deal"
1) I walk and you eat the cost of this house. Piss off wankers.
2) Knock 10 grand off the price of the house and refi me with a nice interest rate.
Not because I cant afford it but hell....Why not? The housing market is on FIRE for buyers. I could walk and take the hit on my credit and get a new loan through my wife and get more house then I have now for the same price!
Tempting....... _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
That guy lived in his house for 21 years and still lost it?
I am guessing he was paying down the principal for at least 15 of those years, but then spent the equity, maybe the appraised gain too, and got crushed by payments after losing his job or walking into a post-refinance interest rate reset. I hope it was a fun decade.
Using that as a pin-up for halting repossessions? Oh jeez. That tells me everything I need to know about San Diego.
The funny thing is, if it catches on, it will make the situation worse. If people are to avoid homelessness, they need to rotate into rentals. That is not going to happen if everything is padlocked and kept in stasis once the sheriff comes (or whoever). Nor are the banks going to get even 30% back, let alone 50%, if they are prevented from selling. They will take near 100% losses on everything and lobby for taxpayer bailouts even harder. If it is happening too quick for the city, it needs to! _________________ "The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do." - George W Bush
This bill has a provision that reporting would be required by credit card companies and electronic payment processors, such as PayPal, to file aggregate transaction reports with the IRS listing their total annual payments to individual merchants who receive more than $10,000 and that conduct more than 200 transactions each year. ***
Congressman: "This law must be passed or the world comes to an end tomorrow"
President: "Well I won't veto it then"
Lobbiest: "Great, that means its the perfect time for me to slip in my 'All citizens must report to FEMA Camps for immediate KY injections' clause"
Senator: "Bill Passes"
I tell ya, you guys down there are really becoming quite the circus. It would be fun to watch if it wasn't so damn scary
Posted: Thu Jul 24, 2008 12:15 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Specop_007 wrote:
Next up PVX. It breaks into 9 pay close attention. I've liked this stock for years. Its like the beautiful sunny Caribbean sea with a great view.
Easy predictable ups and downs with great dividends. In fact, about the best dividends you can find.
$9.96 right now, as I type. That dividend is something incredible! 14% annual return on divvy alone? I'm looking into this. _________________ "It's called the American Dream because you'd have to be asleep to believe it."
Posted: Thu Jul 24, 2008 12:17 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Twilight wrote:
The funny thing is, if it catches on, it will make the situation worse. If people are to avoid homelessness, they need to rotate into rentals. That is not going to happen if everything is padlocked and kept in stasis once the sheriff comes (or whoever).
Eviction comes after foreclosure, right? So there wouldn't be any padlocks, just people living rent free. Which sort of begs Specop's question above....why would anyone pay their mortgage then? _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Posted: Thu Jul 24, 2008 12:29 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
smallpoxgirl wrote:
Twilight wrote:
The funny thing is, if it catches on, it will make the situation worse. If people are to avoid homelessness, they need to rotate into rentals. That is not going to happen if everything is padlocked and kept in stasis once the sheriff comes (or whoever).
Eviction comes after foreclosure, right? So there wouldn't be any padlocks, just people living rent free. Which sort of begs Specop's question above....why would anyone pay their mortgage then?
To avoid "moral hazard"? Too bad for TPTB we don't have a state church. Paying your mortgage on time could become a condition for going to heaven.
While CEO's cementing their own success by defaulting on promises for pensions and health care for retirees could be labeled "good business" and "punishment for non-productive slackers". Oh, wait, that's already true. Never mind.
Posted: Thu Jul 24, 2008 12:37 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
smallpoxgirl wrote:
Twilight wrote:
The funny thing is, if it catches on, it will make the situation worse. If people are to avoid homelessness, they need to rotate into rentals. That is not going to happen if everything is padlocked and kept in stasis once the sheriff comes (or whoever).
Eviction comes after foreclosure, right? So there wouldn't be any padlocks, just people living rent free. Which sort of begs Specop's question above....why would anyone pay their mortgage then?
True, that. Of course if that catches on, the banks will be hit so hard the about-turn could leave melted rubber stuck to the road. Then the inevitable firesale would leave them with almost nothing. Buyback offers with tax penalties on the table for anyone choosing not to accept the (above unrigged market) offer? I would not be surprised to see that pass.
Posted: Thu Jul 24, 2008 12:47 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
emersonbiggins wrote:
Specop_007 wrote:
Next up PVX. It breaks into 9 pay close attention. I've liked this stock for years. Its like the beautiful sunny Caribbean sea with a great view.
Easy predictable ups and downs with great dividends. In fact, about the best dividends you can find.
$9.96 right now, as I type. That dividend is something incredible! 14% annual return on divvy alone? I'm looking into this.
Glad I could help. This one may drive to 8 though, so I wouldnt jump in on the high side of 9. Not sure but hell in this market condition who reallly is! Invest at your own risk.
I've been tellin people theres a whole freaking truckload of money to be made. I was serious when i said buy the fear, sell the euphoria.
Everyone was scared last week and I bought. Everything ticked up and people got a day or two of euphoria and I sold. Now people are again scared and I'm trying to figure my next buy. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
كا&#
Last edited by Specop_007 on Thu Jul 24, 2008 12:52 pm; edited 2 times in total
The fastest way to rid ourselves of social programs is by bankrupting the system. Over 50% of the ENTIRE Federal budget is social programs. Each and every year.
Its a shitty deal, but I want it all to stop. And to get there we need a bit of pain and a bit of loss, and we need the Fed to GO BROKE. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Joined: Mar 18, 2005 Posts: 2570 Location: Minnesota
Posted: Thu Jul 24, 2008 1:35 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Go broke? They're about to throw another trillion onto the pile (or close to it anyway).
Quote:
The current debt limit of about $9.815 trillion will be exhausted this fall, and the Democrats’ new 2009 budget plan calls for raising the ceiling to $10.615 trillion — an $800 billion increase.
The House has raised the ceiling already as part of approving the budget. But the Senate must still give its approval, and the housing bill would be a quick way to do so before November.
Link _________________ Quis custodiet ipsos custodes.
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