January 29, 2008

Hey, brother, can you do me a 110% loan to value interest only negative am no down no doc? No? Well, brother, then can you spare a dime?

It was a giant Ponzi Scheme people. One big giant Housing Ponzi Scheme. Free money for everyone. Unchecked mortgage fraud. Cash back at close no questions asked.

And then the music stopped.

Tent cities, coming to a city near you.


www.DollarPANIC.blogspot.com said...

"Health risks are also on the rise.

All those empty swimming pools in California's Inland Empire have become breeding grounds for mosquitoes, which can transmit the sometimes deadly West Nile virus, Riverside County officials say. "

Tent city in suburbs is cost of home crisis

Andrew Hac said...

OK... Joe6Pack & JaneZinfandel, let's get this simple fact into that fried-burger brain one more time.

Owning a house is not for every one in the planet Earth, particularly in the land of the Americano, AKA the land of the Snapper Turtle. If a person or a family are poor, ignorant, uneducated, illiterate, buck-teeth, obese, fat, ugly or looking like a piece of human crap, then that entity is not entitled to own a house, or allowing to think of owning a house, or even dreaming of owning a house. It is a privilege based on Charles Darwin's famous theory:
"You don't own jack if you ain't got jack..."

Furthermore, if that particular Americano had voted for "Little Boy + Fat Man" AKA "Dubya Shrub + Penis Shooter" in the last 8 years, then homeboy and homegirl Hill Billies should not consider a house as a place to live in. His adobe is to be in the horse ban, the ass stall, or more fittingly, the Snapper Turtle lodge.

So, Hicks and Cracker Nutheads all alike out there, the 64 millions dollars question is:

"Is the Americano roasted yet, and if not, how long before the Americano will be roasted slowly, nicely and juicely like a snapper turtle skewered on a Chinese bamboo stick from mouth to ass sizzling, fat popping on a bed of white hot charcoal ?"

Are we there yet ? Is Joe6Pack still alive, breathing and kicking ???

Anonymous said...

In the article posted above 7:13, read paragraph 5 carefully. These are not 'poor victims of bad mortgages'. Not one of them claims to have lost a house in the bubble. When people can't afford a house they overbought, they RENT, after living for months payment free until they're forced out. This video and article are a poor attempt to gain sympathy for the FBs, and further the cause for a govm't bailout. "But think of the children!" However these people ended up in that tent city, it had nothing to do with mortgages or bubble home prices, and does NOT entitle every failed flipper to a chunk of my tax dollars!

Anonymous said...

Is this the same tent city reported here?


Interesting to note that rent is too high for these people.

BTW, Can someone explain ahac's apparent obsession with sizzling snapper turtles skewered through the ass? It's a bizarre metaphor.

ate up said...

Hey! Leave Andrew Hac alone! He's cool, and him and DOPES are goin' to the convention. He likes snappin' turtles sizzlin'..that's all!

Anonymous said...

RE: Interesting to note that rent is too high for these people.

Rent in Beverly Hills is too high for me, but I wouldn't stay there and live in a tent! The article quotes a man on a fixed income, 'social security', who can't afford to rent. Then why is he still in SoCal? There are many areas with very affordable rents, even on a fixed income. You don't get to pick the area you want to live in, and then force someone else to pay for it. These people weren't thrown out of free housing to suddenly fend for themselves, they've known since they left their parents' homes that they'd be required to pay their own way.
I'm in no way insulting the people in this tent city. While some may have made bad choices that led them there, others may have fallen to circumstances beyond their control. I am, however, disgusted that their plight has been used as a backdrop to push a political agenda that has nothing to do with them.

MarkIFC said...

Mortgage Banker says:
And still the 20 & 30 somethings come to me begging me to somehow get them approved to buy the 4 bedroom 2-story in the new neighborhood.
I tell them, "You don't qualify for that much, you haven't enough downpayment".
"But our friends bought a house there", they contend.
"Maybe a year or two ago when you didn't have to prove income or have a downpayment", I explain.
When I suggest they buy a little fixer-upper in one of the older neighborhoods they all seem to have the same answer: "We're particular".
I also have dozens of people per week calling about refinancing. I'd say only 10% are able.
Stay tuned---- ya'll haven't seen nothin' yet!

Paul E. Math said...

This is embarrassing. This happens in our country? Can't we get them some old fema trailers or something?

C'mon people, have some self-respect.

Anonymous said...

Is that a Bushville or some kind of hippy colony?

Anonymous said...

Bushville? Greenspanville is more like it.

George Bushs' America said...

Here's how I would spend my federal free money to stimulate the economy if I qualified for it (which I do not).

Rent a stretch limo/driver and dress up like up like George Bush with a Bush plastic mask, cheap blue suit, etc. Change the rebate check into $ 1 dollar bills and small change. The day before send a circular through the squatters camp that I would be arriving with 'free money for all' like the US government, then I would have the driver drive slowly around the camp and I would randomly throw out the money. .. causing mayhem and panic.

I think the media might like it, especially demorats and we could learn a few things about desperate times and desperate people - call it a dry run for later on this summer...

I'll bet I could even deduct the excersize as a business expense. Sociology, ya know.. Of course, I woiuld film for posting on HP and patrick.net.

There are never enough seats on the last train out of the station.

America - What a Great Country!

Anonymous said...

America is paying for her sins bit by bit.

She cannot drop bombs on someone else's house and drives them to tents and assume it will not turn around and haunt her.

shtove said...

Isn't that video from January 2006? Someone said you can get the date from some of the still photos at the end.

use your eyes said...


why don't you look at the stills at the end and see for yourself, rather than going by what "someone said".

Resolution is too crappy on youtube to tell, it's either 2006/01/07 or 2008/01/07.

That's Saturday in 2006, versus Monday in 2008 - which would push me towards 2006 if I had to choose...

The ones at 3:07 and 3:19 look more like 2006 than 2008 to me, anyway.

The linked article says it sprang up in July though which would mean if those photos are from 2006 then they are of something else, and mixed into the batch.

And anon @10:35, it's a reprint of the same damn article so you think it might be the same thing??? Or you just can't read?

Anonymous said...

looks like a commune to me. not a tent city for poor evicted home owners. i got an empty house next to me if they really need a place to live. matter of fact there are thousands of empty houses in the whole los angeles basin and straight to san diego so please. they just don't want to pay rent, mortgage or anything is the problem. in Caracas Venezulea they have shacks and hovels and four pieces of wood,metal, taped together piled on hillsides and all over (scary)and they can live there free if'n they want to and they do, that is what these people want, the government to allow them to live someplace for free and take care of their needs with city tax dollars. The city ought to show up with the sheriff and start enforcing those vagrancy laws and I bet cha they will show the cops a wallet full of Benjamins. I don't believe this is a sign of things to come. I just don't.

OC Slacker from 05 Housing Loot said...

Whatever it means but I live in Huntington Beach OC and I've been noticing in this past year more people sleeping in vans and campers at the beach and at strip malls at night. Here at the state beaches you can park all day from 6am to 10pm any vehicle. it costs about 100 per year for a CA state parks pass. if I was heading toward homelessness the first thing i would do is buy a cheap camper or van and you could easily sleep in it at the walmart at night and then park at the beach all day. They have warm showers here at the beach and single bathrooms that lock. Also since I have a lifetime membership to 24hour fitness I would be spending a lot of time at the gym. I did this for a weekend once while being between homes. Of course I have cash.The rest would be just having enough money to keep eating which via cheap groceries you could really live cheap and survive hard times. So just save money because you can survive with minimal resources.
Now it's just me and my dog so I could make it a family with a couple small children may not have this option as easy.

Larry said...

It's in Ontario CA.

Anonymous said...

I think that video is older than we think, from the look of the cars. Either that, or somebody has been storing away some really cherry old 1980's Ford Escorts and 1970's Toyota motorhomes (none of which have the 1992 recall completed yet)!

There's a real good looking '62 Falcon, a clean '82 TBird, a clean old Rabbit Convertible (and the white top isn't faded)....and so on.

Most of those motorhomes don't look like the same year/models do on the current market. They still have color to the paint, the roof seams haven't been silver tarred yet, and not one of them has a tattered rubber roof (which came along in the late 80's). Mostly 70's stuff that looks a little too fresh.

The newest Honda I saw was about an '81 Accord and there ain't any of those left on the road, much less straight and clean with unfaded original blue paint!!

It's either that, or there's a whole collection of very poor folks dedicated to restoring unwanted 20-30 year old cars.

I guess I don't get it....

Anonymous said...

Well...like I said, I guess I don't get it (talking about the pretty nice old cars and all).

Must say....that Falcon would sure be a nice ride with a 289 and 4-speed....it looks really straight!!

Hard to believe it was just filmed, but there it is.