tag:blogger.com,1999:blog-18675105.post8779430803964135048..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: FLASH: Hank Paulsen to announce yet ANOTHER failed housing gambler rescue scheme. It's the 720 Hour Housing Gambler Foreclosure Freeze!bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger65125tag:blogger.com,1999:blog-18675105.post-61050704349030194742008-02-13T20:35:00.000+00:002008-02-13T20:35:00.000+00:00As long as people continue to believe that to be "...As long as people continue to believe that to be "successful" requires paying for a house, we'll continue to see stupidity with this housing mess for a long time to come.<BR/><BR/>Meanwhile, jobeless rates continue to climb, wages are depressed for most, and billions get thrown away every month on a war we should never have started in the first place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43079121771583174512008-02-13T07:38:00.000+00:002008-02-13T07:38:00.000+00:00"Keith, I agree with you 99% of the time and alway..."Keith, I agree with you 99% of the time and always enjoy reading your blog. The only thing that I have problem is with your comment of walking away from the mortgage. That person's FICO score will take a huge hit and the foreclosure will remain as a public record on there credit report for seven years. That is going to prevent them from even getting or retaining an existing credit card. It is easy for all of us to advise these folks to just up and leave, but the reality of this is very serious."<BR/><BR/>No one NEEDS a credit card or any other credit for that matter. If someone is stupid enough to get themselves in this mess in the first place, not being able to get credit for seven years will hopefully help them break the habit!<BR/><BR/>It blows my mind that people can't believe the world actually worked before cheap unlimited credit was available for anyone with a pulse.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1509887408450943682008-02-13T05:31:00.001+00:002008-02-13T05:31:00.001+00:00Anonymous said... Looks like Hillary is getting he...Anonymous said... <BR/>Looks like Hillary is getting her plan even before winning the nomination ;)<BR/><BR/>February 12, 2008 7:16 PM<BR/><BR/><BR/><BR/>guess what? it's not Hillary's plan....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82423065605782262882008-02-13T05:31:00.000+00:002008-02-13T05:31:00.000+00:00Anonymous said... Keith, I agree with you 99% of t...Anonymous said... <BR/>Keith, I agree with you 99% of the time and always enjoy reading your blog. The only thing that I have problem is with your comment of walking away from the mortgage. That person's FICO score will take a huge hit and the foreclosure will remain as a public record on there credit report for seven years. That is going to prevent them from even getting or retaining an existing credit card. It is easy for all of us to advise these folks to just up and leave, but the reality of this is very serious.<BR/><BR/>February 12, 2008 6:05 PM<BR/><BR/><BR/><BR/>eventaully they will reorg FICO. They have to lend to SOMEONE. If the avrg US FICO is 320, then 321 will be good enough...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58893818865544342502008-02-13T03:43:00.000+00:002008-02-13T03:43:00.000+00:00"doin' a heck of a job there brown... er, ah Pauls..."doin' a heck of a job there brown... er, ah Paulson"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-75589706244171790462008-02-13T02:55:00.000+00:002008-02-13T02:55:00.000+00:00We have run out of ways to allow people to borrow ...We have run out of ways to allow people to borrow and thus increase the money supply. In situations like these we turn to the borrower of last resort: the federal government.<BR/><BR/>I can foresee a scenario in which our national debt skyrockets due to bailout after bailout. Fannie Mae and Freddie Mac, the monolines (ambac, mbia), subprime borrowers, alt-a, prime borrowers. Absolutely everyone gets a bailout as long as your fiscal irresponsibility is big enough. <BR/><BR/>If you're an individual down on your luck, out of a job, have a health problem or family issues then you're probably shit out of luck. But if you've overspent on a home and can't pay your mortgage, like millions of others, then the government will borrow money to help you out.<BR/><BR/>This is how we'll keep the money supply and stave off deflation. But when that's over, it really is over for this country.Paul E. Mathhttps://www.blogger.com/profile/03719759088047080921noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-89438684464103930182008-02-13T02:10:00.000+00:002008-02-13T02:10:00.000+00:00oh my what a depression....BMW US sales up 7% in 2...oh my what a depression....<BR/><BR/>BMW US sales up 7% in 2007 vs. 2006<BR/><BR/>Audi US sales up 1.1% in Jan '08 vs Jan'07<BR/><BR/>Mazda reported its best January EVER in 2008 in terms of sales in the US<BR/><BR/><BR/><BR/>Yep you are all correct HPers. It's like 1933 all over again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-17308887079785393722008-02-13T00:31:00.000+00:002008-02-13T00:31:00.000+00:00Yes, it is the time to pay the Piper for that Wild...Yes, it is the time to pay the Piper for that Wild-Wild-West Housing Bubble Party last night. Add in the maxed out CC debt, the home equity extract, the spend-like-there-is-no-tomorrow mentality of the Americano, the oversize SUV, the run-down-the-cow F350 pickup truck and the Americano is now having a handful of shits, pukes, and hangover biles to deal with. But worry not, my dear fat-ass buckteeth Americano, Dubya Shrub will lead you through the dark, ominous, pee-in-the-pant time. He has to, he has no choice, since the dim nitwit Americano voted for him 2 terms in a row. Yes, it is fittingly beautiful: "The head turkey leads the horde of fat, blind turkey down the gutter...".<BR/><BR/>Now, a little verse from the "Man With The White Beard" to cheer things up for the horde of Snapper Turtle, Porpoise, and Armadillo<BR/><BR/>Psalm 23:4<BR/><BR/>"Yea, though I walk through the valley of the shadow of the Housing Bubble, <BR/>I will fear no foreclosure: <BR/>for Dubya Shrub & Penis Shooter art with me: <BR/>thy bail-out and thy rebate-check, they comfort me."AndrewHachttps://www.blogger.com/profile/05114474456963405679noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-73388586881057470822008-02-13T00:30:00.000+00:002008-02-13T00:30:00.000+00:00I think this plan just saves the banks from having...I think this plan just saves the banks from having to hire more people to process foreclosures on time.<BR/><BR/>I hear in Cape Corral, there's like a 120 day backlog in the courts anyway. Miami is extending foreclosure days from 2->3 week to handle the backload.<BR/><BR/>Let the assets that still have some cash flow sit... and process the rest.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-391915408591736052008-02-12T23:21:00.000+00:002008-02-12T23:21:00.000+00:00happy homedebtor says:"the avg family income was a...happy homedebtor says:<BR/>"the avg family income was apparently almost 120K for the nation. "<BR/>Not really, the average is around $75K. Still, the median is more important and that sits at around $48,023 per family in 2006<BR/>http://en.wikipedia.org/wiki/Household_income_in_the_United_States<BR/><BR/>The average is skewed by very few making very much. The top 16% <BR/>( $100+K per year ) make 33% of all earned income.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-10009881746236610112008-02-12T22:51:00.000+00:002008-02-12T22:51:00.000+00:00Let's see. Paulson & Co. reward bad behavior (defa...Let's see. Paulson & Co. reward bad behavior (defaulting on loans) and punish good behavior (regular payments on a 30 year fixed). What do they expect the outcome of such a punishment/reward system will be?<BR/>Exactly, more bad behavior. If I am not behind on my mortgage today I will make damn sure I miss the next 3 payments so I can get on the gravy train. "Hey, you either cut my payment in half inedefinitely or I walk! Take it or leave it suckers. Who is in the driver's seat now?"<BR/><BR/>If "they" would punish bad behavior via 1099 forms, garnishment of wages and forced labor camps we would see a lot less foreclosures and late payments. Right now ALL the incentives are for being a deadbeat. It's rather entertaining to watch, every move they make gets them deeper into the quick sand.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-83089407481844691062008-02-12T21:43:00.000+00:002008-02-12T21:43:00.000+00:00Bernanke sees housing better by year end: (Reuters...Bernanke sees housing better by year end: (Reuters)<BR/><BR/>Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday he expects the downtrodden U.S. housing sector to improve by the end of the year, a senator who participated in the closed-door meeting said.<BR/><BR/>This is the bullshit that makes me want to run screaming, hair on fire, stark ass naked, right through the center of the mall with a flame thrower.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-20278285270539604402008-02-12T21:21:00.000+00:002008-02-12T21:21:00.000+00:00Warren Buffet has to bail out the world. Sounds li...Warren Buffet has to bail out the world. Sounds like a repeat of the panic of 1907. And we need the FED for what reason????Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-48790060453148584492008-02-12T20:28:00.000+00:002008-02-12T20:28:00.000+00:00"These lenders say they will contact homeowners wh..."These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner."<BR/><BR/>Is this some kind of a joke? People who are three months behind have already been contacted by the lender many many times by phone and mail. people who want to work it out have already talked to the bank, the rest just ignore the calls and throw the mail in the garbage. <BR/>All these bailout plans have one thing in common, keep the people in the houses so they can continue to make payments. None of the plans actually helps people in trouble get out from under the impossible debt and into something they can actually afford. I'm not in favor of any bailout but if they must have a plan it should be to help the people find a rental after they mail in the keys.brokersleaveyoubrokehttps://www.blogger.com/profile/17872742292613334422noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-24305669348791250772008-02-12T20:23:00.000+00:002008-02-12T20:23:00.000+00:00This is one Super Gigantic ClusterFuck that is spi...<I>This is one Super Gigantic ClusterFuck that is spinning widely out of control. Too bad Einstein was right, time moves in one direction...</I><BR/><BR/>He also famously said:<BR/><BR/>"Only two things are infinite: the universe and human stupidity. And I'm not sure about the universe..."<BR/><BR/>Wah, wah.<BR/><BR/>And the above poster hit the nail directly on the head. This 30 day moratorium is nothing more than a delay tactic allowing the banks to push off the losses into the following quarter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-9245644363774972752008-02-12T19:50:00.000+00:002008-02-12T19:50:00.000+00:00"THEY COULDN'T QUIT LAUGHING ABOUT HOW THEY GAVE A..."THEY COULDN'T QUIT LAUGHING ABOUT HOW THEY GAVE ALL THE HOMEDEBTORS THE WRONG LOANS THE FIRST TIME, AND HOW THEY'RE GETTING TO CHARGE THEM A SECOND TIME TO GET THE RIGHT ONE!!!"<BR/><BR/>where are all the product liability lawyers?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23105063362903718872008-02-12T19:43:00.000+00:002008-02-12T19:43:00.000+00:00Anonymous said... DONT YOU REALIZE IT? BY DOING...Anonymous said...<BR/><BR/> DONT YOU REALIZE IT? BY DOING THIS NOW THE BANKS WONT HAVE TO SHOW THE LOSS DURING THE FIRST QUARTER,IT GIVES THEM TILL THE SECOND QUARTER TO REPORT,,,IT BUYS THEM A FULL REPOTING QUARTER<BR/><BR/>Agreed. It also buys a little time for those who are paying attention to get their money out of the bank before the CDS explosion.<BR/><BR/>"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933 – DOW ~ 65<BR/><BR/>Ruh RohAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-31208895904261419072008-02-12T19:37:00.000+00:002008-02-12T19:37:00.000+00:00Ask yourself:If you pay as planned... you are a SU...Ask yourself:<BR/><BR/>If you pay as planned... you are a SUCKER<BR/><BR/>if you don't pay but think you can pay a fraction and get away with it ... There is HELP for you.<BR/><BR/>If you decide to walk out....GO FOR IT as nothing will happen to you...<BR/><BR/>The moral of the story:<BR/>Is Greed and Crime what this New World order is all about?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-89698600260104552692008-02-12T19:35:00.000+00:002008-02-12T19:35:00.000+00:00Whatever. It's the monthly "please stick to the wa...Whatever. It's the monthly "please stick to the wall" bailout plan.<BR/><BR/>How about the "everyone tells the truth plan?" Now, now, relax just for a quarter. I didn't say we have to do it all the time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53189763811652427322008-02-12T19:28:00.000+00:002008-02-12T19:28:00.000+00:00DONT YOU REALIZE IT? BY DOING THIS NOW THE BANKS ...DONT YOU REALIZE IT? BY DOING THIS NOW THE BANKS WONT HAVE TO SHOW THE LOSS DURING THE FIRST QUARTER,IT GIVES THEM TILL THE SECOND QUARTER TO REPORT,,,IT BUYS THEM A FULL REPOTING QUARTERAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-64440004686333191702008-02-12T19:16:00.000+00:002008-02-12T19:16:00.000+00:00Looks like Hillary is getting her plan even before...Looks like Hillary is getting her plan even before winning the nomination ;)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15811962302356865032008-02-12T19:15:00.000+00:002008-02-12T19:15:00.000+00:00>> Bwahahaha...you geniuses just found out that ho...>> Bwahahaha...you geniuses just found out that house ownership is the biggest lie ever told by bankers and NAR to turn you into a debt slave?<BR/><BR/>Bwahahaha...jokes on you! The *income tax* is the biggest lie ever told!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23471384369394403562008-02-12T19:13:00.000+00:002008-02-12T19:13:00.000+00:00I WAS JUST OUT HAVING LUNCH WITH MY HELOC CREDIT C...I WAS JUST OUT HAVING LUNCH WITH MY HELOC CREDIT CARD...<BR/><BR/>NEXT TABLE OVER WAS A BUNCH OF MORTGAGE BROKERS...<BR/><BR/>THEY WERE ALL NOISY, HAPPY AND BRAGGING THAT REFI'S ARE RINGING THEIR PHONES OFF THE HOOK!!!<BR/><BR/>THEY COULDN'T QUIT LAUGHING ABOUT HOW THEY GAVE ALL THE HOMEDEBTORS THE WRONG LOANS THE FIRST TIME, AND HOW THEY'RE GETTING TO CHARGE THEM A SECOND TIME TO GET THE RIGHT ONE!!!<BR/><BR/>DOPES!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-196267631406822992008-02-12T19:11:00.000+00:002008-02-12T19:11:00.000+00:00To the anon that was worried that if someone forec...To the anon that was worried that if someone forecloses, they won't get to keep their current credit cards: if someone keeps making their credit card payments, the cc company does not care if you foreclosed, they will let you keep the card.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-29383202400614079722008-02-12T19:01:00.000+00:002008-02-12T19:01:00.000+00:00WICHITA (AP) -- Borrowers at-risk of defaulting on...WICHITA (AP) -- Borrowers at-risk of defaulting on their mortgages will be eligible for another new plan, according to a spokesperson for the Department of Food and Nutritional Science and the Treasury Department. "In this time of increasing nationwide obesity, and outrageous price increases on all types of foodstuffs, fruits, and vegetables, it is time for consumers to declare that they won't stand for it anymore!" <BR/><BR/>Some details were revealed by a person familiar with the plan, who spoke on condition of anonymity because it had not yet been formally announced. At the heart of the plan is a mechanism for anyone who signs up, to have their grocery money automatically transferred to their mortgage bank, so that they can no longer buy food. "Food is increasing in price. House prices are falling. It is better for consumers to spend their money on housing."Anonymousnoreply@blogger.com