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It's not a recovery, it's Wall Street buying to rent back to owners


By HEY YOU   Follow   Thu, 7 Feb 2013, 3:56am PST   4,566 views   51 comments   Watch (2)   Share   Quote   Permalink   Like (2)   Dislike  

http://www.alternet.org/occupy-wall-street/ugly-truth-about-americas-housing-recovery-its-wall-st-buying-homes-rent-back?akid=10021.1086726.hOzNpo&rd=1&src=newsletter790532&t=19

"THR purchased the Southeast Atlanta home at auction for $90,000. The principle due on the mortgage that was foreclosed upon was $219,300."

"If banks were willing to offer principle reduction on these inflated mortgages down to the same price they are willing to sell at auction, many homeowners would likely be able to afford their payments, and stay in their homes for years to come, contributing to the stability of the neighborhood. Instead, homeowners get a flier posted on their door the day after Blackstone purchases the home, offering them the opportunity to rent the home they once owned. Meanwhile, the deep pockets of firms like Blackstone allows them to outbid virtually everyone else in the market—eliminating any chance of owner occupants looking for a new home to get a good deal while prices and interest rates are low."

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FortWayne   befriend   ignore   Fri, 8 Feb 2013, 12:44am PST   Share   Quote   Like   Dislike     Comment 12

gbenson says

This one pissed me off when I saw it.

http://www.zillow.com/homedetails/15733-SE-Powell-Blvd-Portland-OR-97236/2146092690_zpid/

I considered it as a potential investment property, but noted that it was a HUD home and may have some funky title stuff going on. As best I can tell this is how it went down:

You are upset that someone else bought it as investment property and not you. Isn't that just another way of saying, it's only wrong if someone else gets what I want?

Integrity is when you see something going wrong and try to fight against the corruption and fraud. It is not integrity if you are whining because you failed to profit from the transaction.

FortWayne   befriend   ignore   Fri, 8 Feb 2013, 12:48am PST   Share   Quote   Like   Dislike     Comment 13

bmwman91 says

Robert don't see how anyone can spin Wall Street buying-up swaths of residential properties as a positive thing. You have said repeatedly that you don't care what the paper-value of your rental empire is, so surely you aren't rooting for valuation increases.

Rob lives a life of vanity as a Scrooge. His view of life is a little different than normal folk, he worships idols.

Mick Russom   befriend   ignore   Fri, 8 Feb 2013, 12:50am PST   Share   Quote   Like   Dislike     Comment 14

robertoaribas says

you'd have to kick them out when you bought the house anyways, so it is no different.

These are people you know. Man of the people.

Mick Russom   befriend   ignore   Fri, 8 Feb 2013, 12:52am PST   Share   Quote   Like (2)   Dislike     Comment 15

robertoaribas says

any time you guys want to come out of fantasy land and join reality, you'll find it makes your life decisions so much better!

Ever see what happens when animals get cornered? Reality is when the class of abusive landed gentry and the banking cabal makes living in a contracting economy miserable. Youll eventually get pushback. Then you will run to the police state to save your neck.

ELC   befriend   ignore   Fri, 8 Feb 2013, 10:26am PST   Share   Quote   Like (2)   Dislike     Comment 16

bmwman91 says

it'll be pitchforks and AR15's from people that have had enough

Will never happen. Americans are afraid of the police, respect authority, are brainwashed, pussy whipped and suffering from low testosterone.

Moderate Infidel   befriend   ignore   Fri, 8 Feb 2013, 10:32am PST   Share   Quote   Like   Dislike     Comment 17

ELC says

Americans are afraid of the police and respect authority and are pretty well brainwashed.

That's not what I was told to think.

ELC   befriend   ignore   Fri, 8 Feb 2013, 10:42am PST   Share   Quote   Like (1)   Dislike     Comment 18

Moderate Infidel says

That's not what I was told to think.

LOL! I was told to think they are brave patriots. Haven't seen the slightest sign of that. Lots of beer swilling, sports watching and masturbating to interacial porn.

gbenson   befriend   ignore   Fri, 8 Feb 2013, 11:35am PST   Share   Quote   Like   Dislike     Comment 19

FortWayne says

You are upset that someone else bought it as investment property and not you.

How on earth did you take away that from my statement? My entire point, along with a restatement of this point in a 2nd post, was that HUD is utterly incompetent and the banks are making out like bandits.

Reality   befriend   ignore   Fri, 8 Feb 2013, 11:42am PST   Share   Quote   Like   Dislike     Comment 20

robertoaribas says

Reality says

Title insurance is not possible with occupant in the house when closing.

you are a joke. do you always make crap up in areas that you know nothing about?

My lawyer made that quite clear to me at the most recent closing, which took place a couple weeks go. He explicitly made sure there's nobody living there before issuing title insurance. The property was a (post-)foreclosure REO, which is the type of property that we are discussing here.

Reality   befriend   ignore   Fri, 8 Feb 2013, 12:02pm PST   Share   Quote   Like (1)   Dislike     Comment 21

Mick Russom says

robertoaribas says

any time you guys want to come out of fantasy land and join reality, you'll find it makes your life decisions so much better!

Ever see what happens when animals get cornered? Reality is when the class of abusive landed gentry and the banking cabal makes living in a contracting economy miserable. Youll eventually get pushback. Then you will run to the police state to save your neck.

I have no idea what Roberto's business model is, so my comment here is not meant to refute what you wrote. Just want to make it clear that not every housing service provider is a scum of the earth. I'm in the process of accumulating a portfolio. The goal is to rescue a bunch of starter homes that would otherwise rot . . . fix them up and make them available to the rental market to help keeping the rents affordable, and eventually let some of the future tenants to buy them if they are interested in a high interest rate environment via seller financing when the government subsidy programs are gone. Some of the houses are priced so low due to neglect and repair work needed there indeed can be room for win-win plays if someone is willing to stump up all-cash purchase and fix them up.

bmwman91   befriend   ignore   Fri, 8 Feb 2013, 12:14pm PST   Share   Quote   Like   Dislike     Comment 22

ELC says

bmwman91 says

it'll be pitchforks and AR15's from people that have had enough

Will never happen. Americans are afraid of the police, respect authority, are brainwashed, pussy whipped and suffering from low testosterone.

People are sheep. All it will take is a few individuals with the balls to kick things off and feed on the masses' various angers and something will get a'going. I'm not saying that it will be a good thing, but bad things are bound to happen when the oligarchy blindly squeezes the general populace for its own gains. People like Roberto are not the problem, but most people are too dumb to tell the difference between people like him and the psychopaths that are driving this mess. Bank tellers and landlords will be the first to be strung-up (wrongfully) in a froth of populist anger if things melt down. Eventually the government will see that they need to neuter the oligarchs if they want to keep ANY of their power and they will pay the oligarchs some concessions to go off and learn to live with their piles of riches for a while. It'll all repeat again thereafter, but things will be OK again for a while.

My hope is that we are able to get political momentum going early enough that the oligarchs can be paid-off into temporary obscurity by the government, without the whole "murdering bank tellers and landlords" thing taking place first. People like Matt Taibi and Dylan Ratigan are making some headway into the popular mind, and many people are receptive to their messages. That's one spot of light as far as I can tell.

bmwman91   befriend   ignore   Fri, 8 Feb 2013, 12:17pm PST   Share   Quote   Like (2)   Dislike     Comment 23

JodyChunder says

What's really insane is that the wording of your post is not hyperbolic. In more normal times, it would be, but in fact, it's just a dry analysis of things.

Dude, tell me about it. When I read Griftopia, I started out in disbelief of what I was reading. The only way I was able to get through that book was by reading it on a nice comfy park bench on a nearby trail so that I could take periodic walks to cool off. When I tell people about what was really going on behind the financial melt-down, they think I am a nut. What is even MORE nuts is that there were NO changes to any regulatory policy after the bail-outs and it is only a (short) matter of time before Wall Street does the exact same shit all over again. Wall Street not only got bailed-out, but they also got a free ticket to ride again. It's already happening.

HEY YOU   befriend   ignore   Fri, 8 Feb 2013, 1:56pm PST   Share   Quote   Like (1)   Dislike     Comment 24

CaptainShuddup says

gbenson says

Who the hell is running HUD and how to we get someone in there that has a brain?

Cross bread a helper monkey with a bingo player.

Please leave my parents out of this discussion.LOL

Moderate Infidel   befriend   ignore   Fri, 8 Feb 2013, 2:01pm PST   Share   Quote   Like (2)   Dislike     Comment 25

bmwman91 says

People are sheep.

And sheep need fleecing.

JodyChunder   befriend   ignore   Fri, 8 Feb 2013, 2:38pm PST   Share   Quote   Like   Dislike     Comment 26

ELC says

LOL! I was told to think they are brave patriots. Haven't seen the slightest sign of that. Lots of beer swilling, sports watching and masturbating to interacial porn.

Ok, Alex Jones.

(Why specifically qualify the porn as interracial, by the way? I bet you're more an inter-taxonomical kinda guy!)

bmwman91 says

People are sheep. All it will take is a few individuals with the balls to kick things off and feed on the masses' various angers and something will get a'going.

Maybe. Or it may be that a lot of people are too exhausted from day-to-day hustling. Depending on your station in life, the daze of self-preservation can crowd out your more philosophical instincts. Having quality time to consider and reflect is a privilege not all of us can readily afford. Try long-haul trucking or electroplating radiators in 110 degree heat 9 hours a day, and see how much energy you have for contemplating the nature of anything outside of base human instinct.

As for a change in the weather...it better be able to compete with the litany of distractions on offer. The boredom relief industry, and technology in specific, is considerably huger today than it's ever been during any other time of uprising in history. It's helped to sustain a steady line of interference from the introspection and ennui needed to get the masses in a snarl.

bmwman91   befriend   ignore   Fri, 8 Feb 2013, 2:47pm PST   Share   Quote   Like   Dislike     Comment 27

This is true. The bread and circuses of late Roman vintage are nothing compared to Reality TV and the EBT system. Perhaps you are right...placating the base physical and mental needs of the population has been perfected and we'll continue further and further into an Orwellian nightmare.

That'll keep up until some other country, that isn't grinding its people into mindless cattle, decides that it wants America's resources and starts a big old war. Assuming that it does not go thermonuclear and wipe out most mammalian life on the surface, that ought to wake someone up and cull the herd quite a bit (assuming we "win").

The thing that really kills me is what you are saying though. Most people just can't muster the energy to really THINK about life and the world around them. I am glad that I have the luxury to do exactly that. A BIG part of it is not owning a TV, which induces boredom, which drives me to go source my own mental stimulation. I don't want to go off on some elitist tangent because I know plenty of smart, in-touch people that have TVs. I guess that it all comes down to how much you use it. Anyway, it has been a long time since I had to work a shit job for minimum wage or thereabout. Even when I had to support myself on $12.50 an hour in Stockton (and it actually paid all of the bills in 2005 although I had a lot of cheese & mustard sandwiches for dinner), I was fortunate enough to have a highly intelligent roommate that loved having philosophical conversations over various alcoholic beverages. I can see how working long hours at a job that isn't entirely stimulating can very easily leave one in a condition where they want to go home and veg out, eat some sort of crap pre-packaged dinner and pass out. It takes discipline and a solid support network to avoid the trap where you waste away into nothing and vote along party lines in the ever-present battle against "the other side." I count myself as lucky, as frustrating as "seeing" the world for what it is can be.

Next time I am down in J-Tree to climb, I'll drop you a line & buy you a beer if you like.

JodyChunder   befriend   ignore   Fri, 8 Feb 2013, 4:45pm PST   Share   Quote   Like (1)   Dislike     Comment 28

bmwman91 says

The thing that really kills me is what you are saying though. Most people just can't muster the energy to really THINK about life and the world around them.

Don't get me wrong -- there are definitely those who seem aggressively incurious. It's like they've got muscle memory for the over-the-barrel position. What can I say...I do not understand this creature.

For the most part, though, the people I meet who at first seem like oblivious assholes (sheeple) are really just fatigued and dazed, often from dealing with the very tensions that are a byproduct of the claw backs in American living standards to which they should be paying attention, and getting informed about, and then pissed off about. Instead, they're trying to hold their marriages together, and trying to keep their bosses off their backs, and dealing with other liabilities. These concerns crowd the portals of their better senses to where everything outside of their immediate sphere of concern is shop talk, and treated as an incursion.

You're fortunate that you have a brain, and thoughtful friends around you. I see thinking in general as one of the greatest pleasures available to any man.

Gimme a holler next time you're desert-bound. I was just in Joshua Tree! I discovered a shockingly great little Indian restaurant there. It's in a filling station. I'll buy the suds.

ELC   befriend   ignore   Fri, 8 Feb 2013, 8:11pm PST   Share   Quote   Like (1)   Dislike (2)     Comment 29

Jody"PuffyTits"Chunder says

(sheeple)

Hmmm

ELC   befriend   ignore   Fri, 8 Feb 2013, 8:23pm PST   Share   Quote   Like   Dislike     Comment 30

bmwman91 says

that ought to wake someone up and cull the herd quite a bit (assuming we "win").

Government is well aware of our weakness. That's why they throw so much money at the military. Deep down the people know it too which is why there's little objection when their health care is unaffordable while the Pentagon gets a raise. I'm assuming the military has learned how to deprogram these kids so they're not pantywaists.

ELC   befriend   ignore   Fri, 8 Feb 2013, 8:39pm PST   Share   Quote   Like (1)   Dislike     Comment 31

JodyChunder says

Or it may be that a lot of people are too exhausted from day-to-day hustling.

It's the exact opposite. They're soft from living the easy life. You must have Americans confused with illegal alians.

ELC   befriend   ignore   Fri, 8 Feb 2013, 8:40pm PST   Share   Quote   Like (1)   Dislike     Comment 32

Moderate Infidel says

And sheep need fleecing.

Great point!

ELC   befriend   ignore   Fri, 8 Feb 2013, 8:51pm PST   Share   Quote   Like   Dislike     Comment 33

bmwman91 says

People are sheep. All it will take is a few individuals with the balls to kick things off and feed on the masses' various angers and something will get a'going.

Wasn't that what Occupy Wallstreet was about? Instead the press successfully made them look like a bunch of idiots. Sheep follow other sheep to safety. They don't follow individuals into danger.

ELC   befriend   ignore   Fri, 8 Feb 2013, 9:02pm PST   Share   Quote   Like   Dislike     Comment 34

bmwman91 says

My hope is that we are able to get political momentum going early enough that the oligarchs can be paid-off into temporary obscurity by the government, without the whole "murdering bank tellers and landlords" thing taking place first. People like Matt Taibi and Dylan Ratigan are making some headway into the popular mind, and many people are receptive to their messages. That's one spot of light as far as I can tell.

The kingpins are sociopaths. A sociopath's greatest fear is being exposed. Even violence and incarceration takes a back seat to being exposed. If you notice the press is very careful at not naming names other than the totally obvious. They'll publish the names and addresses of gun owners no problem, or people accused of blue-collar crimes, but they'll never expose the real major players, what they are doing, what they look like, and where they live. Did you watch Frontline's The Untouchables? How many "untouchables" did they expose?

ELC   befriend   ignore   Fri, 8 Feb 2013, 9:16pm PST   Share   Quote   Like   Dislike     Comment 35

Reality says

Just want to make it clear that not every housing service provider is a scum of the earth. I'm in the process of accumulating a portfolio. The goal is to rescue a bunch of starter homes that would otherwise rot

Every housing service provider has a way to rationalize so they can do what they do guilt free. Your dealing in tainted merchandise and helping the banks clean up their mess. Sorry. You're just another brick in the wall.

KILLERJANE   befriend   ignore   Fri, 8 Feb 2013, 9:49pm PST   Share   Quote   Like (2)   Dislike     Comment 36

They should go to jail, bankers alike. That is a start, but since they own the us gov.

Pledge allegiance to the banks...oh well orwell

This is the fall of the society and dark ages will ensue.

David Losh   befriend   ignore   Sat, 9 Feb 2013, 1:16am PST   Share   Quote   Like   Dislike     Comment 37

ELC says

Reality says

Just want to make it clear that not every housing service provider is a scum of the earth. I'm in the process of accumulating a portfolio. The goal is to rescue a bunch of starter homes that would otherwise rot

Every housing service provider has a way to rationalize so they can do what they do guilt free. Your dealing in tainted merchandise and helping the banks clean up their mess. Sorry. You're just another brick in the wall.

There are correct ways to build a portfolio that are beneficial to the public. You don't see it much now because the business has been over run by crooks.

It's harder to make a buck when you're competing with deeper pockets, who can make a quick short term profit.

Patrick   befriend   ignore   Sat, 9 Feb 2013, 7:11am PST   Share   Quote   Like   Dislike     Comment 38

JodyChunder says

Gimme a holler next time you're desert-bound. I was just in Joshua Tree! I discovered a shockingly great little Indian restaurant there. It's in a filling station. I'll buy the suds.

I'm thinking of maybe visiting that area around Feb 15 to 18. Is it worthwhile? I've heard Death Valley is best in February.

bmwman91   befriend   ignore   Sat, 9 Feb 2013, 8:16am PST   Share   Quote   Like   Dislike     Comment 39

The area is hit-or-miss this time of the year. It can either be 75F during the day and mid-50's at night, or 38F in the middle of the day with 40MPH winds. You just have to go take your chances, it can change in a matter of a few hours sometimes. Generally though, I have run into the best weather in mid-March. The main section of Joshua Tree natl Park is definitely worth visiting for a day, but my personal favorite place is Indian Cove. Park out at Rattlesnake Canyon & go for an awesome day hike / scramble up a creekbed. There are actually small waterfalls sometimes, depending on how much rain fell that year! It is super cool to see in the middle of the high desert.

Also be sure to hit up the Joshua Tree Saloon Grill & Bar. Order a pastrami sandwich, and ask them to grill the pastrami (you have to ask for it specifically). Best damn pastrami sandwich you'll ever have. The joint is on the corner of Twentynine Palms Highway and Park Blvd in the town of Joshua Tree.

R