patrick.net

A classic run on the bank - Northern Rock the lender on 1 in 5 UK loans

http://www.youtube.com/watch?v=j33p6SQh_PE

http://news.bbc.co.uk/1/hi/business/6994099.stm?ref=patrick.net

http://www.youtube.com/watch?v=Cu2uekVFk20

too many links I guess - please take me out of moderation

Perhaps I should go in and preach how we should allow Free Market to work its way, which may involve putting moms and kids on the street if necessary. :)

Perhaps I should go in and preach how we should allow Free Market to work its way, which may involve putting moms and kids on the street if necessary.

You mean putting moms and kids into rentals...poor things :cry:

Guys, what do you think of this piece? http://www.henkelharris.com/productDetails.asp?roomID=2&categoryID=42&pageno=1

Guys, what do you think of this piece?

Pretty nice.

But if you ask me, I prefer something contemporary.

I don't like the contemporary stuff. My style is either traditional (with a sumptuous and decadent flair) or transitional that borders on traditional and modern.

Point me to something nicer. I can still cancel this order. Thanks.

I don’t like the contemporary stuff. My style is either traditional (with a sumptuous and decadent flair) or transitional that borders on traditional and modern.

Sounds like Liberace.

Well the NAR is very very organized. Constantly spamming thier 100 million reeltors to harass congress to pass the latest bailout bills. Somehow the bubbleheads should be organized. Here is todays spam from NAR to membership:
-------------email below
You may have already received my earlier message asking you to
contact your Member of Congress. If you have sent a message to
Congress, thank you for your support. If you didn't receive my
first message please take a moment to add your voice to the
growing number of REALTORS from across the nation who have asked
for Congressional action to stabilize the mortgage market.

Stabilizing the current mortgage market turmoil requires an
immediate and significant response from Congress. I strongly
recommend contacting your Member of Congress to ask for his or
her YES vote on H.R. 1852, the Expanding American Homeownership
Act of 2007 and a YES vote on the Frank-Miller-Cardoza
amendment.

Click on the link below to Take Action:
http://takeaction.realtoractioncenter.com/campaign/Support_HR_1852_FHA_Reform/88wgnun2zkjdwnt?

H.R. 1852 reforms the FHA program by building on the strength
and security of successfully insuring mortgages for more than 70
years. It is the immediate and significant response necessary to
return stability to the mortgage market.

The amendment offered by Congressmen Frank (D-MA), Gary Miller
(R-CA) and Cardoza (D-CA) raises the single-family FHA loan
limits to 125% of area median home prices and permits the
Secretary of Housing and Urban Development to grant additional
increases if required by market conditions.
----------------------------------end

I can imagine congress will think 'the people want 1 million dollar loan guarantees' and they will pass all kinds of nonsense. were screwed if that bill passes -its a blank check.

I like modern stuff with neutral color and materials like glass, stones, hardwood, and metal.

How about some modern impression of Art Deco lines?

Peter P,

That won't be necessary. You well know stand on social welfare programs and your interest in endangered species (as food) should be enough.

The amendment offered by Congressmen Frank (D-MA), Gary Miller
(R-CA) and Cardoza (D-CA) raises the single-family FHA loan
limits to 125% of area median home prices and permits the
Secretary of Housing and Urban Development to grant additional
increases if required by market conditions.

Urgh. Taxachusetts and Kalifornistan.

Peter,

I think the modern stuff with neutral colors is very soothing. But personality dictates that I go for vibrant, dominant colors and clean lines.

You well know stand on social welfare programs and your interest in endangered species (as food) should be enough.

Huh?

Hello Kitty,

Now how can anyone justify FHA limits at 125% area median home price? Since when is an "above average" home something that should qualify for FHA? The logic is flawed.

Well, this organized campaign is what you get in return as a realtor (TM) for only getting the 1.5% or so of the 6% commission (3% each split between buyer and seller agents, of which half goes to the local office and NAR in combo). I hope they appreciate it in that Amway kind of way.

That was in your response to your quest to putting mom and kids on the street.

I quite frankly think you'd piss off more Americans if you claimed that you like cat stew with smoked dog sandwich, with horse sashimi to start.

I much prefer modern building with a neutral palette. Anything with a wall of floor to ceiling windows is likely to catch my attention.

That was in your response to your quest to putting mom and kids on the street.

That is not my quest. It is merely a potential consequence of my quest.

I quite frankly think you’d piss off more Americans if you claimed that you like cat stew with smoked dog sandwich, with horse sashimi to start.

My cats won't let me.

Don't they eat dogs in the Firefly universe?

Anything with a wall of floor to ceiling windows is likely to catch my attention.

I like that too. It must be energy-efficient glass though. I do not want to live in a greenhouse.

Also, the view better be good. It would be pointless to see the neglected backyard of your neighbors.

But personality dictates that I go for vibrant, dominant colors and clean lines.

Describe your dream yacht.

People who neglect their yards should be forcibly moved to apartments. If they can't be bothered to cut their grass or pave over the yard, I don't understand why they bought something with a yard.

re: cat stew - do you mean your cats won't consent to your talk of cat stew or as ingredients of cat stew?

do you mean your cats won’t consent to your talk of cat stew or as ingredients of cat stew?

If I have any negative thought about cats, my older cat knows and she will respond with a devilish look. I dare not have such thoughts.

People who neglect their yards should be forcibly moved to apartments.

If I have a yard I will make it a Zen garden.

Describe your dream yacht.

Don't start,...this is how this whole mortgage mess started! ;)

I prefer a luxury RV, then I wouldn't get sea sick.

I prefer a luxury RV, then I wouldn’t get sea sick.

Luxury RVs are nice. But there is a limit on how big it can get though.

@Skibum,
Its horrifying to me that they want to extend the GSE and fha limits to the sky. Obviously if they cared about affordability they would lower them/leave them alone so prices would go down...

Median in bay area is what 700k?+ so 125% of this is 875k!

875k FHA loan!!! holy cow batman!

Randy H will be competing against FHA borrowers in Marin if this passes.

Suddenly what might happen overnight is every POS in the area would be 'worth' 875k overnight. But the foreclosure rate would be terribly high. People say 'yes but with FHA you have to actually document income...' I think there will be many many ways around that one such as 2 family household and others... brokers have shown they are great at faking anything and everthing to get a loan approved. Look at the ways they fix credit scores temporarily to push loans thru.

FHA limit should be 0.

Maybe a luxury train...

Maybe a luxury train…

I think a VIP 767 jet is more practical. ;)

New technologies, inventions, breakthroughs are so hard to come by. The economic cycle is too long. NAR fills up the gaps in cycle. They are a good social service organization who’s bona-fide intentions are American dream of House Ownership and to make all poor people millionaires. If we don't get any other growth engine, don't worry NAR will make everyone billionaire. Keep up the good work.

Practicality and yachts have nothing in common.

FHA should be pegged to 2.5 times median income for the county, as should Freddie and Fannie

Buying into a communal mortgage should be the yardstick for comparison?
Hey, don't blame me, talk to the SF Board of Supervisors about their condo conversion lottery. Incidently, this is the decision we made in 2000 when my wife and I bought an undivided interest in a property that had two houses with another couple. But hey, I wanted that old school crap about being able to afford the mortgage on one salary...

Okay, the cranky pants are on a bit tight as the DQ numbers didn't seem to bear out the goodbye jumbo theory of home depreciation. I mean Contra Costa's median was even with a year ago... wtf, we all know they are getting creamed. So its mix, and the higher end (hello, jumbo) appears to be doing all right. I'm willing to give DQ another month for jumbo shock to take hold. If it doesn't, we just currently don't have the excess inventory in the fortress prime areas to drive prices down as buyer sentiment still seems to be hanging in there. Make no mistake, ARMageddon will give us the inventories that eventually turns us downward, but it is a paint drying proposition -- which is no fun when you are trying to convince folks that they should "keep the powder dry". Or tell an SF professional not to buy that TIC when it is just as "cheap" as renting...
@astrid,
How about a luxury train car?

EB, the DQ numbers are trailing. Wait till Septembers come out and you can see what the tightening on the jumbos has done to sales figures. Then you have to wait for inventory to grow, etc.

FHA should be pegged to 0 times median income for the county, as should Freddie and Fannie.

I think private tropical island, uniformed henchmen and laser armed sharks are still the henchmarks to go by.

Peter P,
I agree... but if we have to have them, they should have a better limit cap, one that already has inflation built in so you can't claim fixing problems by 'raising the limit' like they've been doing. Tying to income is better than nothing.

I think private tropical island...

How about an island boat?

http://www.wally.com/jumpCh.asp?idUser=0&idChannel=172&idLang=IT&idProd=100&attivo=4&txtStartRecord=2

Uniformed henchmen are a must. Not so sure about laser-arming sharks. They belong in my soup.