patrick.net

Woo-hoo, I scored a 75! O, Canada here I come?

Nothing against the Canucks, but Oregon seems more my speed (keep the lights on, DinOR, I'll get there yet ;-) ).

New problems in the economy are popping up like a not-very-funny version of whack-a-mole

Ooh, I loved that game. :)

Remember, in the good old days, we play whack-a-troll here all the time.

OO

Should I resurrect the ZIRP discussion thread? Seems we are going to pursue a ZIRP strategy after all.

And here I was only musing about it a year ago.

By all means, Randy.

Yen is on the move, BTW.

You think they'll stop at ZIRP? What's to stop 'em from going *negative*? Once the Fed starts paying us to borrow, even I'll go on a debt bender.

Once the Fed starts paying us to borrow, even I’ll go on a debt bender.

Remember those 107% LTV non-recourse mortgages?

Remember those 107% LTV non-recourse mortgages?

Yeah... and to think I called such people "stupid". Live almost rent-free for a year or two on your teaser, then get another 6-9 months totally free while they FC. If you get extra lucky and the current MBS servicer loses the paperwork, you can tie 'em up in court for a few more years. However.. you do end up with a trashed credit score, which could make it hard to get a real loan once the bottom is (really) in and opportunities abound.

Note to self: listen to your own advice once in a while.

“In a market rigged to reward the reckless, imprudent and immoral, the very dumbest thing you can be is a market participant who behaves in a responsible, prudent and moral manner.”

Reputable Sources

Yeah, sometimes it is reckless to be prudent. Look at all those responsible savers in the Great Depression.

Why is the world so screwed up?

Why, oh why? Why did Adam eat that apple?

Where have all the blog trolls gone?
Long time passing
Where have all the blog trolls gone?
Long time ago
Where have all the blog trolls gone?
Fate has shocked them every one
When will they ever learn?
When will they ever learn?

Just up - Hedge Fund in UK has collapsed - the first of many do you think?

Peter P - I miss the trolls too :-(

Maybe my name is really Cassandra.

*sigh*

Just up - Hedge Fund in UK has collapsed - the first of many do you think?

Well, if Yen continues to go up, I don't know how much de-leveraging will occur.

In a healthy speculative market, most participants must fail. Yet for the past few years, a lot of so-called hedge funds have been reaping huge profits. When there is widespread speculative gains, someone must be mis-underestimating risks.

Canada doesn't want me...I scored a 62. I got zero points on age: at 55 I'm too old for them.

76. I guess those degrees are good for one thing. Maybe I should try to arrange a number of visas to workable destinations as a sort of option portfolio.

HARM,

You would be made most welcome sir! (Any micro-brews you favor in particular?)

Here's what little I know about becoming an ex-pat in Oz, UK etc. I've known guys that were stationed there. (Some for years...) It is, in the end, quite maddening. Sure they speak english and all but they don't understand (whatever it is that you're into) and you get depressed in short order. And that leads to.... drinking.

You're no longer that gregarious "Yank" because you now hold these people in contempt. You'd give anything for ____. You begin to HATE them, and like it or not you're counting down the days until you get back to "the world".

A far better thing to go El Salvador (or my personal favorite) the Philippines! Places so weird you'd never mistake it "for being 'almost' like home".

Anyway, be of good cheer! We didn't make this (but we bears will clean it up) For the majority of my life if it weren't for cleaning up other's messes... I wouldn't have had a job at all.

Oh wait, I should have spelled that "favour" and "favourite"?

No offense intended.

Peter P,

I LIKE it! Michelle Malkin posted Ken Depew's "We are the Defaulters" (sung to the tune of "We are the World") to honor the Neverland Ranch repo and jingle mailers every where!

Damn it! H-o-n-o-u-r!

Just apply as an american refugee to canada. War on Savers is torture. 1m crapshacks is cruel and unusual.

"Canada offers refugee protection to people in Canada who fear persecution or who may be at risk of torture or cruel and unusual treatment or punishment, and are unwilling or unable to return to their home country."

It's always good to know your options. I was British by birth so I can also reinstate that. I think I just need to take my old passport down to whatever consulate and apply for a new one. So I've got a few ways to bail out if things get bad:

Canada is a good option to have but wouldn't be my first choice. I need to visit and I've heard good things though. I've heard that people feel they get real value for their taxes and it isn't as cutthroat as here.
With the British nationality I have a lot of options since I could move directly to pretty much anywhere in Great Britain and places in the Caribbean. I was born on an island named Nevis, which is now independent. I could also live there, and they don't normally take foreigners. I say that because like Canada, if you buy a house for more than 250K US, you can be considered an investor and begin your citizenship process.
Don't forget there is always Mexico. All of this fear of a collapse here was part of the reason I was looking at San Felipe. I have 2 sets of friends who actually did buy homesites as a hedge to a meltdown here. I think they are overpriced for something nice on the Sea of Cortez but you can still buy something reasonable. (You can own, although the sales pitch still needs to be scrutinized.) There is always South and Central America. Places like Costa Rica want us there.
There are also the Pacific and Asian countries to consider. I don't personally know how easy it would be to go to the Philippines but I know a guy who met a girl over the internet, he went there and almost didn't come back. Something tells me it is an option. I imagine some of you still have some ties or claims to Asian options. I'm curious if that is a viable option for some of you and maybe you could make a suggestion for a nice place for a guy like me with no ancestory from that part of the world. There are also the flyover states here which is like moving to a foreign country.

DinOR, we're not in England yet, I'm pretty sure your original spelling is fine. It is a horse of a different colour there.

I know, you're thinking ahead. :)

Phew, now I feel a little better knowing that no matter how bad it gets there are always some countries more screwed up than ours where we can go and still have some sort of standard of living. The problem is that as we lose our ranking here there are fewer and fewer countries that we can just buy our way into. :(

Haha, I just read your post above it, you really were kidding. That's awesome!

"War on Savers is torture. 1m crapshacks is cruel and unusual." LOL!

I hear ya' bro! Economic Refugee Status anyone?

That aside, I'm SURE I wouldn't fit in in Canada. I travelled a LOT there as a kid and it was great. But now I complain about PORTLAND'S winter. It would only increase my snowbird schedule. (Pronounced "shed-yule")*

I over heard on CNBC that one of the bond traders said there was ZERO value in the subprime loans where the home was over-valued by 12% or more. ZERO. So that would be... what? The entire State of CA?

In the end though I can live w/ the "Salvage Squads" the occasional military junta, power outages and bribes.

But a pub filled w/ rabid "football" fans!? NEVER!

We have some rental property in Jenks Oklahoma. A yuppie suburb of Tulsa. Great school system.

They did not experience the housing boom and are not undergoing a bust. In fact, things are just beginning to boom there. Oklahoma is a commodity state with oil, gas and agriculture and should do quite well in the future.

However the extremes of weather - tornados, ice storms, and intense heat would take some adjusting.

Don't you mean hourse of a different colour?

Yes, I guess I made an arse out of myself.

BOOMER RETIREMENT PLAN:

1. move to CA in 60's/70's to smoke dope while dodging draft for vietnam
2. buy crap shack then vote for prop 13 to screw the next guy
3. do everything possible to stop any and every new home/condo project that comes up, get state to use taxpayer funds to buy empty land for 'parks', pass nimby laws.
4. sell all original crapshack(s) for 1m+ and retire to AZ/NV leaving CA a hopeless wrecked state with overpriced inferior housing.
5. tell everyone left in CA how nice new state is and 'what a wreck' CA is which is why you left anyway.

There's an RV in there somewhere HelloKitty.

Just apply as an american refugee to canada. War on Savers is torture. 1m crapshacks is cruel and unusual.

There used to be a lot of illegal immigrants that flew to Canada, after they boarded the plane, they destroyed their passport/papers and claimed refugee status resulting in quite a few clogged airplane toilets. The government usually let them loose and arranged for a hearing later, many don't show up at the hearings. It probably tightened up a little now.

It seems to me that Germany and Japan are doing pretty well economically now.

Could it be thier boomers are actually conservative savers since those countrys lost ww2 and they grew up in post war bleakness? opposite of US? German and Japanese auto industry are enviable.

"There's an RV in there somewhere"

Great ecoligical statement, don't you think?

Can't wait to see 'those' things rot under the weight of $4 gas?

"The inconvenience of the suburbs with ALL... the maintainence overhead of public transportation!" (They'll eat it up)

I had an idea yesterday for starting a competing YouWalkAway type company. From the readers here I thought we could actually put together a pretty cool service. There's a lot of idle talent here and the front of the website would be an awesome place to post a linking ad with the high traffic Patrick gets.
Dennis, I had you in mind because the thing that YouWalkAway doesn't have is a real legal team to nitpick the mortgages. I know we have guys to put together the killer website. There is also idle capital here due to the punishing interest rates.

Here's the quick elevator pitch.

StickItToEm.com (or similar but more professional name - it needs market testing) is a borrower advocacy firm created for the purpose of making the most of a bad situation. We will advocate for our clients by using errors made by lenders to give struggling borrowers leverage to renegotiate their loans. In many cases we will not only renegotiate the terms but the actual balance owed on your mortgage. If a borrower does not qualify for renegotiation, our staff will assist them in returning the house to the lender with minimal damage to their credit and NO resulting judgements even in the case of recourse loans. $500 will start your case, and our final fee will be based on X% that we can reduce your loan balance by. Unlike our competition we have real lawyers and accountants with years of experience directly related to the housing bust on staff.

*NOT* wishing ill on anyone but the Boomers lost one of their great icons yesterday. Boyd Coddington (American Hot Rod) passed away yesterday at 63.

For those among us that aren't car freaks, he was the guy that invented that "ZZ Top" look that attracted HUGE bids at Barrett-Jackson. Probably an o.k guy but he's a big part of the "Cash in on Boomer's Out of Control Consumption" craze.

Hey, I got a 76 on the Canada test! I feel wanted, in a good way. The score is probably due to my wife's education, but whatever.

Canada is what America was before it became independent of England. They never left. Seems to have worked out OK for them. And they just benefit from global warming.

I used to work with a guy who took a contract job in Holland and never came back. He met a Dutch woman, got married and speaks Dutch now. Just had his second kid and seems pretty happy there.

Oh, if it's IMPOSSIBLE to "over-pay" for real estate this guy almost single-handedly made this boomer mantra true for hot rods and muscle cars! (Some went for as much as 500k!) Believe it.

Speaking of idle talent on this website, does anyone have any ideas other than to leave the country??

I know that folks think this is hopeless, but it has seriously gotten to the point where I can't complain anymore without actually doing something.

All that I could come up with was:

1) an online petition;

2) an online "button" that bloggers and others put on their website with an image and a slogan like "NO Mortgage Bailout";

3) a real button or t-shirt that someone could design and folks could wear on a daily basis;

4) a unified walkout -- or lunch break -- where folks would walk out on the sidewalk wearing their shirts;

5) a pledge NOT to contribute any money to the campaigns of 2008 candidates who support the bailout;

and, finally,

6) once the above is achieved, get the media to recognize it.

Come on folks, lets not just bitch about it, lets actually do something!