patrick.net

Wait, wait... this just in:

David Lereah's mom has just issued a formal response to her son's critics:

This is a 26-year old that could not afford a townhouse and blamed it on the boom.

Yeah... who told him to be born in the wrong year. His fault for not being conceived 20 years earlier.

I think in the last thread, it said that in the ol' days, 20 year mortgages were the norm.

Then it was 30.

Will 40 (which is already offered with great abundance here) be the next permanent hotness?

At the end of the day, there's really nothing to stop it from happening...

HARM :

I thought his mom was ashamed of him.

"Will 40 (which is already offered with great abundance here) be the next permanent hotness?

At the end of the day, there’s really nothing to stop it from happening… "

Japan did have an outbreak of the 100 year mortgage during thier bubble

At the end of the day, there’s really nothing to stop it from happening…

Why should it not happen ? I have said before, if someone is willing to give me a loan of 1M at 5% for 100 years I will take it right away.

StuckInBA,

No, no, no. She was upset to see her precious little angel so brutally attacked for no reason whatsoever. How could anyone gaze upon this cherubic mug and not feel the love...??

PaloAltoRenter (PAR) Says:
Does HARM stand for hybrid adjustable rate mortgage?

No, it stands for "Homeownership Affirming Righteous Mercenary".

Will 40 (which is already offered with great abundance here) be the next permanent hotness?

At the end of the day, there’s really nothing to stop it from happening…

Good point. I could see it happening. People are living longer than ever and most will not be able to afford to retire. If the average person buys a house at age 35 or so, the mortgage could actually be paid off during their working years (if they retire late due to future problems with social security). But the reality is that most people will never pay off the mortgage. They will sell or refi long before owning the house.

They will sell or refi long before owning the house.

....or foreclose.

"Tear" would be completely appropriate, given the thread's subject matter.

This is the Scarlett O’Hara scenario: “I’ll think about that tomorrow.”

That's a good one too.

I'm sorry, but I feel the need to share this:
http://tinyurl.com/yrphzg

SFWoman :

Thanks. Now where did YOU find that story ? :-) And what comments !

David Lereah is a caricature of that guy in the movie, "Thank you for Smoking".

He was fined €2,000 for bringing the donkey to the room under the Unlawful Accommodation of Donkeys Act 1837.

They made it a law since 1837? :lol: This must be very popular over there for over a decade!

I have said this before. David Lereah bears an uncanny resemblance to Bob Saget. However, although both can be somewhat repetitive on the air, at least Bob Saget is occasionally funny during live standup.

Funniest Flipper Tricks?

My, the Hayward fault is active this week. That was a 4.4 epicentered in Lafayette according to the alert I was sent.

SFWoman Says:

Someone wrote:

> “He is probably just doing his job.”

Then SFWoman Says:

> They said that about Goering too.

Don’t forget Mengele…

Ken Lay was also “just doing his job” (keeping the stock price up) when he told stockholders that despite the bad news about the company he just bought (a small amount) of stock that day (after selling millions of shares the day before).

Ken Lay only ruined the lives of a small number of Enron shareholders while David Lerah will ruin the lives of many more who took his advice since he is an “Economist”…

SFWoman Says:

> I’m sorry, but I feel the need to share this (a link to
> a story about a guy getting caught with a donkey
> in a hotel room in Ireland’s County Galway)

Then StuckInBA Says:

> SFWoman : Thanks. Now where did YOU find that story ?

I was a little disappointed when the article didn’t name David Lerah as the guy caught with the donkey…

P.S. Western Ireland is full of friendly wild donkeys that will just walk up to you when you are playing golf…

Greenspan backpedals and yes, the wort of the housing downturn is over!

http://tinyurl.com/2bwhgq

What follows is an outburst inspired by one of my heroes, Surfer-X:

Mr. Lereah

Give me a fucking break. But then again, I guess besmirching a 26 year old who's on the shit end of this giant bubble you've danced around with your sophomoric attempts at spineconomics is about the best you can muster.

If you're a fucking economist then I'm the Fed Chairman's economics tutor. It's shits like you who make the average Joe and Jane assume all economics is just bullshit.

Your mother has good reason to cry. Her son is a shameless sellout fuck who would sell her into the REIC machine if he thought it would help erase some of the embarrassment that NAR exec Stevens couldn't even sell his own fucking homes for asking price, yet continued to claim there was and is no bubble, reading from your prepared script.

Plenty of us can easily afford our homes. Plenty of us aren't 26 year olds, as if being young were some kind of sin anyway. No. We're just smart enough to realize fucking bullshit when we hear it.

Luckily, fundamentals always win in the end. And unless golden monkey statuettes start flying out of my ass sometime in the near future, there is absolutely no justifiable, fundamental economic reason to believe today's house prices are in any kind of rational equilibrium.

But then, an economist would know that. Maybe you're not an economist. In that case, you have my apologies for all this. In that case then you're just another dumbfuck liar.

--

And pardon everyone else for my once annual X-esque outburst. Man Lereah pisses me the fuck off.

Give me a fucking break.

King Randolph is using profanity. He must be mad.

I'd have to say my favorite part is where he cons the Russian desk clerk into thinking the donkey is actually a super-rabbit.

4.2 earthquake just struck SF. When it rains, it pours.

I sit in my pathetic rental, by my cheap pine table, in awe, HARM's sweet sweet delicious hate, and Sir Randall of the Fat-Stacks using profanity, mmmmm, a big sailors hello to your Sir.

Randy,

you missed the part in which surfer-x kindly reminds DL's mom to contain her fondness for corn.

Is any one of you smarter than a fifth grader ? I am not. :-(

Fuck me sideways, the blog is getting selfspammed, my that's a clever cleaver

Just watching Randy briefly come over to the Dark Side made this post worth it!

nice brickwork behind that Madonna... what do you think that place is worth?

anyone know where i can find a good bricklayer for some renovations?

DL: "We haven't strayed from fundamentals"

DL: "Regulators and the big lenders need to get together and work out some arrangements to accelerate refinancings"

Chrissakes dude, which one is it? I'm sorry, my limited understanding of "spin-economics" preclude me from citing a precedent where regulators and "big lenders" have worked together with the urgency of a volunteer fire department?

I suppose the reason I placed big lenders in quotation marks is b/c it strikes me that he has already written off ALL of the lesser players! Evidently Mrs. Lereah had stumbled upon Mortgage Implode as well.

"work out some (arrangements?)" as in LOAN WORK-OUT?

Sandibe,

OT, but still on the general topic of profit through deception. Apparently your "notion" of HF's profiting through the use of blatant insider trading wasn't so far-fetched after all? UBS, BofA and Bear Sterns all claim that the conduct of these individuals is in direct conflict to their written policies, and I'm fine with that.

I stand corrected sir.

PAR,

Fault lines in the Portland Metro area have been more active than usual as well, relative to yourselves of course.

Trouble in the Primeland

An NBC Dateline Exclusive?

Gin? Check!

Sleeping Bag? Check!

Saved you a trip to Home Despot, no need to thank me. :)

PAR,

Herb is a good man. The notion that "home equity" has replaced savings in the consumer's mind is frankly...... shocking!

It's still good though to hear the Fed finally gets it.

PAR,

I think astrid, Robert Cote and I are the preparedness geeks. I replaced my canned goods from Costco for my earthquake/('we'll institute martial law, not let you outside for two weeks and claim it's avian flu) kit a couple of days ago. Get lots of bottled water and things in cans that you'd being willing to eat at room temperature or you'll also need a camp stove.

After watching French news coverage of Katrina (and having a dozen people ask why our government wasn't helping people) I figure you need to be able to help yourself.

PAR,

I think you can turn off the input to your hot water heater after a big earthquake and then have 50 gallons or so of water right there.

Hmm, looting. I guess I should get a balaklava for my earthquake kit.