patrick.net

Nomograph says

The Sacramento Bee says

To date, though, just 201 have received assistance through one of the four programs – at a cost of less than $1.5 million.

How about a little context for that little snippet?

The state's goal is to help more than 100,000 homeowners. To date, though, just 201 have received assistance through one of the four programs – at a cost of less than $1.5 million.

About 145 of those people received assistance last week alone, suggesting the effort is gaining momentum

Nomograph says

Bad idea, but it’s a bit of a tempest in a teapot. Don’t you folks have anything better to do than look for new ways to feel victimized?

You seem to be missing the point. Don't we have better things to spend $2B on than people who got cash-out refi's and now are feeling victimized?

There's a $19B budget hole, and Sacramento cooked this up?

Barbara Boxer just got an email from me about this. I'm really ticked off here.

Never write your representatives an email, send a written letter. They assume each paper letter represents 10,000 voters.

Nomograph says

(HINT: You do realize that this is a STATE issue and you are complaining to a U.S Senator, don’t you? Of course you do

Yeah, rolling my eyes on that one.

Chris, you really need to ditch the KFI/Rush, and listen to some NPR. You might actually have a clue.

7500 per pop with 100,000 comes to total around $750M
..maybe even a cool $ 1 Billion
... please send the bill to Nomo!

Hmm... maybe this was his motivation:

"In January, after months of delays, the state launched the first phase of the federally funded effort. "

and

"Fannie Mae and Freddie Mac – the government-sponsored entities that own many distressed mortgages – have also refused to allow loan principal reductions on their loans, even if they are serviced by another institution. Both lenders are under the conservatorship of the Federal Housing Finance Agency."

Nomograph says

MarkInSF says

Yeah, rolling my eyes on that one.

How can someone go through life without even a basic understanding of government? They are so busy listening to AM talk radio garbage that they don’t bother to think for themselves anymore.

It scares me that people like ChrisLA vote.

That said, the money is in the hands of the state now (shudder)...

"Soon after launching a $2 billion statewide mortgage assistance program, the California Housing Finance Agency said Tuesday it would loosen eligibility requirements – allowing owners who used their homes as cash machines during the boom to now receive some help."[...]

"David Mandel, a supervising attorney with Legal Services of Northern California, said he understands that many people question the fairness of allowing people who took out cash during the boom to then receive taxpayer assistance paying it back."

And the money shot:

"Isn't it better to figure out a way to at least let them stay in (their home) one way or another?"

I do agree with this though:

kimboslice says

Never write your representatives an email, send a written letter.

terriDeaner says

“Isn’t it better to figure out a way to at least let them stay in (their home) one way or another?”

Why not just label the program as ..

Community Reinvestment Act of 2011...CRA version 2.0

thomas.wong1986 says

terriDeaner says

And the money shot:

“Isn’t it better to figure out a way to at least let them stay in (their home) one way or another?”

Why not just label the program as ..

Community Reinvestment Act of 2011…CRA version 2.0

Hmm... not enough letters in that acronym. How about the Community Reinvestment Act Policy of 2011... that would be CRAP version 2.0.

@Cvoc13

How can we read that 2006 post? Do you have a link? (sorry if I missed it)

I just bought a foreclosure from CalHFA and they took a massive loss on it.

They can either do these workouts or take a huge loss on the foreclosure.
either way taxpayers on the hook.

if you're an employed renter dont look a gift horse in the mouth,
just go buy a foreclosure.

I think it should be noted that:
The looser eligibility does not apply to the most attractive piece of the initiative: government money to pay down mortgage principal.

And speaking of cash out refier's, here's another one in Ducky's target area. The folks at 1127 Lovell Court bought for $171,500 in 1991. WaMu refi in 2006 for $393,750. NOD filed on March 15.

MarkInSF says

You’re an employed renter? Go f*** yourself.

You’re an unemployed “homeowner”, who got a cash-out refi? Here! Have some money!

It's pretty fucked up. California is quickly becoming the poster child of everything I hate about politics and the govt.

klarek says

MarkInSF says

You’re an employed renter? Go f*** yourself.
You’re an unemployed “homeowner”, who got a cash-out refi? Here! Have some money!

It’s pretty fucked up. California is quickly becoming the poster child of everything I hate about politics and the govt.

That is why CA will not be able to balance their budget for another few years.

Nomograph says

Bad idea, but it’s a bit of a tempest in a teapot. Don’t you folks have anything better to do than look for new ways to feel victimized?

Nomograph says

How can someone go through life without even a basic understanding of government? They are so busy listening to AM talk radio garbage that they don’t bother to think for themselves anymore.

It scares me that people like ChrisLA vote.

It scares me that people like you even exist.

Nomograph says

At times, you seemed consumed by hate. Perhaps you should focus on things other than real estate, politics, and government.

Maybe you should stop defending programs that reward stupidity and punish prudent behavior.

Nomograph says

Fail

All your life.

Under that program, the state splits the cost of reducing a distressed owner's mortgage principal with participating loan servicers. About $790 million of the $2 billion initiative has been set aside for principal reduction.

You guys should be ashamed of your selves, criticizing Nomograph's religion like that.
Have you no decency?

Nomograph says

I’m trying to help you here, klarek.

Spare the condescending tone.

It’s easy to waste your life in constant anger about things that you have no control over and ultimately don’t really affect you.

It's easy to ignore politics, economic policies, or bullshit that harms the economy. Even easier to just tell people to STFU and not talk about it.

You live in Washington, DC so what good does it do you to get upset and angry about CA politics?

You cannot use the merit of the program, so in gutless fashion you urge people to not talk or think about it.

Nomograph says

It’s easy to waste your life in constant anger about things that you have no control over and ultimately don’t really affect you.

So you'd rather promote apathy and willful ignorance? That's a great attitude.

Stop your whining klarek. Just bend over, grab your ankles, and take what's coming to you. Resistance is futile.

Nomograph says

Not a single person on this forum has supported this program, yet you pretend they do so you can get angry and fake Internet arguments with imaginary enemies.

You are defending it, not others, and your method of defense is both shallow and pathetic.

Nomograph says

Why do you care if some guy you’ve never met who lives 3000 miles away from you thinks housing prices where he lives have bottomed?

Why do you care if I engage in a lively debate with somebody else about market trends and data? If you don't want others to talk about bullshit policy then set an example, take a spoonful of your own condescending advice, mind your own business, and STFU.

Nomograph says

How angry do you want to be, and how much of your life do you want to waste on this?

Coming from someone with far more than double klarek's post-count, this seems a little silly. Are you saying that since your posts are largely devoid of the rage klarek displays, that somehow your inane, meandering philosophical musings have been in any way "productive" for you? What have you gained by posting here almost 1,800 times, that klarek is missing out on?

He's not here to gain enlightenment, or solace of soul. It's just an internet board where people exchange ideas. He's mad. You arent. It doesn't matter. In the end, it's the lurkers who never post but frequently read, who have the most to "gain" by being on here, as they contribute nothing yet take away something (sometimes) You and he equally facilitate that. Just because his tone differs from yours doesn't make his participation any less worthwhile, or your contributions superior.

I’ve been wasting time here since 2007, mostly a post or two over my morning coffee. Klarek is a relative newcomer here.

2 1/2 years of constant posting is a bit more seasoned that "a relative newcomer". It's not like the site has been up for 25 years

I beg to differ; attitude is everything in life.

I understand. But this isn't a self-help website. We don't need to point out how the bulging vein popping out of his forehead isn't healthy every time he posts an opinion. Some people are far angrier than others, but as long as they stay on topic, who cares. If you find it that distasteful, click the 'ignore' button next to his name. Leave the psychotherapy for another website. Let's debate the ideas at hand. His tone is vitriolic, but his ideas are well-informed. And compared to APOCALYPSEFUCK, klarek comes off like Bob Ross.

Nomograph says

I called it a “bad idea”.

Then proceeded to lecture other people who expressed the same opinion as having nothing better to do. It's like saying "I'm against this war, but you other dissenters need to stop whining." It's hypocritical, duplicitous, and adds nothing to the discussion.

Like I said, follow your own advice. If you're without any opinion other than people needing to not have opinions, or keep them muted, then set an example. Your thoughtless condescension might fluff your own ego and sense of superior demeanor, but you're as non-contributive of a poster as one with 1781 comments could be.

Nomograph says

I’ve been wasting time here since 2007, mostly a post or two over my morning coffee. Klarek is a relative newcomer here.

So advising people since 2007 - to buy into declining equities is a good thing you can do it to you and people? Very nice attitude Nomo. Yeah, Klarek just buy yourself some home to live and leave patnet and let Nomo do his advising charity! :)

Nomograph says

Schizlor says

Coming from someone with far more than double klarek’s post-count

I’ve been wasting time here since 2007, mostly a post or two over my morning coffee. Klarek is a relative newcomer here.

You've averaged 2.8 posts per day since you joined. I've averaged .81/day since joining, and 1.2/day since actively posting. By volume and by frequency you have spent more time on this site, and still do.

Nomograph, July 2009:

"I’m sure you will find it as equally productive an activity as listening to AM talk radio."

^--- You ranting about AM radio and people wasting their time. Funny, you were whining about it in this thread just as you were when you first started posting.

If you're going to lecture people about what ought to concern them or what's not worth discussing since they cannot change it, then don't spend years whining about AM radio on the a fucking HOUSING forum, let alone the same forum where you tell people to stop complaining about HOUSING.

klarek says

It’s pretty fucked up. California is quickly becoming the poster child of everything I hate about politics and the govt.

That is why we see so much out migration happening. Pretty pathetic.

klarek says

If you’re going to lecture people about what ought to concern them or what’s not worth discussing since they cannot change it, then don’t spend years whining about AM radio on the a fucking HOUSING forum, let alone the same forum where you tell people to stop complaining about HOUSING

Oh, it's a HOUSING WHINING FORUM. Now I understand. Because I've also been lectured for not writing negatively enough...

tatupu70 says

Because I’ve also been lectured for not writing negatively enough…

If your position (and writing) reflected reality, you'd have a good point there. Notice how many really good points you make and how much credit I'm giving you.

klarek says

tatupu70 says

Because I’ve also been lectured for not writing negatively enough…

If your position (and writing) reflected reality, you’d have a good point there. Notice how many really good points you make and how much credit I’m giving you.

There's the rub. I'm not sure where your reality comes from. My reality comes from data.

>"David Mandel, a supervising attorney with Legal Services of Northern California, said he understands that many people question the fairness of allowing people who took out cash during the boom to then receive taxpayer assistance paying it back."

I am missing something here. Do they actually get the principle paid for good with taxpayer money? What if the house goes up again yeras down the road? Do they have to return the money or do they just keep the benefit? I could see some thing in which they put a condition that if the house is ever sold at a profit years later, the money is repaid to the government...

American in Japan says

I am missing something here. Do they actually get the principle paid for good with taxpayer money?

They are not eligible for principal write downs, but they're eligible for having their mortgage paid by taxpayers, & moving expenses if they're unemployed.

Needless to say, renters don't get special rent payments if they lose their jobs. This $2B is directly targeted at "homeowners". Homeownership is now an entitlement apparently. Meanwhile California is cutting aid to people that are truly needy.

It's taking $100 from the average CA worker, and giving it to an underwater homeowner to pay their mortgage, even if the reason they're underwater is they did a cash out refinance.

American in Japan says

What if the house goes up again yeras down the road? Do they have to return the money or do they just keep the benefit? I could see some thing in which they put a condition that if the house is ever sold at a profit years later, the money is repaid to the government…

They keep everything. It's a flat out $2B giveaway to underwater homeowners, and the banks that get more payments before they inevitably foreclose.

MarkInSF says

Needless to say, renters don’t get special rent payments if they lose their jobs. This $2B is directly targeted at “homeowners”. Homeownership is now an entitlement apparently. Meanwhile California is cutting aid to people that are truly needy.

It’s taking $100 from the average CA worker, and giving it to an underwater homeowner to pay their mortgage, even if the reason they’re underwater is they did a cash out refinance.

They keep everything. It’s a flat out $2B giveaway to underwater homeowners, and the banks that get more payments before they inevitably foreclose.

This is exactly the part that really ticks me off in this whole deal. They are really taking from the needy and the working and handing it over to the banks under excuse of helping the losers who lived off refi credit cards. This is just government stupidity/crony-ism.

Why is everyone here surpirsed that govt policies favor homeowners over renters? Were you asleep for the last 20 years? Homeowners outnumber renters by 2 to 1. IF your a politican, who are you goign to help out: 60% of your voters, or just 30%?

HousingWatcher says

IF your a politican, who are you goign to help out: 60% of your voters, or just 30%?

Underwater owners make up a tiny portion of the populace. Doling out money to them at the expense of everybody else is not politically expedient, or so I'd like to believe.

In many parts of the country, there are just as many, if not more, underwater homeowners compared to renters (ie: Vegas). I'd bet there are instances of this in California. Riverside has a 50% underwater rate. I bet that matches or exceeds Riverside's renter population.