patrick.net

SFWoman,

It isn't Angelo's fake tan that concerns me. Doesn't he look like a cast member from the Soprano's though? He'd fit right in.

Hey everybody! Uncle Angelo's come by to pay his respects, bada-bing!

http://www.mercurynews.com/mld/mercurynews/16551266.htm

Congress may push for loan "suitability"

Nice pickup this week by Athena on her Sonoma blog. (Well, it was news to me. :))

Apparently Dataquick include foreclosures (I.e. returns to lenders) in their sales statistics. Presumably the "price" in this case is the loan amount.

Now that the pace of said foreclosures is quickening . . .

ajh,

Your earlier comment was spot on! Please read lunarpark's link above for some very informative news. I NEVER thought I'd say this BUT...... I'm w/Barney Frank on this one!

Steve O'Conner and Roy DeLoach (both VP's w/the MB Assoc.) portraying the implmentation of a federally mandated "suitability standard" as being "vague and subject" is exactly what they should *not* be saying. It's coming and they can't fight it! It was dumb on their part not to take the same pre-emptive measures that BofA and CitiGroup took. Guys? (Hint o.k?) EMBRACE regulation! (Cause you DESERVE it!)

make that "vague and subjective". (That's what we have NOW and the MBA is just fine w/THAT!)

Now Barney Frank is standing between potential FB's and The American Dream (TM)! (Actually he's standing between the MB's and their loan flipping commissions but why quibble, eh?)

eburbed Says:

> I’d say that W’s administration has encouraged
> a culture of Freedom of Speech suppression.

Then as an example of GW’s “culture of Freedom of Speech suppression” points to a guy who was detained after writing “Kip Hawley (the head of the TSA) is an Idiot” on the outside of a clear plastic quart bags while going through TSA screening at the airport.

This has nothing to do with GW and if you go to any company in the US (or try and visit Hillary Clinton at the Senate) with a plastic bag that says the boss of the company (or Sen. Clinton) is an idiot you will be detained.

Try going to an Oakland Raider game with a bag that says Raider fans are idiots. You will have your face bashed in and will be lucky to get out alive.

It scares me that some people think that it is “Bush” and his “culture of Freedom of Speech suppression” has caused Clinton staffers and Raider fans to disrespect the first amendment…

This goes back to the overall difference between Liberals and Libertarians. Liberals blame others (“I decided to make a point and act like a f’ing idiot writing that the TSA boss is an idiot while going through screening at the airport and since Bush is conducting an immoral war the staffers felt that it was OK to detain a fellow American”) and Libertarians blame themselves (“that was a bad idea to write that the head of the TSA was an idiot on a bag. I’ll learn from this and try not to do it again epically at a Raider game where I would have had my head bashed in”)...

FAB,

Isn't the logical extension of your argument that people should then go on not to criticize the administration if they are reporters because they will quickly learn that it shuts down any access to the White House and is bad for their careers? Unfortunately, that is what happened.

DS: Punchbowl is increasingly looking like some sort of RE specuvestor troll in it for the money…

LOL. I guess that's what I get for calling you a name. Turnabout is fair play.

I just think that HARM is wrong about more regulation being needed. Fraud is already a criminal offense. If fraud has been done, then let the perpetrators be punished, criminally and civilly. People who have made misrepresentations that resulted in losses to others deserve to be behind bars or have their assets confiscated.

That makes me a libertarian, not a specuvestor. Meanwhile, you're still a Stalinist. ;-)

FAB,

I would also question your assertion that this describes a libertarian:
"Libertarians blame themselves (“that was a bad idea to write that the head of the TSA was an idiot on a bag. I’ll learn from this and try not to do it again epically at a Raider game where I would have had my head bashed in”)…"

I would say that is more of a description of a conformist. I can't really imagine a libertarian would be quite so ready to give up unpopular speech for the convenience factor.

I don't understand why the Mortgage Brokers Association just doesn't adopt the same ROA (return on assets) formula the securities industry uses? It's not that damn difficult!

Let's see? You "slammed" $1,600,000 in "loanownership" this month doing the Lord's work preserving The American Dream (TM). That means on a 1% ROA you get $16,000 to split with "the house". Start liking it.

But...but...bu I do a lot of sub-prime loans and they "can" be more difficult so shouldn't I get paid MORE for that? No, you shouldn't. You should stop writing sub-prime loans. But...but...bu we have HUGE advertising budgets and we won't be able to stay in business.

Uh, start doing nice work, take care of your clients like they were your mother and you'll get plenty of business through referrals. Since when did being a Loon Officer instantly translate to making big bucks? Look at the bank distribution channel, those guys/gals make a decent living but they're certainly not knocking down the big bucks.

His site is down because the real estate market had a spring bounce, his properties skyrocketed in value and he was able to sell them, made a killing, and is at his new house in the south of France without WiFi access?

Libertarians blame themselves (“that was a bad idea to write that the head of the TSA was an idiot on a bag. I’ll learn from this and try not to do it again epically at a Raider game where I would have had my head bashed in”)…

So... the TSA, an agency composed of men and women who are supposed to be protecting us from terrorists, are of the same caliber of professionalism as Raiders fans.

Interesting point.

Peter P,

I'm hearing the options exchanges are starting a pilot program to trade in penny increments (select issues). Have you been holding out on us?

A bit more crushing of dissent:

Jonathan S. Landay
McClatchy Newspapers
Friday, January 26, 2007

WASHINGTON - Vice President Dick Cheney exerted "constant" pressure on the Republican former chairman of the Senate Intelligence Committee to stall an investigation into the Bush administration's use of flawed intelligence on Iraq, the panel's chairman charged Thursday.

In an interview with McClatchy Newspapers, Sen. Jay Rockefeller of West Virginia also accused President Bush of running an illegal program by ordering eavesdropping on Americans' international e-mails and telephone communications without court-issued warrants....

Long Island is so silly

http://www.nytimes.com/2007/01/26/nyregion/26long.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1169836686-jrXmJnFbiYCFiAWik9fRGg

Apparently only 2% of houses sold are affordable compared to 60% in 2000.

At first, that seemed worse than here - but then the reason was revealed:

In 2000, 60 percent of the homes sold on Long Island could be classified as “affordable” for families earning up to $100,000 a year, under the old rule of thumb that buyers should spend no more than 2.5 times their income on places to live.

I guess the NYAR (?) hasn't learned from CAR that you have to change the way you measure things yet.

eburbed Says:

> So… the TSA, an agency composed of men and
> women who are supposed to be protecting us from
> terrorists, are of the same caliber of professionalism
> as Raiders fans.

While the average (average not every) IQ of Rader fans is at least one standard deviation below the mean it is well above the average IQ of the people working for the TSA (and most other “government” jobs)…

I’m hearing the options exchanges are starting a pilot program to trade in penny increments (select issues).

Good news.

My friend asked me if he should sell a whole bunch of 0.05 calls near expiration.

It reminds me of russian roulette. LOL!

Oh, is it bad that I feel like celebrating?

SQT, welcome back.

Why is it bad that history unfolds as we have predicted? ;)

I don't get it, why doesn't Casey just sign up somewhere else, pay by paypal (no credit worry), and remove the offending link? He can then repoint his DNS at the new site.

Supposedly he is an internet professional, is this technical manouevre beyond him?

I pay around $10/month for a basic hosting account. Shouldn't he just move his back-up files across to a new inexpensive host?

Casey already lost data earlier when he didn't back his site up properly - let me guess, he still wasn't doing that?

SFWoman Says:

> FAB, I would also question your assertion that
> this describes a libertarian: “Libertarians blame
> themselves (“that was a bad idea to write that the
> head of the TSA was an idiot on a bag. I’ll learn
> from this and try not to do it again epically at a
> Raider game where I would have had my head
> bashed in”)…”
> I would say that is more of a description of a conformist.
> I can’t really imagine a libertarian would be quite so
> ready to give up unpopular speech for the convenience
> factor.

I’m not saying that Libertarians are conformists I’m just saying that they tend not to blame others for their problems or the situations they get in. Most Libertarians want to make pot legal and in college I was the only Libertarian I knew that was not a regular pot smoker. I was also probably also the only Libertarian on campus that wore Topsiders (remember that this was over 25 years ago when they were kind of in style). Libertarians love to argue but unlike Liberals who want the people that disagree with them kicked off campus for “hate speech” they will suck it up and go back for more knowing that they control their own life and they don’t want to get in to arguments they should not wear the “Legalize Pot” T-shirt to their job tutoring kids at the local public school. I bet we don't have even a single Libertarian that complains to the Government about gatting "tricked" in to a Neg. Am. IO loan...

FAB,

I just think that avoiding saying things because they can cause trouble is a form of conformity that is quite dangerous in that it subverts the checks in a functioning democracy.

I too find the blame game and cult of victimization despicable, but I don't think it is only the liberals who are using it now. Look at the legions of evangelicals who are crying discrimination when they aren't getting their way. I think my favorite were the judge and congressman who wanted the ten commandments in all public courthouses and buildings. The Daily Show and Colbert report had some hysterical pieces on them.

I just think that avoiding saying things because they can cause trouble is a form of conformity that is quite dangerous in that it subverts the checks in a functioning democracy.

I disagree. Libertarians "avoid" saying things because they believe there exists freedom in other people as well. I am sure most of them actually have opinions about things.

Peter P.,

Most people I know who are Libertarians are opinionated and feel quite free to speak them. Not voicing your concerns about government wrongdoing is a pretty dangerous thing, IMHO. Democracies require that people do put checks on government.

Anyway, one of my favorite "Better Know a District" segments, with Congressman Lynn Westmoreland:
http://youtube.com/watch?v=xzeYVKuL_LY

Gotta weigh in with SFWoman on the free speech issue. Free speech is just that --the right to be a complete asshole if you want to and say things that make other people uncomfortable. And it's essential that it be protected for any functioning democracy. Otherwise, what good is it? Every country protects the right to *socially acceptable* and *polite* speech, even the Taliban. Of course, that's as long as the Taliban gets to determine what constitutes *socially acceptable* speech.

Oh, and I agree there are extremists on either end of the spectrum that want to crush it --PC lefties that don't want any "minority" group offended, and RaptureReady types that don't want us to read any book other than the Bible.

How desperate can they possibly get? This would actually be a great deal if the bankruptcy laws were more lenient. Live free for 2 years and then declare bankruptcy! Rinse and repeat!

Of course, sometimes there are negative legal consequences for saying things that cause harm to other people --such as slander, libel & physical threats. But aside from that, you're still free to be a complete asshole. And that's the way it should be.

But aside from that, you’re still free to be a complete asshole.

I agree. Animals have no rights! ;)

allah,

Kind of wondered about that one myself. It's plastered all over C/L! What's odd, with all the saber rattling about mortgage fraud is that this guy is very openly offering HUGE "cash back" offers! Now that this has been properly identified for what it is (blatant theft) the last refuge of the specuvestor has been shut off.

The pictures make it look very nice though, thanks.

Completely OT, but Microsoft has really cool birds-eye photos from 4 angles for most of the Bay Area. I don't know how long it has been there, but it is new to me. It is really cool, so I thougth I'd share:

http://maps.live.com/

You can really get a good view of the neighborhoods in San Francisco.

The pictures it has of shoreline amp shows a concert in progress:

http://tinyurl.com/32f2ce

From the casey thing:

Nigel, yes you can definitely publish. I sent the following message to
Keith of HousingBubble and louminatti guy too. And I posted a comment on Robert Cote's blog. That should be enough to let people know what's going on.

Robert has a blog?

Here’s the full story on why Casey’s site is down…

Casey's site is not down, I've just been there.

DinOR,

Yes, I picked that up from C/L. I read into it and they have 3 different plans. The first plan is no payments and no taxes for 4 years. Now had I not any assets or excellent credit, I would have been all over this like hair on a
gorilla! 4 years free living and then just walk away!

allah,

It's just incredible the lengths people are going to keep "this thing of ours" alive isn't it? The rental guarantees are pretty hysterical too! Like getting decent long term renters is as easy as calling room service? Oh this I GOTTA see.

I don't get that ad.

What's the upside for the seller?

Even if the current administration is guilty of suppressing the truth, it is a far cry from the repression experienced by, say, a political dissident in a Chinese prison.

Whoa, easy there. This is bordering on Godwin's Law.

http://en.wikipedia.org/wiki/Godwin's_law

That's like saying "Well, compared to the Sun, there's no global warming here."

A better comparison would be USA 2007 vs... say USA 1997... or even USA 1987.

I don’t get that ad.

What’s the upside for the seller?

The seller gets the place sold. What they do is sign you up for a loan that is larger than the purchase price (enough to carry mortgage and taxes for 2 or 4 years). That extra money that you get back (which is really more money that you borrowed), you put aside in an account to make the payments. It's just another way of getting you to overpay for the place, but seem like it's a great deal. It's not, but if you don't have anything to lose, you can just walk away at the end of the free period....but then again, if you don't have good credit, they probably can't get you that deal. A deal like this would appeal to the how-much-a-month crowd; the whole thing is a fraud, it's amazing that they haven't been busted yet.

SP,

Tee shirt man was crude, but there's the slippery slope issue. I normally find the slippery slope argument annoying, but I do think that is how our particular society could evolve into one in which the only free speech would be that which agrees with the administration's, or is politically correct. Accusing people of being unpatriotic or of endangering our society because they don't agree with the government is definitely a suppression of dissent.

I've seen perma-bulls do that on this site. "Why do you want the country to fall to ruin by wishing for a housing crash?" or the attempted shame "You renters are just jealous at everybody else's good fortune in the real estate run up." Or the pegging you as an outsider "What, you don't want/need to be part of the American Dream(TM)? What's wrong with you?"

I say when we see the thought/speech police come out for any reason, be they fascists or politically correct types (who I am sure are using their PC ideology more for personal gain than any sort of real equality fix) we call them on it.

SFWoman,

your point is well taken. What's wrong with a little bit of disagreement? This was set up as a democracy.

Free markets can't operate without bulls and bears anyway.

Rome was set up as a republic, just like the US (even if their ideas about citizenship were different). Mind you, look at what happened to Rome in the long run...

SP Says:

> I saw in Valley Fair wearing a “shut up
> b*tch” t-shirt. SFWoman Says:

Then SF Woman Says:

> SP, Tee shirt man was crude, but there’s the slippery
> slope issue. I normally find the slippery slope argument
> annoying, but I do think that is how our particular society
> could evolve into one in which the only free speech would
> be that which agrees with the administration’s, or is
> politically correct.

Not to pick on Raider fans today, but last season at a Raider Game I saw a “I Left the Bitch at Home” T-Shirt and on the way out of the parking lot I saw a guy on a Harley with an “If You Can Read This, The Bitch Fell Off” T-Shirt…

I am not offended by anything (many people have tried to come up with something, but I really don’t care what others do, wear or say). I just wish that people would worry more about their own life and do their own research (so they can worry less about people that tell them real estate always goes up, or a stock is a “sure winner”)…