patrick.net

Chris Thornberg quoted in the San Francisco Chronic-le
http://tinyurl.com/387q5a

"We're going through the painful transition toward pricing that is realistic and we're nowhere near that (yet)," said Christopher Thornberg. "Even though your local real estate agent will tell you, it's OK in this neighborhood or it's a wonderful time to buy because interest rates are low, all that's wrong. If you're buying into this market, you're overpaying."

Gangsta ass niggaz don't buy cribs
Cuz gangsta ass niggaz don't buy to flip.
Everything is cool in the mind of gangsta,
Cuz gangsta-ass niggaz think deep.

And all I gotta say to you
Wannabe, gonnabe, cocksuckin', pussy-eatin' prankstas
Cuz when the bubble dies down what the fuck you gonna do
Damn it feels good to be a gangsta...

SP over in Europe going to another country is like going to another state here. Over in England they all get a month off vacation, called the "hols" for holidays, and they go over to Europe and get drunk and raise hell for a month.

The only time I was a month out of the US was courtesy of the US Army and all I got to know was the Korean woods.

I think you'll find the avg. American knows quite a bit about the states adjacent to theirs, that's the equivalent of knowing at least most of Europe, or more than that if you're talking about the Western states.

I'll Buy Your House If You Buy Mine
by Jennifer Levitz
Wednesday, February 13, 2008

Eager to move closer to their grandchildren in Tennessee, retirees Allen and Wilma Sawtelle put their home in the Southwestern Nevada town of Pahrump up for sale in August. They got nowhere. "The market is just dead," says Mr. Sawtelle. At their open house, he says, "I think one guy came, and he'd been drinking."

Poking around the Internet for home-selling tips, Mr. Sawtelle, a 71-year-old former investigator for a law firm, discovered that anxious sellers like him are trying a new tactic: connecting with other sellers who might agree to "swap" -- or buy one another's property. The Sawtelles found a couple who were looking to move to Nevada, and whose house for sale was within driving distance of their grandchildren.

http://finance.yahoo.com/real-estate/article/104429/I'll-Buy-Your-House-If-You-Buy-Mine;_ylt=AmBra1qH6R66w89ensBkcG1O7sMF

For example, the Guardian this morning revealed British High Court docs that showed that Prince Bandar, our good buddy from Saudi Arabia threatened Tony Blair with more terrorist attacks if his corrupt weapons deals were investigated.

Think you’re ever going to see that in our corrupt, gutless press?

Yes, here:
http://www.npr.org/templates/story/story.php?storyId=11069268

and here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/07/AR2007060701301.html

Do you really think that if W did a nasty, it would be hushed by US press, and not be exposed like Iran-Contra or Watergate?

Please unmoderate my 2:00 pm post

For example, the Guardian this morning revealed British High Court docs that showed that Prince Bandar, our good buddy from Saudi Arabia threatened Tony Blair with more terrorist attacks if his corrupt weapons deals were investigated.

Think you’re ever going to see that in our corrupt, gutless press?

Yes, here:
http://www.npr.org/templates/story/story.php?storyId=11069268

Other example in next post, two links tend to get moderated

and here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/07/AR2007060701301.html

Do you really think that if W did a nasty, it would be hushed by US press, and not be exposed like Iran-Contra or Watergate?

HeadSet,

Bush managed to hush the lie of the Iraq war for about 4 years before the MSM would tell the truth. It does not count what is on blogs and marginalized media. Joe Sixpack does not read them, and if he happened upon it he would be told that they are all a bunch of kooks.

As long as there is a delay in the truth coming out, tyranny will win.

The Iraq war public information campaign is complex, with numerous audiences beyond domestic. The "story" must sing with the average Iraqi citizen, throughout the Middle Eastern populations, with our European "allies" and their populations.

Do you publically come out and say its about securing long term oil supplies and profits for big oil; and profits and medals for our military and the complex? If our leaders were to come out and say these things in speeches we might see the whole Middle East blow up in our face, more so than it already is anyway.

Its interesting that much public opinion in the Arab world is based upon an understanding of US policy far beyond what our domestic population enjoys. Our MSM stuff triggers the "bullsh*t" meter over there. Not much rhetoric coming out of our exec branch relative to spread of "democracy" lately, but remember when I'd guess 99% of US population bought into that story hook, line, and sinker?

Sometimes the official cover story is necessary to achieve certain goals. Not trying to defend the ethics of the thing, or the importance of transparency and truth coming out of our public entities.

@Headset

That's interesting on the different approach down there on tax rate equation, this is completely new to me. Do you think that this was a political driven situation, where the elected's base of support came together based on the oldie but goodie, "cut taxes" mantra?

Sure we'll cut the tax rate, but unbeknowst to you voters we are going to base your future assessments based the data coming out of the national association of realtors. Gotcha.

NVR - US domestic media, the MSM here, is run by the You-Know-Hews

@NVR

Do you think that this was a political driven situation, where the elected’s base of support came together based on the oldie but goodie, “cut taxes” mantra?

No. Virginia law requires that localities use market value when assessing properties for tax purposes. However, the localities are allowed to lower rates. So when assessments and thus property taxes doubled, the local govs lowered the rates to give tax relief. Note though, that the rates were not reduced by half, but more like 10%-15%. My belief is that the rise in property values and assessments created a windfall for the local govs. I also believe the local govs will not see the eventual lower assessments as a loss of a temporary windfall, but as a loss of deserved revenue. I think they will drag thier feet on lowering assessments, but will not have a choice eventually. I was wondering how assessments were holding up in your area. I have notice that asking house prices in Prince William, Arlington, Alexandria, and parts of Fairfax have fallen noticeably.

Remember, Virginia is a "Commonwealth," so the localities only have powers specifically granted to them by Richmond, revokable at will. Richmond is currently using that fact to end the "proffers" that some counties use and force them to use "impacts". This means that the localities will have to pick up more of the tab for schools, sewer, and other services caused by new housing developments.

@justme,

I find it hard to believe that W controls the MSM.

W is however, an astute politician who can get a surprising amount of what he wants from a Democratically controlled Congress.

Even if the Congressmen were "misinformed" about Iraq, they had no business giving W or any other single individual the power to take us to war. The President is Constitutionally limited to merely asking the Congress to declare war. It is Congress that is Constitutionally required to make that call. Instead of cowardly passing on that responsibility, the Congress should have had debates and a vote count. IMO, every Congressman who voted to give W the royal-like power to declare war has shown him/herself unfit for office by having a blatant disregard for the most important check/balance in the most important document on Earth.

I got this email. Just wanted to show that how much Silly Con Valley software engineers are making:

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5+ to 7 years of experience

....
....

Theresa Stith
Account Manager
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ESR,

FOX news is not run by you-know-(?)ews. One of the most anti-Bush media personality since 2002 is Al Franken, who is a you-know-(?)ew.

I have one very very simple remedy to this W situation.

All Presidential candidates have to pass a public, third-party monitored IQ test. The minimum requirement is 100, really, we are not looking for a genius, we are just not looking for retards.

Headset,

>I find it hard to believe that W controls the MSM.

I must have used an ambiguous expression. I said that Bush "hushed the lie", not that Bush "hushed the MSM".

The MSM was perfectly capably of hushing itself, without any direct input from Bush.

Americans are just spoilt. How many people died in 911? Several thousand. Everyday, we have at least a thousand casualties around the world from genocide, war, or social unrest of different natures.

It was like, suddenly 911 was the biggest f*cking deal in the entire human history, we have to rally behind the President to show our patriotism (but actually we are just scared sh*tless because some terrorists may attack US soil, SCARY).

Put in perspective, 911 was just a major vandalism. Every time I hear any Presidential candidate mentioning 911, I am about to puke. Thank God Giuliani is game over, if he ends up duking out with Hillary, I may even vote for Hillary.

"Put in perspective, 9/11 was just a major vandalism."

What 'perspective' would you like people to have? If someone pushes your mother down a flight of stairs, do you want to be told "Don't be upset, it happens all the time to other people."?

9/11 upsets democrats because, for a brief second, they had to stop being cynical crybabies and actually wonder what life would be like without this country that they hate so much. They had to pretend to be patriots, and they squirmed.

I am done with this board. Every attempt at a logical discussion of the economy devolves into worthless garbage.

From this article:
http://tinyurl.com/2kck9s

As a striking example of the extent of the problem extending beyond subprime, the article quotes an example of a Don Doyle, a 52-year old computer engineer at Lockheed Martin, with a "stellar" credit score — and a mortgage of more than $740,000.

Hey, I think we found our man. The dude with the 740 Credit Score, and MINUS 740000 in the bank. Behold: Don Doyle, Real Bay-Area Real-Estate-Buying Man of Genius. :-)

@SP

The dude with the 740 Credit Score...

I thought 760+ was considered "stellar"? In my recent experience, realtors seem to involuntarily salivate when they see a 800+ FICO, though.

@HARM

Speaking of “ruthless” bankruptcies and people who “game” the system, how many times has a major U.S. automaker or airline repeatedly declared bankruptcy?

This is the logical outcome of the "financialization" of residential real estate. The REIC should not be surprised that they are now treated as just another counterparty in a business transaction, after touting these consumption goods as investments for so long. DinOR is understandably frustrated that the SEC has not been granted the mandate by Congress to regulate the REIC.

@Malcolm

I’ve said for a while that the IRS should be able to follow up on the income stated on a loan application...

What a great idea, and I'd like to expand upon that and see the following. Borrower declares income on mortgage application eventually re-packaged and sold to a GSE. GSE forwards SSN and declared income amounts to IRS, who compares to 1040. A discrepancy not only triggers an audit, but is kicked back to the GSE who forces the loan back upon the originator. If the originator is out of business, then one from among the Federal Reserve Primary Dealers (major merchant banks), existing originator companies, or MBS are selected at random and forced to carry the mortgage. A provisional entry about the discrepancy is created in the borrower's credit report. If the discrepancy is verified as fraud, then the provisional status is changed to verified credit fraud.

The verification is reflected back to county-level records, and a Notice of Credit Fraud is entered on the legal description of the property. Only once that Notice has been filed, is the owner of the mortgage allowed to file foreclosure proceedings and write off the loss; otherwise, the loss stays on their books and impairs their balance sheet quarter to quarter as bad debt that is still recognized as a taxable income stream until it is remedied.

All this would require no additional government agencies, only a few laws passed and policies at the GSE enacted to enforce the process. The industry would self-regulate in a big hurry if they were faced with taking on any loans that turn up as toxic waste.

I wasn't joking when I proposed loan-originators file a "1099-LOAN" at the beginning of this thread.....

When people would be audited under this program, they would not be permitted to do a "letter audit" but would have to physically go into the IRS office. Once there, they would be given two alternatives: pay back-taxes on the stated income amount, or Federal Marshals waiting in the next room would come in, clap them in irons, and hold them for fraud trials.

Great idea, Apostasy!

I wonder how many of the credit fraud investigations would implicate the originator along with the borrower.

I remember when for a loan on commercial real estate, the banks wanted to see your last 1040. Maybe that was before loans were so easy to pawn off.

All Presidential candidates have to pass a public, third-party monitored IQ test. The minimum requirement is 100, really, we are not looking for a genius, we are just not looking for retards.

Polls have shown that Americans have said that they vote for the president that they feel more comfortable sitting down and having a beer with.

So, to be fair to W, he's pretty much what America wanted.

"Penn and Teller…. yeah, ok, I can sleep soundly now knowing Penn and Teller say everything’s OK.
"Actually look up something called the Olduvai Theory if you want to know how things are likely to go. So far it’s right on track."

ex-sunnyvale –renter, that [Olduvai Theory] looks to be some scarey shite (!)—~2012 brown/black outs and it only gets worse from there? Yikes!

==

“No Costa Rica for me. That place is one invasion from all those ex-pats ending up in the stewpot. No, thanks.
Europe or “internal exile” which in Solzenityn-istic terms means I stay in the areas within the US where the Empire is weak. Boondocky places, you know?”

I hear ya. I’ve been to a few *really* remote places I wouldn’t mind getting back to—if the need arises ☺

Polls have shown that Americans have said that they vote for the president that they feel more comfortable sitting down and having a beer with.

Now imagine having a beer with HRC.

"Stifled, Egypt’s Young Turn to Islamic Fervor"

http://www.nytimes.com/2008/02/17/world/middleeast/17youth.html?ex=1360904400&en=a8c37abcb472a220&ei=5090&partner=rssuserland&emc=rss&pagewanted=all

It looks like the population-control-by-Prada is not working equally well in Egypt as it does in Japan and other more westernized places. Instead of pacifying the masses, it is turning them on to religious fundamentalism. At least if you want to believe the referenced article.

You're Invited . . . To Pay Your Mortgage
Lenders Get Creative to Reach Borrowers in Default

Mortgage lenders hunting for delinquent homeowners who have dodged their phone calls and letters are employing aggressive new methods to track them down, potentially making every knock on the door or fancy envelope seem like part of the pursuit. Even wedding invitations are suspect.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/15/AR2008021503405.html