patrick.net

@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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....
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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