HARM

joined 2005 Jul 4, 11:42pm   119 posts   4,785 comments   follow HARM   ignore


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Patrick.net threatened with "Irrelevance"
by HARM on 12 Jun 2007  85 comments, latest 7 years ago
Patrick.net's housing bubble blog today faced perhaps the greatest threat in its 2+ year existence when a newcomer named "Busted" posted the following: Busted Says: June 12th, 2007 at...

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Are you a 'Fair-Weather' capitalist? (cnbc.com)
by HARM on 27 Aug 2007  201 comments, latest 8 years ago
First came Jim Cramer's incoherent rant on the hedge fund/Wall Street meltdown, then came Bill Gross's semi-coherent plea to POTUS for a federal bailout of his struggling PIMCO bond...

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Favorite Realt-whore Cliches
by HARM on 4 Mar 2006  111 comments, latest 8 years ago
It’s not a house it’s a home. Buy now or you’ll be priced out forever. Renting is just throwing your money away. You have to live somewhere. They’re not making...

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Appraisal Fraud
by HARM on 26 Aug 2005  41 comments, latest 8 years ago
Intense pressure is being brought to bear on honest appraisers to inflate their estimates by greedy, reckless lenders and Realtors, who just want to close the deal –and damn the...

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Poetic Justice strikes Banksters: Judges say, "No tickee, no forclosee." (bloomberg.com)
by HARM on 22 Feb 2008  146 comments, latest 11 years ago
Judge Smales: "You'll get nothing and like it!" Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish Some highlights: Feb. 22 (Bloomberg) -- Joe Lents hasn't made...

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Charts, Charts, Charts! (financialsense.com)
by HARM on 11 Jul 2007  121 comments, latest 12 years ago
We all know that a picture is worth a thousand words, and I believe this is also true of charts and graphs. A well designed chart has a way of...

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Schwarzenegger announces deal to FREEZE adjustable rates for state's "highest-risk borrowers" (sacbee.com)
by HARM on 20 Nov 2007  129 comments, latest 12 years ago
Sacramento Bee: "California lenders agree to freeze rates" In an unprecedented move designed to save thousands of California homeowners from foreclosure, Gov. Arnold Schwarzenegger announced a deal Tuesday with...

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Beware of the "Careful What You Wish For" crowd - The Bubble's implosion is good for working class people
by HARM on 7 Mar 2008  150 comments, latest 13 years ago
Lately, The Gloom-n-Doom here seems a bit thicker than normal, even for a grizzly bear such as myself. Yes, pain from the HB implosion & MEW withdrawal is spreading...

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Phase 2 of the Real Bailoutâ„¢ is here (bloomberg.com)
by HARM on 27 Feb 2008  273 comments, latest 13 years ago
Fannie Mae, Freddie Mac Portfolio Caps Will Be Lifted (Update2) Phase 1 : Congress raised the GSE (Fannie and Freddie) conforming loan limit from $417,000 to $729,000. Phase 2...

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Rise of the Bandos!* (usatoday.com)
by HARM on 19 Feb 2008  201 comments, latest 13 years ago
*pun courtesy of CalculatedRisk Intractable social problem: meet opportunity. Some homeless turn to foreclosed homes There have been several posts from yours truly contemplating this very idea, and now it...

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Counterparty risk and bubble hedging (calculatedrisk.blogspot.com)
by HARM on 20 Dec 2007  94 comments, latest 13 years ago
While the sheer volume of bubble/hedge fund/MBS-CDO implosion stories appearing in the news daily nowadays, it can be difficult to pick out the "pearls" among the pebbles, or the...

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Lennar decides to "mothball" new O.C. development; local squatters and meth dealers jubilant (online.wsj.com)
by HARM on 15 Nov 2007  196 comments, latest 13 years ago
Wall Street Journal: "Home Builders Opt for Mothballing" (subscription required) Free re-post “As the glut of unsold home remains stubbornly high and housing demand slides, home builders face a...

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Bloomberg to WaMu: "Be careful what you wish for" (bloomberg.com)
by HARM on 8 Nov 2007  161 comments, latest 13 years ago
Bankruptcy Law Backfires as Foreclosures Offset Gains (Update1) Nov. 8 (Bloomberg) -- Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets...

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Bill Gross insists Fed charter includes propping up housing bubbles (today.reuters.com)
by HARM on 5 Nov 2007  141 comments, latest 13 years ago
PIMCO says housing delinquencies to rise into 2008 NEW YORK, Nov 5 (Reuters) - The Federal Reserve will have to cut its federal funds target rate to prevent a...

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Grapevine Realtors haggle over who has the most Foreclosures (mountainenterprise.com)
by HARM on 2 Nov 2007  47 comments, latest 13 years ago
Mountain Enterprise: "Foreclosures May Not Impact Mountain As Badly As Bakersfield" The Mountain Enterprise. “Kathy Flick’s job is to compile all the notices of default that are recorded with...

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Tan-Man pleads for more government "help" to ease lending (while still under SEC Investigation) (dailynews.com)
by HARM on 30 Oct 2007  130 comments, latest 13 years ago
LA Daily News: Foreclosures, housing slump hurting California economy “‘The problem we are seeing now is that first-time homebuyers can’t get into the market,’ Mozilo said. ‘This is the...

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F@ck the Rich — Let’s Tax the $hit out of them
by HARM on 19 Jul 2007  254 comments, latest 13 years ago
We've often had lively debates here at Patrick.net about tax policy (flat tax vs. progressive tax, taxing wages vs. passive capital gains or consumption, what constitutes a "luxury" good...

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Why some market regulation is necessary and good for the economy (money.cnn.com)
by HARM on 30 Jul 2007  126 comments, latest 13 years ago
We've had many posts on Laissez-Faire, anarchic capitalism vs. regulated markets here before, and I'm sure we'll have more in the future. Just saw this gem today (nod to...

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Patrick.net Homebuyer Facing Starvation!
by HARM on 14 Jul 2007  54 comments, latest 13 years ago
Due to privacy & security concerns, I am unable to show you an actual street-front photo of Surfer-X's used house, so a 6-year-old nephew obliged with an artist's conception:...

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'Game over' for FL flippers counting on rising rents to bail them out. (thehousingbubbleblog.com)
by HARM on 17 Jul 2007  87 comments, latest 13 years ago
Thanks to Ben Jones at the Housingbubbleblog for posting this delicious, glorious link. Life is sweet for North Port renters A massive supply of vacant homes in the city...

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Bakersfield Californian eliminates 12.5% of staff due to 'decline in real estate advertising revenue' (bakersfield.com)
by HARM on 27 Jun 2007  48 comments, latest 13 years ago
Source "A steep but cyclical decline in real estate advertising has forced The Bakersfield Californian to eliminate 40 positions, 10 of them through layoffs, company President and CEO Richard...

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Haterz™ win - Snowflake throws in the murse (iamfacingforeclosure.com)
by HARM on 31 May 2007  118 comments, latest 13 years ago
*(Update - 06/12/2007): On June 6th, Snowflake brought the blog back (surprise, surprise!), with a vague and unspecified claim of having been "forced" to bring it back. A couple of...

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So long, David! (rancid-truth.blogspot.com)
by HARM on 15 May 2007  241 comments, latest 13 years ago
A Farewell to (option-)ARMs David Lereah has officially vacated his post as chief shill, propagandist, economist for the NAR. Needless to say, we're really going to miss him here...

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"Real Financial Heroes" needed in CA! (contracostatimes.com)
by HARM on 10 May 2007  246 comments, latest 13 years ago
Housing woes to continue, expert says Economist says downturn could weaken state's financial future Contra Costa Times 05/10/2007 “The malaise in California home building will hound the state for...

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Spring Broke 2007! (money.cnn.com)
by HARM on 24 Apr 2007  190 comments, latest 13 years ago
So far, looks like SP wins the "best successor to Robert Cote's 'Silent Spring, 2006' award! (Well, technnically he has to share some of the credit with Nathaniel Welch,...

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All About Wealth Disparity (morganstanley.com)
by HARM on 21 Apr 2007  219 comments, latest 13 years ago
One of the topics that has kept coming up over the 2 years of this blog's existence is wealth and income disparity. It's pretty obvious from a number of...

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Evil Buyers Display Extreme Cruelty to Distressed Sellers (kcchronicle.com)
by HARM on 17 Apr 2007  547 comments, latest 13 years ago
Sadistic, Greedy Buyers Toying with Sellers Like Cats with Prey* Copyright © 2007 UnReality Times®. All Rights Reserved. by David Lereah, Leslie Appleton-Young and John Karevoll As the alleged...

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Strawberry Picker Buys $720,000 House on $15,000/year Income (sfgate.com)
by HARM on 13 Apr 2007  336 comments, latest 13 years ago
This is not a joke. Strawberry Picker Buys $720,000 House on $15,000/year Income HARM P.S. Sorry about the lazy post. I didn't have time to come up with something...

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New MBS Liability Law: Good or Bad Idea? (bloomberg.com)
by HARM on 10 Apr 2007  248 comments, latest 13 years ago
Mortgage Bondholders May Bear Subprime Loan Risk Some excerpts: The top Democrat and Republican on the House Financial Services Committee said investors in mortgage bonds should be liable for...

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Refinance = Debt Forgiveness
by HARM on 6 Apr 2007  143 comments, latest 13 years ago
Please help me out here, but I'm struggling with a new concept I can't quite seem to get my mind wrapped around. Apparently, at some point in the recent...

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Gallery of Unlikely Bubble Victims (lennar-homes.info)
by HARM on 29 Mar 2007  220 comments, latest 13 years ago
One of the more interesting side-effects of the housing bubble's collapse is its ability to produce victims from some rather unexpected places. For example: Lennar Corporation, one of the...

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The Galindo Mystery (sfgate.com)
by HARM on 8 Mar 2007  221 comments, latest 14 years ago
Most of the posts here tend to pretty much revolve around posting housing/economic news stats, debunking REIC propaganda, ranting about the NAR/Fed, sharing stories, parodying ignorant FBs, etc. This...

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Ben Jones & Patrick: Psychics or Super-Geniuses? (nytimes.com)
by HARM on 6 Mar 2007  179 comments, latest 14 years ago
As the rolling bubble crash gathers steam, and even formerly hostile MSM sources now reluctantly admit the bubble --and its bursting-- is undeniably real, one question remains: how did...

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DavidLereahWatch almost makes DL's mom cry (money.cnn.com)
by HARM on 1 Mar 2007  196 comments, latest 14 years ago
CNN Money/Fortune Interview with David Lereah: "Mr. Real Estate: 'All systems go, pockets of pain'" Q: You've been accused by the blog David Lereah Watch of being too bullish....

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Wells Fargo's COO: "we never get into the chain of ownership" (ml-implode.com)
by HARM on 12 Feb 2007  128 comments, latest 14 years ago
Over the past 18 months or so of regular posting here, I've taken a considerable amount of flack for my criticism of MBS/CDO debt instruments as being a primary...

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Please help the REIC! (ml-implode.com)
by HARM on 8 Feb 2007  301 comments, latest 14 years ago
Please help the REIC and banksters! (for those unfamiliar with the term, please refer to the Housing Bubble Glossary). They need our help. Signs their beloved mega-global housing/credit bubble...

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Don't Panic! (thehousingbubbleblog.com)
by HARM on 7 Feb 2007  278 comments, latest 14 years ago
Inspired by Rainman18 (from Ben Jones' blog): Expect real estate prices to decline in the coming year Redlandsdailyfacts.com posted 02/06/2007 Attention everyone: "When put into perspective of a 10-year pattern,...

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The limits of "Caveat Emptor" (en.wikipedia.org)
by HARM on 25 Jan 2007  239 comments, latest 14 years ago
Quite a lot of debate among us Amerika-and-success-hating Patrick.netters has focused on where to lay the responsibility for the current housing bubble crash (which doesn't exist, btw). For most...

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Putting a Stake through the Heart of the "Rents are going to Shoot up" Myth (sacbee.com)
by HARM on 19 Jan 2007  113 comments, latest 14 years ago
Ok, it's official. We can finally put to bed one of the perma-bull/Trolls' favorite myths: rents are not about to shoot up and correct the price-to-rent imbalance all by...

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Housing Bubble Haiku
by HARM on 3 Apr 2006  245 comments, latest 14 years ago
:mrgreen: Courtesy of Zen Master HARM :mrgreen: ©2006, all rights reserved Please feel free to post your own "pearls of wisdom"... (FYI: traditional Haiku uses 3-line stanza; 5-7-5 beat...
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