HARM's threads


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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 16 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
by HARM on 27 Feb 2008   273 comments, latest 16 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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Poetic Justice strikes Banksters: Judges say, "No tickee, no forclosee."
by HARM on 22 Feb 2008   146 comments, latest 15 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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Rise of the Bandos!*
by HARM on 19 Feb 2008   201 comments, latest 16 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 ...

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Counterparty risk and bubble hedging
by HARM on 20 Dec 2007   94 comments, latest 16 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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Schwarzenegger announces deal to FREEZE adjustable rates for state's "highest-risk borrowers"
by HARM on 20 Nov 2007   129 comments, latest 15 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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Lennar decides to "mothball" new O.C. development; local squatters and meth dealers jubilant
by HARM on 15 Nov 2007   196 comments, latest 16 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"
by HARM on 8 Nov 2007   161 comments, latest 16 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
by HARM on 5 Nov 2007   141 comments, latest 16 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
by HARM on 2 Nov 2007   47 comments, latest 16 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)
by HARM on 30 Oct 2007   130 comments, latest 16 years ago
LA Daily News: Foreclosures, housing slump hurting California economy “â&#x 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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Are you a 'Fair-Weather' capitalist?
by HARM on 27 Aug 2007   201 comments, latest 12 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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Why some market regulation is necessary and good for the economy
by HARM on 30 Jul 2007   125 comments, latest 17 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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F@ck the Rich — Let’s Tax the $hit out of them
by HARM on 19 Jul 2007   254 comments, latest 17 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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'Game over' for FL flippers counting on rising rents to bail them out.
by HARM on 17 Jul 2007   87 comments, latest 17 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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Patrick.net Homebuyer Facing Starvation!
by HARM on 14 Jul 2007   54 comments, latest 17 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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Charts, Charts, Charts!
by HARM on 11 Jul 2007   121 comments, latest 15 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 ...

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Bakersfield Californian eliminates 12.5% of staff due to 'decline in real estate advertising revenue'
by HARM on 27 Jun 2007   48 comments, latest 17 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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Patrick.net threatened with "Irrelevance"
by HARM on 12 Jun 2007   85 comments, latest 11 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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Haterz™ win - Snowflake throws in the murse
by HARM on 31 May 2007   118 comments, latest 17 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 ...

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So long, David!
by HARM on 15 May 2007   241 comments, latest 17 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!
by HARM on 10 May 2007   246 comments, latest 17 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!
by HARM on 24 Apr 2007   190 comments, latest 17 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
by HARM on 21 Apr 2007   219 comments, latest 17 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
by HARM on 17 Apr 2007   547 comments, latest 17 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
by HARM on 13 Apr 2007   336 comments, latest 17 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?
by HARM on 10 Apr 2007   248 comments, latest 17 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 17 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
by HARM on 29 Mar 2007   220 comments, latest 17 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
by HARM on 8 Mar 2007   221 comments, latest 17 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?
by HARM on 6 Mar 2007   179 comments, latest 17 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
by HARM on 1 Mar 2007   196 comments, latest 17 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"
by HARM on 12 Feb 2007   128 comments, latest 17 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!
by HARM on 8 Feb 2007   301 comments, latest 17 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!
by HARM on 7 Feb 2007   277 comments, latest 17 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 ...

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The limits of "Caveat Emptor"
by HARM on 25 Jan 2007   239 comments, latest 17 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
by HARM on 19 Jan 2007   113 comments, latest 17 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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Patrick.net Photoshop Extravaganza!
by HARM on 14 Nov 2006   127 comments, latest 17 years ago
Ok, all you Photoshop wizards out there finally have a creative outlet. Please post links to any of your REIC/Bubble-themed masterpieces here. If you don't know Photoshop, no problem: ...

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Recipe for a "Soft Landing"?
by HARM on 10 Nov 2006   147 comments, latest 17 years ago
Some of you out there still seem to be under the mistaken impression that inflation alone can somehow magically bail out f@cked homedebtors (and no, I'm not talking about ...

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Unrealistic Sellers Face MLS De-Listing
by HARM on 9 Nov 2006   255 comments, latest 17 years ago
This anecdote was posted over at Ben's, and struck a chord. As high as inventory has already gotten in most places, I have to wonder if it would not ...
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