Sunday, July 27, 2008

Bush to the Rescue

George W. Bush, President of the USA
Remeber G-Dubs homeownership plan...
A Home Of Your Own:Expanding Opportunities for All Americans
From the executive summary:
- Aggressively developing new mortgage products so that conventional market alternatives are available to combat the predatory loan products that are disproportionately targeted to minorities;
- Creating new mortgage products to meet the unique needs of recent immigrants

Ahhhh, yes, the American dream. But wait,... what happened???
Bush offers help to troubled homeowners
U.S. at risk of recession from housing

2007-12-05: Bush set to unveil plan to battle mortgage crisis
2007-12-05: Subprime Rate Five-Year Fix
Pass the Dutchie on the left hand side
It a gonna burn, give me music make me jump and prance
It a go done, give me the music make me rock in the dance
2008-07-26: Bush: Wall Street has 'hangover'

Bush: We want everybody in America to own their own home

Saturday, July 26, 2008

Christian Dunn

Christian Dunn, Baltimore Realtor
Here's another delusional realtor, unwilling to accept the stark reality that the REIC over the past few years was a farce; it was built on loose lending practices and fraud by all parties involved. He gets the induction nod for his shameless comment against a Baltimore Sun reporter who was simply reporting facts.
Dunn Bio

Did 2008 "prove to be the year of the wise homebuyer" in Baltimore, yet?

2008-07-25: The Real Estate Wonk

Comment at Baltimore Sun Blog:
Please report on the local housing market. Baltimore is not South Florida... Baltimore has a bright future.... and YES, I am tired of your grim news.

Jamie, your reporting is lack luster and poor. It rarely if ever shows the true picture of Baltimore Real Eatate and the economy. I dare you to go to South Florida or the big Bubble states and try to compare those econmies to ours. You would be a fool to even try. Baltimore does not reley on $6 an hour jobs, or retirees - O'M has made sure of that... 20 somethings get out of college and can expect $40+k a year jobs, that does not happen in Florida or Arizona.
YES, we are tired of the you and L.M. repoting bad news. It often seems like you had a bad experience and report it as such. Baltimore is not a bad place, I don't care if you grew up in the 'burbs and have negative predisposition towards this city and if you are a "know it all." This town is going to make it with or without you.

Sorry to be a b**ch. But you and the unfriendly folk need to go back to the 'burbs. If you can't appreciate history, progression, environmental sound ways to lives, strong communities, than piss off. Yes, we are tired of it! It is a bore.

On the other hand you could stand strong and report on the good news... 1st of all we have more newly weds and parents in the city who pay high taxes and would like to stay but can't because of all the BS the Sun reports!

How many men say, "Sorry to be a bitch?" WTF!

Here is a comment from Chrissy's Blog:
In Baltimore 2008 will prove to be the year of the wise homebuyer, by 2009 we will begin to see a streak of prosperity that has not been seen in the city for decades.

Chrissy on The Media:
The media is full of S**t! From my experience these so called experts know very little and make broad generalizations. The local reporters clearly don't live in the city and use statistics that only takes me seconds (literally) to find. The Sun is the worst at relaying any information of value. When I speak with other Realtors we don't B.S. each other. Here is what we all agree on:
1. It is a good time to buy
2. The media will not tell you to buy until it is too late
3. We all have postive feelings on the Baltimore economy and development

None of us understand why buyers aren't buying. In truth it is dumbfounding us all.

This guy is still deeply drinking the Kool-Aid. Gee, realtors that have "positive feelings" on the economy. Good enough for me--I'll take the $700,000 condo, 0% down with the Option ARM. And what about, "it is dumbfounding us all". What is difficult to understand? Easy money is gone. They're no longer giving $700,000 loans to Strawberry pickers.

Monday, July 21, 2008

Henry 'Hank' Paulson

Hank Paulson, U.S. Treasury Secretary
The housing bubble was created by greed, foolishness, and stupidity, yet here comes the government attempting to keep the bubble from deflating using more stupidity.

"Where will the money come from?"

2007-11-30: Hank to the rescue! (courtesy Motley Fool)
Hank Paulson's latest plan to protect homebuyers from their own mistakes is simple: Lenders extend those teaser rates for a few years. It's a win-win, right? What's the harm, especially when there's no bill to pay? You just reset those interest rates to low levels, and everything will be fine, right?

By rescuing greedy and naive borrowers from their mistakes, our government encourages others to take big, stupid, bankruptcy-inducing risks, secure in the knowledge that the government will bail them out when times get rough. That means trillions of dollars in capital will be ill-invested yet again, something that's much less likely to happen when speculators are made to suffer the consequences of their behavior.

Saturday, July 19, 2008

Timothy Kingcade

Timothy Kingcade, Foreclosure Lawyer Extraodinaire
They purchased houses they could not afford. They helped prop up the housing market and grow the housing bubble. They HELOC'd their way to a higher standard of living. But what do they do when faced with foreclosure and eviction?... They hire the lawyers to save delay the day--moving day, that is! What the hell; extract every last free dime you can get from the deflating housing bubble.

Audio: Tim Says

2008-07-18: Foreclosure defense buys homeowners time
Homeowners facing foreclosure are hiring lawyers to defend them in court against their lenders, during which time they can stay in their homes without paying a cent.

Although the chances of ultimately keeping a foreclosed home are slim, for $1,500 to $3,000 some lawyers are offering to defend borrowers in court, causing the wheels of justice to turn more slowly.

Duking it out can add months and sometimes years to a foreclosure process that in Florida already takes an average of seven months to complete. Homeowners can use the extra time to save for a move, sell the house or mull other options.

Investors can continue collecting rent from tenants, recouping at least some of their losses.

''I hold the banks to their burden of proof in court,'' Kingcade said. ''Of course justice isn't doled out in a day. It takes sometimes six, eight to 12 months for that to happen,'' Kingcade said.

Sunday, July 13, 2008

Tobin Smith

Tobin Smith, Changewave Research

Listen to this guy! Spin it, pump it, and whitewash it to the bitter end.
He keeps saying:
"We have to inject some capital." - - - Capital from where, jackass???

Asked from where, he says:
"But the capital can come back."

Huh? From where???

And these gems,
"We're in a normal economic maelstrom." Huh?!
"If you're making the bet that the American homeowner is going south... that's a bet I'm not going to take, because they're not going to do that."
-------- FAIL!! --------
Schiff 9, Realtors/Analysts 0

Friday, July 11, 2008

Michael Perry & Indymac

Any questions?...

Michael Perry, CEO Indymac Bank
Yeah, Alt-A is "not" a problem. Welcome to the Hall of Shame® you lying sack of shit.

IndyMac, back on TOP!
(see 2008-07-07)
errrrrr... or is that bottom. BWAHAHAHA

2007-03-15: IndyMac Calls Its Exposure to Subprime Market `Small'
2007-03-29: IndyMac Say Subprime Woes Won't Spread
2007-04-26: IndyMac First Profit Drop Since 2004 on Defaults
2007-06-11: IndyMac Reports $202.7M Loss on Late Payments
2007-07-31: IndyMac's Net Falls 57 Percent as Defaults Surge
Chief Executive Officer Michael Perry has said loans made by IndyMac, which caters to so-called Alt-A borrowers who fall just short of standards for top-rated loans, are 17 times less prone to default than subprime mortgages. Shares of the company had dropped 52 percent this year before today on concern rising defaults on loans made to the riskiest borrowers would spread to the types in which IndyMac specializes.

``Those of us at IndyMac get a little sick of hearing Alt-A is near subprime,'' Perry said on a conference call with analysts. The mortgage industry's losses from Alt-A loans are about 1/12th the rate on subprime loans, he said.

2007-11-06: IndyMac loss dwarfs own forecast
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, posted a quarterly loss on Tuesday that was more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in demand to buy its home loans.

2008-01-15: IndyMac slashes 2,403 jobs
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.

Chief Executive Michael Perry announced the cuts in an e-mail to employees, three months after he had said the Pasadena, California-based parent of IndyMac Bank was "largely done" with staff cuts. "The reality is that since October 12 conditions have gotten worse," Perry wrote.

2008-06-26: Concerned over IndyMac stability
NEW YORK (Associated Press) - The possible collapse of big mortgage lender IndyMac Bancorp Inc. poses significant financial risks to its borrowers and depositors, and regulators may not be ready to intervene to protect them, Sen. Charles Schumer, D-N.Y., said Thursday.

Shares of Pasadena, Calif.-based IndyMac, which already have tumbled nearly 95 percent over the past year, dropped 28 cents, or 26 percent, to 79 cents in trading Thursday. They lost another cent in after-hours trading.

2008-07-07: IndyMac stops new loans, to cut work force by half
Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force.

"In light of the current environment and related deterioration of our financial position since last quarter, we have been working closely with our federal banking regulators with respect to the actions that they and we must take to meet our mutual goal of keeping IndyMac safe and sound through this crisis period," Perry wrote.

* Special thanks to Housing Panic for the reminder of these bald-faced lies.

Wednesday, July 9, 2008

Jason and Teresa Olive

Is there something fishy about this story??

2008-07-09: Programs to prevent foreclosure don't guarantee success

Comment posted at the story:
Actually it's not hard to find the whole story, too bad the sentinal does not research the whole story. Their house was purchased in 12/02 for 210k with a 178K fixed mortage, refi 4/04 for 237K fixed, than refi 8/05 for 274K ARm to put in a 42K pool.
Comment posted by Teresa Olive (possibly):
Many of you are right, when we purchased our home, we could easily afford it. We took equity out, but then again, so did millions of others. No one, not the banks, the fed, even you smug types who are so quick to judge, could foresee our housing mess. If they could, If I could have, I would have known to not use any equity. I know I am not the only person who did.... live and learn. Of course we tried to adjust, we gave up expensive car payments, sold equipment and bought cars with cash to avoid a payment, used our savings to pay our employees and workman's comp.... never received government aid of any kind.

11006 Lake Katherine Cir
Clermont, FL
Listing Website

For Sale: $329,000

Sale History
10/31/2003: $671,000 << (Not shown on Zillow, see Trulia)
12/03/2002: $210,000
10/30/1998: $162,500

Sunday, July 6, 2008

Mark Lepzinski

Mark Lepzinski, Investor/Flipper/Flopper/Jackass
It took all sorts of people to blow the bubble up to its fullest potential. Here's a "victim" of that blowing.

2007-08-18: A familiar name pops up in a real estate deal
At the peak of the Tampa Bay area's housing boom, Mark Lepzinski urged fellow real estate investors to "Buy, Buy, Buy."

Lepzinski's own investments, though, didn't fare too well. By July, the former Merrill Lynch financial adviser and his wife had nine properties in foreclosure proceedings and were about to default on a big balloon mortgage.

Yet even as home sales plunged and lending standards tightened,
the Lepzinskis managed to find a buyer for one of their properties: an 82-year-old man whose son worked with felon loan officer Victor Clavizzao.

As for Lepzinski, the July 23 transaction was the latest in a series of houses he has sold in the past year to people connected to Clavizzao.

Asked if he wanted to comment, the 49-year-old Lepzinski said: "Why would I?"

2008-07-06: Market leaves housing flippers flopping
After 36 whirlwind months buying and selling dozens of homes throughout the Tampa Bay area, Lepzinski, 50, declared bankruptcy this year. Debts: $1.55-million.

But, as Lepzinski puts it, "when you fall off the horse, you get back up.'' He's still pitching property and urging others to invest in real estate. And as a former employee of Merrill Lynch, he's also touting his experience as a "private financial adviser.''

Would anyone want advice from a person who lost several houses to foreclosure and ended up in bankruptcy court?

One of his earliest deals showed the addictive appeal of "flipping'' that lured thousands of investors and speculators into Florida's then-torrid real estate market. In June 2004, Lepzinski bought a duplex in Madeira Beach for about $153,000. Less than three months later, he sold it for $409,900.
(Bubble? What bubble?)

"If you had a lot of homes, they went down in value,'' Lepzinski says. "I wish I didn't have that many houses before the fall.''

'I'm the victim'

On Feb, 23, the Lepzinskis filed a Chapter 7 liquidation bankruptcy. Their petition listed nine properties on which the lenders had foreclosed, repossessed or taken the deed in lieu of foreclosure.

Contrary to the image Lepzinski cultivated of successful real estate investor, his petition showed no income for 2007 and negative income of $151,577 in 2006. Even at the peak of the boom in 2005, his income was minus $218,320.

In all, the Lepzinskis owed $1,547,705, including nearly $190,000 in credit card debt to American Express, Target, Home Depot and others. Among their individual creditors was a neighbor who had loaned them $97,800.

"You make me out to be evil and I'm the victim — am I not the one who went into bankruptcy?'' Lepzinski asks a reporter.

Thursday, July 3, 2008

Terri Campbell

Terri Campbell, Eastern Investment Advisors

Terri on Peter Schiff's housing and economy predictions...

"I disagree with his assumptions, and also his conclusion, obviously."
Campbell: There is no evidence of a nearing recession.
-------- FAIL!! --------
Schiff 8, Realtors/Analysts 0

September 18, 2007