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Old 04-03-2008, 12:51 PM
58 posts, read 165,128 times
Reputation: 31


The feds just WROTE OFF 23 BILLION in bad bundled mortgage debt, see bear sterns collapse.

wrote off 23 billion in bad loans, lol
we got 23 billion in bads loans, uh jay, get me the white out to erase them.
I guess it's good to be king.

the only losers in this market are those who gouge, overcharge, and those who overpay, the price gougers got hurt and will continue to get hurt and those who over pay are just foolish.. and a fool and his money are soon parted..
the housing market will correct itself, prices will go down to FUNDAMENTALS, brick, lot, labor costs and material costs, taxes will decline in accord with corrected housing prices, assessments will be reduced due to streamline management and out-ing of corrupt gougers.
as for taxes, do we really need to pay 6 fat SYNCHOPHANT PATRONAGE white guys on county payroll, overtime 50 dollars an hour, to stand atround watching one mexican guy dig a ditch? and why do low level county employees need 6000 a month to retire, why can't they retire on 1000 a month like 1/3rd of retired americans? The county slob employee I know goes on 5000 -7000 dollar south american scuba diving trips a few times a year, on county taxpayers money, he stays at the most expensive hotels and blows money like a drunkin sailor new 68,000 suv's every year etc etc ....... money that over assessed homeowner taxpayers pay for. That type of waste will be cut.
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Old 04-03-2008, 01:07 PM
58 posts, read 165,128 times
Reputation: 31
by the by - 200,000 usa bank employees will lose thier jobs in 2008. I guess you get fired and lose your job if you write too many bad inflated loans overcharging and busting out home buyers.
I hope these fired cheesy criminal creeps do not get jobs in property management.
most of the price gougers and inflaters belong in jails, with jobs cleaning turlits, making eyeglass frames and license plates. that would help the econony. IMO
Where do fired price gougers and greedy liars and price inflaters go? will see..............
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Old 04-04-2008, 08:01 AM
32,629 posts, read 51,246,560 times
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jay2007--the people who got fired are the ones who are working stiffs--doing what it takes to get by--they probably are part of the bad mortgages that got written off--

the guy who was instrumental in orchestrating the CountyWide Mortgage co rape of most of the US--not the boss but the financial guy--is being courted to run a new mortgage company--so there is no fairness in any of this--
the guys who MADE millions off this are not the people getting laid off
and not one of these guys is going to jail
this admin and the FED are so hand-in-glove with anyone wanting to steal money that they don't care--it is all lip-service on part of Congress as well
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Old 04-04-2008, 11:26 AM
58 posts, read 165,128 times
Reputation: 31
yep, enron type crime in the real eatate market is very bad.
some buyers who overpaid for houses are suing developers for fraud and deceptive practice in pricing. the developers lied about last and comp sale prices to price gouge new buyers.
houses that sold for 710,000 are now listed for 229,000 and the FUNDAMENTALISTS believe the prices of such inflated homes will drop furthuer to 160,000. That's a 75% correction in price. The worst pessimists see a 10% price value correction. 710,000 2004 overpriced enron homes will sell for 71,000 as that is the true and fundamental cost for the bricks, copper pipes, electric wiring, drywall, land cost, materials and labor, go to home depot or menards, a new bathroom vanity sink costs 69. dollars, a huge slab of drywall to cover half a bedroom wall costs 3 dollars, a bucket of tar for a roof costs 10 bucks, unskilled labor costs are 7 dollars an hour for drywall hangers and mexicam laborers who paint, hang drywall, build decks etc. cost 7 dollars an hour. So who gets the money, the developer, the seller, and the lender who pushed the bad loan papers thru and the appraiser who skipped town btw who was paid 300 to 450 to give a fake appraisal and the realtor who smiled and acted dumb while getting 3 or 6% of sale price.
The sellers, developers, lenders, appraisers are being sued in court for fraud by homebuyers that were deceived and misled by FAKE and FRAUDULENT appraisals.

The pessimists site towns like Detroit where 100,000 cost buildings can not be given away for 10,000 dollars. The buildings stay abandoned, the copper pipes and windows stolen out of them by people who do not care to work for 7 dollars an hour.

I look at it this way, you can buy a leather belt at wal mart for 1 dollar, you can buy the same leather belt at gucci for 300 dollars, what is the difference, it is the same strip of tanned cowhide with holes and a clasp, the people who paid 300 dollars for a 1 dollar leather belt are part of the problem, they own a 1 dollar strip of tanned cowhide that they paid 300 dollars for most owe 299 dollars on thier 1 dollar strip of cowhide.

So the hot potato game is over, holders of overpriced properties lose. They can just hang thier keys in the door and walk away, which is what most are doing, or take in borders, use a federal program to refinance or sue the developer for fraud and sue the lender for fraud and sue the appraiser for fraud, if you can find them to serve notice, as most crooked underwriters price gouger developers and fraudulent appraisers have skipped town and changed thier names to invisible.
I say offer 50% of ask price or you will lose money in real estate. The fundamentals and demographics support 50% price reductions in all properties, I am being conservative in that estimate.
Crooked middlemen and price gougers are liars and robbers committing fraud and engaging in deceptive and predatory practice, hopefully they will be sued nationwide all across the board and disgourged of thier ill gotten gains, and sent to jail for fraud and theft.
Offer 50 cents on the dollar in real estate and your still offering too much.
It will be good to see housing prices become affordable, as they should be.
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Old 04-04-2008, 11:54 AM
58 posts, read 165,128 times
Reputation: 31
By the by - I support federal rent control and housing price controls, greedy landlords have been ROBBING people blind for over 30 years. I know Andy M., a builder developer and land owner. Andy M. owned 800 units in a big city, in the 1980's when women entered the workforce enmasse Andy M. got greedy and DOUBLED AND TRIPLED his rent prices, for NO FUNDAMENTAL REASON, NO IMPROVEMENTS , NOTHING. Andy M. saw couples now had 2 incomes so he DOUBLED AND TRIPLED HIS RENTS to steal the extra income from a working wife. Andy M. grew FAT and filthy rich, the taxes in that area went up for everyone else and many people became HOMELESS because they could not pay Andys inflated rents and pay the extra taxes and assessments. Andy told me he liked ' robbing stupid yuppies with working wives, if they have 2 incomes I want thier money' those were his rent setting fundamentals. Andy hired GED drop outs to manage his properties. Andy now hides out in ft. myers hiding from lawsuits, his wife divorced him, his son committed suicide, his other son is in prison and people are paying inflated rents to live in a ghetto. All due to greedy men like Andy M. by the by - Andy had to donate all his filthy rich price GOUGED millions of collected rent money to the baptist church because every decent builder, DECENT politician, DECENT LAWYER, DECENT ATTY and low cost housing builder hates him and has sued him in court.
When landlords overcharge we all pay more taxes in property tax,and welfare costs as the federal government pays to help all the homeless families greedy men like Andy M. the price grouger created. Andy M. is a devil from hell landlord and developer and so are other robbers like him.
Offer landlords 50 cents on the dollar for a rental or invite 6 of your buddies to live with you as roommates to offset inflated price gouger rents and price gouger house pricing.
Offer sellers 50 cents on the dollar or buy from the bank at 10 cents on the dollar.
Greed is never satisfied and I for one am glad to see a return to affordable housing, 25% to 32% of income.
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