Comments on: The rich do it too – Los Angeles County and million dollar distressed properties. 1,947 homes in L.A. County valued at $1 million or more are three payments behind or in foreclosure. Beverly Hills prices down 31 percent from one year ago. 14 out 100 homes on the MLS are priced at $1 million and up. http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 06:16:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ransome http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/#comment-52022 Ransome Thu, 12 Aug 2010 17:46:28 +0000 http://www.doctorhousingbubble.com/?p=3435#comment-52022 My local bank bought a basketful (300 mil) of 2009 Re-Remics (repackaged toxic waste). Non-Agency (Jumbos) ALT-A and Option ARMs pre-2005 paying 7% and rated last fall as AAA! Nothing has changed, bankers are stupid and greedy. I think they used TARP for some of the money. An investment bank simply dumped on them. This is my banking prediction. Smaller banks will originate gimmick ARMs for securitization, especially if F&F go away. The little banks will (forced) buy back high interest but mis-rated securities. The entire banking system will collapse and be bailed out again because it will be 10,000 banks all at once, easily overwhelming the FDIC. My local bank bought a basketful (300 mil) of 2009 Re-Remics (repackaged toxic waste). Non-Agency (Jumbos) ALT-A and Option ARMs pre-2005 paying 7% and rated last fall as AAA! Nothing has changed, bankers are stupid and greedy. I think they used TARP for some of the money. An investment bank simply dumped on them.

This is my banking prediction. Smaller banks will originate gimmick ARMs for securitization, especially if F&F go away. The little banks will (forced) buy back high interest but mis-rated securities. The entire banking system will collapse and be bailed out again because it will be 10,000 banks all at once, easily overwhelming the FDIC.

]]> By: Sabin Figaro http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/#comment-50821 Sabin Figaro Tue, 13 Jul 2010 23:46:05 +0000 http://www.doctorhousingbubble.com/?p=3435#comment-50821 This is the final fantasy. When you got a hot potato you try to give it to someone else. You can try to feed your ego at the Golden Corral but it will never be full. Still, when you lust after a fabulous chick, you will do ANYTHING to try to keep her in sight. It's only irrational to the outside observer. When you are in the maelstrom, you will understand. Still, the PTB think that they can fend of the depression by eating the entire crap buffet by cleaning out the treasury to store all the commercial toiletpaper and backstop the entire mafia, aka wall street. Where we go from here I doublt we'll be surprised. Could be the collapse of the free world to be supplanted by Chinese-style capitalism, or this preverse model of rewarding crime, clinging on for another 20 years. This is the final fantasy. When you got a hot potato you try to give it to someone else. You can try to feed your ego at the Golden Corral but it will never be full. Still, when you lust after a fabulous chick, you will do ANYTHING to try to keep her in sight. It’s only irrational to the outside observer. When you are in the maelstrom, you will understand.
Still, the PTB think that they can fend of the depression by eating the entire crap buffet by cleaning out the treasury to store all the commercial toiletpaper and backstop the entire mafia, aka wall street.
Where we go from here I doublt we’ll be surprised. Could be the collapse of the free world to be supplanted by Chinese-style capitalism, or this preverse model of rewarding crime, clinging on for another 20 years.

]]> By: fajensen http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/#comment-50820 fajensen Tue, 13 Jul 2010 21:38:28 +0000 http://www.doctorhousingbubble.com/?p=3435#comment-50820 But ... They *are* indeed upholding their end of the contract, they buy a house, take a million dollars more out and then hand the "asset" back to the bank instead of paying the loan, which is *exactly* the procedure the contract states. But … They *are* indeed upholding their end of the contract, they buy a house, take a million dollars more out and then hand the “asset” back to the bank instead of paying the loan, which is *exactly* the procedure the contract states.

]]> By: Jeff http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/#comment-50811 Jeff Tue, 13 Jul 2010 11:36:16 +0000 http://www.doctorhousingbubble.com/?p=3435#comment-50811 Strategic default is only a good option in a no-recourse state where the only note on the house was the original purchase money loan and/or the borrower doesn't have significant assets or income. Cash-out refis are full recourse notes everywhere.I think we'll see firms buy up these notes for pennies on the dollar and then begin to aggressively collect when the economy rebounds a bit. Strategic default is only a good option in a no-recourse state where the only note on the house was the original purchase money loan and/or the borrower doesn’t have significant assets or income. Cash-out refis are full recourse notes everywhere.I think we’ll see firms buy up these notes for pennies on the dollar and then begin to aggressively collect when the economy rebounds a bit.

]]> By: Edy http://www.doctorhousingbubble.com/luxury-california-real-estate-troubles-the-rich-do-it-too-million-dollar-california-real-estate-foreclosures-high/#comment-50805 Edy Tue, 13 Jul 2010 06:38:05 +0000 http://www.doctorhousingbubble.com/?p=3435#comment-50805 Reality is this people, when people walks away, banks don't really lose the money...its just the numbers and digit on the paper and they always win..... Anyhow screw the banks and corrupted Gov...... When US defaults dollar on 2012, welcome to the world of new era........ unless feds give us a chance to pay back, which we never will...but 100 years celebration for NWO will come. (1913-2013) Reality is this people, when people walks away, banks don’t really lose the money…its just the numbers and digit on the paper and they always win….. Anyhow screw the banks and corrupted Gov…… When US defaults dollar on 2012, welcome to the world of new era…….. unless feds give us a chance to pay back, which we never will…but 100 years celebration for NWO will come. (1913-2013)

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