Comments on: When Mortgage Fraud is Rewarded: Lessons from the Great Depression Part XVIII. Charity for Financial Deviants. http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/ How I Learned to Love Southern California and Forget the Housing Bubble Fri, 09 Jan 2009 13:15:40 +0000 http://wordpress.org/?v=2.2.2 By: TRAVELCHICK34 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22447 TRAVELCHICK34 Wed, 20 Aug 2008 19:58:30 +0000 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22447 UNBELIEVABLE IS ALL I CAN SAY!! The market is down and individuals are actually out there getting into bidding wars with the prices. My husband and I have been looking for a home with a local realtor here is Fontana for the last couple of weeks and today we got a answer on a home we put a bid in for last week at 308(NOW I am talking the nice part of Fontana....92336 with a great school district....I still think 300k is pushing it but hey nice new home. We were advised that they would love for us to match the current bid that just came in at 320K are you KIDDING ME!!! Realtors are holding on to offers waiting to see what the highest bid is going to be. My realtor had the nerve to tell me to be ready to dual with multiple offers on each property. I am so sorry to tell you but this is not 04,05 or 06 and This is not going to happen. I guess my 2nd American dream will be just that A American Dream. Hey here is a great Laugh By the way Got a Home of Genius you should check into for Fontana 5777 Shea Court Fontana 92336 Sold on 6-20-08 for 274,300 Today asking price 330(wow and they have mutiple offers) Everyone enjoy your day!!!!! UNBELIEVABLE IS ALL I CAN SAY!!

The market is down and individuals are actually out there getting into bidding wars with the prices. My husband and I have been looking for a home with a local realtor here is Fontana for the last couple of weeks and today we got a answer on a home we put a bid in for last week at 308(NOW I am talking the nice part of Fontana….92336 with a great school district….I still think 300k is pushing it but hey nice new home. We were advised that they would love for us to match the current bid that just came in at 320K are you KIDDING ME!!!
Realtors are holding on to offers waiting to see what the highest bid is going to be. My realtor had the nerve to tell me to be ready to dual with multiple offers on each property. I am so sorry to tell you but this is not 04,05 or 06 and This is not going to happen.
I guess my 2nd American dream will be just that A American Dream.

Hey here is a great Laugh
By the way Got a Home of Genius you should check into for Fontana
5777 Shea Court Fontana 92336
Sold on 6-20-08 for 274,300
Today asking price 330(wow and they have mutiple offers)

Everyone enjoy your day!!!!!

]]> By: Curt http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22337 Curt Tue, 19 Aug 2008 02:47:58 +0000 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22337 Yes, John Kenneth Galbraith's book "The Great Crash of 1929" is a great read. He followed this up with a very small book titled "A Short History of Financial Euphoria". This book is lots of fun, and in Galbraith's style, points out the absurdity of the whole mess in 1929, including various characters and their roles. There actually were a few astute economists, including Paul Warburg, who warned of financial disaster but were vilified by those who wanted the "Good Times" to roll on. Its interesting how history does not recognize those who may have warned of a coming financial disaster, but focuses on the crooks. There's no doubt this bubble mania will reoccur, possibly in some other area of the economy, but will manifest itself the same way with the same results. Everyone likes a get rich quick scheme and so it goes...... Yes, John Kenneth Galbraith’s book “The Great Crash of 1929″ is a great read. He followed this up with a very small book titled “A Short History of Financial Euphoria”. This book is lots of fun, and in Galbraith’s style, points out the absurdity of the whole mess in 1929, including various characters and their roles. There actually were a few astute economists, including Paul Warburg, who warned of financial disaster but were vilified by those who wanted the “Good Times” to roll on. Its interesting how history does not recognize those who may have warned of a coming financial disaster, but focuses on the crooks. There’s no doubt this bubble mania will reoccur, possibly in some other area of the economy, but will manifest itself the same way with the same results. Everyone likes a get rich quick scheme and so it goes……

]]> By: Reena http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22334 Reena Tue, 19 Aug 2008 02:43:52 +0000 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22334 The european market is coming down to earth too. Just look at the U.K. and their "housing crash" Unemployment in good old Europe is alot higher than here and most women that have children must stay home because there is virtually no day care available and children are signed up for waiting list on preschool at the time of birth... Most european countries have such a strict guild system that forces a 3 year apprentice ship. Just try to change your job... if you learned to be a plumber... than a plumber you shall be for the rest of your life... There is no such thing as jump in and swim... even slight variation of an office job requires the completion of an apprentice ship. Apprentices spend 3 years on minimal wages and are Europe's cheap labor. After you are done with your apprentice ship... good luck finding a permanent job. Your employer that taught you the skills for 3 years is most likely going to hire a new apprentice and now you have a certificate.... and still no job. With any luck you get a job and if you are in a "guild" related occupation you are now a journeyman... working once again to get your master degree. You would be amazed it isn't just the baker and shoemaker... oh no... from electrician to auto mechanic specialized for one automaker only, So, if you "learned" BMW it is esentially useless to apply at Mercedes Benz You wouldn't be qualified. While Europe has essentially more benefits for their working and non-working population, it is strict, stiff and can not accommodate the "free spirit" and adventure loving nature of some people. I would rather be a workaholic in America with little safety net but no restrictions as to what I do for a living instead of being in a safe and sound cage in Europe doing a job I didn't really want but was forced into because it was the only thing I could get an apprenticeship in. The european market is coming down to earth too.
Just look at the U.K. and their “housing crash”

Unemployment in good old Europe is alot higher than here and
most women that have children must stay home because there
is virtually no day care available and children are signed up for
waiting list on preschool at the time of birth…

Most european countries have such a strict guild system that
forces a 3 year apprentice ship. Just try to change your job…
if you learned to be a plumber… than a plumber you shall be
for the rest of your life…
There is no such thing as jump in and swim… even slight variation of
an office job requires the completion of an apprentice ship.

Apprentices spend 3 years on minimal wages and are Europe’s cheap labor.

After you are done with your apprentice ship… good luck finding a permanent job. Your employer that taught you the skills for 3 years is most likely going to hire a new apprentice and now you have a certificate…. and still no job.

With any luck you get a job and if you are in a “guild” related occupation
you are now a journeyman… working once again to get your master degree.

You would be amazed it isn’t just the baker and shoemaker… oh no…
from electrician to auto mechanic specialized for one automaker only,
So, if you “learned” BMW it is esentially useless to apply at Mercedes Benz
You wouldn’t be qualified. While Europe has essentially more benefits for
their working and non-working population, it is strict, stiff and can not
accommodate the “free spirit” and adventure loving nature of some people.
I would rather be a workaholic in America with little safety net but no restrictions as to what I do for a living instead of being in a safe and sound cage in Europe doing a job I didn’t really want but was forced into because it was the only thing I could get an apprenticeship in.

]]> By: compass rose http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22330 compass rose Tue, 19 Aug 2008 01:08:47 +0000 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22330 With all due respect, Doc, not *everyone* goes along with inflating bubbles. I've experienced a number of them in my life, starting in the 1980s (inflation of real estate out east), going through the '90s in the Bay Area, and now into the Oughts with housing. In every one of these, the voices of the sane and prudent were drowned out by dreams--and sometimes actualities--of avarice. So what happened to the mainstream presence of a genuine and powerful voice counter-weighting the Ponzians? We all are aware of how print, broadcast, and Web news pandered to the financial and real estate and builders' industries--which is part of why this blog is so important (well crafted contrarian information open to anyone who can afford Internet access). I would include in the "fraud" category the media outlets that printed or broadcast anything the NAR and housing industry handed them. PR and advertising posing as news. In an era where work, saving, and investing become the activities of suckers, it doesn't help to have the media pounding the drumbeat that the only path to security is getting rich quick. As with the tech bubble, the people who get in earlier always need someone to buy them out. Until the whole thing falls apart. As far as I can tell the housing bubble was very systematically handed down the line till the least able bought the product. I personally believe that this was part of the systematic effort to wreck New Deal entities Fannie and Freddie, among other things, and to turn back the tide of democratization of home ownership by "liberating the hell out of it" (so to speak). Thanks, Doc. rose With all due respect, Doc, not *everyone* goes along with inflating bubbles. I’ve experienced a number of them in my life, starting in the 1980s (inflation of real estate out east), going through the ’90s in the Bay Area, and now into the Oughts with housing. In every one of these, the voices of the sane and prudent were drowned out by dreams–and sometimes actualities–of avarice.

So what happened to the mainstream presence of a genuine and powerful voice counter-weighting the Ponzians?

We all are aware of how print, broadcast, and Web news pandered to the financial and real estate and builders’ industries–which is part of why this blog is so important (well crafted contrarian information open to anyone who can afford Internet access).

I would include in the “fraud” category the media outlets that printed or broadcast anything the NAR and housing industry handed them. PR and advertising posing as news.

In an era where work, saving, and investing become the activities of suckers, it doesn’t help to have the media pounding the drumbeat that the only path to security is getting rich quick. As with the tech bubble, the people who get in earlier always need someone to buy them out. Until the whole thing falls apart. As far as I can tell the housing bubble was very systematically handed down the line till the least able bought the product. I personally believe that this was part of the systematic effort to wreck New Deal entities Fannie and Freddie, among other things, and to turn back the tide of democratization of home ownership by “liberating the hell out of it” (so to speak).

Thanks, Doc.

rose

]]> By: exit http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22323 exit Mon, 18 Aug 2008 23:36:25 +0000 http://www.doctorhousingbubble.com/when-mortgage-fraud-is-rewarded-lessons-from-the-great-depression-part-xviii-charity-for-financial-deviants/#comment-22323 As of August 18, 2008, EMC (formerly owned Bear Stearns, now a subsidiary of JP Morgan), no longer will permit the sale of individual Notes to investors. It's blocks, or nothing. Found this out from an investor friend who was 9 weeks into a Note purchase from EMC and was to close this Thursday. Um, nope! At least, that's what they told the individual investor. If it's true, who knows? The deal was going to wipe out an EMC 1st/ 2nd for some fairly big numbers (it's in the OC), but someone decided it'd be better to just FC on the place. Amazing - they pulled nearly $ 3/4 million and no FC off the table in the hope / dream that they'll book an additional $100k if they actually pursue the FC. The buyer was not a furrner. I'm pretty sure they're all in China at the Olympics right now. Wait! Maybe the DQ News release - all those 43% of houses that were once FC's in CA were bought by furrners! That must be it! Stop the presses! Or, not. As of August 18, 2008, EMC (formerly owned Bear Stearns, now a subsidiary of JP Morgan), no longer will permit the sale of individual Notes to investors. It’s blocks, or nothing. Found this out from an investor friend who was 9 weeks into a Note purchase from EMC and was to close this Thursday. Um, nope! At least, that’s what they told the individual investor. If it’s true, who knows?

The deal was going to wipe out an EMC 1st/ 2nd for some fairly big numbers (it’s in the OC), but someone decided it’d be better to just FC on the place. Amazing - they pulled nearly $ 3/4 million and no FC off the table in the hope / dream that they’ll book an additional $100k if they actually pursue the FC.

The buyer was not a furrner. I’m pretty sure they’re all in China at the Olympics right now. Wait! Maybe the DQ News release - all those 43% of houses that were once FC’s in CA were bought by furrners! That must be it! Stop the presses!

Or, not.

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