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Meet Danielle And Jim Plus 9: The Squatters Who "Reclaimed" Their Foreclosed Home Over The Weekend

Tyler Durden's picture




 

Unfortunately, surreal stories like this will very soon become daily news. As was pointed out yesterday, Simi Valley has just seen the first case of a forced reclamation of a foreclosed home, after Jim and Danielle Earl took their nine (9!) children, ages 9-23, and a locksmith and broke into the six-bedroom house that had been foreclosed upon for lack of payment, and on which the couple owed $880,000! And where would such brilliant advice originate from? Why, the couple's lawyer of course, who will one day be seen as the prophetic visionary who stole the bankers wealth from underneath them and handed it out to America's millions of starving lawyers, one billing sheet at a time: "The move was recommended by their lawyer" as the WSJ suggests. Already in process: millions of cases identical to this one, billions in legal fees, and hundreds of billions in lost market value of associated equity and credit instrument, not to mention very unpleasant days for LPs in "Recovery" funds.

More on the family:

The Earls paid $500,000 for the house in 2001 and then refinanced to pull out cash. They fell behind on their mortgage and at the time of their eviction they owed about $880,000 on a no-interest mortgage.

Investors at Conejo Capital bought the house for $697,000 at a lender’s trustee sale and put $40,000 of work into a remodel, replacing carpeting and appliances, as well as upgrading the kitchen. They flipped it to new buyers for $800,000. Those buyers were supposed to move in this week; those plans are on hold.

The Earls claim that they were working with GRP Financial Services to catch up on payments, but discovered a $25,000 difference between what they believed they owed and what the bank said they owed. They then stopped making payments.

“This is only the beginning of this,” the Earls’ attorney, Michael Pines tells KABC News. “I chose this family because we needed to get back in before the investor and the real-estate broker defrauded a new family by having them move in, which would have created a bigger mess. (The Earls) have done absolutely nothing wrong.”

So there you have it: people who owe $880,000 on their mortgage believe it is their right to reclaim homes. We will avoid any ethical commentary on this, suffice to say that it is the bankers who in the greed and stupidity have managed to dig themselves into what could be a hole so deep not even TARP 2-XXX can dig them out of.

For a clip of this surreal harbinger of things to come, click below.

 

 

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Thu, 10/14/2010 - 17:38 | 650841 chopper read
chopper read's picture

its nice to know that my federal tax dollars, through bank bailouts, are indirectly financing this couple's procreation.  

...and to think I put off having a kid until my mid-30's so that I could be a financially sound and secure parent.  

Thu, 10/14/2010 - 19:44 | 651216 nedwardkelly
nedwardkelly's picture

I took you for an Aussie based on the avatar... Way easier to be a financially sound and secure parent in Aus :)

Thu, 10/14/2010 - 21:58 | 651610 chopper read
chopper read's picture

nope, i'm a septic and me wife's a pom.  

Australia is beginning to look like the last refuge.  you considering a Lady Liberty in Sydney Harbor yet?

Fri, 10/15/2010 - 06:57 | 652150 nedwardkelly
nedwardkelly's picture

Haha, that's very doubtful. AU thinks they have an 'immigration problem' when 50 boat people show up a year. I'm in the US but am an AU citizen... Maybe if there's a severe correction in the AUD (one can hope) I might go back. They've got their own problems (housing bubble off the charts "but it's different here"), but at least the weather is nice.

Fri, 10/15/2010 - 11:49 | 652921 chopper read
chopper read's picture

ha, ha!  The 'rotating casino' of fiat (fractional reserve lending) bubbles.  funny. 

cheers.

Thu, 10/14/2010 - 15:40 | 650384 HarryWanger
HarryWanger's picture

WTF happened to the 300,000

What's 9 times iPads, iPhones, iPods, iMacs for the family? Gotta be getting close to that figure.

Thu, 10/14/2010 - 16:36 | 650674 Ripped Chunk
Ripped Chunk's picture

What do you think it costs to feed and clothe 9 kids? 3 or 4 cars, 9 TV's, 9 computers, 9 iPods, 9 iPads..........

Thu, 10/14/2010 - 15:01 | 650147 Ripped Chunk
Ripped Chunk's picture

I like this story.

Signed: Me The Anarchist 

Thu, 10/14/2010 - 15:09 | 650191 downrodeo
Thu, 10/14/2010 - 15:31 | 650331 nedwardkelly
nedwardkelly's picture

I like this story.

Seconded. I don't like the family, I don't like the bankers, I don't like the lawyers. I do like that shit like this makes it harder to keep some of the insanity under wraps.

Thu, 10/14/2010 - 15:52 | 650411 cossack55
cossack55's picture

+ 880,000

BTW, go back and look closely at the face of the cop,  i looks like he wants to shoot someone but can't figure out who is most deserving of a 9mm slug. In the jargon, "multiple targets of opportunity".

Thu, 10/14/2010 - 16:04 | 650514 High Plains Drifter
High Plains Drifter's picture

The question is

Did he need a Macmansion or

Did he want a Macmansion?

Americans must go back to the old ways of wants and needs. Living above

your means is a thing of the past now. Buying things you don't need with money you don't have simply does not cut it now , as if it ever did anyway.

Thu, 10/14/2010 - 16:16 | 650566 UninterestedObserver
UninterestedObserver's picture

LOL

Did the mortgage broker need his commission

Did the Owner of the mortgage company/bank need all the money he made?

Did the guy that bought the mortgage and then sercuritized it need his multi million dollar bonus?

 

Did the ratings agency really need to label said crap securitized mortgage product at AAA?

 

Give me a break sounds like a bunch of fucking apologists for the ruling class here today.

 

Thu, 10/14/2010 - 17:27 | 650807 High Plains Drifter
High Plains Drifter's picture

Ok, so what you are saying is that he "deserves" a macmansion because he wants one, even though he probably lied on his mortgage and loan applications?  Even though he never really could afford to live in this home and even though he fraudulently took out a second mortgage on this home and also lied on the loan apps?  Yeh that sounds about right.  To excuse his awful behavior, you now point the fickled finger of blame at the banks. So two wrongs don't make a right do they?  Ha ha .....

Thu, 10/14/2010 - 17:43 | 650859 chopper read
chopper read's picture

High Plains Drifter, you are throwing pearls to swine when you debate these fools.   


A SUMMARY OF THE COMMUNIST MANIFESTO 

The Communist Manifesto represents a misguided philosophy, which teaches the citizens to 

give up their RIGHTS for the sake of the “common good,” but it always ends in a police state. 

This is called preventive justice. 

Control is the key concept.  Read carefully: 

1.  Abolition of private property. 

2.  Heavy progressive income tax. 

3.  Abolition of all rights on inheritance. 

4.  Confiscation of property of all emigrants and rebels. 

5.  Central bank. 

6.  Government control of Communications & Transportation. 

7.  Government ownership of factories and agriculture. 

8.  Government control of labor. 

9.  Corporate farms, regional planning. 

10. Government control of education. 


Thu, 10/14/2010 - 18:35 | 651005 High Plains Drifter
High Plains Drifter's picture

All the things you listed in the communist manifesto are in my country now. Yet nobody sees it , not really. Many foolish Americans will tell you they are free men and women but in reality are they? Are we really free?  I say not. My country is dying yet nobody cares. My country is lead by evil traitorous men, yet nobody sees it. My country is being lied to on a daily basis by evil men who steal us blind, yet nothing is done about it. The FED continues to do what it does, yet it has no constitutional basis to do such, yet many act like it is a legitimate organization, even though it is run and owned by a small number of greedy and power hungry men. The churches teach a form of "Christianity" yet it has no power because it is all based upon lies. If any President does not go along with the program he is eliminated. If any church dares to proclaim the real truth to the prisoners, they are invaded by jack booted thugs and their 501-3c IRS status is revolked.  To me, I see hell coming. Hell is coming for dinner. I tell anyone that will listen and am told I am crazy and need to be committed. The days of my country are numbered. Our candlestick has been put out now. The light on the hill is dimming. Many of these young people who hang around here and write clever posts etc, do not know what is coming but they sense something. You go on the gun blogs and they say to stack it high and stack it deep. Illegal immigration continues unabated and nobody does anything to stop it. The balkanization of my country is taking place and we accept it meekly. I long for clarity. I long for liberty. I long for shades of black and white and I am tired of gray.  Where is George now, when we need him?  No where to be found.  We soared high toward the sun , on wings of borrowed fiat money. The wings have melted now and we are falling. Yet many continue to live the lie. Just look on the boob tube on any Sunday and watch the fat boys with the fat girls , grilling up fat burgers and steaks and  drinking at these parking lot parties at the places of American lunacy, called the football stadium. Yes they are still there, no matter what. Because sir, as you can see, they are free men and women. We fight wars that never end, chasing enemies that can never be found, while killing the innocents, yet we have tea party candidates who say they support the war, but nevertheless also saying, at the same time, they hate government programs infringing on our lives. What a strange dichotomy. Political parties mean nothing and never have really.  I long for clarity now. I long for truth.  I long for liberty. If I could give my life for it, I would unhesitantly. But I am one, and they are many. I am no coward but I also am no fool. So many bide their time and get ready for what must be done. The time is short. As many of you perhaps know, this thing will not continue on as it is. It simply can't. Whe n good men do nothing evil flourishes. Since the courts are a joke now, and we have no recourse in them. Since the congress refuses to do the will of the people, there is no redrss there now. So what is left?  What? Its a beautiful day where I am now. But one day, merely saying what I say will get me arrested. The days of thinking out loud and saying what is on your mind are nearing a end , here in the land of the free and the home of the brave. Can in good conscience live with this?  I think not.

 

Thu, 10/14/2010 - 18:54 | 651061 chopper read
chopper read's picture

Where is George now, when we need him?

perhaps inside of you. 

priority #1: END the private Federal Reserve Bank, fractional reserve lending, and faith-based fiat currency.

step #1: accumulate gold and silver for all non-working capital.  'legally' accumulate firearms and ammunition.  Stockpile food.  Vote for all candidates who vow and act to reduce the size of Federal government.  Educate anyone who will listen.

Thu, 10/14/2010 - 23:05 | 651737 WaterWings
WaterWings's picture

Word. Double-plus the educate part.

Thu, 10/14/2010 - 22:08 | 651628 UninterestedObserver
UninterestedObserver's picture

I count way more than 2 wrongs - most of them committed by the bankers and the "system" they set up which caused this entire mess in the first place. So someone please tell me WHY the house was priced at 880k and then we can go from there.

Thu, 10/14/2010 - 16:04 | 650516 pan-the-ist
pan-the-ist's picture

Indeed, the insanity must spread so people wake up.

Thu, 10/14/2010 - 17:28 | 650811 High Plains Drifter
High Plains Drifter's picture

@pan

 

Sir the Americans will never wake up. It is written.

Thu, 10/14/2010 - 18:30 | 650991 The Alarmist
The Alarmist's picture

It's like Survivor ... I secretly want them all to die.

Thu, 10/14/2010 - 15:01 | 650148 NOTW777
NOTW777's picture

"what they believed"

california standard - what do you believe you owe 

Thu, 10/14/2010 - 15:07 | 650184 A Nanny Moose
A Nanny Moose's picture

That's what we teach in skewls out here...what to feel, rather than how to think, and that everybody is special. Math is strictly verboten

Thu, 10/14/2010 - 17:31 | 650821 High Plains Drifter
High Plains Drifter's picture

Yeh he feels like he deserves a big house, even though he can't pay for it. He feels like he wants more money by getting a fraudulent second mortgage, even though he can't pay for the loan. Now he feels like he can stay in the house and say it is his own, even though he cannot pay for it, not now , not ever. It is of course his home and his children said they wanted to go home, so they went home. He felt like it was still his house. Yes feelings are important to Americans. 

Thu, 10/14/2010 - 15:03 | 650152 LeBalance
LeBalance's picture

This is Hi-Sterical.

The attorneys are employees of the banksters (court).

This is a very interesting shennanigan.

What is the Hegelian?  (problem-reaction-solution).

Oh...I get it....economic oxygen deprivation and ass-plosion.

(an ass-plosion is what happens when you cork the pig, but proceed with the feed.)

Thu, 10/14/2010 - 15:08 | 650183 truont
truont's picture

Problem: Broken chain of title ownership

Reaction:  Squatters backed by lawyers re-enter homes

Solution:  Nationalization of residential real-estate

Who holds the title?  Nobody knows--so Uncle Sam will take it all!

No!  The oligarchy would never do THAT in America!  This is America, dammit!

We will see...

Thu, 10/14/2010 - 15:10 | 650203 A Nanny Moose
A Nanny Moose's picture

I can has house?

Thu, 10/14/2010 - 15:25 | 650300 Ivanovich
Ivanovich's picture

 

LOL!

Thu, 10/14/2010 - 15:26 | 650305 redpill
redpill's picture

We all have the right to a house and a living wage, right?  A tofurkey in every pot!

Thu, 10/14/2010 - 17:46 | 650868 chopper read
chopper read's picture

judging by the direction of the USD, we'll all have a right to be billionaires soon.

Thu, 10/14/2010 - 16:29 | 650643 still kicking
still kicking's picture

I posted this earlier in another thread but felt it appropriate to do again here:

What if tracking who owns title to any of this shit is going to be impossible and the banks and uncle sugar are never going to let the common man default, how do you "solve" this problem.  What if regardless of who thinks they own title the government takes it, the government also forces the homeowner to pay their mortgage payment into a trust or lockbox.  In return for the title the government will issue treasuries to the banks at an approved rate of 85% of value, so let's say a $300,000 mortgage is turned over to the government trust they would issue $255,000 worth of treasuries to the bank.  This would take the place of the rotted ass securities the mortgage was the basis of, allow the treasury to keep "printing" money, suck all the investors into treasuries whether they like it or not, essentially absolve the CDS problem (until the US defaults) and allow the government to own a very substantial portion of real estate and gain even more control over the citizens.  They can claim that they made the banks suffer by giving them a 15% haircut, will make profit off the eventual payment of the mortgages, and best of all steal the money from the trust.

This is just a thought with a lot of holes, but I'd be curious to see if anyone else can picture a similar scenario.

Thu, 10/14/2010 - 16:48 | 650743 pan-the-ist
pan-the-ist's picture

I don't understand why the debt collectors (TBTFs) aren't more willing to renegotiate with the debtors through principal reduction.  It is like they want to blow up the system.

Thu, 10/14/2010 - 17:17 | 650789 still kicking
still kicking's picture

I think that if they do reduce the principal then they have to write down the asset and pay back investors in the CDO's, since we live in mark to fairy's and unicorns they can keep kicking it down the road and not write down the asset by not renegotiating the principal, if they foreclose they keep it on the books at full value. 

Thu, 10/14/2010 - 18:30 | 650989 Edmon Plume
Edmon Plume's picture

Next time you go to the gas station, try asking them to reduce the price per gallon.

If that doesn't work, buy the gas first, and then ask them to give you back the difference between what you paid, and what you "feel" is right to pay.

Let me know how that works out.

Thu, 10/14/2010 - 18:32 | 650997 The Alarmist
The Alarmist's picture

Maybe they have already lined up Chinese buyers willing to buy at top dollar in a land they think is governed by the rule of law.

Thu, 10/14/2010 - 19:43 | 651209 LauraB
LauraB's picture

Well with the taxpayers bailing them out, the banks have had no incentive to work with the borrowers.  If the bailouts didn't happen, the banks would have had more incentive to work things out. 

Thu, 10/14/2010 - 23:49 | 651822 still kicking
still kicking's picture

That's very true and just disgusting to realize because it was orchestrated to let the banks profit from a bad business decision....pure shit from our elected leaders.

Thu, 10/14/2010 - 15:02 | 650153 Deep
Deep's picture

God bless them

Fuck the banks

Thu, 10/14/2010 - 15:17 | 650250 Dixie Normous
Dixie Normous's picture

Fuck them both or they can go fuck each other.

Thu, 10/14/2010 - 15:29 | 650323 Rich V
Rich V's picture

They already have 9 kids and you want more copulation???

Thu, 10/14/2010 - 16:16 | 650562 ertyqway
ertyqway's picture

In honor of this comment, you are hereby awarded One Internet.

Thu, 10/14/2010 - 15:02 | 650154 treemagnet
treemagnet's picture

How many of these "both parties were stupid" stories would be required to take down the markets? 100,000?....1,000,000?....10,000,000?

Thu, 10/14/2010 - 15:03 | 650157 Dkizzle49855
Dkizzle49855's picture

I saw this on the local So Cal NBC-4 channel last night and all she said about the other owner that was suppose to move in was was "sorry" and that they shouldn't have purchased this property. 

Thu, 10/14/2010 - 15:16 | 650246 Tortfeasor
Tortfeasor's picture

That's the real problem here...there's a new owner of the property, who's already paid (or mortgaged themselves) for the right to that home.  They'll get thrown on their ass lickety split.

Plus, CA is a non-recourse state.  What are they doing risking litigation when they're probably out scott free after heisting $300k?

Thu, 10/14/2010 - 15:24 | 650288 kaiserhoff
kaiserhoff's picture

Yes, the first question any competent attorney would ask is "what are your damages"?

Minus $300,000?  Don't let the door hit you in the ass on the way out.

Thu, 10/14/2010 - 16:07 | 650527 Eternal Student
Eternal Student's picture

Mmmm, maybe they'll be thrown out, now that there is media coverage. Normally, from what I'm hearing in parts of Southern California that just isn't the case. The police don't want to get involved. Even when it's the new owner complaining. For that, you apparently need to go to Court.

These people have an almost sharp lawyer. If he were really sharp though, he wouldn't go bragging to the media.

 

Thu, 10/14/2010 - 18:01 | 650903 Rainman
Rainman's picture

If the esq. in question specializes in real estate, the TV  camera is his ticket to new clients ( there will be many prospects in Ventura County, where foreclosures are just heating up on the massive shadow inventory there ). He will want to keep new clients funneling through while this fire lasts. The whole show for this lawyer is not about the deadbeats......he already has the retainer and they are out soon anyway.

The free TV ad is a Gloria Allred specialty. As repulsive at it is, it beats chasing ambulances. Cheaper too. 

Thu, 10/14/2010 - 19:10 | 651109 Saxxon
Saxxon's picture

Damn straight, Tortfeasor.  Hardly any mention in this thread of the poor bastards who bought the place and are getting keelhauled into this nightmare.

If I had to bet money, given the dead-in-the-water status of jumbo sales in the U.S. lately, I would bet they are immigrants from East Asia (probably mainland China) and quite possibly paid CASH.  Mark this post because the Saxxon feels right about this one.

You would not believe the $$ sloshing around among nouveau-riche mainland Chinese.  And lest I be accused of slander, let it be known I am married to one . . .

Thu, 10/14/2010 - 22:13 | 651639 UninterestedObserver
UninterestedObserver's picture

THAT is the beauty of this whole spectacle - anyone that sees this will think " fuck that I am not going to buy a house unless I am 100% sure the title is clear" which will collapse real estate so this broken system can finally fucking die and the reset button gets hit with a sledgehammer

Thu, 10/14/2010 - 23:39 | 651794 Saxxon
Saxxon's picture

+1

Thu, 10/14/2010 - 15:03 | 650158 ILikeBoats
ILikeBoats's picture

My view: these sort of deadbeats will be the ones that will get media attention, while the  issues of fraudulent documents, fraudulent MBSes, REMIC rules, banks ripping off sovereign wealth funds,  etc. will be ignored.

Thu, 10/14/2010 - 15:53 | 650460 cossack55
cossack55's picture

good take.

Thu, 10/14/2010 - 15:05 | 650168 Hondo
Hondo's picture

Nothing wrong??? LOL..  They just haven't paid on their mortgage.  The attorney is as big a criminal as the banks.

Thu, 10/14/2010 - 15:05 | 650169 Bam_Man
Bam_Man's picture

Anarchy, bitchezzzzzz.

Thu, 10/14/2010 - 15:30 | 650235 Ragnarok
Ragnarok's picture

Bigger and bolder,

 

ANARCHY BITCHEZ!!!!!!!!!!!!!!!!!!

Thu, 10/14/2010 - 15:07 | 650173 buzzsaw99
buzzsaw99's picture

prolific breeders make me queasy. :P

 

http://www.youtube.com/watch?v=eRBOgtp0Hac

Thu, 10/14/2010 - 15:10 | 650205 -Michelle-
-Michelle-'s picture

We'll need large families... to work the fields.

Thu, 10/14/2010 - 15:13 | 650229 buzzsaw99
buzzsaw99's picture

yeah, sharecropping JPM's fields.

Thu, 10/14/2010 - 15:19 | 650260 minus dog
minus dog's picture

The might make you queasy, but it's not really about you, since most of them outnumber you and will probably outlive you.  Simple math.

Thu, 10/14/2010 - 15:29 | 650320 buzzsaw99
buzzsaw99's picture

idiocracy is coming true:

 

http://www.youtube.com/watch?v=L0yQunhOaU0

Thu, 10/14/2010 - 15:35 | 650356 -Michelle-
-Michelle-'s picture

Well, there's only one way to counteract it: have more kids yourself and raise them competently.

Thu, 10/14/2010 - 18:06 | 650918 Bam_Man
Bam_Man's picture

Okay. When can we "get started"?

Thu, 10/14/2010 - 15:36 | 650365 nedwardkelly
nedwardkelly's picture

Idiocracy is a wonderful forward looking documentary.

Thu, 10/14/2010 - 16:07 | 650530 RichardENixon
RichardENixon's picture

It was forward looking when it came out a few years ago. Now it is current events. Mike Judge was off in his projection by a few hundred years.

Thu, 10/14/2010 - 15:06 | 650174 the not so migh...
the not so mighty maximiza's picture

That's illegal possession, they we all have to be rounded up and sent to a FEMA camps.

Thu, 10/14/2010 - 15:06 | 650175 Cognitive Dissonance
Cognitive Dissonance's picture

their nine (9!) children, ages 9-23

Forget everything else except the above highlighted words.

It's all for the kids. Considering how many times this country has been defrauded by some politician or corporation under the guise of "doing it for the kids" I suspect we need about 2 million more of these "reclaimed in the name of the kids" episodes just to get even.

Just sayin'

Thu, 10/14/2010 - 15:15 | 650239 A Nanny Moose
A Nanny Moose's picture

Indeed. This in essence means, the path to getting everything you want on the backs of others is to have as many replicants as possible. I wonder how long before the rest of the proles catch onto this, and we have a new baby boom

Rugratz Bitchez!!!

Thu, 10/14/2010 - 15:27 | 650310 Dagny Taggart
Dagny Taggart's picture

Hasn't that long been the welfare mentality? Every child is a notch up the entitlement ladder?

Thu, 10/14/2010 - 15:41 | 650395 HarryWanger
HarryWanger's picture

Where I came from it was known as "have a baby, get a check".

Thu, 10/14/2010 - 15:17 | 650252 Tortfeasor
Tortfeasor's picture

Why is the 23 year old moving back in???

Get a job you lazy kids!

Thu, 10/14/2010 - 15:22 | 650278 minus dog
minus dog's picture

Get a job, why?  To pay for someone else's SS check?   But I'm sure you're right, and fully half of that age group is unemployed just because they're lazy.  No other reason.

People should should be on their knees thanking their lucky fucking stars that the 20 year olds are not keeping busy by slaughtering the older generations.

Thu, 10/14/2010 - 15:33 | 650346 Cognitive Dissonance
Cognitive Dissonance's picture

People should should be on their knees thanking their lucky fucking stars that the 20 year olds are not keeping busy by slaughtering the older generations.

Soon there will be an app for that. That's when I clear out the root cellar........again. Gosh, I hope that 60's freeze dried food is still edible. :>)

Thu, 10/14/2010 - 16:41 | 650700 Cheesy Bastard
Cheesy Bastard's picture

They will slaughter thier elders when they get hungry enough.  Stew Pot Bitchez!!  (Sorry couldn't resist)

Thu, 10/14/2010 - 18:34 | 651004 Edmon Plume
Edmon Plume's picture

Because he's following the stellar example set by his parents.

Why are any of them moving back in?

Thu, 10/14/2010 - 15:06 | 650176 George Costanza
George Costanza's picture

F the Earls for refinancing and F the bank for enabling them.   Why the hell is the US government, taxpayers, and savers at all involved in bailing out the parties.    Let them all sue and bankrupt each other, that is the best answer.

Leave the rest of us out, no more bailouts !!!!

More Bailouts = Social Unrest  ( Lira's Fuckit Moments going parabolic )

Thu, 10/14/2010 - 15:19 | 650245 mule65
mule65's picture

+1!

Thu, 10/14/2010 - 15:42 | 650401 ExploitTheMarket
ExploitTheMarket's picture

+ Infinity

Thu, 10/14/2010 - 15:06 | 650178 Missing_Link
Missing_Link's picture

PLUS the squatters get the free remodeling of the kitchen and new carpet and appliances to boot.  I'd gladly pay negative $880k for that in my home!

Thu, 10/14/2010 - 16:56 | 650762 pan-the-ist
pan-the-ist's picture

It's a good thing the new buyers have title insurance...

Thu, 10/14/2010 - 15:06 | 650179 B9K9
B9K9's picture

What if a deflationary collapse is baked in? That is, what happens if nothing more is done other than to allow the system to work its way through traditional legal channels? Think a lame duck Congress will shove something through? Or that the new 212th Congress will engage in a national program after the blow-back from TARP and everything since were the very issues that propelled them into office?

Cui bono - who benefits? Think it through fellow space monkeys. We already had our (hyper) inflation during the Naughties. The power-elite were made whole starting two years ago and continuing through to the present day to the tune of $25T+.

Why would they want this capital to depreciate via QE2? Why not wait until re-valued assets can be acquired for micro-pennies on the dollar? CogDis made a good point on a previous thread: what are true asset values - cash - given the absence of false support via credit leverage?

Sure you wanna find out? Be careful selling the $USD short.

Thu, 10/14/2010 - 15:07 | 650182 Pladizow
Pladizow's picture

FUCKING AWSOME!!!!!!!!!!!!!

Need millions of more Americans with BALLS!

Thu, 10/14/2010 - 15:12 | 650216 buzzsaw99
buzzsaw99's picture

he has balls alright. shoulda had 'em snipped six kids ago.

Thu, 10/14/2010 - 15:20 | 650269 mule65
mule65's picture

Ha!  Excellent!

Thu, 10/14/2010 - 19:35 | 651185 DaveyJones
DaveyJones's picture

you win

Thu, 10/14/2010 - 15:09 | 650192 -Michelle-
-Michelle-'s picture

Not exactly who I'd want as the poster family of the movement. 

They couldn't find some people who'd bought an affordable home with a good down payment who've now fallen on hard times?  Who are underwater due to the huge amount of foreclosures surrounding them, dragging down prices?

$880k no-interest loan?  You're fricking kidding me.

Thu, 10/14/2010 - 15:12 | 650219 SRV - ES339
SRV - ES339's picture

It's the kids... can reality TV be far behind?

Thu, 10/14/2010 - 15:21 | 650277 downrodeo
downrodeo's picture

I don't know if I should laugh or cry. You're so right, and they're already doing this on the community level for schools.

 

We just need to scale it down for individuals.

 

http://www.nbc.com/school-pride/

 

 

Thu, 10/14/2010 - 16:50 | 650704 cowdiddly
cowdiddly's picture

The TV show "Flip this House" just became "Squat that house". Heh He, The first episode shows you how you need at least a 10ga extension cord to run over to your neighbors outside electrical outlet and how to mooch his wireless broadband.

Thu, 10/14/2010 - 16:57 | 650765 centerline
centerline's picture

awesome.  I'd watch that.

Thu, 10/14/2010 - 15:36 | 650364 mnevins2
mnevins2's picture

They are crooks/thieves - who feel "entitled" to a home. The police allowed them to break in? Trust me, anarchy might have its time and place - but this family is the poster child for looters and leeches - along with their attorney. This won't end well for them and it'll even be worse, the psychological trauma, for the children.

Thu, 10/14/2010 - 22:17 | 651647 UninterestedObserver
UninterestedObserver's picture

LOL yeah the BANKERS aren't the poster children for looters and leeches - fucking moron

Thu, 10/14/2010 - 15:09 | 650196 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

Wait a minute.

Buy a 500K house, then take out an 880K loan.

Is this Fed math or Banker math?  So can I buy a 1mm house and take out a 1.7mm loan....?  never mind about the idiot in the bank that signed it (probably with crayons) and ....eh....hmmm......... please pass the whiskey.

 

Any yes what the hell did you spend the extra 300K on hookers and blow?

Is that tax deductable- anyone?  Closing costs maybe?

 

 

Thu, 10/14/2010 - 15:22 | 650280 Joe Davola
Joe Davola's picture

I'm gonna stop paying because the bank says I owe 880k and I know it's only 855.  I used Chisenbop to arrive at that figure.

Granted 25k seems like it should be worth arguing over, but in the context of over 800k it's barely earnest money.

Speaking of earnest money, how much are the new "owners" out?

Thu, 10/14/2010 - 15:23 | 650285 Tortfeasor
Tortfeasor's picture

Tax-free.  It's a loan, not income.  Supposed to be paid back.

Thu, 10/14/2010 - 15:34 | 650352 Tortfeasor
Tortfeasor's picture

Tax-free.  It's a loan, not income.  Supposed to be paid back.

Thu, 10/14/2010 - 15:39 | 650380 williambanzai7
williambanzai7's picture

Don't try doing the math in these cases, you'll blow a loose gasket

Thu, 10/14/2010 - 18:02 | 650911 chopper read
chopper read's picture

300K on hookers and blow

and the rest he just squandered. 

Thu, 10/14/2010 - 15:09 | 650197 Calculated_Risk
Calculated_Risk's picture

now this is what it's like when worlds collide!!!

 

http://www.youtube.com/watch?v=lsV500W4BHU

 

Thu, 10/14/2010 - 15:09 | 650198 TradingJoe
TradingJoe's picture

Go Figure! An Attorney! Well....Imagination @ Work, eh?

Thu, 10/14/2010 - 15:09 | 650200 playitcool
playitcool's picture

Greedy fucks (I'm referring to all parties involved).

Thu, 10/14/2010 - 15:09 | 650201 DonnieD
DonnieD's picture

Instead of giving away tax breaks the gov't should give away birth control. These squatters are multiplying like rabbits.

Thu, 10/14/2010 - 15:12 | 650218 Dr. No
Dr. No's picture

yep; 9 more kids believe in free lunch.  I am confident the lawyer will screw them so at least they will be leary of lawyers when they get all growed up.

Thu, 10/14/2010 - 15:13 | 650226 ReallySparky
ReallySparky's picture

+1

Thu, 10/14/2010 - 15:25 | 650295 minus dog
minus dog's picture

".... These squatters are multiplying like rabbits."

Er, that's sort of the idea.  What makes you think they'd use the birth control?

Thu, 10/14/2010 - 15:44 | 650409 msjimmied
msjimmied's picture

Six of those kids are adopted.

Thu, 10/14/2010 - 18:46 | 651035 Edmon Plume
Edmon Plume's picture

...which means they get big bucks from the state for monthly support, no doubt.

This charade of the hapless victim is starting to come more into focus.

Thu, 10/14/2010 - 15:10 | 650207 Sudden Debt
Sudden Debt's picture

Only Judge Dredd can save us now...

Thu, 10/14/2010 - 15:21 | 650272 Dr. No
Dr. No's picture

I fear we need Rico now.  Judge Dred showed compassion in the end.

Thu, 10/14/2010 - 15:27 | 650314 Ivanovich
Ivanovich's picture

I knew you'd say that.

Thu, 10/14/2010 - 15:36 | 650370 Dr. No
Dr. No's picture

If this madness keeps up, the populus will embrace Spector!  My path to world domination will not require the use of destabilizing events to first push the world into chaos. 

Thu, 10/14/2010 - 15:50 | 650436 AuShoot
AuShoot's picture

My name is Bond, Mortgage Backed Bond...

Thu, 10/14/2010 - 15:55 | 650469 Sudden Debt
Sudden Debt's picture

You must get all the pussy you want with a name like that right?

Do you also have a license to be to big to fail?

Thu, 10/14/2010 - 16:20 | 650580 AuShoot
AuShoot's picture

You must get all the pussy you want with a name like that right?

Wish.  SPECTRE leaders have all the pussies.  But au is the big dog.

Thu, 10/14/2010 - 16:06 | 650522 Dr. No
Dr. No's picture

Mr. Bond, you are way over valued!! Many people trust you but mark my words, you will betray their capital!

Thu, 10/14/2010 - 16:17 | 650561 Uncle Remus
Uncle Remus's picture

My name is Buck, Double Ought Buck.

Thu, 10/14/2010 - 15:41 | 650387 williambanzai7
williambanzai7's picture

I believe you are referring to Judge Debts

Thu, 10/14/2010 - 15:11 | 650208 kaiserhoff
kaiserhoff's picture

This is a made for TV event if I ever saw one.  It is also breaking and entering.  They and their attorney must be so charged.  The alternative is anarchy.  The Germans have a predictable response to this crap.  "We do not make laws in the street."

Thu, 10/14/2010 - 15:11 | 650209 ZeeGerman
ZeeGerman's picture

Banana republic!

Thu, 10/14/2010 - 15:12 | 650217 ReallySparky
ReallySparky's picture

I remember years ago, an old banker and his wife lived in my neighborhood.  My husband and I befriended them and the old banker used to tell us all kinds of stories about customers that he would have.  He used to pull the deadbeats into his office, work with them on budgeting, blah, blah, blah blah.  Anything within reason to get the loan paid, or to broker a deal to get out from under the bad loan.  Sometimes, people were just unsavable, and he would foreclose.  This man never lost much money during his lending career, he always made it his business to know his clients and their character.

     The whole problem with the freaking mess, is that American's are not accountable to their local banker.  And they are all saying F*ck you to the international call centers and automated phone banks.

     This will not return to normal, until it returns to the local community bank.  Until then, whoever the homeowner stiffs is a faceless non-entity.

     The more I read, then more I think, Why am I making my house payment?

Thu, 10/14/2010 - 15:23 | 650287 Fat Ass
Fat Ass's picture

ReallySparky is totally correct.

Bankers stopped being real bankers, "financial machinery" took over what was previously done by bankers.

Result, the current socio-economic disaster.

Thu, 10/14/2010 - 15:26 | 650304 minus dog
minus dog's picture

I've known more than a few former bank workers who did loans who told me the same thing.  That's also why they don't work in banks anymore.

Thu, 10/14/2010 - 16:32 | 650651 CulturalEngineer
CulturalEngineer's picture

Thumbs UP! You're absolutely right! Ultimately the attempt to de-personalize finance and economics is going to fail. Human relations ultimately rest on peer-to-peer direct relationships... TRUST! It has to be based on really knowing who you're dealing with.

Systems that promote ego-maniac politicians with their image-makers and rapacious corporations with their ads featuring 'oh-so-caring' voices and tinkly piano music...

face disaster once the falsity of it all starts to shine through.

They've scammed the social contract! It's called Control Fraud.

We've got to re-build real communities from the ground up. 

How Would Hunter-gatherers Run the World? (Psst... They DO!)

http://culturalengineer.blogspot.com/2009/11/how-would-hunter-gatherers-...

 

Thu, 10/14/2010 - 15:13 | 650221 Sudden Debt
Sudden Debt's picture

I'm sorry for those 9 kids, but 800K ?!!!!!

GODDAMN! HOW DO THESE PEOPLE GET AWAY WITH THAT?!

 

I have a fucking great job, I make a very good living and so does my wife, BUT MY HOUSE ISN'T WORTH 800K!

Thu, 10/14/2010 - 15:32 | 650337 kinetik
kinetik's picture

RTFA please.  The loan is worth 850k, not the house. 

Thu, 10/14/2010 - 15:56 | 650477 Joe Davola
Joe Davola's picture

The new owners paid 800k.

Thu, 10/14/2010 - 18:49 | 651042 Rainman
Rainman's picture

New owners bought from a flipper who is probably royally pissed this one might come back to him. The 800k deal smells pricey, even for Ventura County. Then all this bullshit. New owners would be wise to backtrack this deal.....fast.

Thu, 10/14/2010 - 15:16 | 650247 THE DORK OF CORK
THE DORK OF CORK's picture

The banksters will have to pay the Judges in their personal Gold and silver - its painfully expensive but it may be a necessary long term investment.

Thu, 10/14/2010 - 15:28 | 650317 redpill
redpill's picture

Well they couldn't eat it, anyway!

Thu, 10/14/2010 - 15:16 | 650248 buzzsaw99
buzzsaw99's picture

I want a house & $300K tax free too god dammit!

Thu, 10/14/2010 - 15:29 | 650321 redpill
redpill's picture

What do you want to bet they've been taking the tax write-off on the interest they haven't been paying?

It's a squatter's paradise!

Thu, 10/14/2010 - 15:35 | 650359 mule65
mule65's picture

Hopium in action.

Thu, 10/14/2010 - 15:53 | 650457 redpill
redpill's picture

Oh, plus the $40k in renovations, but why split hairs!

Thu, 10/14/2010 - 18:46 | 651033 The Alarmist
The Alarmist's picture

And if I were the new buyer I would also drop a 1099 on their asses for this.

Thu, 10/14/2010 - 18:45 | 651030 The Alarmist
The Alarmist's picture

If I was the bank I would drop a 1099 on their asses.

Thu, 10/14/2010 - 15:19 | 650266 contrabandista13
contrabandista13's picture

If this is going to turn into a fight....  I'll put my money on the fat kid...

Thu, 10/14/2010 - 15:19 | 650267 tahoebumsmith
tahoebumsmith's picture

It's becoming harder and harder to distinguish the difference between right and wrong. The CRONY banks, Wall St., The FED and our government has set the stage for this kind of reaction. Compared to what the Banks have been allowed to get away with, these people are entitled to move back in and get a modified mortgage to their specification...The revoultion has begun...no pitchfork needed, only a U-Haul. 

Thu, 10/14/2010 - 15:27 | 650309 minus dog
minus dog's picture

But it's not getting that much harder to figure what is and is not in your own best interest.  People won't stop doing things... it'll just get more and more bizarre.

Thu, 10/14/2010 - 16:08 | 650532 csmith
csmith's picture

If you pretend to collect on loans long enough, the borrower eventually pretends to pay as well.

Thu, 10/14/2010 - 16:20 | 650584 Uncle Remus
Uncle Remus's picture

Back in the US
Back in the US
Back in the USSR

Thu, 10/14/2010 - 15:22 | 650281 tony bonn
tony bonn's picture

go earls go!!

and i will comment on the ethics - it was good.

Thu, 10/14/2010 - 15:24 | 650294 Blano
Blano's picture

Slightly off topic, but Conejo sold the house for 800K, less 697K buy price, minus 40K remodel, minus commissions etc. etc. where's the profit??  Hardly seems worth the bother.

Thu, 10/14/2010 - 16:12 | 650549 RichardENixon
RichardENixon's picture

Tax breaks generate the profit in deals like this.

Thu, 10/14/2010 - 15:26 | 650303 assumptionblindness
assumptionblindness's picture

Hell...meet handbasket.

Thu, 10/14/2010 - 15:26 | 650306 gwar5
gwar5's picture

I'm sure the lawyer told them possession is 9/10 of the law

Better to be a squatter with pride in your foreclosure than to be a new age wanderer and have to squat on somebody elses house

But who is going to get stuck with the bill?  The Chinese aren't going to like the robo-dollars coming thheir way.

 

Thu, 10/14/2010 - 15:30 | 650328 kwvrad
kwvrad's picture

 Tyler I dont know where to put this.. but for those of you

who know about CLIFF HIGH at http://www.halfpasthuman.com

he's the guy that runs WEB BOT program, anyhow

his ISP took his site down with no explanation seems the TPTB

donot like what he has to say, actually its kinda spooky stuff,

 I just know I'm gonna get junked ( I posted this with tin foil hat on)

Thu, 10/14/2010 - 16:05 | 650520 ReallySparky
ReallySparky's picture

kwvrad... go to urbansurvival.com, that dude follows Cliff and has updates on the situation.  Not sure about the your tin foil hat scenario, time will tell. At least his commentary is entertaining.

Thu, 10/14/2010 - 15:31 | 650330 i.knoknot
i.knoknot's picture

<sarcasm> nice one, tyler... </sarcasm>

read the comments... so many are completely missing the game here...

everywhere you look, we're being compelled to pick our 'winners' in a game between thieves.

what a mess. "when you pick the lesser of evils, you still get evil..."

oh, *completely* off-topic: please don't forget to vote next week, okay? just pick the D or the R, even if you have no idea what they believe in, or if they had a seance when they were 6. and just forget those other silly spoiler parties, they're a wasted vote. got it?... good.

disengage.

Thu, 10/14/2010 - 15:42 | 650397 Cognitive Dissonance
Cognitive Dissonance's picture

Divide and conquer has an honorable and successful history in defeating many popular uprisings. When repressed for a long period of time, one of the ways the plebs work off steam is to batter those within reach rather than admit their impotence against their real tormentors, the masters of the universe.

So once the population is sufficiently stressed and demoralized, a few barn fires here and there is all it takes for the population to break out the band and then break some neighbor's heads and legs. I couldn't help but laugh when I listened to CNBC this morning. Some fool was expressing surprised that the Democrats were grabbing hold of a delicious pressure point such as China and stuffing it down the Republicans throats.

Silly rabbit. The political parties understand that the other side isn't the enemy, it's the population at large who they must defeat. Divide and conquer, demoralize and defraud. This can all end tomorrow folks. We just need to stop playing their game and dance to our own tune. 

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