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YouWalkAway.com: Bringing Moral Hazard To A Deadbeat Near You

Tyler Durden's picture





 

Tonight's feel-good story of our time is a desperate stroll through the reality of the US housing market for millions of individuals (as opposed to the hope-driven must-say-something-positive spin the home-builder CEOs have been spewing recently). Notices-of-default jumped 33% in August, a nine-month high and largest month-over-month increase since August 2007 and it is becoming increasingly acceptable to walk away from contractual agreements as strategic default becomes the New American Dream.

Fox Business runs the story: The New Face of Foreclosure: Strategic Defaults:

"There are 3 million to 4 million seriously delinquent mortgages that under normal circumstances would be in foreclosure but have been kept out by procedural delays and paperwork problems," says Rick Sharga, RealtyTrac senior vice president. The recent spike in foreclosure starts suggests lenders are "hitting the restart button" on cases that were delayed by documentation problems such as robo-signing, he explains.

 

YouWalkAway.com surveyed several hundred of its clients earlier this year, and just 23% said they had previously shirked a financial obligation. "The people we are now seeing are nearing retirement age, who never missed a payment on anything in their lives," says Jon Maddux, co-founder and CEO of the Carlsbad, Calif., firm. "They are trapped. They can't sell or get a modification and they need to downsize or move for a job."

 

Attitudes toward default have also shifted, Maddux says. "Back in 2008 people were very emotional, very scared, in disbelief or denial," he says. "Now they are simply fed up. It's a very calculated, black-and-white business decision. People feel very relieved."

 

A more widespread understanding of the consequences of default may be a factor, says Brent White, a University of Arizona law professor and author of Underwater Home.

And an example of the justification - for better or worse:

"I was looking for a way to get back to a larger city, and this was the only way I could get out of this house," says Kessler, who paid $800 to YouWalkAway.com to help guide him through the process known as strategic default.

 

"I don't feel guilty at all about walking away from the place," he says. "The banks really did it to themselves. They made a ton of money with me over the years. I owned four or five houses. But I don't think I'll ever buy another house. I'll probably just rent until they put me in a nursing home."

So, we have dramatically bad unemployment in the youngest age demographic, middle-age demographics have seen net worth crushed in the last few years and are lucky to have a job, and now the elder demographic is increasingly opting for strategic default. All-in-all, not such a rosy picture (but but corporate profit margins are at record highs).

 


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Wed, 09/21/2011 - 00:21 | Link to Comment Ahmeexnal
Ahmeexnal's picture

KABOOM!

Goodbye bankster thugs!

Wed, 09/21/2011 - 01:01 | Link to Comment CrazyCooter
CrazyCooter's picture

Sounds great, but because banks own Congress, the only outcome is really nasty inflation.

Banks, on paper, will be made whole. Prepare accordingly.

Regards,

Cooter

Wed, 09/21/2011 - 01:13 | Link to Comment Cliff Claven Cheers
Cliff Claven Cheers's picture

Love your insight Cooter. Keep on keeping on.

Wed, 09/21/2011 - 04:56 | Link to Comment oobrien
oobrien's picture

These are scary shit-your-pants times.

And I don't see us getting out of it--unless we can manufacture WWIII.

What a pisser!

http://geraldcelente.proboards.com

 

Wed, 09/21/2011 - 05:28 | Link to Comment dlmaniac
dlmaniac's picture

A more accurate name should be DumpItOnTaxpayers.com.

Wed, 09/21/2011 - 06:09 | Link to Comment jeff montanye
jeff montanye's picture

these debts will never be paid.  until this is admitted, the debts restructured (principal eliminated, bond and mortgage holder haircuts taken) and counterparty transparency restored, there will be no sustainable recovery.

Wed, 09/21/2011 - 06:41 | Link to Comment nmewn
nmewn's picture

Exactly right...in a normal world this is how its done.

But in their interconnectivity, they can't allow that. So the devaluation will continue until faux balance. The fact that what is paid back is worth less never seems to cross their minds. 

Its as if they think fiats are still backed by something of real value.

Paradoxically, the thing they do back it with now (faith & credit), the thing they put their trust in & value the most, is being destroyed right along with the currency.

A race to the bottom, insanity doesn't even properly describe it...party on Garth...lol.

Wed, 09/21/2011 - 10:05 | Link to Comment MachoMan
MachoMan's picture

So why is there an all or nothing approach to requiring financial institutions to recognize these losses?  Why can't we get some middle of the road approach, e.g. babystepping them into write downs by requiring X amount of losses to be realized over Y years?  If we had done this from the beginning, we'd be quite a few years down the road to resolving the issue...  and people would probably be less pissed at the amount of bonuses taken because it would necessarily mean certain death to the institution if a solvency issue arose down the road.  If we have the power to step in and prohibit mark to market or change capital requirements, etc., then we have the power to do whatever...

Seems like there are plenty of ways to go about it...  just that no one wants to brainstorm because no one really wants to fix it.  The neat part about fighting gravity though...  it always wins.  Doing nothing, in this case, will still be a losing affair.  I'm just curious as to how much pain we'll have to go through waiting for natural forces to "fix" the problem.

Wed, 09/21/2011 - 08:54 | Link to Comment Nascent_Variable
Nascent_Variable's picture

Strategic default is a calculated middle finger to the banks, and I support it whole-heartedly.  Bank losses only get passed to taxpayers directly through bank bailouts.  The public doesn't have the stomach for another direct bailout any time soon. If Washington tries it, they will only hasten the guillotines. 

As for the Fed's infinite money-printing, that issue has gone way past mortgages at this point.

Wed, 09/21/2011 - 09:26 | Link to Comment jdrose1985
jdrose1985's picture

Uhhh...what are the banks losing, exactly? The note was paid in full from the signature on application for credit...lol.

You all have no clue.

Wed, 09/21/2011 - 09:38 | Link to Comment wisefool
wisefool's picture

The american (keynesian) dream.

http://www.youtube.com/watch?v=ZPWH5TlbloU

Wed, 09/21/2011 - 09:58 | Link to Comment MachoMan
MachoMan's picture

Unless the loan came directly from the FED or initial lending source, then the banks are going to have to beam the scratch back to the mother ship.  While technically it is correct to say that "the banks" created the money out of thin air, this broad brushed approach misses the interchange between the parties (fails to recognize that same loan is actually a liability on many financial institutions' books, and probably a net liability at that in this underwater day and age).

Wed, 09/21/2011 - 09:59 | Link to Comment Nascent_Variable
Nascent_Variable's picture

By all means, please explain how losing an interest bearing loan on the books does not affect the banking system.  Also, please explain how losing perhaps decades worth of interest payments on that loan doesn't affect the banking system.

Even if the mortgage is sold, it is still within the system, and in fact, is most likely leveraged heavily, making the losses to the system even greater.

I'd like to know where I'm wrong.  No sarcasm.  I'm here to learn.

Wed, 09/21/2011 - 10:51 | Link to Comment Jumbie
Jumbie's picture

The loan is lost, and the title is gained.

The decades of interest are not lost; past payments are banked, future forgone payments are mearly put off at negative interest while the market adjusts.

The 3 card monty played by shuffling mortgages and skimming 1% each time is the problem, and the heavy leverage is the source of profits and bonuses (inaddition to the CDS sold on top of the bundled mortgages). The "system" looses heavily, is bailed out by taxpayers, and those who designed and actively participated in the ball-under-the-cup game retire to St. Maartin.

The misconception here is that the system is somehow supposed to be working in the best interest of taxpayers/mortgage owners, when it fact it has become a giant skim operation.

Wed, 09/21/2011 - 10:36 | Link to Comment Jumbie
Jumbie's picture

Not quite; since the poor don't "own" houses (sorry, meant "own mortgages") and the richest don't pay taxes, the middle classes are shifting the burden between themselves. All this by making what top employers would consider a Good Business Decision, taught by every mBA school in the country: The Doctrine of Sunk Costs. Open pit mine not producing? Forward prospects unfavorable? Spin it off to a new corp and abandon it - pure win.

Banks are able to take full posession of real property at negative real cost and sit on it via mark-to-myth, negative interest and other welfare, and so have no incentive to relenquish any part of the title until inflation reaches desired levels. It worked well for the largest banks in the '30s, and the acknowledged expert of the time ;-) will see that it does again.

Synopsis: the poor don't matter here, the working schleps are helping drive more of each other into the poorer classes by increased tax burdens, and the banksters take title to more of their land and property by printing money for themselves, FTW.

 

Wed, 09/21/2011 - 01:20 | Link to Comment Jasper M
Jasper M's picture

I'll take the 'under' on that trade.
Jesus of Nazareth couldn't inflate this pig.

Wed, 09/21/2011 - 02:59 | Link to Comment Temporalist
Temporalist's picture

I never read that was one of his bread and butter miracles...

Wed, 09/21/2011 - 03:45 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Sermon on Mount = 5000 loaves of Back Bacon. (give or take)

Wed, 09/21/2011 - 06:12 | Link to Comment jeff montanye
jeff montanye's picture

perhaps srs is the etf for you.  interesting three year weekly chart. http://stockcharts.com/h-sc/ui

Wed, 09/21/2011 - 02:00 | Link to Comment AldousHuxley
AldousHuxley's picture

Even real casinos are losing money these days and resorting to tried and true method of ponzi schemes:

Online poker site with FBI logo on the home page:  http://www.fulltiltpoker.com/

 

What is not a ponzi these days?

Wed, 09/21/2011 - 02:04 | Link to Comment EscapeKey
EscapeKey's picture

Physical gold?

Wed, 09/21/2011 - 02:58 | Link to Comment caerus
caerus's picture

ponzis are so hot right now

Wed, 09/21/2011 - 04:20 | Link to Comment AldousHuxley
AldousHuxley's picture

Get this...Charles Ponzi's scam company was called SEC: Security Exchange Company

Wed, 09/21/2011 - 07:36 | Link to Comment Stax Edwards
Stax Edwards's picture

haha good one!

Wed, 09/21/2011 - 07:50 | Link to Comment jimijon
jimijon's picture

That is why he should be nominated for a Nobel in Economics. Let's admit it. He influenced more businesses and banksters than any bullshit University of Chicago bs artists. I even have a form... maybe I will make a website to gain signatures.

 

Wed, 09/21/2011 - 02:37 | Link to Comment suckapump
suckapump's picture

Cooter, lest you forget, most of the banks don't lend any of their own money anyway. These are all sold as various asset-backed securities to...you guessed it...us (in the form of pension funds, 401k funds, other retirement funds, guarantees on Fannie/Freddie mortgages, etc.).

Remeber that (through Fannie/Freddie) we are forced to be responsible for managing something like 90+% of all residential mortgages (in the form of MBSes).

Thank you Uncle Sam.

Wed, 09/21/2011 - 04:07 | Link to Comment fajensen
fajensen's picture

"Thank you Uncle Scam."

- there, I fixed it for you. :)

 

Wed, 09/21/2011 - 04:39 | Link to Comment I think I need ...
I think I need to buy a gun's picture

for the record on whats being taught.....my 7th grade daughter came home from school and told me Andrew Jackson was the worst president. Thats what is being taught in the schools circa 2010.

Wed, 09/21/2011 - 05:14 | Link to Comment Moe Howard
Moe Howard's picture

To the Banksters, he was, and they control the schools.

Wed, 09/21/2011 - 06:43 | Link to Comment tarsubil
tarsubil's picture

I mean, are you 100% serious? Really? If so, I don't have much hope for this country.

Wed, 09/21/2011 - 08:00 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Well, they teach that Lincoln was the best, and we all know how he trampled the US Constitution and was a complete Tyrant.  Hell, the man's memorial is of him sitting on a throne for a reason.

Wed, 09/21/2011 - 14:00 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

Beep beep. Incoming snark.

Wed, 09/21/2011 - 08:12 | Link to Comment Calmyourself
Calmyourself's picture

My 11 year old came home yesterday and told me CNN student news told him the Presidents Buffett plan cuts spending and helps people Pffft...  

Wed, 09/21/2011 - 10:49 | Link to Comment GoinFawr
GoinFawr's picture

Your daughter is such a lib. After all, anyone who thinks that ol` Sharp Knife`s penchant for fashioning his horse's livery out of human skin outweighs his advisors` hard money policy is so obviously a bleeding heart.

Personally, I don`t care how many `whelps` he/she had flushed out of their `dens`, or the number of human noses my head of state cuts off and keeps as trophies, just so long as he/she promotes what I deem to be sound monetary policy and has decent speechwriters; you gotta take the good with the bad.

Unless, of course, I find out he/she has had extra-marital sex, in which case I become incensed to the point where impeachment can be my only relief, because adultery makes the baby Jesus cry.

"America. A place for Americans"

Wed, 09/21/2011 - 11:10 | Link to Comment Shock and Aweful
Shock and Aweful's picture

I thought it was "ANDREW JOHNSON" who was the worst president ever...

I was always taught that it was always a toss-up between him...and Rutha"fraud" B. Hayes

Hell, kids in school today only are told the cute little stories about American History...and it is never really explained to them in any detail the back-story on why certain things happened the way they did, or how that has implcations on their lives today.  

I can guarantee you that your duaghter was not taught anything about Andrew Jasckon's life-long fight against the central banks....or how they tried to assasinate him....or heaven-forbid...WHY he thought that the creation of a central bank posed more danger to our nation than any standing army in the world.

Kids are taught ONLY the history that fits into the modern-day, pro-corporation narrative that has been pre-approved...the curriculum that is being taught, in regards to history and government is almost criminal....it is actually WORSE than not teaching them anything. 

Talk to a high-school kid sometime and ask them about the issues that caused us to fight the British...they will probably regurgitate something about "taxation without representation" (if they were even paying attention that ONE DAY it was covered)....or ask them about the civil war...if you are lucky, they MIGHT get the century it was fought in right.  And don't even think about asking them anything about civics....how a bill becomes a law, what the Bill of Rights says....or, heaven forbid, where our money comes from, and why it is that way. (most kids have heard stories about all the gold in Fort Knox and think that the money in their pocket is somehow tied to that)  Hell...a vast amajority of adults have no concept of our monetary system. (that is the real story of the 20th century...and you never hear about it - anywhere)

I truly believe that it is by design that our kids are being taught complete bullshit.  Afterall, our masters need a docile and compliant society...one that will not revolt against the machine...one that does not want to lose its comfortable way of life by rocking the boat.

  When you have a society that does not know how things have been and are being operating...you end up with a nation where 85% of high-school aged kids "supported" going to war with Iraq in 2003...but only something like 15% of that same group could point Iraq out on a map....

I say it all the time...and I truly believe it....

We are totally fucked...and I don't mean that we are fucked in the short term and things will get better.... I think we are fucked by design and that shit is gonna get slowly worse and worse for a long time going forward too. 

Wed, 09/21/2011 - 01:48 | Link to Comment Michael
Michael's picture

The second tsunami wave of foreclosures, as expected, from mid-prime and prime mortgage re-sets and re-casts are hitting our shores right on schedule.

It's almost as big as the sub-prime debacle.

 

Wed, 09/21/2011 - 03:18 | Link to Comment Michael
Michael's picture

Just watch this shit if you want to know everything that's fucking wrong with our country and the rest of the fucking world.

best of walstreetpro2 (greatest fuckin hits) - 1 of 3

http://www.youtube.com/watch?v=4k4xPUZRdC0

best of walstreetpro2 (greatest fuckin hits) - 2 of 3

http://www.youtube.com/watch?v=LyE1GoPtLyI

best of walstreetpro2 (greatest fuckin hits) - 3 of 3

http://www.youtube.com/watch?v=Qd0m_bN2qdY

Wed, 09/21/2011 - 03:35 | Link to Comment Michael
Michael's picture

There should be a walstreetpro2 DVD you can buy with all his episodes, uncut and un-edited.

Wed, 09/21/2011 - 03:46 | Link to Comment Michael
Michael's picture

walstreetpro2 is like the Studs Terkel of our modern times.

http://en.wikipedia.org/wiki/Studs_Terkel

Wed, 09/21/2011 - 04:14 | Link to Comment Michael
Michael's picture

So many people are afraid of 2012.

Solar Max occurs around 2012. Except this 26,000 year Myan calender cycle ending in 2012, the Sun is not behaving is a typical manner. Solar Max in 2012 will be but a whimper of previous episodes. Is the Creator smiling on us?

"Part of the 2012 mystique stems from the stars. On the winter solstice in 2012, the sun will be aligned with the center of the Milky Way for the first time in about 26,000 years."

Wed, 09/21/2011 - 13:56 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

I'm still afraid of 2011.

Wed, 09/21/2011 - 06:59 | Link to Comment j0nx
j0nx's picture

I always assumed that the reason WSP2 disappeared was he got arrested by the SS or something. He just dropped off the face of the earth 2 years ago for no apparent reason. His vids were pretty racey to a few politicians and maybe they sent the SS goons after him.

Wed, 09/21/2011 - 03:49 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

He has a way with words!  (and a ballbat)

He should sell trinkets out of the debris from his tirades.

Wed, 09/21/2011 - 04:52 | Link to Comment Vlad Tepid
Vlad Tepid's picture

Talking to himself is its own reward.

Wed, 09/21/2011 - 05:06 | Link to Comment Michael
Michael's picture

Sorry. I didn't expect to have an audience this evening.

Wed, 09/21/2011 - 05:50 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Leave Mick alone, I once thought he was a useless waste of Oxegen. But I was wrong. He really has some points that are well thought out and deeply pertinant to what is unfolding.

OK, put it this way, he was a prick but now I see just a reformed sweet Putana.

Change your Avitar, and you won't smell like a Hells Angels week old armpits.

Pandas are popular .... bitch

Wed, 09/21/2011 - 04:39 | Link to Comment macholatte
macholatte's picture

get that guy one of these.......

http://www.youtube.com/watch?v=XyoAP10uKTk

Wed, 09/21/2011 - 10:01 | Link to Comment FreeNewEnergy
FreeNewEnergy's picture

Thanks for the links, Michael. Made my morning.

Wed, 09/21/2011 - 07:31 | Link to Comment johnQpublic
johnQpublic's picture

just wait til the obamacare 4.2% sales tax on homes kicks in....seller pays this (starts 1 jan 2012)

if we take a 25% loss on the sale of our home(most likely loss), then we'd need to come to the table with almost 13k just to pay this cost, not counting normal closing costs

thats normal middleclass home price here in delaware, one mile from Pa. line(close to philly)

not even a mcmansion

just a '79 built 2000 sq ft home

800 bucks to walkaway ,or 13k to obamacare

thats us walkin' away

wonder how long it would take them to realize we'd left

we have still never missed a payment, but work calls for a move, and the math doesn't care what we choose to do

so sell by dec 31 or walk

dont even know if its worth calling a realtor

they will want 7%, and thats net zero, or come to the table with cash as it is

what would you do?

cue Pantera "walk"

Wed, 09/21/2011 - 08:31 | Link to Comment Chuck Walla
Chuck Walla's picture

KABOOM indeed. The fed owns or will own many of these and we are all on the hook till it all finally keels over.

Wed, 09/21/2011 - 00:24 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

I walked away from my house. But when I sobered up I went back. I realized that I

paid off my mortgage years ago. Damn that homemade ouzo.

Wed, 09/21/2011 - 00:46 | Link to Comment theXman
theXman's picture

I recently rent my house to a family in the neighborhood who had defaulted on their loan in 2008 and been living rent free for 3 years until the bank foreclosed their house. I bought my house at $515K in 2002, they bought theirs at $750 in 2005. The two house are almost identitcal. My mortgage payment is about $2K/mon. They had a fancy loan, I don't know the details, but when the rate reset in 2007, they had to pay $7K/mon. They paid for a year before giving up.

 

That's the consequence of a housing bubble -- f*ck you Allen Two-bubble Greenspan.

Wed, 09/21/2011 - 01:08 | Link to Comment DaBernank
DaBernank's picture

Pair of musician brothers got a WaMu loan to buy an $800,000 house in _________ California in 2004, when I asked one of them how they got the loan, I was told, "the loan officer just wrote down our monthly income as being $7,000 per month." in actuality, it was a good month if they made $2,000 between the two of them. What a great business model.

Wed, 09/21/2011 - 01:10 | Link to Comment CrazyCooter
CrazyCooter's picture

For the history nerds, they will know what you mean. For the rest of the public, Bernanke is going to be the slapping bitch.

It is funny, and I am very deeply cynical, but Greenspan gave it away with posturing no sooner than he was out of office. He knew. He acted, post-office, in a way that clearly demonstrated he knew. He tried to cover his ass in a way.

His miscalculation is "the internet" where little things are always accessible to anyone in the future.

Hey Alan, ever hear of the Way Back Machine? Your fucked. We all know what a whore you were, the whole way. Your place in history is earned. And not forgotten or rewrote this time, at least for the history nerds.

Mother fucker, you will be the Hitler of what is to come (behind Gramm and Mozilo according to Barry). And deservedly so.

Regards,

Cooter

Wed, 09/21/2011 - 01:17 | Link to Comment Cliff Claven Cheers
Cliff Claven Cheers's picture

What if Ben decides to make the Govt butt holes pucker and say he is no longer going to monetize the US Govt debt to let true market price discovery?  What if Ben forces the hand of Congress to cut spending or raise taxes?

Wed, 09/21/2011 - 01:49 | Link to Comment Hacksaw
Hacksaw's picture

What if the mother ship shows up, beams us all up, and takes us to delusionium, the home world of mankind?

Wed, 09/21/2011 - 03:27 | Link to Comment GoldBricker
GoldBricker's picture

BennyB would soon vacate his position, due to one or more of:

  • sex scandal
  • sudden death
  • ill health
  • spend more time with the family

Have I missed anything?

Wed, 09/21/2011 - 06:49 | Link to Comment tarsubil
tarsubil's picture

Don't forget:

  • head falls off
  • suicide by shooting himself in the back 16 times
Wed, 09/21/2011 - 08:41 | Link to Comment JohnF
JohnF's picture

Looking for a new challenge

Wed, 09/21/2011 - 08:05 | Link to Comment Silver Dreamer
Silver Dreamer's picture

I wouldn't trust archive.org or any other site to be a safe place to keep Internet archives.  Entire histories of data have been known to disappear.  It does not surprise me either.

Wed, 09/21/2011 - 11:04 | Link to Comment GoinFawr
GoinFawr's picture

So that's why you can't plug a thumby into an Iplot!

Wed, 09/21/2011 - 09:01 | Link to Comment spanish inquisition
spanish inquisition's picture

"'and in this corner ..... a man also known as the Debaucher of Detroit, the Killer of Kalifornia, the Nevada Knife, live  in person..

..Alan "The Hitler of Housing" Greenspan."

Alan- "It wasn't that hard. First we needed to give cheap loans and get them in camps or subdivisions close together, far from the cities and work. Away from prying eyes. Then we gassed em, raised the gas prices through the roof eliminating monthly excess in their budget before the ARM resets."

"Would you do anything differently today?"

Alan - "Too much of a paper trail, ach, computers.... in the old days we would of just thrown it in the oven. But we are fixing that by bribing the State AG's for a cheap settlement. Well, not "bribing", but giving them shitloads of campaign cash"

Wed, 09/21/2011 - 01:41 | Link to Comment Freddie
Freddie's picture

Dude be careful, watch the house and make sure you have a security deposit. 

I am very happy because a family of MF'ers who worked for the govt plus had 2 Porsches and a BMW (all new) - got thrown the f**k out of their house.  Foreclosed.  They probably stayed there for a year + w/o paying.  On the next street in a McMansion that was probably $1.7 at the peoak and is probably $900,000 now.  More hope & change MF'ers. Foreclosed.

Have a Obam voter renting probably paying $3,000 a month but no one seems to work?  The trillions he is a looting is being funneled to his people.

Wed, 09/21/2011 - 09:25 | Link to Comment Things that go bump
Things that go bump's picture

I saw this program on cable once.  There was this IRS agent and his wife looking to spend around 700,000 on a vacation home somewhere in the Caribbean (I forget where, maybe Costa Rica).  They showed them three places and they picked one.  The other two weren't quite right, either the kitchen was too small and didn't have granite counters or the kids would have to share a bedroom.  Anyway, I think they ended up with some townhouse on a beach that they were probably grossly overcharged for, but that is beside the point.  The point is this: How did a middle-aged, middle management government schmuck with two half-grown kids (who appeared to have many expensive activities), and a McMansion in an expensive area of the country manage to accumulate $700,000 to spend on vacation properties in the Caribbean? Were they your neighbors?  Middle management government schmucks used to live in modest homes and saved all year to take their families to Disney Land on vacation. They had nice middle class lives, but not the sort of lives that excited the envy of the hoi poloi, not excessive lives.  Are IRS agents being paid at a rate that affords the sort of extravagance displayed on that cable show?  

Wed, 09/21/2011 - 11:30 | Link to Comment ceilidh_trail
ceilidh_trail's picture

I saw that same episode- house hunters international- and wondered the same thing...

Wed, 09/21/2011 - 13:45 | Link to Comment Things that go bump
Things that go bump's picture

Our tax dollars at work.

Wed, 09/21/2011 - 01:51 | Link to Comment Michael
Michael's picture

Did you realize the Dot-Com bubble and the Housing bubble both popped on George Bush? So much was his fault.

Wed, 09/21/2011 - 02:20 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

I always thought the dot com bubble burst at Nasdaq 5000 which was in March 2000. but whatever, Greenspan should have raised margin requirements at the same time he made his prophetic statement.

Wed, 09/21/2011 - 03:15 | Link to Comment Michael
Michael's picture

The NASDAQ bubble burst on Bill Clinton? I did not realize that till now.

WoW!

So it's all Bill Clinton's fault.

Wed, 09/21/2011 - 03:20 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

no, it's Greenspan's fault.

Wed, 09/21/2011 - 06:07 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Wake the F@#k up ... it was Nixon's fault. He and he alone opened you up to Print baby. (To pay for a war they could never win)

Look at any graph it started slow because they had to test it. Look now.. This turkeys really well done.

Nixon .. that lying sack of depraved morals let the reserve currency and the printing machine off the Gold Chain halter and .....http://www.youtube.com/watch?v=Gb4eZ7Z5yk8&feature=related

Wed, 09/21/2011 - 06:54 | Link to Comment tarsubil
tarsubil's picture

But he didn't have any choice. The gig with keeping gold at 35 was over. Left Nixon no other choice. It started 100 years ago with the Fed Res and income tax. After WWII, the US had too much power to abuse their currency and the government did just that. The consequences have slowly been spilling out. Not much longer before kaboom. Blame 99% of politicians for the last 100 years not one or two guys.

Wed, 09/21/2011 - 07:44 | Link to Comment wisefool
wisefool's picture

If Nixon stayed on the gold standard, none of the american sited goldbugs here would have ever seen a peice of physical again in thier lives. They get bent out of shape when margin requirements are raised in the precious metals markets. Margin Requirements are nothing to be excited about compared to what the soveriegns were staging up to do to. Then nixon closed the gold window.  (as you pointed out)

Wed, 09/21/2011 - 08:12 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Throwing blame around hasn't helped and won't in the future either.  We have a lot to fess up to ourselves after all.  If people had only purchased what they had the money to purchase, had never used loans, and had lived within their means, we wouldn't be in this mess.  If we had demanded that our government did the same, we wouldn't be in this mess.  Apathy and ignorance on our part has a lot to do with where we are as well.

Wed, 09/21/2011 - 12:50 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

< sigh >

Wed, 09/21/2011 - 06:42 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Be careful Xman,

If they walked away from their Mortgage they are just a likely to walk away from your Rental when the going gets tough.

I will not rent to someone who was Forclosed on.  I leave that to people like you as you are probably inexperienced in Renting property.

Wed, 09/21/2011 - 08:15 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Why not?  I rented a place once and did not have the time to go through a credit check.  My credit was fine, but I had a ton of cash.  Instead of going through the normal process, I just paid a two month deposit, the first month, and had a clause added to the lease that if I was ever 30 days late I would be evicted and lose the entire deposit.  When someone gives you that much cash up front, you would still not do it... out of what... principle?

Wed, 09/21/2011 - 08:36 | Link to Comment prole
prole's picture

They aren't going to "walk away" from the rental, they are going to walk away from the payments and park their entitled a$$es on the property. Forever. If the Silver Dreamer has the experience and knows how to actually evict deadbeat renters (squatters) more power to him-- but I have seen the deadbeat renter scenario actually kind of steal the house. (not my house)

Wed, 09/21/2011 - 09:01 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

I have been renting property since around 1970.  So, lots of experience to fall back on. 

I would be willing to rent to them but they would have to pay 1 years rent up front with a one month security deposit.  I did this with someone that had terrible credit but had a huge Brokerage Account.  This worked for 3 years but in the end he did not pay his rent and I had to evict him.  Many will balk at the 1 year up front but that is fine with me as they will be someone elses problem.  Not mine.

I cannot tell you how many times I have given people a "chance".  It never worked out well.  They thought that I should subsidize them and let them live there for free.  You, know everyone thinks that someone that Owns a Rental Property is infinitely Wealthy.

I will not take a double Security Deposit.  That is because if you withhold even 1 penny of the Deposit they can sue you for 3 times damage.  I did this once with a woman who had declaired Bankruptcy and I rented to her.   She damaged the property and when she did not get 100% of the Deposit back she sued me for treble damages plus attorneys fees.  I have come to believe that the damage was intentional to sue for trebble damages. Lesson learned, never again.

The biggest problem is that at least in Baltimore County and Baltimore City it takes a lot of time to evict someone even though Rent Court is one of the most expedient Courts around.  It takes about 3 weeks to get your case heard.  It then takes another week for to allow them time to pay, if they are going to and before you can file your Warrant of Restitution.  It then takes another week for the Sheriff to send them notice of the Warrant of restitution.  Only then can you call and get an "appointment" with the Sheriff to set an eviction date.  A minimum of one month.  Then if it happens to be raining or snowing on that date the Sheriff will postpone your eviction and re set it 2 weeks later.  You are now almost 3 months without rent.

That is why I would not take a chance.

Wed, 09/21/2011 - 10:30 | Link to Comment MachoMan
MachoMan's picture

Generally speaking, the requirement to return a deposit includes a provision that you must send notice to the tenant regarding the disposition of their deposit and an accounting of the deposit...  Obviously this is different state to state, but here you're perfectly able to take money from the deposit for repairs to the premises...  you just have to be sure to send notice to the tenant where the money went and for what purpose...  failure to do this may result in treble damages.

Also, as for the evictions, you might want to look at other methods...  here, there are multiple methods of evictions...  some are buried in the bowels of your state statutes and not often used...  We tend to do an "unlawful detainer" action...  granted, it must be made in a higher court (higher than rent court or municipal court or the like) so you'll have to pay higher filing fees, etc.  But, if they don't respond to the court within 5 days after service then you can get a writ of possession...  if they do object, but fail to pay the monthly rent into the registry of the court, then you can get a writ of possession...  basically, if the tenant wants to contest the matter, they'll have to pony up the cheese.  No point in getting into a court battle with someone that is going to lose the property anyway...  

But there may be other ways to evict people if time is of the essence...  I would just expect them to cost more.

Wed, 09/21/2011 - 11:35 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

I sent a list of damages, etc. timley as required.  Yet, the Courts are very pro Tenant.

I do not think we have unlawfull detainer.  Or, I am not sure it would apply with a Lease on Rental Property.

Wed, 09/21/2011 - 12:30 | Link to Comment Silver Dreamer
Silver Dreamer's picture

The guy that rented to me wasn't taking a huge risk.  I had given him almost 10K up front, and he was smart enough to know I was not a deadbeat.

I was a landlord once, and I doubt I'll ever do it again.   The tenant I had was seemingly wonderful.  He was a Mason professor.  Well, when he first moved in, he had all of his teeth and looked clean cut.  But by the time he moved out, he was nearly toothless and a wreak.  The man ruined his life on meth apparently.  Oh, and he was subletting my place, and he turned in 16 keys at the end just to be a smart ass.  His cat was locked in his room on purpose too for months, and it pissed and shit all over.  One corner of the master suite was ruined and the subflooring was even soaked in urine.  Even with taking his full deposit, I lost a ton of money.  The whole process was a disaster.

Wed, 09/21/2011 - 13:50 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

Wow. You are a dreamer and a story teller.

Wed, 09/21/2011 - 19:34 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Silver Dreamer,

Yep, been there done that too.  The most I lost on damages was $35,000.  Mostly because of Dogs.  Not going to go into the story but it takes forever to recover from that kind of loss. Now I will not rent to anyone with a pet.  You learn over time.

Wed, 09/21/2011 - 00:26 | Link to Comment Akrunner907
Akrunner907's picture

When a house is treated like an investment, you sell the dog and clean up your portfolio.   A house is no longer viewed as the primary asset by owners,  they were speculators when then bought the property anticipating a windfall with rapidly appreciating values, now they are just cutting their losses.  Dynamics of the market has changed. 

 

** Remember, they were all inspired by watching Jim Cramer.  Take risk and see if you get the reward (include whatever sound effect you want.)

Wed, 09/21/2011 - 00:59 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

boooya to the housya! 

Wed, 09/21/2011 - 07:37 | Link to Comment duo
duo's picture

You can tell by looking at the condition of the houses bought during the boom.  These "owners" have no idea houses need paint, roofs repaired, the lawn mowed, or anything like that.  But they do have a $50,000 car parked in the street in front of the overgrown lawn.

Wed, 09/21/2011 - 08:16 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Houses are only investments to banksters unless they are entirely paid off.  Then one could easily argue due to property taxes that it still isn't a very good investment depending on the economy at the time, inflation, etc.

Wed, 09/21/2011 - 08:19 | Link to Comment Calmyourself
Calmyourself's picture

When the Mortgage Bankers Association walks away, morals have nothing to do with it.  A contract is a contract and it rules.

http://online.wsj.com/article/SB10001424052748704829704575049111428912890.html

Wed, 09/21/2011 - 09:19 | Link to Comment wisefool
wisefool's picture

We made our Billions honestly.

Donald Trump. MBA.

Wed, 09/21/2011 - 00:25 | Link to Comment reader2010
reader2010's picture

Jubilee. Free housing for all at the FEMA comps near you.

Wed, 09/21/2011 - 01:17 | Link to Comment Whalley World
Whalley World's picture

I fear the old guy hoping to rent till he hits the retirement home may find it in the form of a Gulag instead. Soylent green anyone?

Wed, 09/21/2011 - 01:19 | Link to Comment Cliff Claven Cheers
Cliff Claven Cheers's picture

Right now I think a lot of folks will be ok with that since they would get 3 squares a day and a roof over their heads.

Wed, 09/21/2011 - 05:59 | Link to Comment StychoKiller
StychoKiller's picture

since they would BE 3 squares some day (of soylent green!) :>(

Wed, 09/21/2011 - 06:19 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

If the FEMA camps have flat panels and cable - and they will - the drones will be sated

Wed, 09/21/2011 - 00:25 | Link to Comment Jumbotron
Jumbotron's picture

Atlas Shrugged.

But we are just walking away from the Matrix.

Wed, 09/21/2011 - 00:47 | Link to Comment wretch
wretch's picture

There's no fucking Atlas.  The system is eating itself.

Wed, 09/21/2011 - 01:18 | Link to Comment CrazyCooter
CrazyCooter's picture

Excellent observation. I struggle for truth and I don't take much shit; this comment is genius.

Fuck the TV narrative as it never explained a damn thing worth really knowing (i.e. I am sick an tired of working with geek types with a dumb ass hope that technology will/will not save the world - face it - in 1920 washing machines didn't either - computers are no different).

The system is eating itself.

Fucking brilliance in five words. I really wish I had thought of that in such simple terms.

Duly noted sir, duly noted.

Regards,

Cooter

Wed, 09/21/2011 - 02:06 | Link to Comment Freddie
Freddie's picture

If you watch TV or have cable etc then you are a dumb MF'ing serf backing the system.  They derive their power from TV, Hollywood and the media. I love the dumb MF'er serfs who say they hate the elites and corrupt system but love their insipid ball games on TV.  They love their college ball.

Wed, 09/21/2011 - 03:21 | Link to Comment BorisTheBlade
BorisTheBlade's picture

It's a Pavlovian dogs society, grown up on TV and recently on Facebook and the like, conditioned to give emotional responses to everything around instead of applying any critical thinking apparatus.

What is referred to as sheeple is a product of the system that requires consumers who have little or no knowledge of the world around and who will depend on the system and support it to the last breath, because they are essentially a part of it and have little or no value outside of it.

Since system is eating itself from within, all these people will be expendable. Don't think though that independent thinkers will be welcome, they I think will be viewed as dangerous. So, while I admire people trying to wake up others up, they at danger themselves. Besides, no one can individually change a result of a multigenerational conditioning, it's out of anyones control.

 

Wed, 09/21/2011 - 05:26 | Link to Comment Moe Howard
Moe Howard's picture

I stopped passing warnings and cautions. They seem to blame me, for example, in this lastest stock market crash because I warned it was coming. Every man for himself at this point. A guy at work send me something about obamas "job" plan and how a part of it did not jibe with another part.

I replied and told him to stop trying to make sense from nonsense.

Again, it's every man for himself at this point. The lady who empties the trash cans at work, etc, grew up in the backwoods fetching water from a spring, they lived off what they grew and raised, clothes were made from flour and feed sacks. I was speaking to her about the past, I let her know my father grew up "city poor" with nothing much like her. We are only really one generation from dirt poor in this country, my wife is from Poland and it was the same there - they were poor as could be during WWII and for a long time after. Life goes on.

Wed, 09/21/2011 - 08:48 | Link to Comment fiftybagger
fiftybagger's picture

There are many things worse than poverty:

 

Blessed be ye poor: for yours is the kingdom of God. 21 Blessed are ye that hunger now: for ye shall be filled. Blessed are ye that weep now: for ye shall laugh. 22 Blessed are ye, when men shall hate you, and when they shall separate you from their company, and shall reproach you, and cast out your name as evil, for the Son of man's sake. 23 Rejoice ye in that day, and leap for joy: for, behold, your reward is great in heaven: for in the like manner did their fathers unto the prophets. 24 But woe unto you that are rich! for ye have received your consolation. 25 Woe unto you that are full! for ye shall hunger. Woe unto you that laugh now! for ye shall mourn and weep. 26 Woe unto you, when all men shall speak well of you! for so did their fathers to the false prophets.

Jesus Christ(God in the flesh)

Wed, 09/21/2011 - 03:44 | Link to Comment Peak Everything
Peak Everything's picture

Yes, insightful words.

The design of our system requires growth or else it implodes. But growth is dead for at least a century due to declining food (energy). So in desperation our system is eating itself to keep the growth going. Not so bad when chewing on its tail. But as it approaches the gonads, look out ...

Wed, 09/21/2011 - 00:53 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

get up neo

Wed, 09/21/2011 - 08:22 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Fuck Neo.  Anyone waiting for a savior is dead already.  People need to take responsibility for themselves and those they love and prepare for the worst.  Hope for the best of course, but you'd be a fool to not be preparing for the worst.

Wed, 09/21/2011 - 12:28 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

Dreamer We were born to die. The first rule of the game. Construct your own Matrix; get in; and go for ride. Anybody want to go with? Plenty of room.

Prepare for the worst? How many times can you reread "1984?" I came up with a worst case scenario a couple of years ago. Hasn't happened yet.

Wed, 09/21/2011 - 12:32 | Link to Comment Silver Dreamer
Silver Dreamer's picture

By prepare for the worst I mean prepare for the day when your fiat money buys nothing.  I have a family, and it is my responsibility to feed and protect them.

Wed, 09/21/2011 - 12:44 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

What you have to protect them from is despair and you do that when you come home from work with a big smile on your face. Common sense will take care of the rest. :o)

Wed, 09/21/2011 - 00:28 | Link to Comment RobotTrader
RobotTrader's picture

 

 

Just watch the XRT and the REITs power up to new highs again on this news.

More spending money for Joe Six.

More "bargains" to be picked up by the REITs, happily financed by Wall St. with nearly zero cost financing.

Wed, 09/21/2011 - 00:30 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Yes, let your kids and grandkids pay your debt with their slavery.

 

Wed, 09/21/2011 - 00:33 | Link to Comment Jumbotron
Jumbotron's picture

No...we will just tell them to walk away when the theivery corporation has them by the balls.  And if they try to build debtor's prisions.......

Bastille Day Bitchez !

Wed, 09/21/2011 - 00:46 | Link to Comment SeanJKerrigan
SeanJKerrigan's picture

Oh, how I wish this were true.  I'm afraid its FAR FAR more likely that nothing would be done.  We would just bend over and accept it.

Wed, 09/21/2011 - 00:57 | Link to Comment wretch
wretch's picture

We've never been where we're going.

Wed, 09/21/2011 - 01:07 | Link to Comment Yes_Questions
Yes_Questions's picture

On that, we can rely.

Wed, 09/21/2011 - 01:11 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

If we had been there, we would know better than to go back. Its like life, if you know how it ends, there is no suspense.

To walk beyond the maps edge that is our lot.

Wed, 09/21/2011 - 01:21 | Link to Comment Whalley World
Whalley World's picture

The dead have, and they say, turn away, go back (according to Bill Bonner and the Daily Reckoning crew)

Wed, 09/21/2011 - 02:24 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

then we can't know if we're almost there

Wed, 09/21/2011 - 03:35 | Link to Comment GoldBricker
GoldBricker's picture

Indeed. We have no idea where we are.

Years from now we will construct a narrative based on what we are able (and willing) to remember, plus a dose of pure fiction, to explain all that's happening now. Thus we will construct a collective vision of our society.

Unfortunately, this future history is as likely to be self-serving propaganda. Look at our histories of, say, the Great Depression. There's lots of data but no consensus on what really happened and why.

Wed, 09/21/2011 - 05:38 | Link to Comment foofoojin
foofoojin's picture

I know what you mean. my grandfather was in the second boat to touch Okinawa Island. He told me about the hell in the boat, the hell out of the boat, and the taking of the Airport.   I got a handful of stories out of him about the war. 6 or 7. the depression, only one.   He remembers sitting on the steps with about 18 or 19 kinds on a hot day and watermelon cart came through. and not one person in whole of 4 blocks had a nickel to buy a huge watermelon. I'm heading up this Sunday for his 93rd b-day.

My grandma reports a story of working a week for a dollar and giving 95 cents to her family every week.  she also repeats a story about her mother chastising her sister for trading an apple in her lunch for lard spread on thin white bread.   she  is 92 in January.

 The thing that upsets me the most is that they may very well live through 2 great depressions.

Wed, 09/21/2011 - 06:38 | Link to Comment krispkritter
krispkritter's picture

Then how do we know when we get there? Who's got the Star Map? GPS? You just ruined by breakfast man!

Wed, 09/21/2011 - 08:50 | Link to Comment fiftybagger
fiftybagger's picture

"We've never been where we're going"

Yes, but the Germans have

Wed, 09/21/2011 - 02:00 | Link to Comment Freddie
Freddie's picture

Blame dumb c*nt serfs/sheep who watch TV and support Hollywood,TV & the media's propaganda.  If you watch TV - you are one of them and you f**king support the Matrix.  ZH is filled with morons who still have TV for CNBC and Bloomberg.  Idiots support the kleptocracy by watching the endless lies.

I

Wed, 09/21/2011 - 01:56 | Link to Comment Dugald
Dugald's picture

 

Bastille Day you say!......goodness,

                                               now where did I leave my kniting?

Wed, 09/21/2011 - 07:55 | Link to Comment Tompooz
Tompooz's picture

There should be something in between debtor's prison  and this "strategic" walking away from your debt. (even when you CAN pay off your loans!)

Both lenders and borrowers are displaying immorality under your current system.

Much better is the Danish system where borrowers can bid on their own  mortgages. That gives you proper price discovery. It's a matter of identifying your mortgage in the scrambled soup of MBS's.

Wed, 09/21/2011 - 00:50 | Link to Comment TheSilverJournal
TheSilverJournal's picture

This hyperinflationary depression nightmare won't be paid off by your kids and grandkids..the burden will be born by you!!!!!!!!! Hypinflation is likely inside of one year.

Wed, 09/21/2011 - 01:22 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

Hyperinflation is like a fire eventually it burns itself out, after it consumes everything in its way. It usually destroys the old politics, we can't have that so no hyperinflation - just slow grinding stagflation, generic peanut butter on week old bread, wearing your socks until they're more holes than socks. Hilarious sitcoms about the good old days.

Robbitinis, and bad weed.

Recycling copper and aluminum cans and living without a/c or cable.

a slow and tedious grind interupted by precipitous drops and propaganda telling us the worst is over and blowing green shoots up our backsides while the richest call for more tax cuts and free jets.

Engineered poverty in the computer age. who benefits when most have less?

Wed, 09/21/2011 - 08:27 | Link to Comment Calmyourself
Calmyourself's picture

There will be no hyperinflationary reset until they are ready to give you one.  At that point it is engineered and yo u and I will continue to toil for crumbs.  There is only one way out, it is horrific and we no longer possess the collective will for that soulution.

Wed, 09/21/2011 - 03:11 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

Maybe the high end are still buying shit they don't need, but middle and low income are definitely being cautious.

Talking to some friends and family who some are struggling and some doing ok, consensus is they're all cutting back to the bare bone necessaties.

Seems like there's a next wave coming of defaults on all kinds of debt and going to be worse than we ever seen. My bet is BofA will be scrambling for a bailout by spring.

Wed, 09/21/2011 - 12:30 | Link to Comment OOONONO
OOONONO's picture

as before, i fart in your general direction ... by the way, where you at?

Wed, 09/21/2011 - 00:30 | Link to Comment Where My Dawg At
Where My Dawg At's picture

Banks made the mistake of thinking that they were only in the loan writing business and forgot that they're really in the landlord business. Or did they?

Wed, 09/21/2011 - 00:33 | Link to Comment knukles
knukles's picture

Cultural Historians will no doubt inextricably link the increasing propensity of normal, common, upstanding, law abiding, good, solid citizenry to walk their mortgages to the moral and ethical behavior shown by their very own elected representatives.... those people charged with establishing and providing for the enforcement of laws which are viewed as fair and equitable for all concerned... instead behaving in the most open and blatant lawless, inappropriate, unethical and irresponsible manner with other peoples monies. 

Indeed, walking an "evil banker's" mortgage is nothing compared to the looting of an entrie counrty by the politically powerful and monied classes.

No surprise whatsofuckingever. 

Wed, 09/21/2011 - 01:44 | Link to Comment Cliff Claven Cheers
Cliff Claven Cheers's picture

I know a guy who never really followed econ and the housing bubble and bought a house in 05.  then he figured our he was the bag holder.  This guy had a perfect credit rating for 20 years over 800 credit score, then he took Lira's advice and said "Fuck it" and gave it back to the bank.

Wed, 09/21/2011 - 08:43 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Unfortunately, I didn't have a clue either, and I bought a house in April of 2005.  I did not lie on my application, I had a steady job, and I bought what I could afford at the time and as close to the new job I got as possible.  The place was "purchased" for 384K, and now it is only worth 130K.  Between then and now, I got married, my wife had tons of medical problems and surgeries, and I went from no children to four.  Guess what I did with that house?  Yeah, fuck the banks.  It isn't like I committed fraud or anything either.  We had to move, or I would go broke.  We moved.  Now the house has been in an "approved short sale process" with BoA for almost THREE YEARS.  We've had 10 contracts, and none of them have been accepted by the bank.  They are fucking with us for some reason, and they do not really want the place to sell.

What are they waiting for?  Prices to go back up? LOL

The impression I get is that they are stalling short sales on purpose to make their books look better? Hoping for a government bail out?

Wed, 09/21/2011 - 10:55 | Link to Comment Jumbie
Jumbie's picture

See my post above...

Wed, 09/21/2011 - 00:34 | Link to Comment froghat
froghat's picture

we're 4 years into this mess and we still think we can avoid a depression. n

Wed, 09/21/2011 - 00:56 | Link to Comment Zgangsta
Zgangsta's picture

We can still avoid calling it a depression for a good while longer...

Wed, 09/21/2011 - 01:05 | Link to Comment X.inf.capt
X.inf.capt's picture

yeah, well call it a depression

after it ends, IF it ends.

but it will end... with war

what a mess.

Wed, 09/21/2011 - 02:31 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

but a rose by any other name

Wed, 09/21/2011 - 00:35 | Link to Comment froghat
froghat's picture

we're 4 years into this mess and we still think we can avoid a depression. n

Wed, 09/21/2011 - 00:45 | Link to Comment TonyForesta
TonyForesta's picture

""Gentleman, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in thebreadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families andtha will be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out. "

 

Andrew Jackson


Wed, 09/21/2011 - 00:53 | Link to Comment alex_g
alex_g's picture

++  you got a link for that?

Wed, 09/21/2011 - 01:53 | Link to Comment Selah
Selah's picture

http://en.wikiquote.org/wiki/Andrew_Jackson

 

Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!

 


Wed, 09/21/2011 - 01:01 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

andrew jackson was sick and tired of the motherfucking vipers on that motherfucking central bank.

Wed, 09/21/2011 - 01:18 | Link to Comment Caveman93
Caveman93's picture

I am sick of these mother fucking snakes on this mother fucking plane! http://www.youtube.com/watch?v=3bGv6Ijf1aU

Wed, 09/21/2011 - 02:57 | Link to Comment PaperWillBurn
PaperWillBurn's picture

That's Fucking Awesome.

 

A+ to you, Sir

Wed, 09/21/2011 - 03:56 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Samuel Andrew Jackson -- well played!

Wed, 09/21/2011 - 01:08 | Link to Comment goodrich4bk
goodrich4bk's picture

Wikipedia Andrew Jackson and then ask yourself why Hollywood has never made a film about him.  Now would be a particularly good moment to remember his accomplishment: the destruction of parasitic banking interests and the elimination of all national debt. 

Wed, 09/21/2011 - 03:34 | Link to Comment Mr. White
Mr. White's picture

Charlton Heston twice played Andrew Jackson.

1953 The President's Lady

1958 The Buccaneer

Sadly, neither film focuses on banking.

Wed, 09/21/2011 - 03:43 | Link to Comment GoldBricker
GoldBricker's picture

Why not go a step further and ask yourself why 99% of US war movies are about WW2. How many movies have  you seen about:

  • World War 1
  • The Philippine Insurrection
  • The Korean War (besides the anti-war M.A.S.H.)

These were less photogenic, less easy to romanticize, less flattering to our self-image.

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