Posted on 10/31/2010 6:33:55 PM PDT by DaughterofEve
we are finding more and more houses here “left for dead” in which the copper has been ripped out by the vacating party.
I would like to see some real statistics as the the citizenship status of these previous homeowners, because I’m being told more and more, that it is mainly coming from hispanics, but this is just pure anectodal, so some hard facts would be nice.
If true, this would be a further kick in the shins of those in congress who thought it would be a fancy notion, to tell banks that asking for a SS# or asking that their borrowers be citizens is discriminatory. For 3-4 years we saw ad after ad in the newspapers here about “no SS# no problemo!” The banks catered to that clientele, and now they’ve abandoned their abodes, and ripped out the copper, leaving the house nothing more than a shell, that cannot be sold, even if the market does rebound.
So, I guess, buy house with fake ID, forfeit house when things get bad, rip out copper to buy ticket back home, change name when you get back, PROFIT! Why can’t I do that?
Its funny, in a way, that the big giant “oh so smart” banks are getting hit the hardest, where I’ve talked with one of my bankers we know (family owned bank, small size, who does our business stuff) and they are doing just fine, but they kept all their mortgages, did not sell them off, and were discriminate in handing out credit. Of course, they didn’t do as well as the big boys when the tide was high, but he’s salient right now, doing fine, while other banks are struggling.
The sad part, is when this is all over, communities are going to be on the hook for these abandoned homes that have been gutted. They will be a blight on communities, and towns will have to buy them from the banks in order to demolish them, or they will be an albatross around the entire neighborhood.
Even when this mess is over (if it gets over) it aint gonna be over for a decade. We still have the clean up to do, long after the banks rebound.
As a side note, and this one really ticked me off, this same banker who I am friendly with, told me that when the housing bubble started to break, he noticed many homes and mortgages being sold at very inflated prices in the latino community. So high in fact, that it caught most of your standard bankers attention. He said it went something like this “Illegal A buys house for 100 grand. He then sells house to Illegal B for 150 grand, on a no income verification loan. Illegal A pockets 50 grand cash. Illegal B sells house to Illegal C for 200 grand. Illegal C pockets 50 grand cash. Illegal C disappears. Freddie Mac and Fannie May stuck with bad note. Now, he tells that valves were put into place to prevent this, such as not loaning for more than appraised value, but, he said, the bigger banks were so eager for loans, and appraisers so eager for work, the bank would basically tell the appraiser what they “needed” to get on the house, and abracadabra! high home appraisal.
I haven’t seen much posted on that, but I would like to know more if this was occurring. Not a banker myself, but I do find it interesting.
You are so correct. This is really a fight between our very way of life and the slavery of socialism.
What really disapointed me about the people of that town was that even after economic ruin at the hands of Obama and the Democrats in Washington, they still can't seem to figure out that socialism (ie: the Democratic party and unions) are what did them in. That woman who said "I don't care who is in power in washington..." is particularly ignorant.
I really feel sorry for them, but you reap what you sow.
“They may not be doing their chosen field year round, right now our tin guys are doing work on one of our vans, exhaust, brakes, and new tires rims.”
My old man was a small developer. Back in the Carter years he pretty much just shut down for over a year as homes were not selling. He only had two carpenters working full-time. But, he kept them on the payroll that whole year. (Our house got a new roof and new deck!)
Other homes that he had built also got new decks, misc. repairs - and most just for the cost of the supplies. Just to keep the two guys (Bob and Butch) working and together.
I told my dad how I thought that was nice, and a little bit nuts. He told me “Perhaps, but when things turn around, I’ll still have the two best carpenters in the city.”
They also drove through a few picket lines over the years to get to my dad’s sites. Bob built my dad’s casket out of knotty pine, with a scrap of plywood from their last job together as the headrest. I now know my old man wasn’t nuts!
Control of the Senate, which if there were REAL anger in the land and a straight vote, IMHO, would be a slam-dunk. Without control of BOTH Houses, all we will have is posturing and wrangling over the crucial two years facing the Republic.
It's us against the Left. It's 4th and 20, and we call a QB sneak for 2?
The Mombasa Moonbeam, who understands precious little that is not placed on his teleprompter by George Soros, has been in Delaware more than he has been in DC. That, he understands.
We are taking the House with NO PROGRAM, NO PLAN, NO LEADERS, NO POWER, and NO Frickin' Clue on what EXACTLY to do to stop the slide of the Republic into economic and social chaos.
Where is the Republican Party official support for Rossi in Washington, with lawyers and and a voter fraud team ready to go? The money for a blitz campaign? Where is it for Angle in Nevada, and where is it for O'Donnell in Delaware, stabbed in the back by her own party, particularly by Karl Rove who has made MILLIONS by mismanaging Republican campaigns.? Why am I not seeing any NATIONAL ADs about illegal immigration and vote fraud... or anything else? The democrats have the news stories and the editorials, but we can BUY coverage of our point of view.
Show me the money.
I am voting a straight Republican Ticket ticket tomorrow. It is, like a second marriage, the triumph of hope over experience.
1st on the agenda ... absolutely shutting down congress for the Lame Duck Session.
2d: find one of these "Republican" governors to open the case for "Natural Born Citizenship" against Obama, even if he chooses (wisely) not to run!
Can the likes of Boehner and McConnell deliver that kind of toughness?
It is my great grandfathers that fought for the Union and the Republic. That's not too far back to remember. They had a government backing them up. I don't. Yet. This is the Republican Party's last chance to get me one.
What killed Maytag isn’t just the unions. It was that the price for the type of washer and dryer being built was higher than people wanted to pay. They started putting in cheaper components, and the drop in quality was so great the Maytag repairman became very busy.
It killed Newton. There is a nice race track there, but that is about it.
You have an alternative?
Thanks Kenny Bunk, good words.
And another question: What job now done by Americans cannot be done more cheaply in China? Should all jobs which can be done more cheaply in China be done there? If so, what jobs can still be done better or more cheaply here, not just now but in the foreseeable future? You don't think there is "big govt." in China?
A conservative deals with empirical facts, not with abstract ideal theories, bozo.
I'm all for slashing taxes and regulations, but nothing can change the fact that over a billion hungry Chinese will work for far less than any American.
Another question, agitprop: Have you ever worked in industry or manufacturing? Just what experience do you have in the real world?
Doesn't it ever disturb you just a little bit than great conservatives /s like George Bush and Mitt Romney are great enthusiasts for "free trade," just as they are for open borders? The bipartisan statist elites are all for this stuff.
Can you provide any hard data on this? What industries are leaving China? Where are they going to? I'm sure millions of people are getting wealthy in China, and China will be moving upscale rapidly in the world. (Among other things, that probably means that the Chinese will invest more in their own booming economy instead of propping up our rotten welfare state.) Wealth has always come from real production, not service jobs. ("Service" jobs are for "servants.") America was once the wealthiest nation on earth because of its enormous industrial productivity. We threw that all away so we could have cheap clothes and cheap electronic toys (with which to sit on the sofa getting obese).
Yes.... God Bless You for the work you’re doing.
We have a LONG way to go, as a country yet... I fear much worse is yet to come.
“It is my great grandfathers that fought for the Union “
Sounds like a family curse better left unmentioned.
A journey of a thousand miles begins with one step. Thank God this journey is not so long. The Tea Party will have experience under its belt AND confidence two years from now.
It's mighty low in this and neighboring districts. I was looking forward to maybe 70%. So far (4:00 PM) estimated just over 50%.
That is disappointing.
There was no wait at all when I went to vote at 5 pm in Orange County, CA. I held my nose and voted for Lion Rhino Meg and Carly “outsource ‘em” Fiorina. I hope my friends from Hewlett Packard don’t find out.
“As a side note, and this one really ticked me off, this same banker who I am friendly .....I haven’t seen much posted on that, but I would like to know more if this was occurring. “
It was happening just like that. I live at ground zero of the subprime lending industry and knew people in the mortgage business. Fraud and collusion appeared to be part of the business model, although this was the mortgage broker world rather than banks. Ben Jone’s ‘The Housing Bubble Blog’ is/was an excellent source of information for all of the fraud that was occurring during the bubble.
Dissapointing?
Google reports ...
House: 183 democrats | 239 Republicans
Senate: 51 democrats | 46 republicans
3 senate seats up for grabs.
Jerry Brown Redux indeed. WTF, over? Maybe Aztlan ain't such a bad idea after all.
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