"4 weeks and then all hell breaks loose"

NEW -> Contingent Buyer Assistance Program
[Proof? Because you say so? I'm not being hostile or calling you a liar, but proof of trend or direction in the housing market is not a few select examples. And lets be honest about these $1400 Tustin rentals - that area is horrible, and many who rent there and pay exorbitant rents for crap properties do so because they have to. Poor credit, no rental history, etc.



You speak of loan mods as if they will become the norm, not the exception, and will save and stabilize the housing market. Ok, prove it. My source says exactly the opposite. Unfortunately, I cannot cite the source - my apologies in advance. But I'm not trying toprove anything.</blockquote>


Oh, excuse me! Did I say I have proof of where the market is going? That's rich. I said I proved much, if not all, of what I had to say.
 
I need a break from this high-maintenance situation. It's like a bad girlfriend (yes, boyfriends can do this too) who sucks the very life out of a relationship by talking about it every 5 minutes.
 
Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.
 
[quote author="bltserv" date=1252122491]Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.</blockquote>


It is used because it fits the definition of the original poster. You couldn't pay me to live there, or a thousand others like it, but people do. And yes, they overpay. Maybe it is due to credit or other issues. It doesn't really matter. It is what it is.
 
[quote author="CM_Dude" date=1252121340] I'm not being hostile or <strong>calling you a liar</strong>, but proof of trend or direction in the housing market is not a few select examples.</blockquote>


Why not? This isn't like trying to talk about religion, this is absolute grade school stuff, and he can't come up with the cites, thus he has issues with the truth. Or, as I refer to such folks, a liar. If he was a troll, he wouldn't mean it. Skippy absolutely does mean it.



But hey! It's not like he lied about his attendance at the UCI MBA program. I digress.



<blockquote>You speak of loan mods as if they will become the norm, not the exception, and will save and stabilize the housing market. Ok, prove it. My source says exactly the opposite. Unfortunately, I cannot cite the source - my apologies in advance. But I'm not trying to prove anything.</blockquote>


Your source is exactly correct. Am I'm the only one here who actually has any experience doing workouts at a bank? We never would consider doing the "extend and pretend" variety of loan mods that are getting done ? that alone shows the desperation of the banks. Twenty years ago, if a guy went NPA (non performing asset, 90 days late) the cure rate was roughly 5%, and of the ones we tried ?extend and pretend? in the 1980s the cure rate was exactly ZERO. The appropriate policy for somebody who gets behind is "up or out", as in:



<img src="http://kayaksuccor.files.wordpress.com/2008/03/pay-up-sucker.gif" alt="" />



or:



<img src="http://i300.photobucket.com/albums/nn20/thelion27/gtfo/gtfo3cr.jpg" alt="" />



Any discussion otherwise is pure unadulterated bullshit. Outside of some proof that doesn?t exist that shows banks are willing to suffer the wrath of the people who own these CDO?s they are servicing for giving the borrower a couple hundred thousand tax free, of course.
 
"Using it as an example is inaccurate to the discussion IMO."



No it's not. He was planning on using it as an investment property.
 
Let me know when you have anything really useful to say, no_vaseline. So far, I'm unimpressed. It looks like you live for reaction.
 
[quote author="NewportSkipper" date=1252123381]Let me know when you have anything really useful to say, no_vaseline. So far, I'm unimpressed. It looks like you live for reaction.</blockquote>


Nah, this is what he does to pass the time in between poker hands. He's posting on his blackberry from a table in some card room waiting for everyone else to figure out they're the sucker. You haven't really gotten his attention until he busts out the dairy prices.
 
[quote author="Nude" date=1252123636]Nah, this is what he does to pass the time in between poker hands. He's posting on his blackberry from a table in some card room waiting for everyone else to figure out they're the sucker. You haven't really gotten his attention until he busts out the dairy prices.</blockquote>


My wife went back to work for a firm that does water engineering and I retired. I think I've played exactly twice since the end of Feburary because I?m totally burnt out. I made money (pretty good money), but working 50 hours a week plus 25-30 in the card room destroyed my ability to play recreationally. In retrospect, not the best idea I ever had, but you gotta do what you gotta do, and even with unemployment, I had a couple thousand dollar hole in my budget because COBRA was over a thousand a month ? just for my wife.



Somebody explain to Skippy the Liar that I have him on ignore and can only see him if somebody else quotes him, and I won't be responding to any of his passive/aggressive, false victim, making up the facts as it suits him garbage.
 
I don't miss living in Vegas, working in strip clubs, or repossessing cars for many of the same reasons. However... being retired @ 40 is making me squirrely. I need a new hobby but I don't want to spend money we may need later for our own health expenditures.



Maybe I'll start spamming Nigerian email addresses with promises of repatriating millions in their currency. Or maybe I'll photoshop graph's face onto Liam Neeson's body.



At any rate, I'm glad to hear your no longer between the rock and the hard place.
 
[quote author="Nude" date=1252126349]However... being retired @ 40 is making me squirrely.</blockquote>


I need to qualify, I only retired from my Night Job playing cards. I still own my business, and I still work 50 hours a week.



I didn't know you repo'd cars. Heh.
 
[quote author="no_vaseline" date=1252126816][quote author="Nude" date=1252126349]However... being retired @ 40 is making me squirrely.</blockquote>


I need to qualify, I only retired from my Night Job playing cards. I still own my business, and I still work 50 hours a week.



I didn't know you repo'd cars. Heh.</blockquote>
You do what you gotta do. I just switched sides when I went legit. Don't tell Trooper ;)
 
[quote author="IrvineRenter" date=1252103160]

(I just realized that Zovall is the Emperor, I am Darth Vader, and Graphrix and Nude are the Jedi. Hmmm....)</blockquote>


<i>these are not the pictures you are looking for</i>
 
[quote author="NewportSkipper" date=1252122167]I need a break from this high-maintenance situation. It's like a bad girlfriend (yes, boyfriends can do this too) who sucks the very life out of a relationship by talking about it every 5 minutes.</blockquote>


Jesus, that is weak. Just put up or shut up, that's all I (we?) ask. IHB has seen literally dozens of aggressive types who come in and light up the forums with all kinds of crap about how we're all wrong, and the market is really GREAT, etc. It really is old news.
 
[quote author="usctrojanman29" date=1252119304][quote author="RoLar_USC" date=1252118749][quote author="usctrojanman29" date=1252118201]Wow, this thread got interesting really quickly. I'll make one quick comment, if you are going against the flow on the forum...please have some good analytical data to back up position. If you do, you will be that much more respected around here. IHB is not for the weak of heart...it's THUNDERDOME (someone post up a picture of Mad Max Beyond Thunderdome). I'm a little upset that all the juicy stuff happens when I'm at work away from the computer.</blockquote>


No matter if you're going with or against the flow, post good analytical data. Show your knowledge with cited data, and just ignore the personal/angry attacks. If you think someone is an idiot for saying something, say why and support it. All-in-all, this forum has surprised me, in a good way. Much better than I expected it to be.</blockquote>
Well, you have thick skin and Graph didn't scare you off the forum so you've done well for yourself young grasshopper. Btw, USC will destroy SJSU tomorrow...GO TROJANS!!!</blockquote>


Haha, they better or it's going to be a looooong season...
 
[quote author="bltserv" date=1252122491]Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.</blockquote>


It's an investment situation, you never have to live there. How about those little condos/apartments in SJC that go for 100-120K and rent for 1200-1400/month?
 
[quote author="RoLar_USC" date=1252140494][quote author="bltserv" date=1252122491]Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.</blockquote>


It's an investment situation, you never have to live there. How about those little condos/apartments in SJC that go for 100-120K and rent for 1200-1400/month?</blockquote>


First rule of landlord investing. Never buy a place you aren't willing to live in.
 
[quote author="No_Such_Reality" date=1252142393][quote author="RoLar_USC" date=1252140494][quote author="bltserv" date=1252122491]Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.</blockquote>


It's an investment situation, you never have to live there. How about those little condos/apartments in SJC that go for 100-120K and rent for 1200-1400/month?</blockquote>


First rule of landlord investing. Never buy a place you aren't willing to live in.</blockquote>


I work a block from Tustin Village Way and my work address is Santa Ana. That area is Tustin in name only, the neighborhood is Santa Ana.
 
[quote author="No_Such_Reality" date=1252142393][quote author="RoLar_USC" date=1252140494][quote author="bltserv" date=1252122491]Hey Skipper.



You ever spend any time in that part of Tustin along Mitchell ?

I worked for an electronics company on Franklin and Walnut for many years.

That area is plain dangerous. Just going to lunch on Redhill or Newport in that little Barrio

in the middle of the day is daunting. Unless your Latino. Your going to stick out like a sore thumb

living in that area. Using it as an example is inaccurate to the discussion IMO.</blockquote>


It's an investment situation, you never have to live there. How about those little condos/apartments in SJC that go for 100-120K and rent for 1200-1400/month?</blockquote>


First rule of landlord investing. Never buy a place you aren't willing to live in.</blockquote>


Tell that to anyone who wouldn't live in anything except a SFR and but still invests in condos, duplex, triplex, fourplex, etc...
 
[quote author="NewportSkipper" date=1252016805]The cure rate is going up.</blockquote>






<a href="http://www.zerohedge.com/article/insider-look-ginnie-mae-mbs">From Zero Hedge</a>
 
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