The Housing Situation

The House

I was writing about the housing bubble on this blog a-way back in 2007 (though all those posts refer to the ill-fated Pabst Farms Money Hole), but I was following it via a couple of blogs back to 2005 when I was living in a wildly overpriced townhome on the SOUTH SIDE~! of San Jose, CA.

I had always said that, irrespective of my living situation (married or not), I would not think about looking to buy a home again until around 2011-2012.  I wanted to see what would happen when the tidal wave of ARM resets came due in a flagging economy.

Well, about the last thing I thought would happen is that banks packaged and sold the same mortgage several times over to different servicers.  In doing so, two things have started to happen:

  • If the homeowner is delinquent, the banks have started to sue each like crazy to be the one who gets to foreclose on the property.  The homeowner is screwed either way since they couldn’t pay- that sucks for them but now it’s mostly a battle to the death between multi-national corporations to get yet another empty house to flood the market with after sitting on it for months or years.
  • If the homeowner can easily pay each month… the banks will still sue each other like crazy to foreclose on the property.  Why? Because the homeowner is sending their payment to one servicer, but two or more servicers expect payment.  Bank A is happy with the money it’s getting, but Banks B and C haven’t been paid, so the mortgage will be foreclosed.  At this point everyone starts suing everyone as in the above scenario.  But the key thing here is that the homeowner did nothing wrong.

It’s because of this nightmare scenario that Atrios rhetorically asked this morning why any sane person would get any sort of mortgage at this stage of the game.  And I must agree- the banks have gotten so greedy that a foreclosed home is worth more to them than someone paying the mortgage each month; along with the fact that the colossally assholish mortgage bundlers fucking greedily resold a mortgage to multiple clients.  And the government protects these shitheels- doing nothing to protect people who legally bought their house, and who correctly paid the agreed-upon amount every fucking month.  That someone’s home could be taken from them by a multinational shitpile (and subsequently fought over by several multinational shitpiles) makes me incandescent with rage.

I’m certainly not buying a house in this climate.  How about this, you asshole fucking bank? I get a mortgage, and then I pay you for 30 years.  You fuck.


Via Atrios again, there’s this:

CLEVELAND, Ohio — Michael and Pamella Negrea have never been late on a mortgage payment in the 15 years they’ve owned their home in Eastlake. But they’ve been foreclosed on three times.

Martin and Kirsten Davis, meanwhile, lost their home in Cleveland to foreclosure two years ago. The reason: a mess that started when they accidentally paid 14 cents too little on their monthly payment.

And Michael Rendes of Berea had his mortgage sold last year to Bank of America. The bank foreclosed on him in November, after insisting for months that it didn’t hold his loan and wouldn’t accept his payments.

138 thoughts on “The Housing Situation

  1. when i went to pick up the cocktail, a little frasier dog came out of nowhere and ran right past me with a gleeful look in his eyes… i thought about chasing him down because of all the traffic, but cocktail delivery dude was going to show up any minute, so i let the dog go… he was running towards the busy street and i got a little worried, but he was well aware of the danger and played it safe along the sidewalk. just then the police animal control wagon pulls up and the dog crosses the street and runs back the other way.

    stay up, little homie. FUCK THE POLICE.

  2. Lord Calvert is a secret gem of a booze. Very little internet information besides a few random reviews (good) and 1960’s advertisements.

    The packaging was the modern day version of a brown jug labeled XXX but the smell and taste was wow-eee.

    Much love to the Madddd grandpa. No wonder he can afford to bling out his ears: he saved a fortune drinking this stuff.

  3. i’ve never seen him drink it… always a crown royal man with a taste for the reserve, and the XO stuff (last batch at the original bottling plant before it moved a while ago).

    my broham turned me on to it and said grandpa had recently turned him onto it…. it was the reason why he could afford to bling out his ears, but perhaps it’s the reason he can continue to bling out his ears. he also has solid gold teeth like the crook in home alone. gangster.

  4. this morning was just the baby deer wandering around. now the whole pack came back and was laying down in the soft piles of grass clippings i had laid out for them…. very satisfying to see my effort recognized and utilized. probably 6 really big deer… i cut up an apple and brought it out for them, very aware of my actions… they didn’t run away… then i gently tipped the cutting board to allow the apple pieces to scatter, and so too did my pals. they stood pat longer than i thought they might. now we’ll see if they come back for my offered treat on this first very cold day in a while, or if they expect a trap and steer clear.


  5. RE: Lord Calvert, I drank a whole bunch with squirt on sunday night while old man favre stumbled around lambeau. It was good.

  6. I appreciate squirrel’s urban ninja skills, but hate the results.

    MF’s took the panel off my “squirrel proof” bird feeder (thanks for nothing, John Menard, richest man in Wisco). Spill: all the seed on the ground– chipmunks/squirrels feast and the two lonely cardinals I saw at the empty feeder this AM starve.

    And yesterday, one of the little fuckers ate a big hole in one of my pumpkins– a pumpkin that I grew from seed FOR ME to make into pie and a scary face.

    Rabbits are public enemy #1, but squirrels are #2.

    I got a little revenge last time I baby sat Lilly, a little white Willa/Quince-type dog. I saw a squirrel making his way across a playground with a big nut in his mouth while three crows dive bombed him. Shit got worse: I released the hound and the land rat had to abandon nut and make for the nearest tree.

  7. i’m a student of squirrel psychology… all day adult squirrels have come in, taken one piece of apple, went about 100 ft away, ate it, then left. good trap avoidance logic. just now a little baby came in like he found a pile of gold… looking around like crazy, then started burying the pieces in the piles of grass clippings. uh oh, a big squirrel just came in and chased the baby off… OH SNAP, and now a bigger squirrel is fighting that squirrel…. DRAMA. no deer. pfffffffffffffffft

  8. there is a show on msnbc called “the rachel maddow show”… but on the tivo it gets cut off and says “the rachel madd…”… i always get excited and think it’s a show about relationship scientist… but it’s just some bitch spouting propaganda. *sigh*

  9. arcade accessories… that dude sells the things that let you put multiple golden tee boards on one machine… i’d prefer the one with a button, but he’s sold out. the radio ones are probably ok though and have less risk of bumping the button while you’re playing… (though you’d probably put the button on the back of the machine, but maybe you whazz too hard and push the machine back or whatever)…

    if i can’t get a replacement monitor board working i’m getting the $23.99 video convertor board with dual output.

  10. from his “contact us” page:

    “when you response our mail please use “Reply” so that we can know more intercourse details from hundreds of emails,and we can reply more fast.”

    china is whacky.

  11. squirrel analysis… the first big squirrel to come in was explaining in his own way that the baby was doing something bad… the next big squirrel is either a parent who was observing and protecting from a distance OR just some other schmoe squirrel that doesn’t stand for anyone steppin to no kid. OR the first squirrel was the parent… after they started doing the chase around the trunk i got them confused.

    baby squirrel: YOU ARE DOING IT WRONG.

  12. Next year’s Brocktoberfest needs more of one thing: BROCK. Any money earned betting on him is blood money.

  13. from that wildly overpriced link:

    Jen H. October 19th, 2004:
    “As a wipe a nostalgic tear from my eye, I sigh: we’re getting old.”

    is she in a retirement home now?

  14. i bought a video converter board so i could swap in a LCD screen and simultaneously trub it.

    i’m hoping there is a “cocktail” switch on the board so i could multiplayer trub without flipping the screen.

    also bought 1 set of the shaft and bearings… if they work i’ll buy another set. also got 2 red buttons… the red and blue looked dumb.

    cal, you really never got -20? were you trying?

  15. the happ checkout process is the worst i’ve ever seen… you don’t even get to see shipping prices… if they pull a $20 s/h, THEY WILL PAY.

    they already have a 300% up charge on that same video i got… and i already paid almost 100% up from the crazy dude who makes you intercourse him who sells them from china.


  16. Timmer wanted us to order that, but we shut him down.

    Re: -20

    It pains me to defend Cal, but he is a solid whazzer who played in a different era. You and zach are Roger Maris and Sammy Sosa. Cal is Roger Maris. Cal is football without the forward pass.

    First off, it was five bucks, each, to play 18 holes. For a while, all we played was 3 hole matches. A full 18 was rare and you could NEVER tap out and start over. We were college kids, didn’t have the skrill to see enough holes to get good.

    The 5-iron trick wasn’t invented yet.

    The whazz machine in the house is a dream come true. I’m confident he can swat a -20 if he spends a weekend here.

  17. Cal had plenty of time to get good when I owned a machine in California. Instead, he pranced around San Francisco and bought a smart car. One weekend in your fart-filled basement? Not. Gonna. Get there.

    I am Sammy Sosa, pre-whitening.

  18. i’m pretty sure you just got possessed by the ghost of wwhazz.

    the ball is on your face, cal. gauntlets and such. laid. put up or shut up greg’s butt.

  19. pssssst– it’s friday, it’s halloween weekend and i’m making beetlejuice punch. Cal do u want some?

  20. dear madddddd-
    i’ve been so busy getting ready for our party i totally forgot to give you shit about being a loser at survior– how silly of me. It’s been fun making it to the end with you the last couple of years– too bad you sucked it up this year and picked NOR– oh well– maybe next year? maybe if you’re nice i’ll let you use my wooden spoon and wear my enormous shoe. We’ll see, we will see…..
    your friend-

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