The Boston Herald reports:
Gov’s move may delay Mass. foreclosures
By Scott Van Voorhis
Massachusetts has effectively become the first state in the nation to put a moratorium on foreclosures in the wake of a groundbreaking announcement by Gov. Deval Patrick yesterday, a top housing activist contends.
Patrick ordered state banking regulators to seek delays of up to two months in foreclosure proceedings against homeowners who have filed complaints with the Division of Banks.
Why not repeal all this pesky gravity stuff while you are at it? Jeeez. Points for figuring out the choice of graphic.
46 comments:
FIrst
Dammitt
Dude dun loosed his game. Youse gotta cease the moment. Sleepin' on new seat covers don't pays the rent my friend. Now you gotta wait for the "happy rent day" post this afternoon.
Murst!
Once again, the superior version of first, which we all know is Murst, has thrashed the firsters.
FEAR ME!
EN ~ Now an Award Winning Blog!
I have to come up with 2 months of rent money plus May’s payment by tomorrow. And there is even talk of pre-paying 2 months in advance if we are to stay here. Even though I don’t think Stephanie is going to kick me in the nuts, there is always that chance.
The thought of getting kicked in the nuts has crossed my mined a few times. Apparently, I’m not the only one thinking about it. Getting kicked in the nuts after being an ass is a growing trend according to last year’s New York Times article Keeping It Secret as the Family Jewels Become a Target.
If I was single right now I would just go ahead and let Stephanie kick me in the nuts just for the challenge and experience. It would be fun to see how practical it is and how long I can last. A kick in the nuts would be a great way to keep me from wasting money.
But that’s all dreams.
My wife of 3 years would never go for something like that. Yes, I sometimes feel held back by marriage. The thoughts of busting “my own balls” come quite often. But then, after I think about it, I come to my senses.
So I guess no broken testicles for me… (Unless Stephanie kicks me or something. I doubt it.)
Now that Casey is back to mining gold nuggets he no longer needs his wizard hat and is passing it on to Nigel so that he can continue his awesome RE whorescopes.
A pic of Nigeypoo with the blue wizard hat of doom would be awesome.
I've love to be able to short MA housing and cash-in in about 3 months. Any sort of bailout or delay in foreclosures is going to cause increasing downward pressure on prices down the road. Fantastic.
Massachusetts is so 19th Century. It limped through the 20th on inertia and by eating its seed corn. now it is a hollow shell and it looks like we are seeing the cracks forming. MA won't so must pop as implode like the submesible in "The Abyss."
Centex (CTX) reported earnings this morning, profits down 49%, posting a loss of 18 cents/share. Analysts were expecting a loss of 3 cents/share. Market didn't care, stock is up.
http://biz.yahoo.com/ap/070430/earns_centex.html?.v=3
So Rob Dawg, do you think MA will start eating their citizens to get through the 21st century?
After the 1929 depression, debt collection was also deliberately hampered. (Click for fascinating full article)
Excerpt:
...conditions in 1933: Pg 285 America’s Great Depression by Murray Rothbard. Quoted from Agricultural Discontent in the Middle West, 1900-1939,Wisconsin Press 1951 p.448
As in most depressions, the property rights of the creditors in debts and claims were subjected to frequent attack, in favor of debtors who wished to refuse payment of their obligations with impunity. We have noted the Federal drive to weaken the bankruptcy laws. States also joined in the attack on creditors. Many states adopted compulsory debt moratoria in early 1933, and sales at auction for debt judgments were halted by Wisconsin, Iowa, Minnesota, Nebraska, and South Dakota. Governor Clyde Herring of Iowa asked insurance and mortgage companies to stop foreclosing mortgages. Life insurance companies protested that they were being very lenient, yet in many areas the courts would not enforce foreclosures for insurance companies, enabling many borrowers arrogantly to refuse to pay. Minnesota forbade foreclosures on farms or homes for several years.
The sound we just heard was every single lender in Mass simultaneously denying credit to every single home loan put in front of them.
do you think MA will start eating their citizens?
They've been doing this for a long time. My immediate family has all left for other states (3) and countries (2). I dropped off my thesis and rode my motorcycle until I hit the Pacific never looking back.
There is less here than the Governor is claiming. He is not stopping Interest or late fees, so the foreclosure will still occur. The forecloseees get an effective 2 months rent free and the bank has an increase in the costs to foreclose.
Since it costs more to do business with subprime, banks will do less lending in MA so property values will drop farther. IF I had the money, I would look to be investing in MA in a couple of years when we bottom out
Baks may mitigate their losses by starting the foreclosure process earlier. They are normally happy to work with lenders to avoid foreclosure. They now will want to make sure that that time is spent in the required two months.
Rob nice pic. Those are the moonians? from ATHF, they were the subject of a promotion in Boston (and perhaps Baltimore) featuring tiny projection devices that to the authorities in Boston looked enough like bombs to warrant shutting down a decent number of major commuter roads one busy morning. Perhaps the Bay Bridge inspectors should keep on the look out for their visit.
wot lurker sed.
Is this just a politician making positive noises and trying to "Cover His Ass" against a house price crash?
How do I delete a comment? My spelling in the last one was so bad, I feel like I am channeling Casey
@ Alpha Dawg,
Dude, you scooped Keith at HP. Nice work.
How do I delete a comment? My spelling in the last one was so bad, I feel like I am channeling Casey
OMG it's a virus. I've got Casey Serin, I can't spel or think staight. I need a lie down. Oh no, another sympton of Casey Serin. HELP!
Massachusetts is a poor bet even after the implosion. Taxes too high, infrastructure gone, demographics suck. Actually I'm lying. Just trying to talk the market down. I've actually entertained the idea of post pop buying enough land in the Berkshires to build a golf course, airstrip and luxury cottages. Basically a summer camp for the rich. $5-$8 million in purchase and improvements with the "cottages" starting at a half mil plus fees. Three seasons; x-country skiing, golf and foliage. Exclusivity, privacy and ammenities. I'll clean up on the franchise fees from the service providers alone.
Re:
>>the moonians? from ATHF, they were the subject of a promotion in Boston (and perhaps Baltimore) featuring tiny projection devices that to the authorities in Boston looked enough like bombs to warrant shutting down a decent number of major commuter roads one busy morning<<
Yeah, the Mooninites. Dumbasses in Boston. The promotion was conducted in ten or more cities, and only Boston freaked. Warners coughed up $2 million just to shut them up. That effectively increased the ATHF movie budget from $750,000 to $2,750,000. Warners rolled over too easy.
Doesn't anybody want to know what I - the award winning mortgage blogger - think about this?
Anyone?
Hello??
Mokeybabe, new avatar?
Don't take this too harsh but Keith has been too far off the reservation for my tastes for a while. If I want "bad bad Bush" all the time I'll read the MSM. Thanks for the props.
"moonians?"
Mooninites, the stupid nannystaters wen't ballistic at a silly PR stunt. Bluto wins the prize.
How do I delete a comment?
Post with a Blogger or Google account. Anons and Others don't get to delete their own comments.
Came across this post from NSWABY, award winning douchebag.
"My first home was a former rental that needed a lot of fix up. The owner got tired of renting it and sold it cheap. He had inherited it. It was in an ok neighborhood. We got such a good deal on it, I asked the appraiser to "beat up" the final value a bit to reduce our tax liability. Even at that value, it was still 13k over our final purchase price.
Of these three "deal" opportunities, I only ended up with one, though I bid on all of them. They're out there, but won't come quickly or easily.
As an investor, I hate to think where I would be now without the inside knowledge and connections I gained working in the industry as a mortgage processor and broker. But any investor can create the same kind of connections. Your mortgage broker for instance. Ask them to refer a title company to you. Make friends with the rep. That rep can supply you NODs, and targeted mailing lists to suit your criteria for a nominal fee or free.
If you develop a good relationship with your mortgage broker, they can refer their loan turn downs to you. These will be your "pre-foreclosure" and your "rent to own" leads and you'll get them with no competition."
Sounds like mortgage fraud to me.
Yep, new pic. Thank for noticing. Anywho, HP has lost a lot of the really funny and interesting regulars, including you. I am one of the few remaining, but only because when I do not go there for a while the natives get restless and start the where is FMW chants. Sweet.
Your sight has filled the vacuum for me.
(:
Mokeybabe,
I just got the feeling that people were talking past each other and you call it with the observation that some (my sick brand of) humor was lost on them.
@Alpha Dawg,
Yep.
PS. Thanks for the new PC wall paper.
Now I can flip off my 16 tear old when he comes home from school and kicks me off of the net, "You're just blogging Mom'.
te he
Mooninites, the stupid nannystaters wen't ballistic at a silly PR stunt.
In defense of the "nannystaters", I think it's reasonable to consider a number of black boxes with protruding wires, blinking lights, and weird logos left in highly-publicly-trafficked parts of the city as a potential terrorist threat. Really, it's like a scene out of Batman XII: The Joker Returns. If they hadn't have responded and it had turned out to be bombs placed by some wacko, the press and armchair policemen would have been all over the authorities for severe, criminal negligence. The fact that the other cities didn't even respond worries me more than anything.
The "guerrilla marketers" were shameless idiots who didn't think twice about public safety, they deserved what they got, Warner Bros. got off lucky with a slap on the wrist and a fine. If those boxes had been left in public places in D.C., like on the subway or at the monuments, somebody would have gone to jail for a long time, and they would have deserved it.
From Cornflake:
"If you develop a good relationship with your mortgage broker, they can refer their loan turn downs to you. These will be your "pre-foreclosure" and your "rent to own" leads and you'll get them with no competition.""
Is that legal? It seems to me that there would be (or should be) a privacy law that would prevent a lender from sharing their assessment of an applicant's credit with a third-party. I realize that Nigel isn't the most ethical or professional of people (even by the REIC standards), but it strikes me as strange that he would publicly recommend a breach of trust with a client.
Even if it's not illegal or a breach of a mortgage broker's professional standard, at the very least, Nigel's shooting himself in the foot, as I certainly would never seek the services of someone who was willing to share the details of my finances with anyone whose been chummy with him.
A NOD is a matter of public record, accessible to pretty much anyone; getting denied a loan to refinance is a private, confidential matter. I'd be mad as hell if some dumb, shiny-headed mortgage broker was sharing any information regarding my personal financial struggles.
Clueless looser.
PV,
I suspect we are taking devil's positions each. Yeah, the PR was stupid but the reaction was every bit as bad as terrorism. They didn't err on the side of caution they overreacted. These were tiny little light panels with no room for enough material to do damage. Now they've opened up the new terror tool of unreasonable fear and desenstitization. Imagine a private plane dispensing little blinking katchchas where 1 of 1000 are booby trapped to blow off a few kiddies fingers or take out an eye. freakin drop a dye pack in a resevoir. I'm not giving anyone ideas, this stuff is old but only works when the offical response is the thing that causes the damage to the economy and/or liberty.
hey ratlab, you CAN short the MA housing market, actually just Boston, but the CME has boston futures, which you can short.
So why wait for it to bottom before buying, might as well ride it down too.
-Dan, prisoner of the peoples republic of massachusetts.
Massachusetts went to shirt as soon as its residents elected this monkey of a governor. When will Massholes learn?
Peripheral Visionary
You obviously have never heard of Adult Swin, lighten up. They waaayyy over reacted, and they were the only city that did not get it. Neither did you.
"Adult Swim?"
Meat doesn't understand. Are you like all growed up or something so that you cannot understand?
The Meat "knows." The Meat knows that the hairy guy jus' doesn't understand. Meat knows Flying Monkey understands.
Meat 'members sumptin frum skool. What it be? Oh... yeshhh:
"They who would give up an essential liberty for temporary security, deserve neither liberty or security" - Ben Fran... sumptin'
Least Meat understands.
Re:
>>Meat 'members sumptin frum skool.<<
Is that supposed to be a Meatwad monologue? Just askin'. 'Cause, he don't talk like that.
I have all five ATHF seasons on DVD.
"I bet it would of still been a challenge to profit from those homes even if they were done on time. Jeff gambled and lost. He has a gamblers mentality who thinks he is an investor."
Casey and Jeff and all the specuvestors should all line up to get counselling for their GAMBLING PROBLEMS.
Can you imagine these people in Vegas?
Casey Fannnnn & Rob Dawg,
yoU guyS knoW Fry Lock Meat Wad (botH AZZHoleZ) MasteR shAke (NIce GuY)???
Tooo funny to see grown ups that watch toons.
You watch COyboy BeeBop, too? I do.
Hayao MIYAZAKI ?- he is the greatest Anime Cartoonist ever, he is a genius.
flying monkey chicks do know.
and don't get me started about our freedoms, Dawg, ditto.
Do not forget "V" speaking of toons and Freedom in the same comment.
and Rodger Rabbit is HOTTTTTT!
not.
last!
I am easily amused, I do blog.
Ian Faith: The Boston gig has been cancelled...
David St. Hubbins: What?
Ian Faith: Yeah. I wouldn't worry about it though, it's not a big college town.
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