Housing Bubble, credit bubble, public planning, land use, zoning and transportation in the exurban environment. Specific criticism of smart growth, neotradtional, forms based, new urbanism and other top down planner schemes to increase urban extent and density. Ventura County, California specific examples.
Thursday, May 10, 2007
Spittin Image - Our House (In the Middle of the Boom)
Sprezz, I'm working a new [xxxx yyyyy] secure ordering web site and as such I am "butt glued" in the Commander's Chair™. My lazy azz katz™ are bored with torturing the ground squirrelz™ and have gone inside to take well earned Casey brand napz™.
Benoit is snoozin' and therefor hiz side be loozin' Casey is one of "them" by popular ummm err "preference."
Anybody see this open letter to Housing Panic from a broker:
A mortgage broker writes an important open letter to HP'ers. Here it is in its entirety.
I'm Morgan Brown, a mortgage broker; please – let me explain.
I usually don't tell too many people I'm in the mortgage industry, because it can be embarrassing. I didn't start in mortgages but I ended up here through a series of events to where I now own a mortgage company. I am here because I thought I could change the world of mortgages. I learned quickly that it ain't easy.
I wanted to give you a little insight from a mortgage company owner's perspective on this whole housing market/mortgage market meltdown; and I want to start with this thought: people are getting desperate, and it scares the crap out of me.
Home owners are getting desperate. They call us up looking to refinance like they have 4 or 5 times over the last 3 years. They can't believe that they don't have any equity to cash out. Loan officers are getting desperate. I know at least 3 loan officers personally who are declaring bankruptcy right now.
I spoke with a woman the other day who wants to refinance. The only way I could get her loan done is if I (1) stated her income on her 1003 much higher than it actually is (2) convinced or found some appraiser to push her property value far above the latest sales comps (3) put her in a "consumer-friendly" negative amortization loan to show any monthly payment savings. I won't do it. She'll probably pick up the phone and have a new loan from a desperate loan officer who will have no problem doing it and, oh by the way, make 3.5 points (~ $14,000) on the back of the loan from the lender.
I also get embarrassed to be lumped in with some of the cons that got in to this industry when the getting was good. Keith shared with you the "mortgage hottie" and you've probably heard about the broker/salesperson husband/wife duo that checked in to the Laguna Beach Montage with cash and guns; these people make me despise the industry and make me feel sorry for anyone that has to get a home loan.
But I can't sit here and say I'm perfect. I don't do loans and I don't see every loan that goes through my company doors. I know we have angry customers who feel cheated; I am sure there are stated incomes and pushed appraisals that would make me more embarrassed to be in my industry than I already am. All I can do is try to fix it one person at a time one loan at a time.
Thank you HP'ers for keeping the focus on us, those in the industry that should be held accountable, and for not varnishing the truth. I hope that the millions of people who are facing financial ruin are saved by the Grace of God - but not with our tax dollars
---------------------------------
Nigel needs to know that he is completely full of shit. THis guy is believable and correct.
Morgan Brown knows. Does everyone understand the drag a $14k backened kickback puts into the housing market? People are going to lose houses because mortgage originators won't write loans that could save them because they don't make enough money.
Someone earlier said they think Casey is trying to increase page views with the "page not foun" error you get when you want to view his comments. It seems to happen randomly and about 50% of the time. Could he really manipulate this? Just curious, because if that is the case thats pretty weak.
Only works if the little scamster really DOES have one so engrossed that they go back repeatedly to check. Me, I just wait until I get the all clear from the folks here at EN, and that's if I even care enough that day to read more about what a shit to his wife and society he is.
In my neighborhood, the "OC adjacent" "Crown Jewel of the Inland Empire"(aka an ungodly overpriced area in the middle of a shit-pile) where prices quadrupled in 3 years, I can throw a rock in any direction and hit a house that's either in foreclosure or pre-foreclosure.
I've watched these fools in the neighborhood for a few years. It was obvious who was headed to financial ruin. The driveways with the toy-hauler, the boat, the H2, etc, etc paid for with that free-money-generator-that-lasts-forever HELOC.
I don't have an ounce of sympathy for these fools.
He's gone to the "read more..." click on me technique as well. It truly pathetic the way some people get so wrapped up in the meduim that they forget the original message. Casey and his itsallgood. Nigel and his analytics don't care about haterz. We've seen time and again people interested in a message/content based monetization driven away by this behavior. Duane tried but ultimately had to give up. And these were the people that knew the value of an eyeball or ckick yet still they couldn't find common ground between Caseyworld™ and the real world.
Good find, I remember seeing that when it was first broadcast. (For all you freedom fries eaters over there, the UK used to have a large supply of public rental accommodation - "council housing" - and the Thatcher government of the 80's decided to allow the tenants to purchase their houses, which a) caused a boom'n'bust and b) drastically reduced the public housing supply, causing problems for those who'd traded up then found they could no longer afford their new swank places but had nowhere to go back down to. Or something along those lines).
as a follow up to my IE report - This is getting to be a good time to buy those HELOC-paid-for-toys if you're in the market for any of them.
Right now I'm seeing great deals for boats, jetskis, quads, bikes, RVs, etc. There's a glut of these fast depreiciating assets in so-cali. I expect prices will be even better six months from now.
6+ months ago I was talking to my former high school teacher about getting into motorcycles and he was telling me the same thing. Find HELOC toys selling for less than half of what they are really worth.
I need to get going with obtaining a motorcycle license.
My wife thinks I have a disease too. She is very concerned about my condition and, today, she gave me a questionnaire to determine the extent of my affliction:
ARE YOU A COMPLETE TOOL? Please answer the following question:
1. DO YOU OVERSTATE THE IMPORTANCE OF ANYTHING YOU DO?
Not really. I mean, I do a lot of stuff that many people link to as authoritative.
2. HAVE YOU EVER TOUTED THE RECEIPT OF AN AWARD WHEN, IN FACT, IT WAS MORE OF A PARTY FAVOR IN EXCHANGE FOR FOR PARTICIPATION?
Absolutely not. That would be an insult to legitimate blog carnival winners everywhere.
3. WOULD YOU RATHER ARGUE ABOUT SPELLING THAN ISSUES.
Spelling is very important.
4. HAVE YOU EVER OWNED A POND WITH KOI (WHICH ARE FISH)?
Actually, it was more of a lake. 28000 gallons of water is a large amount.
5. HAVE YOU EVER WRITTEN YOUR OWN PRESS RELEASE AND TRIED TO PASS IT OFF AS LEGITIMATE?
If I don't write them, who will?
6. DO YOU REGULARLY DROP REFERENCES TO ITEMS THAT YOU OWN HOPING TO IMPRESS OTHERS?
No. I guess since I have a pool, an award winning blog, and a BMW I don't feel the need to boast.
7. IF THE JAMAICAN BOBSLED TEAM SAW YOU IN THE STREET WOULD THEY RECOGNIZE YOU?
Comment deleted by blog administrator
8. IF YOU WENT GOLFING WOULD YOU JUST GOLF OR WOULD YOU TAKE PICTURES OF THE COURSE IN ORDER TO PROVE YOU HAD A GREAT LIFE?
I just happen to carry a camera in my ass at all times (my ass is kind of like a murse. I can't tell you all the contents but I can tell you that I keep a camera in there).
9. IF 100 PEOPLE TOLD YOU DAILY WHAT AN ASS YOU WERE, WOULD YOU BELIEVE THEM?
Data please.
10. DO YOU HAVE MORE BLOGS THAN YOU HAVE COMMENTS ON YOUR BLOGS?
Comments are mainly caused by the sun.
IF YOU ANSWERED YES TO 5 OR MORE OF THESE QUESTIONS YOU ARE DEFINITELY A COMPLETE TOOL.
As you can see, my wife is completely off base with this one. I think she may actually be a haterz and is just jealous of my success. I will begin the outing process immediately.
**************************** [Standard Soemdood disclaimer -- Casey, if you mod this nicely worded, on topic, relevant, tasteful post out, then I'll simply be forced to post it to all Haterz ™ sites, like I did with the one you see if you Google "soemdood + murse"]
Q: Does your lender for the Utah house know that you have wrapped it? A: [Casey Serin] No. They don’t need to know. If they find out I don’t care either. They should be happy.
68. soemdood April 27th, 2007 at 5:37 pm Must be a different type of loan than mine, ’cause on mine, I had to not only live there, but I also have other stuff in the contract language that said all kinds of stuff; like I was not even allowed to make changes that might lower value... I had to promise to keep the property up, and keep the insurance current, too. I also had to tell them if I sold it (because my house was actually collateral for the loan - yours must be different, since you are allowed to sell the collateral and still not have to close out the original loan.
Casey, please look at the two contract snippets at the links below and tell me whose initials ("CS") you think those are. HINT: It rhymes with "Casey Serin"
Casey sure is eager to take risks on speculative projects like real estate, arbitrage and the stock market when it isn't his money. That's what cracks me up about all the peeps that say at least he dared to dream and we are just jealous. Yeah he dared to dream, with other people's money. Take back 1000 dollars of the 50 grand he owes you and he goes into a fit. Then again,as I've stated before, that's because he never learned the value of a dollar..he has never EARNED one. I'm sure Galina on her hands and knees (yeah I know what an image) scrubbing the floor is learning real fast what a dollar means. She may balk the next time shithead decides to go on a brain dump trip to lake tahoe knowing it's gonna take about 20 toilets to scrub to pay for it.
Yes I also find it interesting that Casey insists there is a method for getting rich quick, and yet doesn't have the money for it, doesn't have the edumacation, and doesn't have any real concept of the methods and as he talks about them he visibly enters a mania. I'm getting so excited! So many ways to make a lot of money!
None of those methods of making money can be achieved with one's own money unless they have a lot of it, so of course he's investigating these methods - he wants to continue to use other peolle's money to GET RICH QUICK.
Not only that, but hasn't the dimwit been trying this since 2000? He admitted it, and despite his claims to having "nothing to show for it" he does. As stated by others he has ruined credit, debt, financial dependence on his in laws, a wife that has lost her eudcation and future ability to earn, and a tumor called Nigel. I am sure that he felt all excited about making money with the chain letter, web design, real estate and the blog. When he is sixty and alone, his hair gone the way of Nigel's, as did his belly, I am sure he will still be excited by the thought of making money without work. The only difference between now and 2000 is that his delusions are larger and he is willing to RISK even MORE of other people's money.
Jesus. Going through Casey's album, I was struck by the hideous realization that the PRLinkBiz chick could be my sister. I'm totally serious, the face, the curly hair... She could totally be related to me.
BTW, Steph, now you know one of the many reasons why Casey freaks me out. He could be the little brother (and I’m not even remotely Russian!) I thankfully never had. He would be the little brother who inherited the missing ass from my mother’s side of the family.
Steph you look like PRLINKBIZ? Say it ain't so....c'mon you got better eyes, you drive a jeep.....hmmm..guess I'll have to just go back and check out that "pic" of Aspeth surfing over at Akubi's site.
38 comments:
FF&M!
Damn Rob Dawg, you're on a roll today.
GameOver, U got ur gameback.
Benoits team still gets Casey.
Sprezz,
I'm working a new [xxxx yyyyy] secure ordering web site and as such I am "butt glued" in the Commander's Chair™. My lazy azz katz™ are bored with torturing the ground squirrelz™ and have gone inside to take well earned Casey brand napz™.
Benoit is snoozin' and therefor hiz side be loozin' Casey is one of "them" by popular ummm err "preference."
Anybody see this open letter to Housing Panic from a broker:
A mortgage broker writes an important open letter to HP'ers. Here it is in its entirety.
I'm Morgan Brown, a mortgage broker; please – let me explain.
I usually don't tell too many people I'm in the mortgage industry, because it can be embarrassing. I didn't start in mortgages but I ended up here through a series of events to where I now own a mortgage company. I am here because I thought I could change the world of mortgages. I learned quickly that it ain't easy.
I wanted to give you a little insight from a mortgage company owner's perspective on this whole housing market/mortgage market meltdown; and I want to start with this thought: people are getting desperate, and it scares the crap out of me.
Home owners are getting desperate. They call us up looking to refinance like they have 4 or 5 times over the last 3 years. They can't believe that they don't have any equity to cash out. Loan officers are getting desperate. I know at least 3 loan officers personally who are declaring bankruptcy right now.
I spoke with a woman the other day who wants to refinance. The only way I could get her loan done is if I (1) stated her income on her 1003 much higher than it actually is (2) convinced or found some appraiser to push her property value far above the latest sales comps (3) put her in a "consumer-friendly" negative amortization loan to show any monthly payment savings. I won't do it. She'll probably pick up the phone and have a new loan from a desperate loan officer who will have no problem doing it and, oh by the way, make 3.5 points (~ $14,000) on the back of the loan from the lender.
I also get embarrassed to be lumped in with some of the cons that got in to this industry when the getting was good. Keith shared with you the "mortgage hottie" and you've probably heard about the broker/salesperson husband/wife duo that checked in to the Laguna Beach Montage with cash and guns; these people make me despise the industry and make me feel sorry for anyone that has to get a home loan.
But I can't sit here and say I'm perfect. I don't do loans and I don't see every loan that goes through my company doors. I know we have angry customers who feel cheated; I am sure there are stated incomes and pushed appraisals that would make me more embarrassed to be in my industry than I already am. All I can do is try to fix it one person at a time one loan at a time.
Thank you HP'ers for keeping the focus on us, those in the industry that should be held accountable, and for not varnishing the truth. I hope that the millions of people who are facing financial ruin are saved by the Grace of God - but not with our tax dollars
---------------------------------
Nigel needs to know that he is completely full of shit. THis guy is believable and correct.
Morgan Brown knows. Does everyone understand the drag a $14k backened kickback puts into the housing market? People are going to lose houses because mortgage originators won't write loans that could save them because they don't make enough money.
Someone earlier said they think Casey is trying to increase page views with the "page not foun" error you get when you want to view his comments. It seems to happen randomly and about 50% of the time. Could he really manipulate this? Just curious, because if that is the case thats pretty weak.
@anon 4:03
Only works if the little scamster really DOES have one so engrossed that they go back repeatedly to check. Me, I just wait until I get the all clear from the folks here at EN, and that's if I even care enough that day to read more about what a shit to his wife and society he is.
In my neighborhood, the "OC adjacent" "Crown Jewel of the Inland Empire"(aka an ungodly overpriced area in the middle of a shit-pile) where prices quadrupled in 3 years, I can throw a rock in any direction and hit a house that's either in foreclosure or pre-foreclosure.
I've watched these fools in the neighborhood for a few years. It was obvious who was headed to financial ruin. The driveways with the toy-hauler, the boat, the H2, etc, etc paid for with that free-money-generator-that-lasts-forever HELOC.
I don't have an ounce of sympathy for these fools.
He's gone to the "read more..." click on me technique as well. It truly pathetic the way some people get so wrapped up in the meduim that they forget the original message. Casey and his itsallgood. Nigel and his analytics don't care about haterz. We've seen time and again people interested in a message/content based monetization driven away by this behavior. Duane tried but ultimately had to give up. And these were the people that knew the value of an eyeball or ckick yet still they couldn't find common ground between Caseyworld™ and the real world.
Good find, I remember seeing that when it was first broadcast. (For all you freedom fries eaters over there, the UK used to have a large supply of public rental accommodation - "council housing" - and the Thatcher government of the 80's decided to allow the tenants to purchase their houses, which a) caused a boom'n'bust and b) drastically reduced the public housing supply, causing problems for those who'd traded up then found they could no longer afford their new swank places but had nowhere to go back down to. Or something along those lines).
as a follow up to my IE report - This is getting to be a good time to buy those HELOC-paid-for-toys if you're in the market for any of them.
Right now I'm seeing great deals for boats, jetskis, quads, bikes, RVs, etc. There's a glut of these fast depreiciating assets in so-cali. I expect prices will be even better six months from now.
Anon of the IE,
recycler.com is the hot ticket for HELOCtoys. Oh and slightly used construction equipment and murdercycles and sweet rimz and...
@anon 4:37
6+ months ago I was talking to my former high school teacher about getting into motorcycles and he was telling me the same thing. Find HELOC toys selling for less than half of what they are really worth.
I need to get going with obtaining a motorcycle license.
My wife thinks I have a disease too. She is very concerned about my condition and, today, she gave me a questionnaire to determine the extent of my affliction:
ARE YOU A COMPLETE TOOL?
Please answer the following question:
1. DO YOU OVERSTATE THE IMPORTANCE OF ANYTHING YOU DO?
Not really. I mean, I do a lot of stuff that many people link to as authoritative.
2. HAVE YOU EVER TOUTED THE RECEIPT OF AN AWARD WHEN, IN FACT, IT WAS MORE OF A PARTY FAVOR IN EXCHANGE FOR FOR PARTICIPATION?
Absolutely not. That would be an insult to legitimate blog carnival winners everywhere.
3. WOULD YOU RATHER ARGUE ABOUT SPELLING THAN ISSUES.
Spelling is very important.
4. HAVE YOU EVER OWNED A POND WITH KOI (WHICH ARE FISH)?
Actually, it was more of a lake. 28000 gallons of water is a large amount.
5. HAVE YOU EVER WRITTEN YOUR OWN PRESS RELEASE AND TRIED TO PASS IT OFF AS LEGITIMATE?
If I don't write them, who will?
6. DO YOU REGULARLY DROP REFERENCES TO ITEMS THAT YOU OWN HOPING TO IMPRESS OTHERS?
No. I guess since I have a pool, an award winning blog, and a BMW I don't feel the need to boast.
7. IF THE JAMAICAN BOBSLED TEAM SAW YOU IN THE STREET WOULD THEY RECOGNIZE YOU?
Comment deleted by blog administrator
8. IF YOU WENT GOLFING WOULD YOU JUST GOLF OR WOULD YOU TAKE PICTURES OF THE COURSE IN ORDER TO PROVE YOU HAD A GREAT LIFE?
I just happen to carry a camera in my ass at all times (my ass is kind of like a murse. I can't tell you all the contents but I can tell you that I keep a camera in there).
9. IF 100 PEOPLE TOLD YOU DAILY WHAT AN ASS YOU WERE, WOULD YOU BELIEVE THEM?
Data please.
10. DO YOU HAVE MORE BLOGS THAN YOU HAVE COMMENTS ON YOUR BLOGS?
Comments are mainly caused by the sun.
IF YOU ANSWERED YES TO 5 OR MORE OF THESE QUESTIONS YOU ARE DEFINITELY A COMPLETE TOOL.
As you can see, my wife is completely off base with this one. I think she may actually be a haterz and is just jealous of my success. I will begin the outing process immediately.
@ Rob: Benoits team still gets Casey.
Yecch... I want nothing to do with that pygmy hobbit. On a completely random note, to borrow a joke from "Family Guy" --
A: Did you know that Casey Serin has some Native American ancestry in him? In fact one of his grandfathers was Cherokee...
B: Really, what was his name?
A: Premise Running Thin... :-)
Xposted only here, at least for now....
****************************
[Standard Soemdood disclaimer -- Casey, if you mod this nicely worded, on topic, relevant, tasteful post out, then I'll simply be forced to post it to all Haterz ™ sites, like I did with the one you see if you Google "soemdood + murse"]
Q: Does your lender for the Utah house know that you have wrapped it?
A: [Casey Serin] No. They don’t need to know. If they find out I don’t care either. They should be happy.
68. soemdood April 27th, 2007 at 5:37 pm
Must be a different type of loan than mine, ’cause on mine, I had to not only live there, but I also have other stuff in the contract language that said all kinds of stuff; like I was not even allowed to make changes that might lower value... I had to promise to keep the property up, and keep the insurance current, too. I also had to tell them if I sold it (because my house was actually collateral for the loan - yours must be different, since you are allowed to sell the collateral and still not have to close out the original loan.
Casey, please look at the two contract snippets at the links below and tell me whose initials ("CS") you think those are. HINT: It rhymes with "Casey Serin"
BIG CASEY LIE (click)
ANOTHER CASEY LIE (click)
Now, what was it you were saying about telling no more lies, going straight, only doing good, making it right, etc.?
A: [Casey Serin] No. They don’t need to know. If they find out I don’t care either. They should be happy.
****************************
LOL @ Tool Quiz
ARGH!
How hard can cutting and pasting be? [smacks self on forehead]
Sorry folks, my bad. Second bit here:
More promises Casey wish would go away!
Agreed - tool survey is awesome.
When I hit "Comment deleted by administrator" I fell off the chair.
Casey sure is eager to take risks on speculative projects like real estate, arbitrage and the stock market when it isn't his money. That's what cracks me up about all the peeps that say at least he dared to dream and we are just jealous. Yeah he dared to dream, with other people's money. Take back 1000 dollars of the 50 grand he owes you and he goes into a fit.
Then again,as I've stated before, that's because he never learned the value of a dollar..he has never EARNED one. I'm sure Galina on her hands and knees (yeah I know what an image) scrubbing the floor is learning real fast what a dollar means. She may balk the next time shithead decides to go on a brain dump trip to lake tahoe knowing it's gonna take about 20 toilets to scrub to pay for it.
Yes I also find it interesting that Casey insists there is a method for getting rich quick, and yet doesn't have the money for it, doesn't have the edumacation, and doesn't have any real concept of the methods and as he talks about them he visibly enters a mania. I'm getting so excited! So many ways to make a lot of money!
None of those methods of making money can be achieved with one's own money unless they have a lot of it, so of course he's investigating these methods - he wants to continue to use other peolle's money to GET RICH QUICK.
@TK
Not only that, but hasn't the dimwit been trying this since 2000? He admitted it, and despite his claims to having "nothing to show for it" he does. As stated by others he has ruined credit, debt, financial dependence on his in laws, a wife that has lost her eudcation and future ability to earn, and a tumor called Nigel.
I am sure that he felt all excited about making money with the chain letter, web design, real estate and the blog. When he is sixty and alone, his hair gone the way of Nigel's, as did his belly, I am sure he will still be excited by the thought of making money without work. The only difference between now and 2000 is that his delusions are larger and he is willing to RISK even MORE of other people's money.
And worse..he "knows" he can get away with it....
Jesus. Going through Casey's album, I was struck by the hideous realization that the PRLinkBiz chick could be my sister. I'm totally serious, the face, the curly hair... She could totally be related to me.
Scary.
Steph,
There seems to be some build-up to suggest you have a new Photoshop image in the works...
These last couple posts don't sound like casey. Did somebody buy the blog and start posting for him?
Akubi,
Stephanie has a wealth of material to work with...
T
These last couple posts don't sound like casey. Did somebody buy the blog and start posting for him?
Maybe G having recently become less clueless is starting to have an effect on KC?
BTW, Steph, now you know one of the many reasons why Casey freaks me out. He could be the little brother (and I’m not even remotely Russian!) I thankfully never had. He would be the little brother who inherited the missing ass from my mother’s side of the family.
TK,
Yes, she definitely does.
Steph you look like PRLINKBIZ? Say it ain't so....c'mon you got better eyes, you drive a jeep.....hmmm..guess I'll have to just go back and check out that "pic" of Aspeth surfing over at Akubi's site.
@ 0 Comment Swaby
That was freaking awesome.
@ Steph J
Before you make such a statement, please review:
lovely
and lovelier
@0 comment swaby
I agree with flailing, that WAS awesome. Musta skipped it the first time. Heh, even your name is funny..and sadly..TRUE
Thanks for the pics flailing, I just lost memories of first and third grade as my mind went into automatic brain wipe mode to remove those images.
Ew. Those two pics look nothing like my family. There's one with some chick arm in arm with Casey, cheesing away...
She looks A LOT like my sister.
Of course, I wouldn't be caught dead in those clothes... I have better taste than that.
Image is up on my blog. I hope it's what you had in mind.
BINGO!
Stephanie
Excellent work as usual. I'd love to see Galina's head on perhaps this photo. Seems appropriate on many levels.
I have a galina one in the works... but now I'm rethinking it. It might be a day or two.
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