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, August 02, 2007
Most readers are not going to find this topical... AT FIRST. Bear with the thought process. This is a remote laser focused temperature sensor.
Point it at the nearest mortgage lender and measure the temp. Not sure the range is large enough but once they get over 482F just wait and they will head down to absolute zero. And Murst!
I documented our foreclosure / house flipping business over 4 days in July 2007. If you want a behind-the-scenes look at the world of flipping houses and buying foreclosures, I've uploaded the video to metacafe and youtube under "Flip Da House", link below.
* NOTE: This is raw and language may be offensive.
One person commented, "Every home seller and buyer should see this so you know what kind of s---m bags you are dealing with out there."
NEW YORK (Reuters) - American Home Mortgage Investment Corp. plans to close most operations on Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the U.S. housing downturn. Experts said it is likely the Melville, New York-based company will have to seek bankruptcy protection, and no later than Monday.
Mortgage companies are feeling the heat? __________________ Jake and All, I am livid. My mortgage is only $700.00 a month, due on the 1 st of the month and I have 50% LTV. I just got a COLECTIONS CALL from my motorgage company! I am at work and they want me to float a check till 4:40 pm today when I deposit my pay!!!!!!!! That I promised to pay on the first day of each month and I was in breach!!!!! I asked the colllections guy, with my best "attitude" of course, oi they were going bankrupt too. He said they are a collections company, so they can not go bankrupt. (lie) I told him if they are, they need to notify me and that I was very insulted. This is rally scary to me........ DO I need to re fi? What will happen to my home if they go under? SO PISSSED.
73 degrees is room temperature. Also happens to be the average IQ of Rob Dawg and the rest of you loosers.
Actually, my IQ *is* roughly room temperature... IN KELVIN!! :ba-dum-ching: ;-)
@Centipede, I'm still here... mostly lurking but I still read all posts and comments. Just waiting for you-know-who to be indicted. I can't wait to see how many counts they charge him with. Sweet. :)
Wait, so if your mortgage company collapses, then you're in trouble too? I guess I thought someone else picked up the loans or something. Or is this one of the things where they call and say the whole loan is due now! type of thing?
Off-topic, but I thought the crowd here would be interested . . . Small article but big milestone; as far as I've read, this is the first time there has been any public admission of "panic" in the real estate industry.
"SAN FRANCISCO (MarketWatch) -- Shares of lender IndyMac Bancorp Inc. (IMB 19.01, -2.04, -9.7%) suffered a 10%-plus fall early Friday after an e-mail by Chief Executive Mike Perry to employees surfaced that described the mortgage-backed bonds market as 'very panicked and illiquid.' As a result, he said in the note that the lender will have to make major changes to its underwriting and pricing guidelines. IndyMac Bancorp is the holding company for IndyMac Bank, F.S.B., which bills itself as the seventh largest savings and loan and the second largest independent mortgage lender in the nation."
@jake: I suspect the vast majority of loans are not "callable", so no, they can't just call and say they want their money back (might be a few exceptions like hard money, etc.) If the company does collapse, the loan will get sold to someone else who will service it, but the terms will remain the same.
FMW's situation depends a lot on whether it's the payment for August 1 or September 1 that they're asking for. Even if it's August 1, though, they'll probably take his money when he gets his paycheck (today?) with a complaint, and maybe a fee, but not much else. In this environment they'll be happy just to get the payment, as opposed to the other people who are on their delinquent list. They do not want to move into foreclosure, and will likely be willing to take a delinquent payment rather than initiate legal proceedings.
@ Jake, Your confused. Since when is a payment late when it is due on the first day of the month and paid on the 3rd day? There is a 5 day grace period by law! I'm not late. it will be paid today at 4;30pm??? They are either out of their minds on carck or out of mortgagees that are paying their monthly nut, imo.
Or is this one of the things where they call and say the whole loan is due now! type of thing? *************** No clue, but panic is what I feel, cuz I have seen this coming for two years and I tought I would just watch from the side lines, that it would not affect me. Oh so wrong.
That is what I am thinking. I am really up set about a collections call when my payment was 1 and a half days late!!!!!! They are a desperate company, imo and not stable.
The company going into bankruptcy will not affect your loan and may even get rid of annoying collectors who are pushing for immediate cash.
Refinancing to away from them costs money. If you are getting a better rate at the same time it maight be a good thing, but refinancing on the basis of a phone call is over reacting.
Short selling the company on the other hand may be an appropriate response. Pushing collections up and short term actions that hurt long term relations are the acts of a company going under.
All that notwithstanding, the laser remote thermometer is one of the most useful tools invented and marketed in the past 30 years.
I have a RayTek Raynger myself, (about $130.00).
When it comes to measuring very hot or very cold things or rotating machine parts, it's an absolute blessing not to have to put your nose-pickers anywhere near 'em.
Some things, (and some people), are just too "hot" to be near.
I think Rob is planning on stealing the Declaration of Independance for the map on the back so that he can find enough treasure to get the United States out of the mortgage crisis.
Alright, I am ALL IN on this one. Rob provided a link, so I fugred there was a hint at the end of said link.
"Laser sight lets you draw a bead on the exact location"
This tells me a certain organization is slowly putting their sites on a certain fliptard, particlarly where he is. The net is closing in on him, and they are watching his every move..probably because of his bone head play to go to Australia.
"Bond market turmoil sending investors fleeing from risk may be a worse predicament than the 1980s stock market fall and Internet bubble burst, Bear Stearns Chief Financial Officer Sam Molinaro said on Friday.
'These times are pretty significant in the fixed income market,' Molinaro said on a conference call with analysts. 'It's as been as bad as I've seen it in 22 years. The fixed income market environment we've seen in the last eight weeks has been pretty extreme.'"
Looks like somebody's off the script. Need to place a call to the Fed, we need Bernanke to help the financial sector get back on message that the problem is contained™.
Well...recalling some of your earlier waypoints, one wonders if a certain company whose name rhymes with: "SlammAR" might be getting vivisected by an organization with the same initials as: "Funky Toilet Bubbles".
How's that for "one ping ONLY!" and then "torpedoes AWAY!"?
Wow, look at the markets go. Another late-day sell-off; it's like last Friday all over again. Very heavy selling, I don't think the perma-bulls are going to pull the markets out of the red, at least not today.
Big confrontations with technical supports (like the 200-day MA) are not far off; will the supports hold?
44 comments:
first
is it to detect the meltdown from the housing market or lender market or all of the above?
Ooooooooookaaaaaaaayy, and.......
Do they use these in Norway?
Okay, I'll play. Let me guess... You're going to have your head cryogenically frozen?
73 degrees is a good temperature as long as humidity is low.
How much? Could not find the price on the site.
Point it at the nearest mortgage lender and measure the temp. Not sure the range is large enough but once they get over 482F just wait and they will head down to absolute zero.
And Murst!
I documented our foreclosure / house flipping business over 4 days in July 2007. If you want a behind-the-scenes look at the world of flipping houses and buying foreclosures, I've uploaded the video to metacafe and youtube under "Flip Da House", link below.
* NOTE: This is raw and language may be offensive.
One person commented, "Every home seller and buyer should see this so you know what kind of s---m bags you are dealing with out there."
http://www.metacafe.com/channels/goodbyeforeclosure/
That's definitely not a remote laser focused temperature sensor. It's a beeber that you stun people with and you know it.
Casey's feeling the heat...?
Casey's going to Hell...?
Out with it, man! :-)
"draw a bead on"???
benoit(tm),
I thought you fell in the rabbit hole...
Good to see you back!
(Hell is a relative concept of course).
NEW YORK (Reuters) - American Home Mortgage Investment Corp. plans to close most operations on Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the U.S. housing downturn. Experts said it is likely the Melville, New York-based company will have to seek bankruptcy protection, and no later than Monday.
www.reuters.com
Mortgage companies are feeling the heat?
I know! I know!!!
73 degrees is room temperature. Also happens to be the average IQ of Rob Dawg and the rest of you loosers.
Happy 3rd of August
Is today the day for Murseboi's big announcement.
Oh mommy, I cann't sleep for I am so excited. Can I go downstairs and check for presents???
H.
IIRC the Book was supposed to have come out today.
visit the domain for a laugh!
Mortgage companies are feeling the heat?
__________________
Jake and All,
I am livid. My mortgage is only $700.00 a month, due on the 1 st of the month and I have 50% LTV.
I just got a COLECTIONS CALL from my motorgage company! I am at work and they want me to float a check till 4:40 pm today when I deposit my pay!!!!!!!!
That I promised to pay on the first day of each month and I was in breach!!!!!
I asked the colllections guy, with my best "attitude" of course, oi they were going bankrupt too. He said they are a collections company, so they can not go bankrupt. (lie)
I told him if they are, they need to notify me and that I was very insulted.
This is rally scary to me........
DO I need to re fi?
What will happen to my home if they go under?
SO PISSSED.
sorry about the typos, so angry I can not type.
@FlyingMonkeyWarrior
What? I'm so confused. What's their problem?
I'm really sorry this is happening and I hope it works out.
73 degrees is room temperature. Also happens to be the average IQ of Rob Dawg and the rest of you loosers.
Actually, my IQ *is* roughly room temperature... IN KELVIN!! :ba-dum-ching: ;-)
@Centipede, I'm still here... mostly lurking but I still read all posts and comments. Just waiting for you-know-who to be indicted. I can't wait to see how many counts they charge him with. Sweet. :)
@FMW
Is your Mortgage company one of the ones that has already collapsed?
Is there still time to jump in on a short sale?
Tell them to kiss your furry little monkey butt FMW. They can wait until the first of every month as agreed.
Wait, so if your mortgage company collapses, then you're in trouble too? I guess I thought someone else picked up the loans or something. Or is this one of the things where they call and say the whole loan is due now! type of thing?
Off-topic, but I thought the crowd here would be interested . . . Small article but big milestone; as far as I've read, this is the first time there has been any public admission of "panic" in the real estate industry.
IndyMac CEO warns employees of mortgage market panic
"SAN FRANCISCO (MarketWatch) -- Shares of lender IndyMac Bancorp Inc. (IMB 19.01, -2.04, -9.7%) suffered a 10%-plus fall early Friday after an e-mail by Chief Executive Mike Perry to employees surfaced that described the mortgage-backed bonds market as 'very panicked and illiquid.' As a result, he said in the note that the lender will have to make major changes to its underwriting and pricing guidelines. IndyMac Bancorp is the holding company for IndyMac Bank, F.S.B., which bills itself as the seventh largest savings and loan and the second largest independent mortgage lender in the nation."
@jake: I suspect the vast majority of loans are not "callable", so no, they can't just call and say they want their money back (might be a few exceptions like hard money, etc.) If the company does collapse, the loan will get sold to someone else who will service it, but the terms will remain the same.
FMW's situation depends a lot on whether it's the payment for August 1 or September 1 that they're asking for. Even if it's August 1, though, they'll probably take his money when he gets his paycheck (today?) with a complaint, and maybe a fee, but not much else. In this environment they'll be happy just to get the payment, as opposed to the other people who are on their delinquent list. They do not want to move into foreclosure, and will likely be willing to take a delinquent payment rather than initiate legal proceedings.
@ Jake,
Your confused. Since when is a payment late when it is due on the first day of the month and paid on the 3rd day?
There is a 5 day grace period by law!
I'm not late. it will be paid today at 4;30pm???
They are either out of their minds on carck or out of mortgagees that are paying their monthly nut, imo.
On crack, rather.
My mortgage is in good standing, guys, I am not behind.
It is the rabbit hole.
Today is only two days after the payment is due.
Or is this one of the things where they call and say the whole loan is due now! type of thing?
***************
No clue, but panic is what I feel, cuz I have seen this coming for two years and I tought I would just watch from the side lines, that it would not affect me.
Oh so wrong.
well, with a 50% ltv you should be able to refi no prob.. I would just to distance yourself.
I would just to distance yourself.
****************
That is what I am thinking. I am really up set about a collections call when my payment was 1 and a half days late!!!!!!
They are a desperate company, imo and not stable.
@FMW,
That's crazy. What mortgage company?
Nonetheless, a $700 monthly mortgage sure sounds like a sweet deal.
In other news, this is what scares me about living in a condo.
@FMW
The company going into bankruptcy will not affect your loan and may even get rid of annoying collectors who are pushing for immediate cash.
Refinancing to away from them costs money. If you are getting a better rate at the same time it maight be a good thing, but refinancing on the basis of a phone call is over reacting.
Short selling the company on the other hand may be an appropriate response. Pushing collections up and short term actions that hurt long term relations are the acts of a company going under.
Ah...Rob is playing oracle again.
All that notwithstanding, the laser remote thermometer is one of the most useful tools invented and marketed in the past 30 years.
I have a RayTek Raynger myself, (about $130.00).
When it comes to measuring very hot or very cold things or rotating machine parts, it's an absolute blessing not to have to put your nose-pickers anywhere near 'em.
Some things, (and some people), are just too "hot" to be near.
(How'd I do Rob?)
I think Rob is planning on stealing the Declaration of Independance for the map on the back so that he can find enough treasure to get the United States out of the mortgage crisis.
Sharky is closest but remote sensing applies to companies as well as people.
Alright, I am ALL IN on this one. Rob provided a link, so I fugred there was a hint at the end of said link.
"Laser sight lets you draw a bead on the exact location"
This tells me a certain organization is slowly putting their sites on a certain fliptard, particlarly where he is. The net is closing in on him, and they are watching his every move..probably because of his bone head play to go to Australia.
We use to use those temperature meters while making automotive glass at LOF!!
Off-topic again, but too interesting to pass up . . .
Bond turmoil worse than Internet bubble: Bear CFO
"Bond market turmoil sending investors fleeing from risk may be a worse predicament than the 1980s stock market fall and Internet bubble burst, Bear Stearns Chief Financial Officer Sam Molinaro said on Friday.
'These times are pretty significant in the fixed income market,' Molinaro said on a conference call with analysts. 'It's as been as bad as I've seen it in 22 years. The fixed income market environment we've seen in the last eight weeks has been pretty extreme.'"
Looks like somebody's off the script. Need to place a call to the Fed, we need Bernanke to help the financial sector get back on message that the problem is contained™.
Rob:
Hmmm, I'm closest,huh?
Well...recalling some of your earlier waypoints, one wonders if a certain company whose name rhymes with:
"SlammAR"
might be getting vivisected by an organization with the same initials as:
"Funky Toilet Bubbles".
How's that for "one ping ONLY!" and then "torpedoes AWAY!"?
Do we hear bulkheads collapsing?
Are the boilers exploding?
Sharks' Buffet-time !!!!
Wow, look at the markets go. Another late-day sell-off; it's like last Friday all over again. Very heavy selling, I don't think the perma-bulls are going to pull the markets out of the red, at least not today.
Big confrontations with technical supports (like the 200-day MA) are not far off; will the supports hold?
Happy News today.
My 30 year fixed is owned by Barclay Banks. They are fine, I reckon. The debt/collections company SERVICES the payments and manages the mortgagees!
I had a Long talk with HomeQ and they said that I am in no danger of
them going under.
They apologized to me.
So, who's smart now. Barclay with a collections company in charge?
I'm good, stayin put and paid in full, good standing, all that.
Let the Crash/meltdown continue.
(-:
PS, Thank you for letting me vent from work today.
whew
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