Understand that nobody who got a high interest rate loan in 2005 refinanced in 2006 into another high rate loan. $5.7 billion in the last two years. Those kinds of numbers are hard to grasp. Think about it instead as $40,000 of debt per household for every family in the metro area. 18,128 loans. $5.766 billion. $318,000 average. One out of eight households. Talk about swimming naked.
22 comments:
Are there no prisons?
Are there no workhouses?
Am I not first and murst?
And yes, I am glad not to be a FB in Ventura.
NR
The lengths people went to just to get a mortgage are unbelievable. I don't even think the numbers do justice. 2005-06 there just wasn't anything available for $315,000. The median was $500k and up. Must have been lots of equity trading among existing owners.
Majority of foreclosures in this area I have seen share the following criteria:
1. Last name ends in a 'z'
2. Year bought 2005
3. 100% financing 80/20
4. purchase price 500-700k.
5. crummy house considered 'starter' or only 1 step above starter.
I could provide addresses and data all month long that match this criteria. Its quite a show.
HauspocalypseNow,
You forgot "unpermitted room addition."
Dawg,
That debt also purchased a lot sweet rimz for the pearl-colored Escalades.
I also forgot sometimes the last name ends in 'o'.
On the surface it appears the little brown people got screwed in the bubble. But we on the street know the opposite is true. They typically had mulitiple renters generating income for them while they DIDNT make the house payments for a year leading up to foreclosure. Cha-ching, paid vacation for year!
Optionally you might also get cash back at close and any appliances from the home you can strip and sell before foreclosure. No wonder they love this country. So generous.
Equity trading for the sellers perhaps; they sold one overpriced home to buy another (thinking, of course, that the new home they're buying in Nevada/Utah/Idaho is underpriced, when it's just as overpriced as the Cali home, but from a lower base.)
But for the holders of the MBS, there's no equity trading and no paper profits/losses. They paid borrowed money for a security that will suffer real and quantifiable losses. The homeowners will see the unrealized gains come and go, but the MBS holders will be facing payments on a repo that they used to finance a security that is no longer generating revenue, and will see real cash losses pile up.
Lou,
It may be different in Texico than it is here in Calilajahara because here our brown neighbors are not conspicious consumers. A 4 door 10 yr old Chevy sedan is a ride of choice.
Haus,
Yes and no. Their lack of stakehlding has led them to do all the things you mention but their desire to become part of the community has left another segment stuck with the investment and none of the returns.
Interestingly, until the last few years it was the case that the children of immigrantsvery quickly converged on the extant community values. My voter pattern work of the last few decades shows -voting- Hispanics pretty much voting like the general population. Understand, Voting Hispanics are probaly the most unrecognized constituiency around. They are usually overwhelmed by the vocal Hispanic advocacy groups that don't vote in the public arena.
Checking out KC's thought processes...
However, I never promised I wouldn’t co-author a book. I believe there is nothing wrong with it. Especially if I can help people and pay off my debt. I think she would approve if that’s my intent. As long as I can do it without (personal) blogging. Without putting my personal life, finances and marriage online. That’s what really hurt her with the last blog.
I posted a comment pointing out that he was breaking his promise not to blog. He responded that he only promised not to talk about family stuff.
When I posted again that he broke that promise and then promised to shut down the blog for good, he refused to let it through.
Same old Casey - trying to weasle out of promises and spin the story any way he can.
PF, could Casey put together a blog, not including personal details, if it is done in an attempt to raise money or part of an actual paying job?
Let's rave about the mango soup and foie gras for fishnets!
Lou,
It may be different in Texico than it is here in Calilajahara because here our brown neighbors are not conspicious consumers. A 4 door 10 yr old Chevy sedan is a ride of choice.
That is definitely not the case in the northern Mexican state of Texico. In Texico, people of brown, white or black skin (many of whom are recent immigrants from Calilajahara or Michigando) all enjoy pimped-out rides with sweet RIMZ purchased with subprime loans.
Many Texicocans are staring at loan balances of $5,000 for the spinners on their wheels, but it's all good. They have sweet juicy rides, and how the hell is the sucker at the loan company gonna repo a hubcap?
Free Masons in hubcaps with diamonds!
Did anyone listen to the fraudcast? I decided if I wanted to listen to a dissembling liar, I would watch a Bush interview or press conference. Fat chance that I would do that either.
Akubi, are you on drugs? If so, which ones?
PS -- God bless Al Gore.
I thought it should be stated here that Casey thinks his foreclosure book will sell for $1,000 per copy. Did he start smoking methamphetamine when he moved to AZ? I heard it's quite popular there.
Question: How does one complete their $1,000 book (or half million dollar book) when the thing hinges on Casey? My guess is chapters 1-3 will be all about how narcissistic and impossible to work with Casey is. Chapters 4-12 will never be finished.
holy crap. TK for real? He thinks a book about him will be worth a grand a pop? Holy shit whatever he's smokin definitely should be illegal. you'd have folks thinking they could walk on water and go through brick walls. oh wait that's PCP. I thought Casey didn't use.
I think the book is under priced. It should include an audio tape and be $1995. His target market is people who have spent $30,000 on seminars bought a couple of flips and are now facing bankruptcy. There is a fair number of these clowns around and they have already demonstrated a combination of fiscal stupidity and laziness. He can buy mailing lists from the gurus and if he can setup new credit lines for them he will get his money.
Damion is writing the book. Casey is there for publicity.
That said their chances of success is around 0%.
We knew Casey's next move was to "guru status". Mr. Maverick Mistakes has shown Casey the light. There's no money in real estate scaminars anymore! All the scaminar gurus are teaching foreclosure acquisition now anyway. Since Casey missed that bus, he may as well tag the same stupid idiots he was sitting next to on the way into this mess. Hey they were stupid enough to buy into get rich quick, they'll be stupid enough to try and buy their way out. You know the "my life is not adjustable" crowd.
It's pretty brilliant when you think about it. The two of them are beautifully versed in scaminar-speak. They both buy into the MLM-Mentor-LifeCoach-Wealth-Formula-Win-win bullshit. Too bad they're both extremely bad at execution. Casey's record speaks for itself. His partner's execution...
The cover of the book tells the story.
Half a million worth of real estate advice my arse.
TK for real? He thinks a book about him will be worth a grand a pop?
There are plenty of "boot camp" seminars that are worthless. For 15 grand attendees get pep talks, a couple CD's and a book or two in a three-ring binder with lots of blank "Your Notes Here" filler pages. Look at all the shite Casey bought.
All Buttnugget has to do is find the right guy to package it. There ARE people stupid enough to pay $1,000 for a book.
Casey is so brainwashed by these gurus, he cannot break free from the scaminar cults. What a sad thing it is to see, yet he cannot see this. He even loses his wife over it. Is he just trying to save face? It is hard to believe a story like this is even real.
@Lost Cause,
Inspired by some of the more interesting Baabaabaab search phrases like "ts eliot fragments shored tattoo stomach", I'm in dada poetry mode. It's a naturally occurring free-form result of information overload. Here are some other intriguing phrases for those who land in my random corner of the interwebs:
ts eliot vomit porn
nicole richie tentacle
zaporozhye adoption
neo-dada art
smellmeand.com
happy octopus
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