Tuesday, September 02, 2008

Craigslist Trolling

We'll call today's edition "Out of the frying pan and into the fire."

2006 Chevrolet/Chevy 2500 HD Duramax Diesel Quad Cab - $22k OBO - $22000 (Ventura)

**Only 36,000 miles!**

2006 Chevy 2500 HD work truck, Quad Cab, 6 speed manual, 6.6 liter Duramax diesel, A/C, upgraded radio/CD player, ready to tow! We have never towed a 5th wheel with it, but towing our little Bayliner boat, you don't even know it's back there. This truck is the most comfortable work truck you'll ever drive and will get the job done well. And for when you're not working, we can proudly say that we have gotten between 25-28 mpg on highway road trips (going 55-60 mph).

We hate to part with it but we are buying a house... so make us a reasonable offer!

Call Denise or Ron at (805) 654-xxxx or email us!


I'm just speechless. The Kool-Aid has not finished working its magic here in Ventura County.


Sweet Cashback said...


MURST.....$100000 to pay off my remaining mortgage balance.

Sweet Cashback said...


You get the FIRST thrown in as a bonus

Sweet Cashback said...

Here a few from my area. House prices in many NYC suburbs have dropped significantly the last few month.

Need to pay mortgage

Just bought a house

Down payment

Down payment

FlyingMonkeyWarrior said...

@ Rob,
Thoughts? Am I the only one that sees this as hugh news? Or is it a rumor.
PS. Been lurking on my PDA, just can't post with it. ( :

What this means is that Freddie and Fannie Mae must be converted to essentially government debt. Such conversion means that investors simply don’t care if the mortgages have a real lien on anything real or not (at least for the meanwhile). Otherwise there would need to be a process by which all the defaulted mortgages can be sorted through to determine which of the mortgages are legitimate and which are not.

Creating and managing such a process would indeed crash the global financial system. It is hard for a multi- trillion dollar financial system to maintain liquidity when contracts and laws are meaningless.

The challenge for Hank Paulson is that by increasing the national debt by $5 trillion — whether collateralized by real estate or phony paper — he can delay the day of reckoning, but he can not cancel it.


Rob Dawg said...

Absolutely. Privatize the profits, socialize the losses.

FederalMac will do more harm than they imagine. In essence the government will become the only residential mortgage lender. The mischief inherent in that is truly scary. Does anyone dispute the problems of affirmative action in higher eduction? Why would this be any different? And that's just one of the things they haven't even thought of. The things they think will happen are wrong as well. The moral hazard cost is beyond their imagining.

FlyingMonkeyWarrior said...

@ Dawg,
Agree. This story is about HUD Fraud. The originators sold one mortgage up to ten times. How can the the banks have standing to forclose, if there is no proof of ownership. Additionally, this make the losses 10 times worse than they are saying, if the article is true, which I reckon it is.

Rob Dawg said...

Imagine FederalMac being the bad guy in the inevitable foreclosures. Will rock bands start "Home Aid?" Think the dust bowl era of evictions with real time reporting. Then there's the coming repudiation of boomer promises. The 1917 marches on D.C. will pale in comparison.

Bilgeman said...


"Imagine FederalMac being the bad guy in the inevitable foreclosures."

Isn't the Fed the bad guy now? For all their whingeing about "Affordable Home Loan Programs", had the Fed had any that actually WORKED, then WHY would folks have gone with a Zero-down ARM-Stated Income-Buydown- Whatever OTHER bullshit loans?

Seriously. As we address the scoundrels that filled the vacancy, should we not ALSO address why the vacancy was there to be filled in the FIRST place?

Rob Dawg said...

Fannie and Freddie were "conduits" or if you will, "market makers." The nameless bond holders were the bad guy bag holders.

They used to be prudent facilitators but the implicit govt guarantee made them reckless.

FlyingMonkeyWarrior said...

They used to be prudent facilitators but the implicit govt guarantee made them reckless.
Exactly. I posted this on 2 other 'housing blogs" and it was ignored every where but here!!! Thank you. If the bubble bloggers don't see it then wtf, were doomed, to quote mogambo.

Bill in NC said...

"In essence the government will become the only residential mortgage lender."

Community Reinvestment Act, part deux.

I'm envisioning no foreclosures allowed on homes in areas that any sane banker would have redlined years ago.

FlyingMonkeyWarrior said...

Read This for the HUD Fraud back story.


FlyingMonkeyWarrior said...

My new avatar. Yes, it is really me.

FlyingMonkeyWarrior said...

PS. The back story is that the originators sold the same mortgages sometimes 10 times to different SIV's, MBS's and CDO's etc.
What a mess to audit and FAN/FRE will hold the bag, errr we the tax payer will.
That is the hugh news, if it is true.

The_Scum said...

Please keep posting these Craigslist trolling articles. I think they are GREAT!

Often read, seldom post.


PS - That Pizza place in Vegas you told me about several months ago is closed. I forgot the name but apparantly it has been closed for a while. It was on Decatur south of Sahara. Honestly, I haven't driven by (or remembered to look when I did drive by) but all I found from internet searches was the old address and phone number. The phone is disconnected.

So, I have tried Sammy's Woodfired Pizza (around 7000 West Sahara but they have multiple locations) and also Amore Pizza and & pasta on Durango. Alledgedly Amore's has Chicago style pizza. I preferred Sammy's (I don't like the heavy tomato sauce top at Amore's). Take it with a grain of salt because neither beat the Pizza Hut Deep Pan Super Supreme in my opinion.

Eh, so I have bad pizza taste?

Akubi said...

Nothing is more absurd than WALNUTS and VPILF!

FlyingMonkeyWarrior said...

Well, Nice Short Akubi and I now know what VPILF stands for. I am so un cool in the IT world sometimes, but it was really funny when I figured it out. lulz.