Tuesday, September 23, 2008

Foreclosure Screamin'



All the lawns are brown
And my equity fey
Ive been for a walk
Now I'll walk away...
On a foreclosure day
Id be safe and warm
If it weren't for Bernake
Foreclosure screamin'
On a bank holiday

Stopped into a bank
I passed along the way
Well, I got down on my knees
Got down on my knees
And I pretend to pray
I pretend to pray
You know the banker likes the tale
Banker likes the short sale
He knows Im not gonna stay
Knows Im not gonna stay
Foreclosure Screamin'
Foreclosure Screamin'
On a bank holiday

[repeat first..]

23 comments:

wagga said...

First it was the Mamas and the Papas - California Dreamin'

Rob Dawg said...

That is The Mamas and The Papas.

H Simpson said...

If momma cass had given that last sandwich to karen carpenter, both would be alive today.

Ba-da-boom!
Thanks, and try the veal..

So with jumbos at 9% in So Cal, people must really be dreaming if they think they are going to sell those houses.

Now that the state budget is signed, when do the emergency sessions to reset it start because the revenues are not coming in?

And for desert:
Did you catch Cramer tonight? Lets get a killer haircut of all those inland homes. Sell them for 20% and people will move into that god forsaken place. New business is bound to follow. Yeah baby!


Man are you guys so screwed...

Rob Dawg said...

Homer,
You got it right except for the you guys part. I'm upwind of the Inland Empire. They'll be a fart in the forest a hundred miles away. The people they think are gonna buy those sh¡tboxes cannot afford the gas to their jobs if you give them the house. The real problem is the 3rd worlding of so much of the SoCal population.

wagga said...

I knew it was Mama et al. Didn't watch the video 'cos I run some windows thing that sometimes lets me watch one.

Pointer to TOD:
Paulson and Bernanke ratchet up the blackmail talk

Akubi said...

I wouldn't trust Paulson further than I could throw him.

Akubi said...

Let Wall Street and Paulson's GoldySexy shares die the natural death they deserve!
Let them eat their own BS!
Isn't that a f-ing free market?

Ogg the Caveman said...

@ Akubi:

Kind of. As with the airlines, we have privatized profits and socialized losses. Sweet, huh? It's the best of both worlds. Kind of like a win-win™!

Lou Minatti said...

Such a wonderful song, too bad the sound engineer did such a lousy job. They did have the technology back then to make clear recordings. Even back in the 1950s they had good sound engineers. Just listen to Brubeck.

Regarding the debacle, I say we sell California to the highest bidder in exchange for the national debt. Sell an asset to pay for the mess.

H Simpson said...

Rob

Sooner or later they are going to try to revalue the property as all the late comers are going to leave the state with their foreclosure paperwork.

Then you & your neighbors will get it in the shorts.

Hopefully all the illegals going home will cut back on some of the infrastructure expenses.

h.
ps all you who are thinking of coming to New England for the foilage. Just a note it is running 2-3 weeks behind. Summer never started until the 3rd week in August and is running roughly a month behind. Book for those late season rates and get the best peeps. Good color is expected with all the rain we had.

Lou Minatti said...

Better.

H Simpson said...

Lou

Hummmm What is the common thread?

Momma Cass
the Ramomes
The Yankees t shirt in that video.

A: All Dead and buried as of tonight!

May wish to add Hank's bailout proposal.

h.

Akubi said...

Wow, you guyz must be really old!
Paulson appears as though he could be as old as Cheney's undead body in a super secret location.

w said...

h simpson, I am getting a conforming jumbo at 5.75%. The rates were pretty good even before I bought it down. It will take less than 3 years for the difference in payment to pay off what it cost to buy it down.

w said...

rob, you close to the future max-security prison hospital? Don't these bureaucrats know who pays for their sand box? The stupidest thing is that it is right smack dab in the middle of obvious future development. Who is going to want to build another 18 holes for Sterling Hills, another 1000 expensive homes, or a commercial tower next to this thing?

I propose the state bails out it's pension fund and uses the Newhall ranch project land in the mountains behind Santa Clarita for a large max security prison and hospital complex. Maybe with a special unit for financial crimes? Maybe we could call it CEO Row.

H Simpson said...

W

Good deal you got there.
Wells fargo is saying 9

https://www.wellsfargo.com/mortgage/rates/

Put the CEOs in those houses in the inland empire. Nobody will travel that far to see them. Sort of like the Feds always making sure the gang members are put in facilities on the other end of the country just to keep the vistors down..

Rob Dawg said...

rob, you close to the future max-security prison hospital?

VERY close. Less than a mile.

w said...

I am sorry.

I just read it won't even be a hospital, just a nursing facility. Then someone claimed that they spend $280,000 a year right now housing juvenile offenders at the current facility. They also claimed that it will cost $600,000 per inmate per year as a max security hospital. Any idea how accurate these numbers are?

rocky said...

Hey Rob

Lurker here for the last few months

Found this interesting tibit over at the CAR site, that will make you laugh.
Affordability Index from August 19 '08

Ventura County Q2 2008

Housing Affordability Index
48
Entry-Level Price
$415,250
Monthly Payment Including Taxes & Insurance
$2,640
Minimum Qualifying Income
$79,330

Rob Dawg said...

The prison won't get built here. The power lined up against the location is incredible. Kelso is proceeding with the EIR. That's the EIR he said wasn't necessary by the way. When he gets that back his jaw will drop and he'll move on. The Youth Authority doesn't want it. The Cities are not obligated to annex or provide infrastructure, there is a blue line stream bordering the property putting him against the EPA and Coastal commission. This dawg is too big to collar. He'll move on.

Rob Dawg said...

Welcome Rocky. Good find. Don't know how I missed it except I don't take the CAR seriously. You can see why. Be sure you are bilingual and in the right gang before buying an affordable house in this county.

Jean ValJean said...

"A banking system in crisis after the collapse of a housing bubble. An economy hemorrhaging jobs. A market-oriented government struggling to stem the panic. Sound familiar?

It does to Sweden. The country was so far in the hole in 1992 — after years of imprudent regulation, short-sighted economic policy and the end of its property boom — that its banking system was, for all practical purposes, insolvent.

But Sweden took a different course than the one now being proposed by the United States Treasury. And Swedish officials say there are lessons from their own nightmare that Washington may be missing.

Sweden did not just bail out its financial institutions by having the government take over the bad debts. It extracted pounds of flesh from bank shareholders before writing checks. Banks had to write down losses and issue warrants to the government.

That strategy held banks responsible and turned the government into an owner. When distressed assets were sold, the profits flowed to taxpayers, and the government was able to recoup more money later by selling its shares in the companies as well. "

Stopping a Financial Crisis, the Swedish Way

rocky said...

Yeah CAR's numbers are a bit off (Funny math just to make it look good) especially since the California Building Industry Association has the Ventura numbers at 30% for Q2. The 30% seems high but more believable with all the sub 250K single family homes in Oxnard.