A perfect storm brewing 2010-2012?

[pencilneck]

Observation about point 4 above and shadow inventory:

If the vast pool of shadow inventory still exists into the near future, won’t it be funny if these people actually start begging the banks to foreclose before 2013? Otherwise they could face financially crippling tax bills when the banks do finally get around to foreclosing.

Delayed foreclosure could be a boon for the IRS.

[briansd1]

[quote=XBoxBoy]
So simple question. What would it take to get you past your constant framing of issues as conservative vs liberal, or democrat vs republican? [/quote]

Stop the partisan attacks on Obama and the Democrats. Notice that the other side always fires the first volley.

*

XBox, I just like to make fun at the conservatives here… because we they are the ones who like to post about how Obama is messing up things…

But, yet, they must think that government action worked good enough to put out their money and buy houses, or to recommend that others buy houses, while Obama is taking our country down.

If government is good enough for housing, it should be good enough for health care.

[quote=XBoxBoy]
But still, somehow it strikes me as wrong to use the word “works” in a sentence about the current housing market.[/quote]

I agree.

[briansd1]

[quote=XBoxBoy]
So simple question. What would it take to get you past your constant framing of issues as conservative vs liberal, or democrat vs republican? [/quote]

Stop the partisan attacks on Obama and the Democrats. Notice that the other side always fires the first volley.

*

XBox, I just like to make fun at the conservatives here… because we they are the ones who like to post about how Obama is messing up things…

But, yet, they must think that government action worked good enough to put out their money and buy houses, or to recommend that others buy houses, while Obama is taking our country down.

If government is good enough for housing, it should be good enough for health care.

[quote=XBoxBoy]
But still, somehow it strikes me as wrong to use the word “works” in a sentence about the current housing market.[/quote]

I agree.

[briansd1]

[quote=XBoxBoy]
So simple question. What would it take to get you past your constant framing of issues as conservative vs liberal, or democrat vs republican? [/quote]

Stop the partisan attacks on Obama and the Democrats. Notice that the other side always fires the first volley.

*

XBox, I just like to make fun at the conservatives here… because we they are the ones who like to post about how Obama is messing up things…

But, yet, they must think that government action worked good enough to put out their money and buy houses, or to recommend that others buy houses, while Obama is taking our country down.

If government is good enough for housing, it should be good enough for health care.

[quote=XBoxBoy]
But still, somehow it strikes me as wrong to use the word “works” in a sentence about the current housing market.[/quote]

I agree.

[briansd1]

[quote=XBoxBoy]
So simple question. What would it take to get you past your constant framing of issues as conservative vs liberal, or democrat vs republican? [/quote]

Stop the partisan attacks on Obama and the Democrats. Notice that the other side always fires the first volley.

*

XBox, I just like to make fun at the conservatives here… because we they are the ones who like to post about how Obama is messing up things…

But, yet, they must think that government action worked good enough to put out their money and buy houses, or to recommend that others buy houses, while Obama is taking our country down.

If government is good enough for housing, it should be good enough for health care.

[quote=XBoxBoy]
But still, somehow it strikes me as wrong to use the word “works” in a sentence about the current housing market.[/quote]

I agree.

[briansd1]

[quote=XBoxBoy]
So simple question. What would it take to get you past your constant framing of issues as conservative vs liberal, or democrat vs republican? [/quote]

Stop the partisan attacks on Obama and the Democrats. Notice that the other side always fires the first volley.

*

XBox, I just like to make fun at the conservatives here… because we they are the ones who like to post about how Obama is messing up things…

But, yet, they must think that government action worked good enough to put out their money and buy houses, or to recommend that others buy houses, while Obama is taking our country down.

If government is good enough for housing, it should be good enough for health care.

[quote=XBoxBoy]
But still, somehow it strikes me as wrong to use the word “works” in a sentence about the current housing market.[/quote]

I agree.

[briansd1]

pencilneck, I believe that there’s plenty of shadow inventory out there.

The deleveraging will continue to go on for a while.

[briansd1]

pencilneck, I believe that there’s plenty of shadow inventory out there.

The deleveraging will continue to go on for a while.

[briansd1]

pencilneck, I believe that there’s plenty of shadow inventory out there.

The deleveraging will continue to go on for a while.

[briansd1]

pencilneck, I believe that there’s plenty of shadow inventory out there.

The deleveraging will continue to go on for a while.

[briansd1]

pencilneck, I believe that there’s plenty of shadow inventory out there.

The deleveraging will continue to go on for a while.

[pencilneck]

I agree. My point is that time may be running out for some of those playing kick the can.

Under current law, some people will be much better off if the bank forecloses before January 2013.

Currently:
If you are behind on your payments: Bad
If the bank forecloses: Bad
In the foreclosure, the bank forgives, say, $100k of debt: Bad

If they foreclose after December 31, 2012, in this scenario you would also then owe the IRS $38,000: That’s real bad

For some borrowers (those underwater, with recourse loans), its better to get out before then.

[pencilneck]

I agree. My point is that time may be running out for some of those playing kick the can.

Under current law, some people will be much better off if the bank forecloses before January 2013.

Currently:
If you are behind on your payments: Bad
If the bank forecloses: Bad
In the foreclosure, the bank forgives, say, $100k of debt: Bad

If they foreclose after December 31, 2012, in this scenario you would also then owe the IRS $38,000: That’s real bad

For some borrowers (those underwater, with recourse loans), its better to get out before then.

[pencilneck]

I agree. My point is that time may be running out for some of those playing kick the can.

Under current law, some people will be much better off if the bank forecloses before January 2013.

Currently:
If you are behind on your payments: Bad
If the bank forecloses: Bad
In the foreclosure, the bank forgives, say, $100k of debt: Bad

If they foreclose after December 31, 2012, in this scenario you would also then owe the IRS $38,000: That’s real bad

For some borrowers (those underwater, with recourse loans), its better to get out before then.

[pencilneck]

I agree. My point is that time may be running out for some of those playing kick the can.

Under current law, some people will be much better off if the bank forecloses before January 2013.

Currently:
If you are behind on your payments: Bad
If the bank forecloses: Bad
In the foreclosure, the bank forgives, say, $100k of debt: Bad

If they foreclose after December 31, 2012, in this scenario you would also then owe the IRS $38,000: That’s real bad

For some borrowers (those underwater, with recourse loans), its better to get out before then.

[Author]

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