BofA Reductions

[SD Realtor]

Yes it is all fine to prognosticate what would have been done and should have been done. The problem is the golden rule. Those that have the gold rule. For those of you who think this is the end of the little tricks they will play and that the taxpayers will no longer tolerate subsidies, I hate to say it but you are pulling the same ostrich with your head in the sand that illogical sellers did when the market started to deteriorate. What those in power are doing is not right. However they do not have an objective to make things right, to promote a free market, or to provide an affordable home for a San Diego citizen. They have an objective to continue to make money and continue to stay in power. Unfortunately this is orthogonal to your objective. It is not a good time to buy or a bad time to buy. However it is a good time to realize where you stand in the overall order of things and plan accordingly. It will be credit or lack there of that brings the house of cards down. The problem is that there are alot of cards still left in the deck.

[jpinpb]

[quote=bearishgurl]
Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.
[/quote]

Thank you. I agree.

[quote=bearishgurl]
I don’t see this new program as being a HUGE success. It’s already been tried under various other acronyms but w/o the 50% pymt. requirement and the NOD/NOS hanging in the balance.[/quote]

That’s why, to me, it just seems another form of delay, maybe a few that get saved. Maybe some will pay the bank and then end up foreclosed in the end.

I stand back and look at this whole mess and it’s just transfer of funds from taxpayers to banks. Indirectly some people get a little of a free ride along the way.

[quote=SD Realtor]They have an objective to continue to make money and continue to stay in power. [/quote]

Sadly, true.

[jpinpb]

[quote=bearishgurl]
Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.
[/quote]

Thank you. I agree.

[quote=bearishgurl]
I don’t see this new program as being a HUGE success. It’s already been tried under various other acronyms but w/o the 50% pymt. requirement and the NOD/NOS hanging in the balance.[/quote]

That’s why, to me, it just seems another form of delay, maybe a few that get saved. Maybe some will pay the bank and then end up foreclosed in the end.

I stand back and look at this whole mess and it’s just transfer of funds from taxpayers to banks. Indirectly some people get a little of a free ride along the way.

[quote=SD Realtor]They have an objective to continue to make money and continue to stay in power. [/quote]

Sadly, true.

[jpinpb]

[quote=bearishgurl]
Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.
[/quote]

Thank you. I agree.

[quote=bearishgurl]
I don’t see this new program as being a HUGE success. It’s already been tried under various other acronyms but w/o the 50% pymt. requirement and the NOD/NOS hanging in the balance.[/quote]

That’s why, to me, it just seems another form of delay, maybe a few that get saved. Maybe some will pay the bank and then end up foreclosed in the end.

I stand back and look at this whole mess and it’s just transfer of funds from taxpayers to banks. Indirectly some people get a little of a free ride along the way.

[quote=SD Realtor]They have an objective to continue to make money and continue to stay in power. [/quote]

Sadly, true.

[jpinpb]

[quote=bearishgurl]
Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.
[/quote]

Thank you. I agree.

[quote=bearishgurl]
I don’t see this new program as being a HUGE success. It’s already been tried under various other acronyms but w/o the 50% pymt. requirement and the NOD/NOS hanging in the balance.[/quote]

That’s why, to me, it just seems another form of delay, maybe a few that get saved. Maybe some will pay the bank and then end up foreclosed in the end.

I stand back and look at this whole mess and it’s just transfer of funds from taxpayers to banks. Indirectly some people get a little of a free ride along the way.

[quote=SD Realtor]They have an objective to continue to make money and continue to stay in power. [/quote]

Sadly, true.

[jpinpb]

[quote=bearishgurl]
Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.
[/quote]

Thank you. I agree.

[quote=bearishgurl]
I don’t see this new program as being a HUGE success. It’s already been tried under various other acronyms but w/o the 50% pymt. requirement and the NOD/NOS hanging in the balance.[/quote]

That’s why, to me, it just seems another form of delay, maybe a few that get saved. Maybe some will pay the bank and then end up foreclosed in the end.

I stand back and look at this whole mess and it’s just transfer of funds from taxpayers to banks. Indirectly some people get a little of a free ride along the way.

[quote=SD Realtor]They have an objective to continue to make money and continue to stay in power. [/quote]

Sadly, true.

[Arraya]

Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery. Because they weren’t, we now have a lot of squatters who aren’t going anywhere until they are evicted.

you are not looking at the big picture, globally, as well as the other “interventions” done nationally. Halting foreclosures is just one of the few major manipulations done. Which all amount to a massive deflation stopping plan. While I agree we would have been farther along to where ever it is going, I would not call it a recovery in a sense that most understand. Once the global debtocalypse plays out, like it invariably will, we will be at a much, much lower level of economic activity with all the unpleasantness it brings. There is no magic cure for the deflationary pressures unleashed, all we have is stalling tactics.

I’m not saying I agree with what officialdom has done, then again, at this point I don’t agree with the operation of our whole financial structure to it’s core.

It is a highly unsustainable and irresponsible model.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.

So you are saying if we released 40,000 homes to the SD market it would be cleared up in a few months with just a little dip. Now I have not followed local RE numbers in about 2 years, but I seem to remember that being a little more that a few months supply

Coupled with an anemic job market I think you may be down playing the severity of the correction.

On top of the credit contracting implications of banks taking that many losses, which by many analysts number think they just can’t afford, would lead to more job losses and subsequent defaults — It’s a viscous cycle once unleashed. Credit is the lifeblood of the economy and massive losses begets credit contracting — like we saw first half of 09.

Credit collapses are not something new and there really is no new and improved money and banking technology over the last few decades. It works essentially same as it always did.

Like I said, let it flow but I would be detached from any expected out come.

The have not pledged 24 trillion dollars to this fiasco because they think it would be a minor dip in prices and quickly cleaned up. Or because of political pressure. The are fearful of the whole western world’s banking system collapsing.

[Arraya]

Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery. Because they weren’t, we now have a lot of squatters who aren’t going anywhere until they are evicted.

you are not looking at the big picture, globally, as well as the other “interventions” done nationally. Halting foreclosures is just one of the few major manipulations done. Which all amount to a massive deflation stopping plan. While I agree we would have been farther along to where ever it is going, I would not call it a recovery in a sense that most understand. Once the global debtocalypse plays out, like it invariably will, we will be at a much, much lower level of economic activity with all the unpleasantness it brings. There is no magic cure for the deflationary pressures unleashed, all we have is stalling tactics.

I’m not saying I agree with what officialdom has done, then again, at this point I don’t agree with the operation of our whole financial structure to it’s core.

It is a highly unsustainable and irresponsible model.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.

So you are saying if we released 40,000 homes to the SD market it would be cleared up in a few months with just a little dip. Now I have not followed local RE numbers in about 2 years, but I seem to remember that being a little more that a few months supply

Coupled with an anemic job market I think you may be down playing the severity of the correction.

On top of the credit contracting implications of banks taking that many losses, which by many analysts number think they just can’t afford, would lead to more job losses and subsequent defaults — It’s a viscous cycle once unleashed. Credit is the lifeblood of the economy and massive losses begets credit contracting — like we saw first half of 09.

Credit collapses are not something new and there really is no new and improved money and banking technology over the last few decades. It works essentially same as it always did.

Like I said, let it flow but I would be detached from any expected out come.

The have not pledged 24 trillion dollars to this fiasco because they think it would be a minor dip in prices and quickly cleaned up. Or because of political pressure. The are fearful of the whole western world’s banking system collapsing.

[Arraya]

Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery. Because they weren’t, we now have a lot of squatters who aren’t going anywhere until they are evicted.

you are not looking at the big picture, globally, as well as the other “interventions” done nationally. Halting foreclosures is just one of the few major manipulations done. Which all amount to a massive deflation stopping plan. While I agree we would have been farther along to where ever it is going, I would not call it a recovery in a sense that most understand. Once the global debtocalypse plays out, like it invariably will, we will be at a much, much lower level of economic activity with all the unpleasantness it brings. There is no magic cure for the deflationary pressures unleashed, all we have is stalling tactics.

I’m not saying I agree with what officialdom has done, then again, at this point I don’t agree with the operation of our whole financial structure to it’s core.

It is a highly unsustainable and irresponsible model.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.

So you are saying if we released 40,000 homes to the SD market it would be cleared up in a few months with just a little dip. Now I have not followed local RE numbers in about 2 years, but I seem to remember that being a little more that a few months supply

Coupled with an anemic job market I think you may be down playing the severity of the correction.

On top of the credit contracting implications of banks taking that many losses, which by many analysts number think they just can’t afford, would lead to more job losses and subsequent defaults — It’s a viscous cycle once unleashed. Credit is the lifeblood of the economy and massive losses begets credit contracting — like we saw first half of 09.

Credit collapses are not something new and there really is no new and improved money and banking technology over the last few decades. It works essentially same as it always did.

Like I said, let it flow but I would be detached from any expected out come.

The have not pledged 24 trillion dollars to this fiasco because they think it would be a minor dip in prices and quickly cleaned up. Or because of political pressure. The are fearful of the whole western world’s banking system collapsing.

[Arraya]

Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery. Because they weren’t, we now have a lot of squatters who aren’t going anywhere until they are evicted.

you are not looking at the big picture, globally, as well as the other “interventions” done nationally. Halting foreclosures is just one of the few major manipulations done. Which all amount to a massive deflation stopping plan. While I agree we would have been farther along to where ever it is going, I would not call it a recovery in a sense that most understand. Once the global debtocalypse plays out, like it invariably will, we will be at a much, much lower level of economic activity with all the unpleasantness it brings. There is no magic cure for the deflationary pressures unleashed, all we have is stalling tactics.

I’m not saying I agree with what officialdom has done, then again, at this point I don’t agree with the operation of our whole financial structure to it’s core.

It is a highly unsustainable and irresponsible model.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.

So you are saying if we released 40,000 homes to the SD market it would be cleared up in a few months with just a little dip. Now I have not followed local RE numbers in about 2 years, but I seem to remember that being a little more that a few months supply

Coupled with an anemic job market I think you may be down playing the severity of the correction.

On top of the credit contracting implications of banks taking that many losses, which by many analysts number think they just can’t afford, would lead to more job losses and subsequent defaults — It’s a viscous cycle once unleashed. Credit is the lifeblood of the economy and massive losses begets credit contracting — like we saw first half of 09.

Credit collapses are not something new and there really is no new and improved money and banking technology over the last few decades. It works essentially same as it always did.

Like I said, let it flow but I would be detached from any expected out come.

The have not pledged 24 trillion dollars to this fiasco because they think it would be a minor dip in prices and quickly cleaned up. Or because of political pressure. The are fearful of the whole western world’s banking system collapsing.

[Arraya]

Had foreclosures been pursued timely starting over three years ago, we would have been much further along in a recovery. Because they weren’t, we now have a lot of squatters who aren’t going anywhere until they are evicted.

you are not looking at the big picture, globally, as well as the other “interventions” done nationally. Halting foreclosures is just one of the few major manipulations done. Which all amount to a massive deflation stopping plan. While I agree we would have been farther along to where ever it is going, I would not call it a recovery in a sense that most understand. Once the global debtocalypse plays out, like it invariably will, we will be at a much, much lower level of economic activity with all the unpleasantness it brings. There is no magic cure for the deflationary pressures unleashed, all we have is stalling tactics.

I’m not saying I agree with what officialdom has done, then again, at this point I don’t agree with the operation of our whole financial structure to it’s core.

It is a highly unsustainable and irresponsible model.

There might be some initial dip in values when all the squatters are sent packing in the same 3-6 mo. time period, but then the resulting REO’s will be quickly snapped up and we can get back to a “regular” market.

So you are saying if we released 40,000 homes to the SD market it would be cleared up in a few months with just a little dip. Now I have not followed local RE numbers in about 2 years, but I seem to remember that being a little more that a few months supply

Coupled with an anemic job market I think you may be down playing the severity of the correction.

On top of the credit contracting implications of banks taking that many losses, which by many analysts number think they just can’t afford, would lead to more job losses and subsequent defaults — It’s a viscous cycle once unleashed. Credit is the lifeblood of the economy and massive losses begets credit contracting — like we saw first half of 09.

Credit collapses are not something new and there really is no new and improved money and banking technology over the last few decades. It works essentially same as it always did.

Like I said, let it flow but I would be detached from any expected out come.

The have not pledged 24 trillion dollars to this fiasco because they think it would be a minor dip in prices and quickly cleaned up. Or because of political pressure. The are fearful of the whole western world’s banking system collapsing.

[Nor-LA-SD-guy]

[quote=Arraya]
The are fearful of the whole western world’s banking system collapsing.[/quote]

Inflation, unfortunately the Powers that be can’t figure out how to put money into the hand of ordinary people,

I say they should just stop pretending and do a 1 for 10 dollar split.

Just do it over a Sunday, On Monday you would earn 10 times more, but everything would cost 10 times more, and your bank account would have 10 times as much etc…

That would get things going for awhile.

Plus it would have the added benifit of burning drug dealers etc..

OK there would be some issue with debt holders, but we would need to find a balence there.

[Nor-LA-SD-guy]

[quote=Arraya]
The are fearful of the whole western world’s banking system collapsing.[/quote]

Inflation, unfortunately the Powers that be can’t figure out how to put money into the hand of ordinary people,

I say they should just stop pretending and do a 1 for 10 dollar split.

Just do it over a Sunday, On Monday you would earn 10 times more, but everything would cost 10 times more, and your bank account would have 10 times as much etc…

That would get things going for awhile.

Plus it would have the added benifit of burning drug dealers etc..

OK there would be some issue with debt holders, but we would need to find a balence there.

[Nor-LA-SD-guy]

[quote=Arraya]
The are fearful of the whole western world’s banking system collapsing.[/quote]

Inflation, unfortunately the Powers that be can’t figure out how to put money into the hand of ordinary people,

I say they should just stop pretending and do a 1 for 10 dollar split.

Just do it over a Sunday, On Monday you would earn 10 times more, but everything would cost 10 times more, and your bank account would have 10 times as much etc…

That would get things going for awhile.

Plus it would have the added benifit of burning drug dealers etc..

OK there would be some issue with debt holders, but we would need to find a balence there.

[Nor-LA-SD-guy]

[quote=Arraya]
The are fearful of the whole western world’s banking system collapsing.[/quote]

Inflation, unfortunately the Powers that be can’t figure out how to put money into the hand of ordinary people,

I say they should just stop pretending and do a 1 for 10 dollar split.

Just do it over a Sunday, On Monday you would earn 10 times more, but everything would cost 10 times more, and your bank account would have 10 times as much etc…

That would get things going for awhile.

Plus it would have the added benifit of burning drug dealers etc..

OK there would be some issue with debt holders, but we would need to find a balence there.

[Author]

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