[davelj]

We always knew that both the irresponsible lenders and their irresponsible borrowers were responsible for this mess (choose your own personal weighting).

Now we see further confirmation of how incestuous this relationship is. Irresponsible servicers (the largest owned by irresponsible banks) cut corners to foreclose on irresponsible borrowers and now the latter are suing the former. It’s actually pretty hysterical in a way. I mean, the borrowers are supposed to get foreclosed on – they’re not paying and they certainly don’t deserve to stay in the property. But because the servicers haven’t gone about foreclosing on them in a completely technically legal manner (robo-signing and god knows what else), the borrowers have some flimsy, and ultimately unenforceable, claim on the property.

Anyhow, this just delays the inevitable. All of these deadbeats will ultimately be removed from their residences (or get modifications). But the servicers are going to take it in the arse in terms of additional expense and hassle. And inventory will continue to be kept off the market, with the predictable impact on prices.

[davelj]

We always knew that both the irresponsible lenders and their irresponsible borrowers were responsible for this mess (choose your own personal weighting).

Now we see further confirmation of how incestuous this relationship is. Irresponsible servicers (the largest owned by irresponsible banks) cut corners to foreclose on irresponsible borrowers and now the latter are suing the former. It’s actually pretty hysterical in a way. I mean, the borrowers are supposed to get foreclosed on – they’re not paying and they certainly don’t deserve to stay in the property. But because the servicers haven’t gone about foreclosing on them in a completely technically legal manner (robo-signing and god knows what else), the borrowers have some flimsy, and ultimately unenforceable, claim on the property.

Anyhow, this just delays the inevitable. All of these deadbeats will ultimately be removed from their residences (or get modifications). But the servicers are going to take it in the arse in terms of additional expense and hassle. And inventory will continue to be kept off the market, with the predictable impact on prices.

[davelj]

We always knew that both the irresponsible lenders and their irresponsible borrowers were responsible for this mess (choose your own personal weighting).

Now we see further confirmation of how incestuous this relationship is. Irresponsible servicers (the largest owned by irresponsible banks) cut corners to foreclose on irresponsible borrowers and now the latter are suing the former. It’s actually pretty hysterical in a way. I mean, the borrowers are supposed to get foreclosed on – they’re not paying and they certainly don’t deserve to stay in the property. But because the servicers haven’t gone about foreclosing on them in a completely technically legal manner (robo-signing and god knows what else), the borrowers have some flimsy, and ultimately unenforceable, claim on the property.

Anyhow, this just delays the inevitable. All of these deadbeats will ultimately be removed from their residences (or get modifications). But the servicers are going to take it in the arse in terms of additional expense and hassle. And inventory will continue to be kept off the market, with the predictable impact on prices.

[davelj]

We always knew that both the irresponsible lenders and their irresponsible borrowers were responsible for this mess (choose your own personal weighting).

Now we see further confirmation of how incestuous this relationship is. Irresponsible servicers (the largest owned by irresponsible banks) cut corners to foreclose on irresponsible borrowers and now the latter are suing the former. It’s actually pretty hysterical in a way. I mean, the borrowers are supposed to get foreclosed on – they’re not paying and they certainly don’t deserve to stay in the property. But because the servicers haven’t gone about foreclosing on them in a completely technically legal manner (robo-signing and god knows what else), the borrowers have some flimsy, and ultimately unenforceable, claim on the property.

Anyhow, this just delays the inevitable. All of these deadbeats will ultimately be removed from their residences (or get modifications). But the servicers are going to take it in the arse in terms of additional expense and hassle. And inventory will continue to be kept off the market, with the predictable impact on prices.

[davelj]

[quote=patientrenter][quote=permabear]

Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement)….[/quote]

In the US of 2010, your behavior qualifies you as a full-fledged moron. I qualify too. What a country![/quote]

I’ve said this before and I’ll say it again… if you think you’re being a moron then stop being a moron and start living a more financially irresponsible life. I see a lot of folks here TALKING about how dumb they think they’re being (by being financially responsible) but to my knowledge I haven’t seen anyone actually CHANGE their behavior. Perhaps because it’s more than just dollars and cents involved? I’m financially responsible and have no intention of changing it regardless of what kind of shenanigans a huge swath of idiots decides to engage it. But if you (and others here) feel otherwise, then stop TALKING about it and DO it. No one’s stopping you.

[davelj]

[quote=patientrenter][quote=permabear]

Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement)….[/quote]

In the US of 2010, your behavior qualifies you as a full-fledged moron. I qualify too. What a country![/quote]

I’ve said this before and I’ll say it again… if you think you’re being a moron then stop being a moron and start living a more financially irresponsible life. I see a lot of folks here TALKING about how dumb they think they’re being (by being financially responsible) but to my knowledge I haven’t seen anyone actually CHANGE their behavior. Perhaps because it’s more than just dollars and cents involved? I’m financially responsible and have no intention of changing it regardless of what kind of shenanigans a huge swath of idiots decides to engage it. But if you (and others here) feel otherwise, then stop TALKING about it and DO it. No one’s stopping you.

[davelj]

[quote=patientrenter][quote=permabear]

Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement)….[/quote]

In the US of 2010, your behavior qualifies you as a full-fledged moron. I qualify too. What a country![/quote]

I’ve said this before and I’ll say it again… if you think you’re being a moron then stop being a moron and start living a more financially irresponsible life. I see a lot of folks here TALKING about how dumb they think they’re being (by being financially responsible) but to my knowledge I haven’t seen anyone actually CHANGE their behavior. Perhaps because it’s more than just dollars and cents involved? I’m financially responsible and have no intention of changing it regardless of what kind of shenanigans a huge swath of idiots decides to engage it. But if you (and others here) feel otherwise, then stop TALKING about it and DO it. No one’s stopping you.

[davelj]

[quote=patientrenter][quote=permabear]

Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement)….[/quote]

In the US of 2010, your behavior qualifies you as a full-fledged moron. I qualify too. What a country![/quote]

I’ve said this before and I’ll say it again… if you think you’re being a moron then stop being a moron and start living a more financially irresponsible life. I see a lot of folks here TALKING about how dumb they think they’re being (by being financially responsible) but to my knowledge I haven’t seen anyone actually CHANGE their behavior. Perhaps because it’s more than just dollars and cents involved? I’m financially responsible and have no intention of changing it regardless of what kind of shenanigans a huge swath of idiots decides to engage it. But if you (and others here) feel otherwise, then stop TALKING about it and DO it. No one’s stopping you.

[davelj]

[quote=patientrenter][quote=permabear]

Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement)….[/quote]

In the US of 2010, your behavior qualifies you as a full-fledged moron. I qualify too. What a country![/quote]

I’ve said this before and I’ll say it again… if you think you’re being a moron then stop being a moron and start living a more financially irresponsible life. I see a lot of folks here TALKING about how dumb they think they’re being (by being financially responsible) but to my knowledge I haven’t seen anyone actually CHANGE their behavior. Perhaps because it’s more than just dollars and cents involved? I’m financially responsible and have no intention of changing it regardless of what kind of shenanigans a huge swath of idiots decides to engage it. But if you (and others here) feel otherwise, then stop TALKING about it and DO it. No one’s stopping you.

[davelj]

Today on this topic:

Tom Lawler: “Foreclosure-Gate”: Who Will, and Who Should “Pay”?

http://www.calculatedriskblog.com/2010/10/lawler-foreclosure-gate-who-will-and.html

[davelj]

Today on this topic:

Tom Lawler: “Foreclosure-Gate”: Who Will, and Who Should “Pay”?

http://www.calculatedriskblog.com/2010/10/lawler-foreclosure-gate-who-will-and.html

[davelj]

Today on this topic:

Tom Lawler: “Foreclosure-Gate”: Who Will, and Who Should “Pay”?

http://www.calculatedriskblog.com/2010/10/lawler-foreclosure-gate-who-will-and.html

[davelj]

Today on this topic:

Tom Lawler: “Foreclosure-Gate”: Who Will, and Who Should “Pay”?

http://www.calculatedriskblog.com/2010/10/lawler-foreclosure-gate-who-will-and.html

[davelj]

Today on this topic:

Tom Lawler: “Foreclosure-Gate”: Who Will, and Who Should “Pay”?

http://www.calculatedriskblog.com/2010/10/lawler-foreclosure-gate-who-will-and.html

[davelj]

[quote=flu][quote=davelj]

I’ve got a dumb question about this chart. Does this mean that, for example, Sherri Lightner could serve on the City Council for, say, 5 years and leave with a pension of $21K annually? So, she could pick up a “lifetime benefit” worth over $500K (or $100K per year of service) for serving on the City Council for a handful of years? Am I reading that correctly?[/quote]

Yup… though I believe the magic number is 8 years of service…for a lifetime pension of the listed amount. Todd Gloria (30ish has it made)….

Again, not sure I understand how “stressful/dangerous” this job could be….

Like i said, when/if I sell my company and semi- retire, I think I’m going to run for city council….[/quote]

Another dumb question. Is the city council a full-time job? I thought it was part-time. Why don’t they just pay these folks an extra $20K each year they’re on the city council and bag the retirement package altogether? All of these freaks are still going to run for office.

[Author]

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