[patientrenter]

Well, I don’t want to go to jail either, but I would be very happy if:

(a) borrowers who can afford to pay off some negative equity that is subject to a recourse loan, but trying to avoid it, were exposed as the untrustworthy cheats of their creditors that they are, and

(b) lenders who are not even making a good-faith effort to recover on recourse loans, and who are planning to participate in a later bailout, were also exposed as the untrustworthy cheats of the taxpayers that they are.

It wouldn’t surprise me if, whatever legal grounds the executive is now claiming, the real reason he is trying to silence ocrenter is because his unnecessary failure to pay his debts has been exposed to all.

Patient renter in OC

[patientrenter]

Well, I don’t want to go to jail either, but I would be very happy if:

(a) borrowers who can afford to pay off some negative equity that is subject to a recourse loan, but trying to avoid it, were exposed as the untrustworthy cheats of their creditors that they are, and

(b) lenders who are not even making a good-faith effort to recover on recourse loans, and who are planning to participate in a later bailout, were also exposed as the untrustworthy cheats of the taxpayers that they are.

It wouldn’t surprise me if, whatever legal grounds the executive is now claiming, the real reason he is trying to silence ocrenter is because his unnecessary failure to pay his debts has been exposed to all.

Patient renter in OC

[patientrenter]

Well, I don’t want to go to jail either, but I would be very happy if:

(a) borrowers who can afford to pay off some negative equity that is subject to a recourse loan, but trying to avoid it, were exposed as the untrustworthy cheats of their creditors that they are, and

(b) lenders who are not even making a good-faith effort to recover on recourse loans, and who are planning to participate in a later bailout, were also exposed as the untrustworthy cheats of the taxpayers that they are.

It wouldn’t surprise me if, whatever legal grounds the executive is now claiming, the real reason he is trying to silence ocrenter is because his unnecessary failure to pay his debts has been exposed to all.

Patient renter in OC

[patientrenter]

Well, I don’t want to go to jail either, but I would be very happy if:

(a) borrowers who can afford to pay off some negative equity that is subject to a recourse loan, but trying to avoid it, were exposed as the untrustworthy cheats of their creditors that they are, and

(b) lenders who are not even making a good-faith effort to recover on recourse loans, and who are planning to participate in a later bailout, were also exposed as the untrustworthy cheats of the taxpayers that they are.

It wouldn’t surprise me if, whatever legal grounds the executive is now claiming, the real reason he is trying to silence ocrenter is because his unnecessary failure to pay his debts has been exposed to all.

Patient renter in OC

[patientrenter]

I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.

Patient renter in OC

[patientrenter]

I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.

Patient renter in OC

[patientrenter]

I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.

Patient renter in OC

[patientrenter]

I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.

Patient renter in OC

[patientrenter]

I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

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