Business & Technology | WaMu loaned millions to California home flippers convicted in fraud scheme | Seattle Times Newspaper: "In July 2007, Vijay and Supriti Soni of Corona del Mar, Calif., paid $440,000 for a home at 2129 W. Civic Center Drive in Santa Ana. Five weeks later, they resold the house to Javier Hernandez, the family gardener and handyman, for $660,000. That's a 50 percent gain in 38 days — at a time when real-estate prices in Santa Ana were plunging. But the lender that financed both mortgages, Washington Mutual, took a bath. Last March, Hernandez's loan went into default and in July the bank foreclosed. On the trustee's deed, the bank listed the home's value at $377,137 — $220,000 less than the outstanding loan...The Soni family's transactions with WaMu indicate it continued making risky loans long after its underwriting standards were supposedly tightened in mid-2007, said James Barth, a senior finance fellow at the Milken Institute in Santa Monica."
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Ah, the good old days. Can I be excused for politely asking why WaMu should not bear the full financial consequences of making loans like this? In other words, why should a single penny of tax dollars go to absolve WaMu of whatever loss they suffer here? Why is it even a public policy question at all? People are free to do dumb things with their money. When I do dumb things with mine, I lose it. WaMu spent years aggressively advertising their willingness to lend money to just about anybody. It seems that they meant it, so give them points for honesty. But it is still dumb. I'm not saying the whole bailout package is a bad idea, because I don't know at this point. But I hope banks that just did incredibly stupid things don't get bailed out.
Monday, September 22, 2008
Science unveils hidden drivers of stock bubbles and crashes
Science unveils hidden drivers of stock bubbles and crashes: "'In standard economic theory, the way that prices in all markets are meant to be set depends on people being rational and having access to all available information,' says David Tuckett of the Psychoanalysis Unit at University College London.
'This way of looking at things is almost completely wrong,' he said. 'Markets are operated by human beings.'"
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This is worth reading. The people who really need to read it won't. That would be the libertarians and other free-marketer zealots who insist that we should model public policy on the assumption of rationality.
'This way of looking at things is almost completely wrong,' he said. 'Markets are operated by human beings.'"
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This is worth reading. The people who really need to read it won't. That would be the libertarians and other free-marketer zealots who insist that we should model public policy on the assumption of rationality.
City bylaws torpedo pirate ship tree house - USATODAY.com
City bylaws torpedo pirate ship tree house - USATODAY.com: "Architect Andrew Dewberry and a crew of friends spent Saturday dismantling the pirate ship tree house he's had in his Vancouver yard for two years. He said he had no choice after a court ordered it to be removed for not complying with city bylaws."
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Arrrrrr. Prepare to repel boarders, ye scurvy bilge rats!
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Arrrrrr. Prepare to repel boarders, ye scurvy bilge rats!
Do you owe more on your home than it is worth?
Do you owe more on your home than it is worth?: "Its study extrapolated national trends that showed 17 percent of home loans between 2002 and 2007 were subprime and that 30 percent of all mortgages during that time would be upside down. In Pima County over that same period, 38 percent of home loans were subprime.
That and rapidly falling property values lead the council to project that a third of all mortgages in Pima County could be more expensive than the property they back.
A subprime loan is one made to a borrower who doesn't qualify for a home loan under Fannie Mae or Freddie Mac lending guidelines."
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That is a heck of a lot of subprime loans. How much of this mortgage crisis is caused by deregulation of the lending process, and how much by government policies that basically forced lenders to make loans to people who couldn't afford to buy any house at all? I don't know, but when this whole debacle is studied it will be interesting to see how the under-regulation vs. over-regulation balance comes out.
That and rapidly falling property values lead the council to project that a third of all mortgages in Pima County could be more expensive than the property they back.
A subprime loan is one made to a borrower who doesn't qualify for a home loan under Fannie Mae or Freddie Mac lending guidelines."
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That is a heck of a lot of subprime loans. How much of this mortgage crisis is caused by deregulation of the lending process, and how much by government policies that basically forced lenders to make loans to people who couldn't afford to buy any house at all? I don't know, but when this whole debacle is studied it will be interesting to see how the under-regulation vs. over-regulation balance comes out.
Sunday, September 21, 2008
Man vows to fight garden gnome arrest threat | Mail Online
Man vows to fight garden gnome arrest threat | Mail Online: "A man vowed to keep a glowing garden gnome on display today in defiance of a police notice. Gordon MacKillop even faces possible prosecution over the offending ornament. He was woken in the night by two police officers who warned him that the solar-powered gnome, dressed in full police uniform, was offensive to his neighbours. They served him with a notice under the Protection From Harassment Act 1997 for 'placing a garden gnome with intent to cause harassment to Mr John McLean'. The notice, issued on August 30, also accuses Mr MacKillop of intimidating potential buyers of former policeman Mr McLean's £209,000 cottage in Treovis, near Liskeard, Cornwall. It warns the 46-year-old that he could be arrested and prosecuted."
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So, what is the verdict on this gnome? Take a look and decide.
I say not offensive, definitely not intimidating, but probably irritating. What say you?
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So, what is the verdict on this gnome? Take a look and decide.
I say not offensive, definitely not intimidating, but probably irritating. What say you?
Palin Bags a Bigfoot | Weekly World News
Palin Bags a Bigfoot | Weekly World News
You heard it here first.
You heard it here first.
Saturday, September 20, 2008
Killer's ex-girlfriend may lose house - UPI.com: "CLOVIS, Calif., Sept. 19 (UPI) -- The California woman who became notorious as the girlfriend of convicted wife-killer Scott Peterson may lose her house to foreclosure.
Amber Frey, who testified against Peterson during his 2004 trial, bought a house in Clovis in 2005, taking out a $431,000 mortgage, the Fresno Bee reports. Court records show that in May she owed $16,000 in overdue payments."
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This makes me wonder how Kato Kaelin is doing these days.
Condo owners fear big losses from theft | HeraldTribune.com | Southwest Florida's Information Leader
Condo owners fear big losses from theft | HeraldTribune.com | Southwest Florida's Information Leader: "The condo association's maintenance and savings accounts were allegedly depleted recently by a property manager. Some residents estimate losses total close to $1 million."
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400 owners lost close to $1 million thanks to what looks like yet another instance of property manager embezzlement.
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400 owners lost close to $1 million thanks to what looks like yet another instance of property manager embezzlement.
Condo owners fear big losses from theft | HeraldTribune.com | Southwest Florida's Information Leader
Condo owners fear big losses from theft | HeraldTribune.com | Southwest Florida's Information Leader: "The condo association's maintenance and savings accounts were allegedly depleted recently by a property manager. Some residents estimate losses total close to $1 million."
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400 owners lost close to $1 million thanks to what looks like yet another instance of property manager embezzlement.
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400 owners lost close to $1 million thanks to what looks like yet another instance of property manager embezzlement.
Friday, September 19, 2008
FOXNews.com - Explosive Real Estate: Florida Homes Built Atop WWII Bombing Range - Local News | News Articles | National News | US News
FOXNews.com - Explosive Real Estate: Florida Homes Built Atop WWII Bombing Range : "ORLANDO, Fla. — When residents of several neighborhoods near Orlando International Airport go to bed, they wonder what most homeowners don't: Is there a bomb under my house?
They recently learned their 8-year-old developments were built on a World War II bombing range that wasn't thoroughly cleared. Now they're scared for their lives and investments and angry with developers and local government officials who residents claim shouldn't have allowed the homes in the first place."
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Looks like real estate is booming in Orlando again.
They recently learned their 8-year-old developments were built on a World War II bombing range that wasn't thoroughly cleared. Now they're scared for their lives and investments and angry with developers and local government officials who residents claim shouldn't have allowed the homes in the first place."
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Looks like real estate is booming in Orlando again.
Thursday, September 18, 2008
cbs4denver.com - Metro State Professor Investigated For Palin Essay Assignment
cbs4denver.com - Metro State Professor Investigated For Palin Essay Assignment: "DENVER (CBS4) ― Metro State College is investigating a professor who asked students to write an essay critical of Republican vice presidential candidate Gov. Sarah Palin. One student said the instructor singled out Republican students in the class and allowed others to ridicule them."
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I read this and think, dog bites man. This sort of thing happens every day at most colleges and universities. Don't people know that by now? One in a thousand incidents hits the press and then the administrators fuss over it for public consumption and the next day the faculty is back to business as usual.
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I read this and think, dog bites man. This sort of thing happens every day at most colleges and universities. Don't people know that by now? One in a thousand incidents hits the press and then the administrators fuss over it for public consumption and the next day the faculty is back to business as usual.
California home sales surge as prices plummet
California home sales surge as prices plummet: "LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices. The figures released Thursday by MDA DataQuick showed 37,988 new and preowned homes were sold statewide last month, up 13.6 percent from August 2007 but down 3.8 percent from July. The firm said 46.9 percent of all homes sold last month were foreclosed properties. That helped send the statewide median home price plunging 35.3 percent to $301,000 during the year ended in August. Most of the foreclosed homes were located in inland regions that have taken the worst hits during the housing crisis."
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Maybe this is what the bottom looks like. If so, we have nowhere to go but up.
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Maybe this is what the bottom looks like. If so, we have nowhere to go but up.
Biden: Paying higher taxes patriotic for wealthy - Yahoo! News
Biden: Paying higher taxes patriotic for wealthy - Yahoo! News: "WASHINGTON - Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans. In a new TV ad that repeats widely debunked claims about the Democratic tax plan, the Republican campaign calls Obama's tax increases 'painful.'"
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Meantime, Obama runs around saying that he isn't going to raise taxes. To wit, yesterday: "If they tell you, 'Well, he's going to raise your taxes,' you say, 'No, he's not, he's going to lower them.'" http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/09/17/politics/p185733D40.DTL&type=politics
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Meantime, Obama runs around saying that he isn't going to raise taxes. To wit, yesterday: "If they tell you, 'Well, he's going to raise your taxes,' you say, 'No, he's not, he's going to lower them.'" http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/09/17/politics/p185733D40.DTL&type=politics
Wednesday, September 17, 2008
Lehman Brothers: The 10 Biggest Chapter 11 Bankruptcies In US History
Lehman Brothers: The 10 Biggest Chapter 11 Bankruptcies In US History: "CNBC has put together a quick slideshow list of the top 10 largest Chapter 11 bankruptcy filings in US history based on the pre-bankruptcy assets of the companies in question. It really gives you a sense of the incredible scale of the Lehman Brothers filing — the next closest bankruptcy was Worldcom, which had $103.9 billion in assets before the filing — 535.1 BILLION DOLLARS less than Lehman Brothers. Damn."
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Damn, indeed. The $639 million bankruptcy of Lehman Brothers is SIX TIMES the size of the largest previous bankruptcy ever.
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Damn, indeed. The $639 million bankruptcy of Lehman Brothers is SIX TIMES the size of the largest previous bankruptcy ever.
City uses DNA to fight dog poop | Lifestyle | Reuters
City uses DNA to fight dog poop | Lifestyle | Reuters: "PETAH TIKVA, Israel (Reuters) - An Israeli city is using DNA analysis of dog droppings to reward and punish pet owners. Under a six-month trial programme launched this week, the city of Petah Tikva, a suburb of Tel Aviv, is asking dog owners to take their animal to a municipal veterinarian, who then swabs its mouth and collects DNA. The city will use the DNA database it is building to match faeces to a registered dog and identify its owner. Owners who scoop up their dogs' droppings and place them in specially marked bins on Petah Tikva's streets will be eligible for rewards of pet food coupons and dog toys."
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I was under the impression that the nation of Israel had problems more pressing than unidentified dog poop, but apparently I was misinformed. I would think, though, that many an American gated community will adopt this policy.
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I was under the impression that the nation of Israel had problems more pressing than unidentified dog poop, but apparently I was misinformed. I would think, though, that many an American gated community will adopt this policy.
Stupid banks making stupid loans - : "The key thing to remember here is that the emphasis belongs on the word financial. The economy is not the problem; lousy lending standards and the excessive use of leverage are the problem. Gales of punitive destruction are knocking down one investment bank after another, while gales of creative destruction continue to move the economy forward. In fact, real gross domestic product (GDP) has grown 2.2 percent in the past year and accelerated to a 3.3 percent growth rate in the second quarter."
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I agree with that. I'm no economist, but it looks to me as though we have a reasonably OK economy. The problem is in the twisted relationship among government, mortgage banking, and the housing industry. Since the mid 1990s government has been pressuring banks large and small to lend money to people, especially so they can buy houses they otherwise would not be able to afford. Low interest rates, weird mortgage arrangements, subsidies, mortgage insurance, relaxed government oversight, mortgage securities, REITs, you name it. Money was flowing everywhere and government was totally supportive of that. They did this to prop up the economy and because the Clinton administration was adamant that poor people should own their own homes, which is a crazy idea in my book (but that is another story). We ended up with this widespread notion that money was cheap and real estate prices were going to go up forever, so buy above your means and cash in before you go broke, and you couldn't lose. You could sell anytime you wanted. Rich and poor alike were doing it. That bubble popped, as it had to eventually, and the trouble started with those borrowers, then spread to the banks who made the loans, and now to whoever has an interest in the banks.
All that is bad, but it isn't the end of the world, and it doesn't mean we need a socialist revolution.
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I agree with that. I'm no economist, but it looks to me as though we have a reasonably OK economy. The problem is in the twisted relationship among government, mortgage banking, and the housing industry. Since the mid 1990s government has been pressuring banks large and small to lend money to people, especially so they can buy houses they otherwise would not be able to afford. Low interest rates, weird mortgage arrangements, subsidies, mortgage insurance, relaxed government oversight, mortgage securities, REITs, you name it. Money was flowing everywhere and government was totally supportive of that. They did this to prop up the economy and because the Clinton administration was adamant that poor people should own their own homes, which is a crazy idea in my book (but that is another story). We ended up with this widespread notion that money was cheap and real estate prices were going to go up forever, so buy above your means and cash in before you go broke, and you couldn't lose. You could sell anytime you wanted. Rich and poor alike were doing it. That bubble popped, as it had to eventually, and the trouble started with those borrowers, then spread to the banks who made the loans, and now to whoever has an interest in the banks.
All that is bad, but it isn't the end of the world, and it doesn't mean we need a socialist revolution.
FEDS TRY TO FIND A BUYER FOR WAMU - New York Post
FEDS TRY TO FIND A BUYER FOR WAMU - New York Post: "The fate of Washington Mutual remained in question yesterday as federal regulators recently called a number of banks asking if they would consider buying the nation's largest savings and loan should it eventually falter, sources told The Post. In recent days, federal banking regulators have reached out to Wells Fargo, JPMorgan Chase, HSBC and several other financial institutions to gauge their interest in a possible acquisition of WaMu, but no merger discussions are currently under way between the Seattle-based bank and anyone else, sources said. The move comes as investors worry that WaMu's customers could begin pulling their money, which totals about $143 billion, out of the bank should its stock fall further."
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Remember when WAMU was all over the place extending credit to anybody who wanted it? I never saw such aggressive marketing of loans in my life. Now it is, "Hey, does anybody want to buy this company? Hello?? Anybody???"
Oh, sure. Just put a big federal guarantee on it first, why don't you?
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Remember when WAMU was all over the place extending credit to anybody who wanted it? I never saw such aggressive marketing of loans in my life. Now it is, "Hey, does anybody want to buy this company? Hello?? Anybody???"
Oh, sure. Just put a big federal guarantee on it first, why don't you?
Coppell resident locks horns with homeowners association over Obama yard signs 7:48 AM CT | News for Dallas, Texas | Dallas Morning News | Latest News
Coppell resident locks horns with homeowners association over Obama yard signs: Texas: "Surely, he figured, his Coppell homeowners association couldn’t force him to pull up his small yard signs supporting Democratic presidential nominee Barack Obama.
He didn’t know it at the time, but a 3-year-old state law prohibits associations from enforcing outright bans on reasonably sized political signs.
Still, less than a month later, Mr. Graupner was told that his signs violated a homeowners association rule. He got a letter threatening at least $200 in fines if the two signs in his flower bed didn’t come up."
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First, you shouldn't need a law to keep associations from banning political signs. That should be your right and associations should never have this power anyway. But now you see them banning the signs, notwithstanding the law, and that highlights the second major problem with associations: when they don't follow the law, which is commonplace, it is incredibly hard to do anything about it.
Watch all these housing industry related financial meltdowns, and then tell me our state and national legislators have the slightest idea what they are doing. They turned the whole thing over to the industry long ago. It is privatization of the policy making process itself.
Thanks to Chris Casey for this link.
He didn’t know it at the time, but a 3-year-old state law prohibits associations from enforcing outright bans on reasonably sized political signs.
Still, less than a month later, Mr. Graupner was told that his signs violated a homeowners association rule. He got a letter threatening at least $200 in fines if the two signs in his flower bed didn’t come up."
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First, you shouldn't need a law to keep associations from banning political signs. That should be your right and associations should never have this power anyway. But now you see them banning the signs, notwithstanding the law, and that highlights the second major problem with associations: when they don't follow the law, which is commonplace, it is incredibly hard to do anything about it.
Watch all these housing industry related financial meltdowns, and then tell me our state and national legislators have the slightest idea what they are doing. They turned the whole thing over to the industry long ago. It is privatization of the policy making process itself.
Thanks to Chris Casey for this link.
Tuesday, September 16, 2008
AIG: Too big to fail: "Sept. 16 (Bloomberg) -- American International Group Inc., the biggest U.S. insurer by assets, has been offered an $85 billion U.S. loan in return for an 80 percent stake in the company, according to a person familiar with the situation.
The Federal Reserve was persuaded to offer the loan because of the risk that an AIG failure would threaten the stability of world financial markets, according to the person, who declined to be identified because negotiations were confidential. Efforts to find a private-sector solution failed because the company is too big and a long-term fix was needed, the person said.
The agreement keeps New York-based AIG in business, averting a collapse that could have threatened more financial companies and cost them $180 billion in losses, according to RBC Capital Markets. AIG needed the rescue to stave off a collapse after its credit ratings were cut and shares plunged 79 percent since Sept. 11.
``There's a systemic risk if AIG isn't saved,'' Benoit de Broissia, an equity analyst at Richelieu Finance in Paris, said in a Bloomberg Television interview. Richelieu has about $6.2 billion under management."
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AIG is enormous, and I understand with $180 billion at stake "the stability of world financial markets" can be on the table if it fails. But how do you top this? Is the sun going to go out? Will the galactic core collapse on itself?
HOA Q&A: 'Private' areas must obey law
HOA Q&A: 'Private' areas must obey law: "Question: I live in a gated community. Recently, the board sent a letter to all homeowners saying city and county ordinances do not apply to our neighborhood because we are a 'private' community. I don't believe this is true. Who is right?"
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Ah, yes. Gilbert, AZ, where an HOA director can really get expansive and throw his/her weight around.
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Ah, yes. Gilbert, AZ, where an HOA director can really get expansive and throw his/her weight around.
Jamie Gorelick, Mistress of Disaster
Jamie Gorelick, Mistress of Disaster: "It's not often that one person plays key roles in two -- count 'em, two -- trillion-dollar disasters. Welcome, my friends, to the world of well-connected Democrat Jamie Gorelick."
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Worth reading. She was the power behind the scenes in the Janet Reno Justice Department and created the "wall" that kept intelligence and law enforcement from cooperating pre-9/11. Then she sat as a member of the 9/11 Commission that investigated why 9/11 wasn't foreseen. Conflict of interest? Not for her. She just sat there and brazened it out.
Then she resurfaced as vice chairman of Fannie Mae, and presided over its meltdown while saying everything was fine and making over $26 million.
What do you bet she ends up on the commission investigating the collapse of Fannie Mae?
To complete the trifecta, I could envision her being Obama's Attorney General. Then after that she could investigate how they lost the case of US v. Osama Bin Laden.
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Worth reading. She was the power behind the scenes in the Janet Reno Justice Department and created the "wall" that kept intelligence and law enforcement from cooperating pre-9/11. Then she sat as a member of the 9/11 Commission that investigated why 9/11 wasn't foreseen. Conflict of interest? Not for her. She just sat there and brazened it out.
Then she resurfaced as vice chairman of Fannie Mae, and presided over its meltdown while saying everything was fine and making over $26 million.
What do you bet she ends up on the commission investigating the collapse of Fannie Mae?
To complete the trifecta, I could envision her being Obama's Attorney General. Then after that she could investigate how they lost the case of US v. Osama Bin Laden.
'Global warming' Gore attracts heat | www.tennessean.com | The Tennessean
'Global warming' Gore attracts heat | www.tennessean.com | The Tennessean: "His large Nashville home, utility bills and jet travels have drawn flamethrowers over the last year and a half. Now, it's a houseboat he bought this summer."
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Come on. It's only 100 feet long. Nobel laureates need giant boats to save the planet and stuff, sort of like Dr. Xavier and X-Men.
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Come on. It's only 100 feet long. Nobel laureates need giant boats to save the planet and stuff, sort of like Dr. Xavier and X-Men.
Suburban mums taking ecstasy | The Courier-Mail
Suburban mums taking ecstasy | The Courier-Mail
Didn't the Stones do a song about this? "Here it comes...here it comes...here it comes...here comes your 19th nervous breakdown."
Didn't the Stones do a song about this? "Here it comes...here it comes...here it comes...here comes your 19th nervous breakdown."
D052402.PDF (application/pdf Object)
California Appellate Court finds CC&R provision unconscionable
CAI stalwart Jon Epsten wins on appeal by arguing on behalf of an HOA that the waiver of jury trial against the developer contained in the CC&Rs was unconscionable.
Does that mean owners will win using the same arguments of unconscionability when the CC&Rs take away their rights? Don't count on it. There is so much judicial protection of associations going on now that it is like watching the Chicago Tribune cover for Barack Obama.
Thanks to Fred Pilot for this alert.
CAI stalwart Jon Epsten wins on appeal by arguing on behalf of an HOA that the waiver of jury trial against the developer contained in the CC&Rs was unconscionable.
Does that mean owners will win using the same arguments of unconscionability when the CC&Rs take away their rights? Don't count on it. There is so much judicial protection of associations going on now that it is like watching the Chicago Tribune cover for Barack Obama.
Thanks to Fred Pilot for this alert.
Monday, September 15, 2008
www.MyRecordJournal.com - Condo buyout notice is sudden shock
www.MyRecordJournal.com - Condo buyout notice is sudden shock: "'Please be advised that I represent 665 Foxon Road, LLC, the owner of over 80 percent of the units at Parker Place Condominiums. It is probably not a secret that my client would like to and intends to acquire all of the remaining units, including the unit owned by you. ... (A)s an owner of 80 percent of the units, my client can accomplish this without your cooperation or that of any other unit owner. The Common Interest Ownership Act, as adopted by the State of Connecticut allows the condominium to be terminated and all units purchased at fair market value, by a vote of 80 percent of the unit owners, which my client already has.'"
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How would you like to get that letter in the mail? It is like a sort of private eminent domain, authorized by Connecticut law.
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How would you like to get that letter in the mail? It is like a sort of private eminent domain, authorized by Connecticut law.
Sunday, September 14, 2008
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "Sept. 14 (Bloomberg) -- Wall Street readied for a potential Lehman Brothers Holdings Inc. bankruptcy after Bank of America Corp. and Barclays Plc pulled out of talks to buy it and the government indicated it wouldn't provide funds to prevent a collapse."
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I realize this isn't as important as the fact that Sarah Palin didn't know which Bush Doctrine Charlie Gibson was referring to (neither did I until he said it was the one about anticipatory self defense) but it seems that we are about to see another major financial firm collapse in a smoldering heap.
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I realize this isn't as important as the fact that Sarah Palin didn't know which Bush Doctrine Charlie Gibson was referring to (neither did I until he said it was the one about anticipatory self defense) but it seems that we are about to see another major financial firm collapse in a smoldering heap.
Eating veggies shrinks the brain-Health/Sci-The Times of India: "MELBOURNE: Scientists have discovered that going veggie could be bad for your brain-with those on a meat-free diet six times more likely to suffer brain shrinkage."
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I think this explains a lot about American politics from the 1960s to the present, but I will let you fill in the blanks. That's a self-test, because if you can't fill in the blanks you are probably not eating enough meat.
Friday, September 12, 2008
Antarctic sea ice increases despite warming - earth - 12 September 2008 - New Scientist Environment
Antarctic sea ice increases despite warming - earth - 12 September 2008 - New Scientist Environment: "The amount of sea ice around Antarctica has grown in recent Septembers in what could be an unusual side-effect of global warming, experts say."
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No matter what happens, it supports the global warming theory. Hot weather, cold weather, more ice, less ice...big storms, small storms...whatever. The debate is over and that's that. I suppose that is true in the sense that most of the public is no longer listening to the global warming alarmists. Their last stronghold is the public school systems, where the environmentalist brainwashing kids are subjected to is astounding. It is no wonder so many kids are depressed. They keep hearing that the world is ending. With my generation is was the fear of nuclear war, but at least we were told we could duck and cover under our desks.
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No matter what happens, it supports the global warming theory. Hot weather, cold weather, more ice, less ice...big storms, small storms...whatever. The debate is over and that's that. I suppose that is true in the sense that most of the public is no longer listening to the global warming alarmists. Their last stronghold is the public school systems, where the environmentalist brainwashing kids are subjected to is astounding. It is no wonder so many kids are depressed. They keep hearing that the world is ending. With my generation is was the fear of nuclear war, but at least we were told we could duck and cover under our desks.
Thursday, September 11, 2008
The Friday Flyer, September 12, 2008 - Article: Council candidates answer questions on their campaign
The Friday Flyer, September 12, 2008 - Article: Council candidates answer questions on their campaign: "Carl Armbrust: My campaign platform is to maintain the economic viability of Canyon Lake and its continued existence as a gated community."
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That is every single word of the campaign platform of a candidate for the City Council of Canyon Lake, CA, which is in Riverside County. Pretty simple, I'd say. In answer to another question, he elaborated as follows: "I want to ensure that Canyon Lake remains the paradise I believe it to be," by which I think he may have been referring to that whole "gated community" thing.
You will find that the other candidates had a bit more to say about other mundane issues such as development, city revenues, fiscal responsibility, open government, and a few other minor matters. Busybodies!
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That is every single word of the campaign platform of a candidate for the City Council of Canyon Lake, CA, which is in Riverside County. Pretty simple, I'd say. In answer to another question, he elaborated as follows: "I want to ensure that Canyon Lake remains the paradise I believe it to be," by which I think he may have been referring to that whole "gated community" thing.
You will find that the other candidates had a bit more to say about other mundane issues such as development, city revenues, fiscal responsibility, open government, and a few other minor matters. Busybodies!
islandpacket.com | Island fourth grader suspended for using broken pencil sharpener
islandpacket.com | Island fourth grader suspended for using broken pencil sharpener: "A 10-year-old Hilton Head Island boy has been suspended from school for having something most students carry in their supply boxes: a pencil sharpener.The problem was his sharpener had broken, but he decided to use it anyway. A teacher at Hilton Head Island International Baccalaureate Elementary School noticed the boy had what appeared to be a small razor blade during class on Tuesday, according to a Beaufort County sheriff's report. It was obvious that the blade was the metal insert commonly found in a child's small, plastic pencil sharpener, the deputy noted. The boy -- a fourth-grader described as a well-behaved and good student -- cried during the meeting with his mom, the deputy and the school's assistant principal. He had no criminal intent in having the blade at school, the sheriff's report stated, but was suspended for at least two days and could face further disciplinary action."
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Anybody who thinks that utter and complete stupidity is the province of HOA and condo boards hasn't spent enough time looking at what public school officials do every day. School vouchers, anybody?
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Anybody who thinks that utter and complete stupidity is the province of HOA and condo boards hasn't spent enough time looking at what public school officials do every day. School vouchers, anybody?
The Next Little Thing? - NYTimes.com
The Next Little Thing? - NYTimes.com: "Mr. Janzen has become interested in the small house movement, whose adherents believe in minimizing one’s footprint — structural as well as carbon — by living in spaces that are smaller than 1,000 square feet and, in some cases, smaller than 100. Tiny houses have been a fringe curiosity for a decade or more, but devotees believe the concept’s time has finally arrived."
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The New York Times has discovered a nonexistent trend. The "small house movement..has finally arrived"? I think not.
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The New York Times has discovered a nonexistent trend. The "small house movement..has finally arrived"? I think not.
Tuesday, September 09, 2008
SPORTSbyBROOKS » LA Rejoices As Scully Says He’ll Be Back In 2009
SPORTSbyBROOKS » LA Rejoices As Scully Says He’ll Be Back In 2009: "And now this news from the LA TIMES: legendary announcer Vin Scully says that he’ll be back next year for his 60th season of Dodger broadcasts."
Best baseball announced who ever lived. Way to go Vinny.
Best baseball announced who ever lived. Way to go Vinny.
Hunting season brings gunfire to quiet suburbs | Houston & Texas News | Chron.com - Houston Chronicle: "DALLAS — Reports of gunfire bombarded 911 centers in the typically peaceful northern suburbs of Dallas last week. The shots rang in the start of hunting season — which, as many surprised North Texas families are learning, is legal in their rural cities under a 2005 state law. Police in cities like McKinney say they're now trying to educate neighbors about the right hunters have to fire shotguns or rifles under certain conditions, at the same time planning to lobby state lawmakers next year to tighten the rules."
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Yee haw. I like hunting and shooting as well as the next fellow, but I don't think I want to be cleaning shotgun pellets out of my rain gutters.
Washington Wire - WSJ.com : Ron Paul Plans 'Special Announcement': "Rep. Ron Paul, the former Republican presidential candidate who excited a multitude of young voters during the primaries, announced a “major” news conference in Washington Wednesday."
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I imagine legions of Ronulans booking a last-minute flight to DC National right now. In the morning they will emerge from their parents' basements like a swarm of cicadas and head for the airport. And history will be made by The Ron.
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I imagine legions of Ronulans booking a last-minute flight to DC National right now. In the morning they will emerge from their parents' basements like a swarm of cicadas and head for the airport. And history will be made by The Ron.
HOA Wants Man To Tear Down Home Rebuilt After Airplane Crash - Orlando News Story - WKMG Orlando
HOA Wants Man To Tear Down Home Rebuilt After Airplane Crash - Orlando News Story - WKMG Orlando: "SANFORD, Fla. -- A Sanford man whose wife and son were killed when an airplane crashed into their home may have to tear down his rebuilt house because a homeowners' association said he is breaking their rules.
Joe Woodard's wife and son were killed in the July 2007 crash, and he's been building a new home on the same lot for the past year."
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They don't like the shingles, and the house extends a few feet farther back than they allow. They want him to rebuild exactly what he had before the crash. He doesn't want a reminder of the place he used to share with his wife and son.
You can't make things up that top what associations really do. People used to say, "Would your mother be proud of you if she knew what you are doing?" But questions like that assume that people are capable of feeling shame, which it seems not everybody is, these days.
Joe Woodard's wife and son were killed in the July 2007 crash, and he's been building a new home on the same lot for the past year."
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They don't like the shingles, and the house extends a few feet farther back than they allow. They want him to rebuild exactly what he had before the crash. He doesn't want a reminder of the place he used to share with his wife and son.
You can't make things up that top what associations really do. People used to say, "Would your mother be proud of you if she knew what you are doing?" But questions like that assume that people are capable of feeling shame, which it seems not everybody is, these days.
Sunday, September 07, 2008
CATS: ALL YOUR MORTGAGE ARE BELONG TO US!!! Government takes control of Fannie Mae and Freddie Mac: "WASHINGTON - The Bush administration’s seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.
The historic move announced Sunday won support from both presidential campaigns, but private analysts worried that it may not be enough to stabilize the slumping housing market given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence.
Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars...The companies, which together own or guarantee about $5 trillion in home loans, about half the nation’s total, have lost $14 billion in the last year and are likely to pile up billions more in losses until the housing market begins to recover.
The Treasury Department said it was prepared to put up as much as $100 billion over time in each of the companies if needed to keep them from going broke, in exchange for senior preferred stock."
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I think we can call this a massive deprivatization in the sense that Fannie Mae and Freddie Mac are no longer being operated as private companies. To say it "could" cost taxpayers "billions of dollars" is merely stating the obvious. Undoubtedly it will cost billions. If we start talking about what it"could" cost, think in terms of hundreds of billions. And this bailout gives the federal government more control over the housing market than they may know how to handle, if you ask me. I realize they had to do something because shares in these companies had plummeted from around $70 per share to about 5 bucks, and there was no end in sight. But I don't see this as a rescue. I see it is a desperation measure. The real fix here is for the housing market to level off, and I hope that the feds can make that happen, now that they have half of its value in their hands.
Free Real Estate Articles » Real Estate Values Fall As Home Owner Associations Avoid Insurance Liabilities
First time I've heard of this. The author says associations are getting rid of swing sets and playgrounds so they don't have to pay so much for liability insurance, but in doing so they reduce the value of the properties.
MINI gets into fight with gated community on Flickr - Photo Sharing!
MINI gets into fight with gated community on Flickr - Photo Sharing!
From the photo I would give this round to the gate.
From the photo I would give this round to the gate.
Democratic National Convention - Yahoo! News Photos
Democratic National Convention - Yahoo! News Photos
I wonder if we will be seeing this photo a lot between now and the election. Check out the bottom right corner...that object lying on the floor next to Biden's foot.
I wonder if we will be seeing this photo a lot between now and the election. Check out the bottom right corner...that object lying on the floor next to Biden's foot.
Saturday, September 06, 2008
World's deadliest spider discovered in Britain inside a box of Tesco bananas | Mail Online: "The world's deadliest spider forced a supermarket to close after a terrified worker spotted it under a box of bananas.
The highly-venomous Brazilian Wandering Spider - a species responsible for killing more people than any other arachnid - was eventually captured by RSPCA officers.
Victims usually die within an hour of being bitten by the spider, which has a 4in leg-span and is listed in the Guinness Book of World Records as the planet's most venomous animal."
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Take a look at the ugly mug on this guy. It's enough to make you swear off bananas.
Daily Herald | Council to weigh in on host of home association issues
Daily Herald | Council to weigh in on host of home association issues: "As some of the readers of this column may be aware, in early 2008 I was appointed by the Illinois legislature as chairman of the Condominium Advisory Council, consisting of two other laypeople (Shelli Lulkin and George Panagakis) and four legislators (Reps. Harry Osterman and Angelo 'Skip' Saviano, and Sens. Pam Althoff and Mattie Hunter). Our engagement is to advise the legislature as to necessary changes and new laws needed to improve the quality of life of residents of condominium and homeowners associations."
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This is a column by Buffalo Grove attorney Jordan Shifrin explaining the task of the Condominium Advisory Council, which he chairs. He explains what issues he thinks are important and how to have some input into their deliberations. Well worth reading. I have always found Jordan to be a voice of reason, so I think he is a good choice for this position.
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This is a column by Buffalo Grove attorney Jordan Shifrin explaining the task of the Condominium Advisory Council, which he chairs. He explains what issues he thinks are important and how to have some input into their deliberations. Well worth reading. I have always found Jordan to be a voice of reason, so I think he is a good choice for this position.
Friday, September 05, 2008
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "Sept. 5 (Bloomberg) -- Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell.
New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years, the Mortgage Bankers Association said in a report today. The total inventory of homes in foreclosure reached 2.75 percent, almost tripling since the five-year housing boom ended in 2005. The share of loans with one or more payments overdue rose to a seasonally adjusted 6.41 percent of all mortgages, an all-time high, from 6.35 percent in the first quarter."
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New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years, the Mortgage Bankers Association said in a report today. The total inventory of homes in foreclosure reached 2.75 percent, almost tripling since the five-year housing boom ended in 2005. The share of loans with one or more payments overdue rose to a seasonally adjusted 6.41 percent of all mortgages, an all-time high, from 6.35 percent in the first quarter."
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BBC NEWS | UK | Northern Ireland | Wilson row over green 'alarmists'
BBC NEWS | UK | Northern Ireland | Wilson row over green 'alarmists': "The Environment Minister Sammy Wilson has angered green campaigners by describing their view on climate change as a 'hysterical psuedo-religion'."
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Paging Al "The Debate is Over" Gore.
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Paging Al "The Debate is Over" Gore.
Mark Hemingway on Community Organizing on National Review Online
Mark Hemingway on Community Organizing on National Review Online: "Obama spent three years in housing projects in Chicago and — according to his book, Dreams of My Father — even he couldn’t explain what he was doing. “When classmates in college asked me just what it was that a community organizer did, I couldn’t answer them directly,” Obama wrote. Indeed, who could say what a community organizer does?"
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Sarah Palin's devastating comment that a small town mayor is sort of like a community organizer, except with actual responsibilities, has caused the Obama campaign to squirt blood from its collective ears in rage. But I think she has a point. If you have a mayor and city council who listen to your problems, why would you need a community organizer? The fact is, these folks are essentially trying to duplicate the roles of elected officials and in most cases undermine them.
I have met many community organizers over the years and I know what they do. They are overwhelmingly socialists or at least far to the left. Their activities are mainly of the "politics of protest" variety. Read the bible of their icon, Saul Alinsky, who wrote "Rules for Radicals." Their work mainly consists of trying to get ordinary people angry at the government and business institutions in their neighborhoods, and using that manufactured discontent to disrupt those institutions enough to force concessions from them. Those victories give the community organizers credibility that they try to leverage into a permanent power base. Community organizers also get involved in local politics. Some community organizers use their power base to run for elective office themselves. Give me a minute and I'll think of an example...
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Sarah Palin's devastating comment that a small town mayor is sort of like a community organizer, except with actual responsibilities, has caused the Obama campaign to squirt blood from its collective ears in rage. But I think she has a point. If you have a mayor and city council who listen to your problems, why would you need a community organizer? The fact is, these folks are essentially trying to duplicate the roles of elected officials and in most cases undermine them.
I have met many community organizers over the years and I know what they do. They are overwhelmingly socialists or at least far to the left. Their activities are mainly of the "politics of protest" variety. Read the bible of their icon, Saul Alinsky, who wrote "Rules for Radicals." Their work mainly consists of trying to get ordinary people angry at the government and business institutions in their neighborhoods, and using that manufactured discontent to disrupt those institutions enough to force concessions from them. Those victories give the community organizers credibility that they try to leverage into a permanent power base. Community organizers also get involved in local politics. Some community organizers use their power base to run for elective office themselves. Give me a minute and I'll think of an example...
Cats on a bank-owned roof: Bobcats claim foreclosed house | L.A. Land | Los Angeles Times: "A postcard from Lake Elsinore: 'Taking advantage of a slump in local real estate, a family of bobcats has moved into a foreclosed Lake Elsinore home, lolling about on fences and walls and riveting an entire neighborhood.'"
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Meow. Somebody call the HOA.
Associations see foreclosures, renters as pressing issues -- chicagotribune.com
Associations see foreclosures, renters as pressing issues -- chicagotribune.com: "What's on the minds of community association residents these days? Foreclosures, renters, secretive boards and sloppy managers are high on a long list.
That's what they told the Illinois Condominium Advisory Council at a recent public hearing in Naperville.
The council has been assigned the task of identifying major challenges to associations and making recommendations for legislative change to the General Assembly. Made up of lawmakers and association veterans, the council is conducting a series of public hearings around the state before preparing its report by year's end."
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Illinois doesn't have an active owners' rights organization that I know of, as they do in California, Nevada, Arizona, New Jersey, Maryland, Virginia, Florida, Texas...well, you get the idea. I wonder if the way assessments are collected is the reason. Here there is no non-judicial foreclosure, and we have statutory authority for condos and HOAs to collect overdue assessments using eviction court. The owner stands to lose possession instead of ownership.
That's what they told the Illinois Condominium Advisory Council at a recent public hearing in Naperville.
The council has been assigned the task of identifying major challenges to associations and making recommendations for legislative change to the General Assembly. Made up of lawmakers and association veterans, the council is conducting a series of public hearings around the state before preparing its report by year's end."
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Illinois doesn't have an active owners' rights organization that I know of, as they do in California, Nevada, Arizona, New Jersey, Maryland, Virginia, Florida, Texas...well, you get the idea. I wonder if the way assessments are collected is the reason. Here there is no non-judicial foreclosure, and we have statutory authority for condos and HOAs to collect overdue assessments using eviction court. The owner stands to lose possession instead of ownership.
Wednesday, September 03, 2008
Homeowner associations in disrepute | www.azstarnet.com ®
Homeowner associations in disrepute | www.azstarnet.com ®: "Across the United States, homeowner associations are falling into disrepute. People hate them. But what's the alternative?
Most planned communities include common areas and amenities like swimming pools, tennis courts and clubhouses, all of which must be maintained. Somebody has to hire tradesmen, pay the bills and maintain standards. And who better than the residents themselves?
In theory, it's a great idea. Unfortunately, it no longer seems to work in practice — if it ever did."
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Fred Pilot forwarded this piece, written by an HOA officer from Arizona. I imagine some law firm will draft a response to protect the rice bowl.
Most planned communities include common areas and amenities like swimming pools, tennis courts and clubhouses, all of which must be maintained. Somebody has to hire tradesmen, pay the bills and maintain standards. And who better than the residents themselves?
In theory, it's a great idea. Unfortunately, it no longer seems to work in practice — if it ever did."
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Fred Pilot forwarded this piece, written by an HOA officer from Arizona. I imagine some law firm will draft a response to protect the rice bowl.
Tuesday, September 02, 2008
Republicans propose borrowing, cuts to balance California budget - Los Angeles Times
Republicans propose borrowing, cuts to balance California budget - Los Angeles Times: "Among the bills given final approval by the Senate was a hard-fought, complex measure by Sen. Darrell Steinberg (D-Sacramento) that aims to spur future growth in California in ways that reduce commute times and greenhouse gas emissions.
The bill, SB 375, links regional greenhouse gas reduction goals to transit funding to discourage local governments from approving far-flung subdivision developments. It won the support of environmentalists and the building industry. The Senate passed the measure 25 to 14.
Sen. Tom McClintock, a Republican from Thousand Oaks who voted against the measure, likened it to centralized Soviet planning. He said it would force people to live in urban cores near train stations.
'Most people prefer the quiet, tree-shaded neighborhood,' said McClintock."
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Fred Pilot sent this link to a report on recent measures passed by the California senate. This one is an anti-sprawl measure. I wonder what happens to demand for California housing when instead of the California Dream house in the suburbs you get an urban apartment.
The bill, SB 375, links regional greenhouse gas reduction goals to transit funding to discourage local governments from approving far-flung subdivision developments. It won the support of environmentalists and the building industry. The Senate passed the measure 25 to 14.
Sen. Tom McClintock, a Republican from Thousand Oaks who voted against the measure, likened it to centralized Soviet planning. He said it would force people to live in urban cores near train stations.
'Most people prefer the quiet, tree-shaded neighborhood,' said McClintock."
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Fred Pilot sent this link to a report on recent measures passed by the California senate. This one is an anti-sprawl measure. I wonder what happens to demand for California housing when instead of the California Dream house in the suburbs you get an urban apartment.
Monday, September 01, 2008
Some bugging out over 'killer' wasps -- themorningcall.com: "The female cicada killer digs a hole about three quarters of an inch wide and about two feet deep and goes hunting for cicadas. After catching a bug and stinging it with paralyzing venom, the cicada killer pulls it into the hole, lays an egg on it and waits for her babies to emerge and munch on the powerless, still-paralyzed cicada."
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That's what they do when they aren't busy chasing exterminators across the lawn and down the street. Those things are huge.
What properties is Paul Hogan hiding? | The Daily Telegraph
What properties is Paul Hogan hiding? | The Daily Telegraph: "AUSTRALIAN Crime Commission target Paul Hogan has gone to great lengths to keep his fortune a secret - with his multi-million dollar US property portfolio hidden in a complicated web of private trusts, Hollywood lawyers, agents and accountants.
Hogan's American mansions have been squirelled away in a secret trust account that the Crocodile Dundee star named Brentwood-Westridge Trust - after the street (Westridge) and upmarket Los Angeles neighbourhood (Brentwood) where he and wife Linda Kozlowski once lived."
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Slip another mansion on the barbie.
Hogan's American mansions have been squirelled away in a secret trust account that the Crocodile Dundee star named Brentwood-Westridge Trust - after the street (Westridge) and upmarket Los Angeles neighbourhood (Brentwood) where he and wife Linda Kozlowski once lived."
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Slip another mansion on the barbie.
Association cuts down Kihei man’s attempt to conserve water with artificial Grass - Maui News
Association cuts down Kihei man’s attempt to conserve water with artificial Grass - Maui News: "KIHEI - When Maui County asked South Maui consumers to cut back on water use, homeowner Wolfgang Bayer replaced his front lawn with artificial grass estimating it will save 20,000 gallons of water a year. But he did not submit a landscaping plan and get approvals first from the Kilohana Ridge Homeowners Association. The association issued a notice of violation with a $100 fine. 'I felt what I was doing was the right thing. I wanted to make a point. I agreed to be the guinea pig and go and get this done,' Bayer said. Association President Connie Lappin said it's not a problem of saving water but of following association rules and submitting plans. 'Any project of any scope requires approval,' she said."
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Bed-Stuy Banana: Satans Demonic Daughter and the Block Association: "The Head of the Block Association 'Satan's' demonic daughter, Numerous times for years walks her dog leaving Urine + Stool in Front of My Home. Your a Noise, 'Gossiping,' hateful, Evil, Jealous lying, Orthopedic 'PHONY HYPOCRITE.'"
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But on the bright side, you can be Satan's demonic daughter and still be allowed to join the block association. Can't accuse them of discrimination.
Saturday, August 30, 2008
Condo foreclosures hurt others, too - Mortgage Mess- msnbc.com
Condo foreclosures hurt others, too - Mortgage Mess- msnbc.com: "When too many condominium owners lose their units to foreclosure, condo associations feel the financial pain. That's bad news for homeowners and real estate investors who depend on these associations to take care of building maintenance, property insurance, utilities, landscaping and other amenities that are shared in common."
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Nice to see the media catching on to this situation at long last.
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Nice to see the media catching on to this situation at long last.
Changes may bring dark days for condos - Jacksonville Business Journal:
Changes may bring dark days for condos - Jacksonville Business Journal:
This goes back to May. I heard about it this morning on Common Interest Radio, CAI's program that is broadcast on WIND-560 AM here in Chicago. This is a bombshell that I missed when it happened:
NORTHEAST FLORIDA -- Changes in the underwriting standards of mortgage giant Fannie Mae have caused lenders to look more closely at condominiums and the companies that manage them, often resulting in more rejections of mortgage applications. The new lending requirements imposed by one of the nation's largest buyers in the secondary mortgage market have bled through to lenders' requests from condo management companies in the form of additional lines on questionnaires and legal document requirements. Lenders wanting to sell bundles of mortgages are further scrutinizing association reserves, investor occupancy ratios and the number of past-due loans in the complex. One wrong answer that results in a higher risk to the lender can mean a loan is rejected.
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The guests on Common Interest Radio are saying that this will make it impossible for many associations to borrow, and for many buyers to get loans. If Fannie Mae won't buy the loan, many lenders won't lend. It will be a lot of work for association boards, and if they don't do it right they don't get the loan. Basically, Fannie Mae is making the lender hold the association to much higher standards.
This means harder times for associations, especially those that are already in trouble.
This goes back to May. I heard about it this morning on Common Interest Radio, CAI's program that is broadcast on WIND-560 AM here in Chicago. This is a bombshell that I missed when it happened:
NORTHEAST FLORIDA -- Changes in the underwriting standards of mortgage giant Fannie Mae have caused lenders to look more closely at condominiums and the companies that manage them, often resulting in more rejections of mortgage applications. The new lending requirements imposed by one of the nation's largest buyers in the secondary mortgage market have bled through to lenders' requests from condo management companies in the form of additional lines on questionnaires and legal document requirements. Lenders wanting to sell bundles of mortgages are further scrutinizing association reserves, investor occupancy ratios and the number of past-due loans in the complex. One wrong answer that results in a higher risk to the lender can mean a loan is rejected.
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The guests on Common Interest Radio are saying that this will make it impossible for many associations to borrow, and for many buyers to get loans. If Fannie Mae won't buy the loan, many lenders won't lend. It will be a lot of work for association boards, and if they don't do it right they don't get the loan. Basically, Fannie Mae is making the lender hold the association to much higher standards.
This means harder times for associations, especially those that are already in trouble.
Merrill's Mortgage Gamblers Lose One-Quarter Of Money Firm Made In Last 36 Years
Merrill's Mortgage Gamblers Lose One-Quarter Of Money Firm Made In Last 36 Years: "How much of a toll has the credit crisis and subprime meltdown taken on Wall Street? Here's one example: In the past 18 months, Merrill Lynch (MER) has lost a quarter of the money it made between 1971 and 2006:
FT: Merrill Lynch’s losses in the past 18 months amount to about a quarter of the profits it has made in its 36 years as a listed company, according to Financial Times research that highlights the extent of the global banking crisis."
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FT: Merrill Lynch’s losses in the past 18 months amount to about a quarter of the profits it has made in its 36 years as a listed company, according to Financial Times research that highlights the extent of the global banking crisis."
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Lenders face huge hit on mortgages fraudulently obtained by crime gangs - Times Online
Lenders face huge hit on mortgages fraudulently obtained by crime gangs - Times Online: "Britain’s mortgage lenders may be sitting on hundreds of millions of pounds of worthless loans fraudulently obtained by criminals to support drug manufacturing, illegal immigration and money-laundering.
Bradford & Bingley, the buy-to-let mortgage lender, admitted yesterday that it had been forced to take an £18 million impairment charge in the half year to June 30 to cover borrowing by criminal gangs and other fraudsters. The sum represents an increase on a £15 million charge taken in June.
B&B’s losses may be only the tip of the iceberg."
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I wonder if US banks were doing the same thing.
Bradford & Bingley, the buy-to-let mortgage lender, admitted yesterday that it had been forced to take an £18 million impairment charge in the half year to June 30 to cover borrowing by criminal gangs and other fraudsters. The sum represents an increase on a £15 million charge taken in June.
B&B’s losses may be only the tip of the iceberg."
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I wonder if US banks were doing the same thing.
Bloomberg.com: Worldwide
Tenth bank failure this year: "Integrity Bank, with $1.1 billion in assets and $974 million in deposits, was shuttered by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corp. Regions Financial Corp., Alabama's biggest bank, will assume all deposits from Integrity, which was run by Integrity Bancshares Inc. The failed bank's five offices will open on Sept. 2 as branches of Regions, the FDIC said."
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It isn't 1929, or 1987, but it isn't good.
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It isn't 1929, or 1987, but it isn't good.
Friday, August 29, 2008
Advocates assail suburbs for fighting housing rules | CourierPostOnline.com | Courier-Post
Advocates assail suburbs for fighting housing rules | CourierPostOnline.com | Courier-Post: "TRENTON — New Jersey's wealthiest and least diverse municipalities are the ones most resisting new state rules that require towns to build more affordable housing units for low and moderate-income families, according to a report released Monday by affordable housing advocates."
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Mystery Reader sent this piece that recounts the latest episode in New Jersey's affordable housing saga. This has been a huge issue for decades, including the Mt. Laurel litigation and statutory law and battles at the local level.
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Mystery Reader sent this piece that recounts the latest episode in New Jersey's affordable housing saga. This has been a huge issue for decades, including the Mt. Laurel litigation and statutory law and battles at the local level.
BBC NEWS | Science/Nature | 'Lost towns' discovered in Amazon
BBC NEWS | Science/Nature | 'Lost towns' discovered in Amazon: "A remote area of the Amazon river basin was once home to densely populated towns, Science journal reports...Like medieval European and ancient Greek towns, those forming the Amazonian urban landscape were surrounded by large walls. These were composed of earthworks, the remains of which have survived. "
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It seems as though whenever an old city is unearthed they find a wall around it.
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It seems as though whenever an old city is unearthed they find a wall around it.
Monday, August 25, 2008
Gun Rights vs. Freedom?: How "take your guns to work" laws violate property rights - Reason Magazine
Gun Rights vs. Freedom?: How "take your guns to work" laws violate property rights - Reason Magazine: "Supporters of the right to keep and bear arms have long recognized the value of firearms for the defense of life, liberty, and property. But in Florida, a perverse conception of the 2nd Amendment has produced the opposite effect: The cause of gun rights is being used to attack property rights.
In 1987, Florida wisely affirmed personal freedom by letting law-abiding citizens get permits to carry concealed weapons. But this year, the legislature decided it was not enough to let licensees pack in public places. They also should be allowed to take their guns into private venues—even if the property owner objects.
The 'take your guns to work' law says anyone with a conceal-carry permit has a legal right to keep his gun locked in his car in the company parking lot. Until recently, companies had the authority to make the rules on their own premises. But when it comes to guns, that freedom is defunct."
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This is another example of what I think of as "repressive libertarianism," where certain people who call themselves libertarians invariably side with property owners who want to limit other people's liberties through the use of contract law. Property rights (usually held by somebody with a whole lot of economic clout) trump every other liberty. The libertarian defense of HOAs is the perfect example. The developer writes covenants and leaves. Everybody who lives there has to obey them forever, even if they lose due process of law and expressive liberties.
As private corporations take over more functions of government, this position could lead to gradual elimination of constitutional liberties. But ironically some state governments are pushing back against the property owners, not only in this gun situation but with HOAs and condos.
In 1987, Florida wisely affirmed personal freedom by letting law-abiding citizens get permits to carry concealed weapons. But this year, the legislature decided it was not enough to let licensees pack in public places. They also should be allowed to take their guns into private venues—even if the property owner objects.
The 'take your guns to work' law says anyone with a conceal-carry permit has a legal right to keep his gun locked in his car in the company parking lot. Until recently, companies had the authority to make the rules on their own premises. But when it comes to guns, that freedom is defunct."
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This is another example of what I think of as "repressive libertarianism," where certain people who call themselves libertarians invariably side with property owners who want to limit other people's liberties through the use of contract law. Property rights (usually held by somebody with a whole lot of economic clout) trump every other liberty. The libertarian defense of HOAs is the perfect example. The developer writes covenants and leaves. Everybody who lives there has to obey them forever, even if they lose due process of law and expressive liberties.
As private corporations take over more functions of government, this position could lead to gradual elimination of constitutional liberties. But ironically some state governments are pushing back against the property owners, not only in this gun situation but with HOAs and condos.
FBI saw threat of mortgage crisis - Los Angeles Times
FBI saw threat of mortgage crisis - Los Angeles Times: "WASHINGTON -- Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
'It has the potential to be an epidemic,' Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. 'We think we can prevent a problem that could have as much impact as the S&L crisis,' he said.
Today, the damage from the global mortgage meltdown has more than matched that of the savings-and-loan bailouts of the 1980s and early 1990s. By some estimates, it has made that costly debacle look like chump change. But it's also clear that the FBI failed to avert a problem it had accurately forecast."
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So let's all give the FBI a big hand for preventing a disaster. Oh, wait.
'It has the potential to be an epidemic,' Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. 'We think we can prevent a problem that could have as much impact as the S&L crisis,' he said.
Today, the damage from the global mortgage meltdown has more than matched that of the savings-and-loan bailouts of the 1980s and early 1990s. By some estimates, it has made that costly debacle look like chump change. But it's also clear that the FBI failed to avert a problem it had accurately forecast."
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So let's all give the FBI a big hand for preventing a disaster. Oh, wait.
Kannapolis subdivision divided over homeowners association - Independent Tribune - Concord and Kannapolis
Kannapolis subdivision divided over homeowners association - Independent Tribune - Concord and Kannapolis: "ANNAPOLIS - A Kannapolis subdivision that residents say was shorted on some amenities and infrastructure by its developers is now seeing some turmoil over a homeowners association formed for the community."
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But this is a voluntary association, so it is questionable whether they can get it organized. That's why the industry makes them mandatory. That's also why the libertarians who keep touting HOAs as examples of voluntarism are so, so, so wrong.
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But this is a voluntary association, so it is questionable whether they can get it organized. That's why the industry makes them mandatory. That's also why the libertarians who keep touting HOAs as examples of voluntarism are so, so, so wrong.
Residents Find Lake Full Of Rotting Fish - KYPost.com
Residents Find Lake Full Of Rotting Fish - KYPost.com: "One resident says her kids were playing near the shallow lake Thursday evening, and everything was fine. When she went outside Friday morning, she saw dozens of dead and rotting fish floating near the surface. She tells 9News she stopped counting the fish at 100.
The residents here have contacted their Homeowners Association, who say they'll start cleaning this up on Monday."
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Rotten fish? Call the HOA!
The residents here have contacted their Homeowners Association, who say they'll start cleaning this up on Monday."
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Rotten fish? Call the HOA!
Condo association opposes making street private | hometownlife.com | the Observer & Eccentric Newspapers, Mirror Newspapers and Hometown Weeklies
Condo association opposes making street private | hometownlife.com | the Observer & Eccentric Newspapers, Mirror Newspapers and Hometown Weeklies: "Residents of Brookdale Condominiums are protesting a proposal to turn responsibility for Brookdale Court back to residents of the complex."
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The city figures that since the street only services the condo complex, the residents should pay for it.
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The city figures that since the street only services the condo complex, the residents should pay for it.
Sunday, August 24, 2008
Most gated communities shy away from politics -- South Florida Sun-Sentinel.com
Most gated communities shy away from politics -- South Florida Sun-Sentinel.com: "Most gated communities shy away from politics. 'A lot of people are concerned, 'Is this bipartisan?' So rather than do something, they do nothing,' is Abe Fenster's take on the subject. He's the Shores' new president and manned the floor microphones with Harvey Hoffman, his predecessor. Most of the candidates interviewed said they had been in few or no other gated communities during this election cycle because they have to be invited."
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Well, if it is about listening to a sales pitch from some self-serving candidate, I can see why they'd rather play bridge. But if the political issue activates the NIMBY reflex, HOA residents can be mobilized to pay attention pretty fast. Propose building a low-income apartment project next door and see who shows up for the meeting.
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Well, if it is about listening to a sales pitch from some self-serving candidate, I can see why they'd rather play bridge. But if the political issue activates the NIMBY reflex, HOA residents can be mobilized to pay attention pretty fast. Propose building a low-income apartment project next door and see who shows up for the meeting.
Who's responsible for homeowner dues in case of bankruptcy and foreclosure? - Los Angeles Times
Who's responsible for homeowner dues in case of bankruptcy and foreclosure? - Los Angeles Times
The Villa Appalling authors address this question in their weekly LA Times column.
The Villa Appalling authors address this question in their weekly LA Times column.
Friday, August 22, 2008
Condos must accommodate wheelchairs - Top Stories - (HometownAnnapolis.com)
Condos must accommodate wheelchairs - Top Stories - (HometownAnnapolis.com)The Maryland Human Relations Commission has directed 30 condominium owners in a Heritage Harbour complex to spend thousands of dollars to renovate their private homes to accommodate wheelchairs. The commission said when the developer constructed the units in 1997 they were not built to accommodate wheelchairs as required by the Federal Housing Act. The 1991 housing law forbids discrimination against tenants or residents who are wheelchair-users...The complaint said Broad Creek's developer, U.S. Homes Corp., failed to comply with the Federal Housing Act. The unit owner who filed the complaint no longer lives in the building and the residents said they are livid they have to hire contractors to move walls, lower doorjamb thresholds, and rewire and expand doorways within their own units.
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Tom Skiba sent me this. The strange part is that the owners have to make their own units comply with the law.
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Tom Skiba sent me this. The strange part is that the owners have to make their own units comply with the law.
Pinellas Drug Sting Nets 18 Grow Houses, 18 Arrests
Pinellas Drug Sting Nets 18 Grow Houses, 18 Arrests: "Detectives eventually 'uncovered a network … of family members who decided to work this countywide,' said Capt. Mike Platt of the sheriff's narcotics squad. 'This is not an isolated case where people decide to grow some pot plants in their house.'
Rental homes were used for the grow operations, he said. Some were found today to contain as few as 23 plants; some had up to 100. Investigators say the coordinated effort annually could have produced a harvest worth more than $4 million."
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One way of coping with the declining property values in Florida.
Rental homes were used for the grow operations, he said. Some were found today to contain as few as 23 plants; some had up to 100. Investigators say the coordinated effort annually could have produced a harvest worth more than $4 million."
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One way of coping with the declining property values in Florida.
Thursday, August 21, 2008
Fay Dumps Record-Breaking Rain; Flood Victims Warned Of Alligator Swimming In Streets - Orlando Weather News Story - WKMG Orlando: "MELBOURNE, Fla. -- Homeowners in a Tropical Storm Fay-flooded community were being warned of an alligator swimming in their streets and near homes as record-breaking rain continued to fall Thursday."
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Well, this is clearly a covenant violation. No alligators allowed. Somebody call the board of directors.
Living with humans has taught dogs morals, say scientists | Mail Online: "Dogs are becoming more intelligent and are even learning morals from human contact, scientists claim.
They say the fact that dogs' play rarely escalates into a fight shows the animals abide by social rules."
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I think these scientists have the relationship exactly backward. Dogs teach humans morals. If we were teaching them, they would be fighting all the time.
Wednesday, August 20, 2008
FOXNews.com - Man Jailed After Taking Photo of Police Van Ignoring 'Wrong Way' Sign - International News | News of the World | Middle East News | Euro
FOXNews.com - Man Jailed After Taking Photo of Police Van Ignoring 'Wrong Way' Sign - International News | News of the World | Middle East News | Europe News: "A British man was jailed for five hours after he photographed a cop reversing the wrong way up a one-way street. After Andrew Carter snapped the cop van, officer Aqil Farooq leaped out, hit the camera to the ground, handcuffed him and bundled him into the back of the vehicle. The plumber, 44, was arrested for supposedly being drunk, resisting arrest and assaulting the officer with the camera. He was kept in cells before finally being released on police bail at midnight."
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And people wonder why the US founders wanted limits on government power.
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And people wonder why the US founders wanted limits on government power.
Tuesday, August 19, 2008
Ron Paul supporters plan West Texas commune : Lone Star Times
Yes, Ronulans, there is now a place where you can live according to libertarian principles. Just hie thyself to rural Texas and find "Paulville," described as follows on the Paulville.org website:
The goal of Paulville.org is to establish gated communities containing 100% Ron Paul supporters and or people that live by the ideals of freedom and liberty. The process is forming a co-op of people buying shares in the community and these people would be granted land use at a minimum of 1 acre per share, for as long as they homesteaded the land. The community would be privately held by the co-op to establish private property for the general community thus preserving the community is 100% freedom and liberty lovers. The community votes on all community efforts, such as utilities etc. However no one is forced to consume these utilities and or pay for them, AKA people can be off grid on their share of land. This is in line with the ideals that you're free to live your life the way you want and not be forced to do or pay for other people's life styles you may not agree with.
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This is a great idea for several reasons. One: it will concentrate the nation's Ronulans in one place, so they will all be in one voting precinct. Two: it will force them to live with each other instead of annoying those of us who have heard enough about and from Ron Paul to last several lifetimes. Three: it will give us all a chance to see how libertarian ideas work in practice, because there isn't a place on earth that runs the way libertarians think we should all live. I envision them drawing lines all over the dining room table and privatizing the sections, but maybe I'm too cynical.
Monday, August 18, 2008
SignOnSanDiego.com > News > Business -- Apartment complex
As numbers of rental units rise, myriad problems can develop for owners: "When renter populations pass the 50 percent population threshold, many lenders will still make home loans, but at a higher cost to borrowers. A high renter population also can make it more difficult for condo associations to borrow money for maintenance projects, said University of Illinois political science professor Evan McKenzie, the author of “Privatopia,” a book about the growth of homeowner associations in the United States. “Usually, the banks want no more than 20 percent of the units rented out to make a loan,” he said."
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Good article by Emmett Pierce on one of the problems that has hit CIDs with the housing market in the dump. Little quote by yours truly.
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Good article by Emmett Pierce on one of the problems that has hit CIDs with the housing market in the dump. Little quote by yours truly.
cbs13.com - Bankrupt Calif. city losing cops amid rising crime
cbs13.com - Bankrupt Calif. city losing cops amid rising crime: "Three months after it became the largest California city to declare bankruptcy, this San Francisco suburb is facing an exodus of police officers as residents grow anxious about a surge in robberies and other crimes."
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Imagine that.
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Imagine that.
Sunday, August 17, 2008
Forget back assessments when owner's foreclosed -- chicagotribune.com
Forget back assessments when owner's foreclosed -- chicagotribune.com: "If the unit proceeds to foreclosure, the association is unlikely to recover the delinquent assessments. The association will recoup delinquent assessments from a foreclosure sale only if the winning bid exceeds the amount due to the first mortgage holder, as well as other claims that may have a priority over the association."
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So says Mark Pearlstein, Chicago lawyer and columnist. This is an answer to a question about $22,000 in unpaid assessments on a unit that the bank foreclosed on.
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So says Mark Pearlstein, Chicago lawyer and columnist. This is an answer to a question about $22,000 in unpaid assessments on a unit that the bank foreclosed on.
Frisco man says HOA won't let him park pickup on driveway | Dallas Morning News | News for Dallas, Texas | Latest News
Frisco man says HOA won't let him park pickup on driveway | Dallas Morning News | News for Dallas, Texas | Latest News: "If there's one thing Texans are serious about, it's pickups. But a Frisco man says his truck is being targeted simply because his homeowners association doesn't think it's classy enough. Jim Greenwood said he never dreamed his HOA would have a problem with his new Ford F-150 pickup. Then he received the first of three notices threatening him with fines. 'Mr. Greenwood, you're violating a subdivision rule that prohibits pickup trucks in your driveway,' the notice reads. Stonebriar HOA rules allow several luxury trucks on driveways, including the Cadillac Escalade, Chevy Avalanche, Honda Ridgeline and Lincoln Mark LT. But most Ford, Dodge or Chevy pickups are restricted."
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So are homeowners supposed to go off to the state legislature and get a law passed allowing them to have pickup trucks, along with American flags?
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So are homeowners supposed to go off to the state legislature and get a law passed allowing them to have pickup trucks, along with American flags?
Wednesday, August 13, 2008
islandpacket.com | Gated communities put brakes on scooter use
Then they came for the motorcycles: Gated communities put brakes on scooter use: "[D]riving mopeds, scooters and motorcycles is forbidden in Sea Pines, as it is in many other area plantations. That makes it challenging for some people, who have found those forms of transportation good options when it comes to the saving money on gas."
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This is a new one on me. No motorbikes in the gated communities of Hilton Head, SC.
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This is a new one on me. No motorbikes in the gated communities of Hilton Head, SC.
WXVT-TV Delta News - More Local News and Weather WXVT.com | Ark. city neighborhood under 24-hour curfew
WXVT-TV Delta News - More Local News and Weather WXVT.com | Ark. city neighborhood under 24-hour curfew: "HELENA-WEST HELENA, Ark. (AP) - Helena-West Helena Mayor James Valley says he ordered a round-the-clock curfew and heavy police patrol in a ten-block section of town because the neighborhood was 'under siege with repeated gunfire, loitering, drug dealing and other general mayhem.'...Thursday night, 18 to 20 police officers carrying M-16 rifles, shotguns and night-vision scopes patrolled the 'curfew zone.' They arrested about eight people and confiscated drugs and loaded weapons. Under Valley's order, officers do not tolerate loitering or 'hanging out.' Officers can stop and investigate all foot traffic, bicycle, horseback, mo-ped, motorcycle, riding mower, golf cart or other means of transportation. The American Civil Liberties Union of Arkansas says the curfew is 'blatantly unconstitutional' and has demanded that Valley lift the order immediately."
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What leads public and private officials to think they can exercise unlimited power over people? This is why there have to be constitutional limits on government power. At least somebody can go to court and stop this nonsense.
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What leads public and private officials to think they can exercise unlimited power over people? This is why there have to be constitutional limits on government power. At least somebody can go to court and stop this nonsense.
Residents beg city to bulldoze shuttered Houston condos | Front page | Chron.com - Houston Chronicle
Residents beg city to bulldoze shuttered Houston condos | Front page | Chron.com - Houston Chronicle: "Desperate residents who live near a shuttered condo complex in northwest Houston thronged a City Council meeting Tuesday, begging the mayor to bulldoze the empty buildings. Candlelight Trails, at 5626 De Soto, is a pretty name, but the property has become nightmarish, the neighbors said. Although the property is fenced off, criminals, squatters and drug addicts haunt the buildings, they said. The city closed the 240-unit development last August, citing myriad dangers, such as exposed wires, broken glass and broken sprinklers. Mayor Bill White appeared to support demolition but said it would be a long and legally difficult process because there are multiple owners of the units."
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Submitted for your consideration: Isolated Instance Number 2645.
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Submitted for your consideration: Isolated Instance Number 2645.
Eleven Becker & Poliakoff attorneys depart firm - South Florida Business Journal:
Eleven Becker & Poliakoff attorneys depart firm - South Florida Business Journal:: "Prominent litigation attorney Daniel Rosenbaum and a team of 10 other attorneys from Becker & Poliakoff have joined Katzman Garfinkel, a Miami-based firm focused on community association law."
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Law firm wars...
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Law firm wars...
Condo trustee to be prosecuted by state - Truro, MA - Wicked Local Truro
Condo trustee to be prosecuted by state - Truro, MA - Wicked Local Truro
What? Impossible! This must be another one of those "isolated instances."
What? Impossible! This must be another one of those "isolated instances."
Foreclosure fallout: Houses go for a $1
Foreclosure fallout: Houses go for a $1: "DETROIT -- One dollar can get you a large soda at McDonald's, a used VHS movie at 7-Eleven or a house in Detroit.
The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.
And it still took 19 days to find a buyer."
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Will Detroit be the first major American city to disintegrate into total chaos?
The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.
And it still took 19 days to find a buyer."
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Will Detroit be the first major American city to disintegrate into total chaos?
Emerald ash borer found in River Forest
Emerald ash borer found in River Forest: "The emerald ash borer beetle has been found in River Forest.
Top public works department officials made the announcement to trustees at a meeting the village board's public works committee on Tuesday night.
The news comes a week after the beetle's presence was confirmed in Oak Park by state agriculture department officials. The fast-moving beetle has been confirmed in at least 20 Chicago area municipalities."
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River Forest is an old and very ritzy suburb a couple of miles west of Chicago. This emerald ash borer situation is potentially disastrous, because ash trees are everywhere in this metro area, and the characteristic look of many suburbs and neighborhoods is trees, trees, trees. I have two big ash trees in my back yard. River Forest could end up looking like River Desert.How bad can it get? The ash borer cost 40 million trees in southeast Michigan alone.
This becomes a cost issue. Municipalities typically order removal of trees by landowners, and with HOAs that means...the association, i.e., the owners. That costs hundreds of dollars per tree including chipping or removing the wood. If a development has, say 100 ash trees, this can be a major expense for somebody.
Top public works department officials made the announcement to trustees at a meeting the village board's public works committee on Tuesday night.
The news comes a week after the beetle's presence was confirmed in Oak Park by state agriculture department officials. The fast-moving beetle has been confirmed in at least 20 Chicago area municipalities."
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River Forest is an old and very ritzy suburb a couple of miles west of Chicago. This emerald ash borer situation is potentially disastrous, because ash trees are everywhere in this metro area, and the characteristic look of many suburbs and neighborhoods is trees, trees, trees. I have two big ash trees in my back yard. River Forest could end up looking like River Desert.How bad can it get? The ash borer cost 40 million trees in southeast Michigan alone.
This becomes a cost issue. Municipalities typically order removal of trees by landowners, and with HOAs that means...the association, i.e., the owners. That costs hundreds of dollars per tree including chipping or removing the wood. If a development has, say 100 ash trees, this can be a major expense for somebody.
Main Street - WSJ.com
Home owners win one for a change: "In the latest of man-bites-dog rulings from the state courts, a three-judge panel of the New Jersey Appellate Division actually sided with ordinary homeowners over a greedy local government and developer.
In their ruling, the judges unanimously reversed a lower-court decision giving the city of Long Branch a green light to pursue its redevelopment plan. That has put a serious crimp into the city's hopes for taking the homes of about a dozen longtime residents -- and turning them over to a developer to put up luxury condos in their place."
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Thanks to Daniel Bliss for this link.
In their ruling, the judges unanimously reversed a lower-court decision giving the city of Long Branch a green light to pursue its redevelopment plan. That has put a serious crimp into the city's hopes for taking the homes of about a dozen longtime residents -- and turning them over to a developer to put up luxury condos in their place."
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Thanks to Daniel Bliss for this link.
Tuesday, August 12, 2008
Bloomberg.com: Worldwide
Subprime writedowns top half a trillion: "The International Monetary Fund in an April report estimated banks' losses at $510 billion, about half its forecast of $1 trillion for all companies. Predictions have crept up since then, with New York University economist Nouriel Roubini predicting losses to reach $2 trillion.
``It just keeps spreading from one asset to another, so it's hard to know when these writedowns will stop,'' said Makeem Asif, an analyst at KBC Financial Products in London. ``The U.S. economy needs to stabilize first. But even then, Europe could lag and recover later. There's still a lot more downside.''"
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A lot more downside? How much is "a lot"?
``It just keeps spreading from one asset to another, so it's hard to know when these writedowns will stop,'' said Makeem Asif, an analyst at KBC Financial Products in London. ``The U.S. economy needs to stabilize first. But even then, Europe could lag and recover later. There's still a lot more downside.''"
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A lot more downside? How much is "a lot"?
McClatchy Washington Bureau | 08/11/2008 | Cop cameras don't just catch speeders, they raise cash: "[C]op cams can be cash cows.
In Chevy Chase, for example, where speeding tickets brought in about $8,000 monthly before cop cams, 'We are routinely bringing in approximately a quarter-million dollars per month,' Geoffrey Biddle, Chevy Chase's village manager, told his Board of Managers in February.
For a community of 2,000 with an annual budget of $4.6 million, that's a bonanza. What's more, because locals know enough to evade the cop cams, the village's new revenue mostly comes from outsiders, rather like a commuter tax.
Nor are Chevy Chase's big gains unique. Washington's dozen cop cams have taken in more than $200 million since 2001. Scottsdale's six freeway cameras took in $17 million in 2006."
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Yet another way municipalities are finding new revenue sources to take the place of federal grants in aid, property tax revenues, and other streams that have dried up. Now it is HOAs, tobacco lawsuits, sin taxes, charging fees for what was once free, and cop cams.
Bloomberg.com: Worldwide
I think this means the housing bubble has burst...: "Aug. 12 (Bloomberg) -- Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations."
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Zillow also says that almost one quarter of all US homes sold in the last year were sold at a loss.
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Zillow also says that almost one quarter of all US homes sold in the last year were sold at a loss.
Roswell tightens codes, including clothesline rules | ajc.com
Roswell tightens codes, including clothesline rules | ajc.com: "Nothing seems simpler than a load of fresh laundry hung on a clothesline to dry. Unless you live in Roswell, where a public view of socks and shirtsleeves snapping in the breeze may spell trouble. As part of an effort to strengthen code enforcement rules, the city last week started requiring its residents to hide clotheslines behind houses. The city also lowered the acceptable height of weeds and grass from 18 inches to 10 inches and reduced the time homeowners have to tidy their properties from 10 to three days. While other local governments in metro Atlanta don't admit to regulating clotheslines, it isn't uncommon to find such bans in neighborhood association covenants."
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There is some sort of convergence between municipalities and HOAs going on. Thanks to Fred Pilot for this link.
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There is some sort of convergence between municipalities and HOAs going on. Thanks to Fred Pilot for this link.
Sunday, August 10, 2008
The Myth of 'Privatopia' / Do private residential governments mean the end of the American dream?
The Myth of 'Privatopia' / Do private residential governments mean the end of the American dream?
Thanks to Fred Fischer for the link to this San Francisco Chronicle article that has some comments from yours truly.
Thanks to Fred Fischer for the link to this San Francisco Chronicle article that has some comments from yours truly.
BBC NEWS | UK | Wales | South East Wales | Cher fan has his stereo destroyed
BBC NEWS | UK | Wales | South East Wales | Cher fan has his stereo destroyed: "A man who blasted Cher and U2 from his home has had his stereo equipment and music collection destroyed. Karl Wiosna of Graig, near Pontypridd, was warned to turn down his music by Rhondda Cynon Taf Council after complaints were made. He was served with a noise abatement notice, which he later admitted breaching. As a result, his two tape and record decks, his radio and his tapes and CDs were seized by the council."
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I have to go along with this one. Cher? Talk about ruining property values.
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I have to go along with this one. Cher? Talk about ruining property values.
Saturday, August 09, 2008
The rich are not so different after all: Hamptons town struggles with $12M deficit -- Newsday.com
The rich are not so different after all: Hamptons town struggles with $12M deficit -- Newsday.com: "East Hampton, one of the main towns on the eastern end of Long Island that make up the Hamptons, is burdened with a deficit that could exceed $12 million. And that has become a rich source of irony, given the community's spectacular wealth and its concentration of Wall Street money-management talent...The town operates its own airport, where Learjets and helicopters shuttle the beautiful people to their playgrounds. East Hampton also spends $100,000 a year for a day-care program for working families and $710,000 annually for free YMCA membership for all the town's children. A theater group for the handicapped gets $30,000 a year, and there are nutrition and transportation programs for senior citizens. The town replenishes its harbors with clams, oysters and scallops and recently bought $100,000 worth of beach rakes to keep the shoreline clean. In the fall, residents do not have to bag and dispose of their leaves themselves; the town lets homeowners rake them to the curb, where a giant vacuum truck sucks them up and hauls them away at a cost estimated by McGintee at $300,000 to $400,000 a year. Over the years, town leaders have been reluctant to raise taxes, because that could harm the many working-class folks struggling to pay their bills, and hurt the politicians on Election Day, too. But now they may have to cut services and increase taxes after all."
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Sounds like some pretty imaginative and generous spending has been going. Free YMCA membership for all the kids in town? An airport? Maybe a little budget-trimming is in order.
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Sounds like some pretty imaginative and generous spending has been going. Free YMCA membership for all the kids in town? An airport? Maybe a little budget-trimming is in order.
Nobel Economist Stiglitz Outraged That Fannie (FNM), Freddie (FRE) Paying Dividend With Our Bailout Money
Nobel Economist Stiglitz Outraged That Fannie (FNM), Freddie (FRE) Paying Dividend With Our Bailout Money: "WHAT BOTHERS ME FROM THE POINT OF VIEW OF PUBLIC POLICY IS THAT FREDDIE MAC AND FANNIE MAE CAME TO THE AMERICAN TAXPAYERS, ASKED FOR THE RIGHT TO WRITE A BLANK CHECK. CONGRESS GAVE THEM THAT RIGHT. WHILE WE ARE, AS TAXPAYERS, IN A POSITION TO PUT MORE MONEY INTO FREDDIE MAC AND FANNIE MAE.THEY'RE TAKING OUT MONEY. TO ME THIS DOESN'T MAKE ANY SENSE. IF THERE IS A THREAT OR A LACK OF LIQUIDITY IN THE FIRM, WHY ARE THEY STILL PAYING DIVIDENDS AT ALL? ANY DIVIDEND."
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So, the taxpayers commit to financial support for Fannie Mae and Freddie Mac because they are having liquidity problems, i.e., not enough $$$ given the loans they have outstanding. So waht do they do? Right away they both pay dividends to their stockholders, sending $$$ out. As Stiglitz says, did they have liquidity problems or not? If yes, they need to keep that money in house and not send dividend checks to stockholders. If no, then why on earth are they getting bailed out by the taxpayers?
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So, the taxpayers commit to financial support for Fannie Mae and Freddie Mac because they are having liquidity problems, i.e., not enough $$$ given the loans they have outstanding. So waht do they do? Right away they both pay dividends to their stockholders, sending $$$ out. As Stiglitz says, did they have liquidity problems or not? If yes, they need to keep that money in house and not send dividend checks to stockholders. If no, then why on earth are they getting bailed out by the taxpayers?
Friday, August 08, 2008
Prince George's raid prompts call for probe -- baltimoresun.com
Prince George's raid prompts call for probe -- baltimoresun.com: "When the shooting stopped, two dogs lay dead. A mayor sat in his boxers, hands bound behind his back. His handcuffed mother-in-law was sprawled on the kitchen floor, lying beside the body of one of the family pets that police had killed before her eyes.
After the raid, Prince George's County police officials who burst into the home of Berwyn Heights' mayor last week seized the same unopened package of marijuana that an undercover officer had delivered an hour earlier."
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All this for marijuana? Shooting the family pets seems to be a recurrent theme in these no-knock police drug raids.
After the raid, Prince George's County police officials who burst into the home of Berwyn Heights' mayor last week seized the same unopened package of marijuana that an undercover officer had delivered an hour earlier."
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All this for marijuana? Shooting the family pets seems to be a recurrent theme in these no-knock police drug raids.
Thursday, August 07, 2008
Scoopit - Miami residents stay in near-condemned condos / NZ News
Scoopit - Miami residents stay in near-condemned condos / NZ News: "Only 17 residents remained in the 51-unit Cedar's Point building along Northwest 15th Street and 16th Avenue after the housing market went bust, and those living there were left to try to manage the building on their own.
After Tuesday's near forced evacuation, only 10 remain (the others will stay at hotels with aid from the Salvation Army until they find some other form of shelter)."
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Another CID dying on the vine.
After Tuesday's near forced evacuation, only 10 remain (the others will stay at hotels with aid from the Salvation Army until they find some other form of shelter)."
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Another CID dying on the vine.
Wednesday, August 06, 2008
Bloomberg.com: Worldwide
Morgan Stanley freezing home equity credit lines: "Aug. 6 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, told thousands of clients this week that they won't be allowed to withdraw money on their home-equity credit lines, said a person familiar with the situation.
Most of the clients had properties that have lost value, according to the person, who declined to be identified because the information isn't public. The New York-based investment bank will review home-equity lines of credit, or HELOCs, monthly from now on, the person said yesterday.
Wall Street firms including Morgan Stanley are ratcheting back on risks after the collapse of the subprime mortgage market and ensuing credit contraction saddled banks and brokerages with almost $500 billion of writedowns and losses. Consumers fell behind on home-equity credit lines at the fastest pace in two decades in the first quarter, the American Bankers Association reported last month."
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A Morgan Stanley spokesperson confirmed it but won't state the dollar value involved.
Most of the clients had properties that have lost value, according to the person, who declined to be identified because the information isn't public. The New York-based investment bank will review home-equity lines of credit, or HELOCs, monthly from now on, the person said yesterday.
Wall Street firms including Morgan Stanley are ratcheting back on risks after the collapse of the subprime mortgage market and ensuing credit contraction saddled banks and brokerages with almost $500 billion of writedowns and losses. Consumers fell behind on home-equity credit lines at the fastest pace in two decades in the first quarter, the American Bankers Association reported last month."
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A Morgan Stanley spokesperson confirmed it but won't state the dollar value involved.
Monday, August 04, 2008
S.F. mayor proposes fines for unsorted trash
S.F. mayor proposes fines for unsorted trash: "Garbage collectors would inspect San Francisco residents' trash to make sure pizza crusts aren't mixed in with chip bags or wine bottles under a proposal by Mayor Gavin Newsom.
And if residents or businesses don't separate the coffee grounds from the newspapers, they would face fines of up to $1,000 and eventually could have their garbage service stopped.
The plan to require proper sorting of refuse would be the nation's first mandatory recycling and composting law. It would direct garbage collectors to inspect the trash to make sure it is put into the right blue, black or green bin, according to a draft of the legislation prepared by the city's Department of the Environment."
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Great. Remind me not to move to San Francisco. What bin do the leftover leeches from bass fishing go into?
I think San Francisco has become an intensely moralistic community representing the far left, and now seeks to parade its perceived moral superiority in the most public ways possible.
And if residents or businesses don't separate the coffee grounds from the newspapers, they would face fines of up to $1,000 and eventually could have their garbage service stopped.
The plan to require proper sorting of refuse would be the nation's first mandatory recycling and composting law. It would direct garbage collectors to inspect the trash to make sure it is put into the right blue, black or green bin, according to a draft of the legislation prepared by the city's Department of the Environment."
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Great. Remind me not to move to San Francisco. What bin do the leftover leeches from bass fishing go into?
I think San Francisco has become an intensely moralistic community representing the far left, and now seeks to parade its perceived moral superiority in the most public ways possible.
JS Online: Milwaukee man faces foreclosure because he didn’t pay parking fine: "Peter Tubic ignored a $50 parking fine in 2004, and on Monday, it cost him his $245,000 house. In what city officials believe is the first case of its kind, the city foreclosed on Tubic's house on W. Verona Court after repeated attempts to collect the fine - which over the years had escalated to $2,600 - had failed...Tubic takes the blame for disregarding the 15 or more notices he received seeking payment and warning of the pending foreclosure on the house, which was fully paid off, but says he had good reason. He was physically and psychologically unable to handle the situation, he says. According to the Social Security Administration, Tubic, 62, has been disabled since 2001. He has been diagnosed with psychological disorders that limit his "ability to understand, remember and carry out detailed instructions," according to documents from the administration. In addition he suffers from chronic pain caused by degenerative diseases of the knees and spine, as well as chronic respiratory disease, diabetes and obesity, among other ailments. "
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I have been observing from time to time that municipalities seem to be emulating HOAs, and this example now holds the floor as the champion.
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I have been observing from time to time that municipalities seem to be emulating HOAs, and this example now holds the floor as the champion.
California Forum - David Holwerk: Get out the buckets; it'll start raining money any time now - sacbee.com
California Forum - David Holwerk: Get out the buckets; it'll start raining money any time now - sacbee.com: "The defining aspect of life in California is that people here have an enduring belief that money is bound to fall from the sky any minute now."
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Fred Pilot sent this take on the California mentality. That's about one-sixth of the US population, by the way. The belief that real estate values are like an escalator that always goes up is particularly strong in California. That's why people were buying new tract homes in the desert and commuting 70 miles each way to work in LA. They thought they couldn't lose.
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Fred Pilot sent this take on the California mentality. That's about one-sixth of the US population, by the way. The belief that real estate values are like an escalator that always goes up is particularly strong in California. That's why people were buying new tract homes in the desert and commuting 70 miles each way to work in LA. They thought they couldn't lose.
Is this another housing crisis? | The Sun |News|Weird
Is this another housing crisis? | The Sun |News|Weird
Check out the photo and decide for yourself.
Check out the photo and decide for yourself.
And Now Brace For the Bigger Wave of Mortgage Defaults
And Now Brace For the Bigger Wave of Mortgage Defaults: "There are signs that the sub-prime collapse is, finally, beginning to stabilize: The rate at which delinquencies are rising has started to flatten, especially on pre-2007 vintages (in part because mortgages that are paid or or houses that are foreclosed on don't count). But now, says Vikas Bajaj at the NYT, a larger wave of prime and Alt-A defaults is likely to take over. If so, this will likely finish blowing many bank balance sheets to smithereens."
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These analysts say "the problems in the broader market may not peak for another year or two." So that means the overall economy will continue to be fragile, and any additional major shock, such as oil prices doubling if war starts with Iran, could make for memorable times.
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These analysts say "the problems in the broader market may not peak for another year or two." So that means the overall economy will continue to be fragile, and any additional major shock, such as oil prices doubling if war starts with Iran, could make for memorable times.
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