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Who Dropped the Turd in the Punchbowl

FranciscoTheMan

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DrStool Dean of Stock Proctology

DrStool

Posted
Posted

Speaking of NTAP. I have no idea why, but I have noticed from time to time at past 6 month cycle turns NTAP has been the first to turn, leading the market as a hole by a week or mo.

PyurAureo Doctor of Stock Proctology

PyurAureo

Posted
Posted

Well, maybe once, 5 or 6 years ago, I remember it.

 

Does that count?

 

 

Time to re-read the Eliades paper again ... his pattern was from 1978 :)

 

 

'Course his was serenDIPitous ... How 'bout yours ???

mdporter Assistant Professor of Stock Proctology

mdporter

Posted
Posted

There is a big difference between a naive sucker who tried to buy the cheapest house available, in a bad area, who is assured by everyone especially the government and the media, that if they don't buy now they will never be able to buy at all --

 

and the type of crooks and liars who got their McMansions with liar loans, re-fi'ed them multiple times, and fled with the dough to other states or countries.

 

I am surprised that no one seems to understand the difference. These people were doing what everyone was telling them to do, and they were responsible with their buying, only getting something they could afford. They were scammed by a bunch of crooks (the area they bought in -- a whole bunch of the flippers and mortgage crooks have been indicted for their criminal actions). They are not like the people that you Californians are used to seeing.

 

As far as old people who bought their houses having control of the housing market, that is just plain ridiculous. Jeeze.

 

Drano that is a ridiculous statement. Anyone who believes the government is a moron. It is not the place of government to tell you where to live or what to buy. Suckers or scammers, they are all the same. They signed a contract and should lose what they can't pay for, as quickly as possible so we can have an honest market.

 

The GSE's should be disbanded and all lending made local. People who engage in fraud should be blackballed from the mortgage market for life, instead of letting them go to the trough again and again. Shut down all the "buy a home for no money down" scammers. After ten hard years of RE fraud it is going to take monumental efforts to fix it.

capitall Associate Professor of Stock Proctology

capitall

Posted
Posted

 

The GSE's should be disbanded and all lending made local. People who engage in fraud should be blackballed from the mortgage market for life, instead of letting them go to the trough again and again. Shut down all the "buy a home for no money down" scammers. After ten hard years of RE fraud it is going to take monumental efforts to fix it.

 

Some good ideas worth considering, about to solve the mortgage market problems. That's what is most important here-- how to solve our economic problems and pull the economy back up so that our grandkids will have a functional economy rather than the current basket case economy.

Drano Dean of Stock Proctology

Drano

Posted
Posted

Look, this discussion is just stupid. Everyone is using the same terms and definitions to mean different things, and everyone is hardened into their positions and not listening to what anyone else is saying.

 

I totally agree that the GSE's should be disbanded. They should have been closed down decades ago. And indeed people who were involved in fraud should not only be "blackballed" the worst offenders should be in prison and the others should have their ill-gotten gains stripped from them, and then some.

 

In California you had a lot of people (criminals) deliberately getting liar loans and re-fi'ing, taking the money and running. That is NOT what these people were doing.

 

You guys forget that the people here on this board are smarter, more cynical, and more experienced that these people. None of you would have fallen for this -- well, except for the poster we had who was buying all that property in Vegas despite all our attempts to stop him.

 

The people in the article were naive and believed everything that the media and Greenspan etc told them about how they'd better buy now or they would never be able to afford to buy a house at all, believed it and bought, putting money down and thinking it was an investment like everything the media told them. They weren't buying McMansions, they were buying entry level s-holes. When I see people who did not get a LIAR loan, but bought a house they could afford to pay for which was the cheapest thing they could buy, and then the price tanked when then need to move -- I don't blame them for saying they want to walk away from the loan and lose the down payment. They got hosed by venal appraisers, flippers (who were real estate agents and mortgage brokers running a crime ring) and the mortgage company which was colluding with the people who were flipping houses to raise the prices in the cheapest part of the entire metro area. This is a well-known criminal case in this area, the mortgage flipper ring that did this. It was a panic into real estate, they were suckers, and now they want to cut their losses and walk away.

 

Just like JPM and the other companies that already walked away from their bad purchases.

 

I am not going to respond to anything else, if you guys want to continue equating naive young people with the criminals who deliberately stole hundreds of thousands of bucks each in California and Vegas and Florida, go ahead.

 

See you tomorrow.

capitall Associate Professor of Stock Proctology

capitall

Posted
Posted

We seem to spend a lot of time discussing who's good & bad, right & wrong-- strangers like the folks in the article. Personally I don't care. I just care about what we can do to pull the economy upright in time for our grandchildren to be able to live OK lives rather than lives of abject poverty.

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