Another Piece Of The Wreckage
Readers suggested a topic on the recent legal settlement. “Will ‘rough justice‘ suffice to lay the the robo-signing fiasco to rest?”
A reply, “This is a complete and total bank-friendly deal. My understanding is that they get 50% credit for writing down loans that they service but do not own. So they can write down say $20 billion of loans that they own and take the loss. Or they can write down $40 billion of loans that are owned by someone else, for example pension funds, and the pension funds take the loss. Anyone want to bet which they will do?”
“On top of that, once they convert these loans, they become taxpayer guaranteed. So if they still default, we pick up the tab, not the banks.”
“For the past few years, any time there’s any decision or policy or ruling that the government is going to make, I assume it will be for the benefit of the bankers, because they’re in charge. Bankers run the country, not Obama, not congress. I’ve been doing that, and so I’m never surprised. 100% of the time it’s for the bankers. If something also benefits the people, that’s only a coincidence.”
Another said, “It isn’t ‘justice’ at all. It’s another privileged buyout. NO prosecutions. No one held accountable. Just a fine. That’s right another ’settlement,’ without prosecution. Business goes on as usually, and, gee how draconian, after robbing the taxpayers of hundreds of billions of dollars, to quote the Post…..’$26 billion in return for a measure of legal immunity.’ I think it’s actual FULL legal immunity, but I wouldn’t expect the Post to be in favor of prosecutions or to present this theft of the American taxpayer as anything but really rough on the crooks. It’s their people who are on the ropes.”
One had this, “Real Estate valuations down 30% is kind of crash-ish. Yet the banks look good. A headline hit of $26 Billion also makes the banks look good, as if they were solvent. They are still paying big bonuses and people are demonstrating in the streets against the bank’s greed. It’s all good PR and in a perverse way gives us confidence in the financial system.”
And finally, “Not only does business go on as usual but if you read the article in the New York magazine last weekend they’re already whining that Frank-Dodd unjustly places too many limitations on them and they can’t make money anymore. Their plan now that everything is government guaranteed is to just keep pumping out the loans no matter what the risk. It appears they really do believe they can reinflate the bubble.”
“Man, when we finally do get to the crash that should have happened in 2001 pre all this credit pushing it is going to be ugly.”
“Aside from any monetary awards, I’m interested in whether or not some of this shadow inventory starts to be released, although we did find out yesterday GSE inventory is not included. Also I’m interested in hearing if anyone has an idea about how long will the delay be before we see it released?”
“Could it be that shadow inventory will soon be entered into the mix? Will it be a deluge or a trickle? In tight markets such as mine, will I even notice? Will it produce the never before seen in my market sheriff at the door?”
“Over the entire span of this experience, there have only been 2 homes we passed on thinking the prices would collapse more that we mourn the loss. Two out of hundreds we’ve looked at over years of watching the inventory. If another came our way I think we’d grab it this time. But more than likely it’ll be another year w/o seeing too much of anything. Why do I want to tie a noose around our necks for ‘meh’? Remember, this market can only move sideways. Jobs/incomes are not improving. Credit will not be any looser than it is today. The other people ‘grabbing’ those homes may be investors with cash who may be buying bulk at lower prices than you’d be allowed. I personally wouldn’t seek to compete with them.”
The Bay Citizen. “The Obama administration has pushed hard for the settlement, under which Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial would pay billions of dollars to defrauded homeowners in exchange for a release from further civil liability. Approximately 750,000 borrowers who wrongfully lost their homes to foreclosure will receive $1,800 to $2,000 each, sources said.”
“Administration officials have said the settlement would also help about a million families get a $20,000 write-down on their mortgage. Members of California’s congressional delegation have said the deal represents little more than a ‘drop in the bucket’ for troubled borrowers. Nationwide, about 10 million American borrowers collectively owe $700 billion more on their homes than their homes are worth.”
“‘The amount of people the settlement is going to cover is going to be a tiny portion of the people harmed by the banks,’ said Tim iglesias, a professor of real estate law at the University of San Francisco.”
From WLS TV. “Illinois homeowners facing foreclosure will get a share of the $25 billion settlement reached with some of the nation’s biggest banks. The settlement commits the banks to reduce mortgage principals, refinance underwater mortgages and cash payouts to some who lost their homes. ‘Today we pick up another piece of the wreckage caused by the foreclosure crisis,’ Illinois Attorney General Lisa Madigan said. ‘Today’s settlement should serve as a warning to financial institutions that there are consequences for engaging in practices that jeopardize the stability of our communities and our economy.’”
“Sherri Norris says she’s losing a three-year foreclosure fight for her Broadview condo. She hopes a new deal will help her move forward. ‘I’m hoping and praying it’s not too late,’ she said. ‘I’m just being prayerful.’”
“Geoff Smith, executive director of the Depaul’s Institute on Housing Studies, said he hopes the settlement brings relief to homeowners facing foreclosure. ‘If run effectively, it will help homeowners in distress but I don’t think we can really expect it to kick start the market,’ he said.”
“As that settlement trickles down to homeowners, Norris is preparing for an eviction, moving out and staying with relatives. ‘It’s very scary because you don’t’ know when they are going to come and bring the sheriffs in and tell you to come and move out,’ Norris said. ‘You just take one day at a time. It’s been very frustrating. (It) keeps you on pins and needles all the time.’”
‘about 10 million American borrowers collectively owe $700 billion more on their homes than their homes are worth’
I don’t buy the $700 billion number. The Federal Reserve could find that much in the couch in the lobby.
‘Approximately 750,000 borrowers who wrongfully lost their homes to foreclosure will receive $1,800 to $2,000 each’
Wrongfully? Did they make the payments or not?
‘Norris is preparing for an eviction, moving out and staying with relatives…She hopes a new deal will help her move forward’
At least she’s got the right idea; get some boxes Sherri.
“Sherri Norris says she’s losing a three-year foreclosure fight for her Broadview condo. She hopes a new deal will help her move forward. ‘I’m hoping and praying it’s not too late,’ she said. ‘I’m just being prayerful.’”………….
Three year “foreclosure fight”? What does that mean. I must assume it means she hasn’t made any payments in at least 3 years.
You need to stop praying
and start paying your bills.
That will end the “crisis”.
I think the sad part of all this is how the media portrayed people who were “underwater” as “victims” and then created mass hysteria in the press. I gave justification to people like this, who having made BAD financial decisions, now blame it on the banks, who, while maybe all too lenient in lending, we not forcing any loans on anybody.
This whole “settlement” deal only reinforces the perception that people who overpaid for housing are “victims” and justified in not paying the bills they agreed to pay when they signed the note.
It was my hope that the banks would get badly burned for zero down lending and 125% LTV financing and we would get back to 20% down and never more than 90% LTV. It seems the stooges in the Federal agencies are working against any market solutions, hoping to get FREE money flowing into the housing market again.
NO lessons have been learned. Under Obama, it’s all political payoffs and vote-buying.
It was my hope that the banks would get badly burned for zero down lending and 125% LTV financing and we would get back to 20% down and never more than 90% LTV. It seems the stooges in the Federal agencies are working against any market solutions, hoping to get FREE money flowing into the housing market again.
In a true free-market capitalist system the Wall Street banks and securities firms would have been allowed to fail as a result of their greed, hubris, and myopic focus on short-term profits over long-term sustainability. However, the privately-held Federal Reserve and its cohorts at Treasury, and our corporatist-owned Republicrats, are always going to go the “privatise profits, socialise losses” route of using borrowed, printed, and taxpayer money to make the banksters whole at the expense of future generations. The American sheeple gave this massive swindle their blessing with their votes for Obama and McCain in 2008, and they will do the same in 2012, meaning the looting will only escalate and accountability will not be restored to the system absent a total collapse.
Crony Capitalism to the rescue!
I seriously doubt that $700 B number. It fails the smell test effortlessly.
$700 B / 300 MM-ish americans = $2,333
Does anyone believe that the average reduction in houses will be $2.5K?
Seriously?!?
This is journalism?
Incidentally before the “precision” crew bites my tail off, I’m perfectly aware that I should’ve used “overindebted households” not “total population”, etc.
You can throw a factor of 10 into that (wrong) analysis and still come to the same conclusion.
At that point, you have a parody.
Remember when the cost of “containing” the Greek financial crisis was “only” 110 billion Euros back in May 2010? And then for the second bailout the Troika assured us that 130 billion Euros would do the trick. Alas these numbers tend to balloon. Here’s the latest from Zero Hedge: “As of this morning, the formal cost of rescuing Greece for the adjusted adjusted adjusted second time has just risen to a whopping €210 billion, bringing the total explicit cost of all Greek bailout funds to date (and many more in store) to €320 billion. Which incidentally is a little more than Greek GDP (which however is declining rapidly) at 310 billion, only in dollars.”
Hey faster look at this cream puff thats on the market a few blocks from me….
http://www.trulia.com/property/1060856623-3611-Greenpoint-Ave-Long-Island-City-NY-11101
I’m gonna go scrub my eyeballs with bleach.
Fugly with a capital F.
And that payment is UWS not Queens. Hello?!?
That shot reminds me of a recurring question for me, which is why anyone would want to live in NYC.
It’s Queens not New York!
(That’s an “inside” joke. For the record, it’s the “caste system” of New York entirely analogous to how Oakland is viewed in the Bay Area or East Palo Alto in Silicon Valley.)
yeah Faster…i feeel low class livin da queenzz…but i did live on 61 and 1st ave near dangerfileds…even had a little “backyard” the cats loved it.
I’m parodying the general sentiment. Hello?!?
but you da man..UWS ritzy glitzy……but my LL lets me park in back so i never get an alt side ticket.
Just giving you NYC folks a hard time. Feel free to return the favor, as we used to live in Richmond, CA. The story I post below is fairly representative of MSM reporting on Richmond.
Police: As many as 20 present at gang rape outside school dance
ASSAULT
October 27, 2009
An ambulance delivers a California high school student to the hospital Saturday. Police say she was gang raped.
Investigators say as many as 20 people were involved in or stood and watched the gang rape of a 15-year-old girl outside a California high school homecoming dance Saturday night.
…
Notice how the headline and lead paragraphs refer to Richmond High School as “a California high school,” as though this incident could have randomly happened at any high school in a state of 38m people? My kids go to “a California high school.” So far, the closest thing to a gang rape happening there was when John Albert Gardner III hung out near the school, hoping to catch a teenage female student alone and unawares.
the school has a predominantly “Hispanic or Latino” student base, accounting for 76.43% of their total enrollment. The SARC report also cites that 75% of the student base is “Socioeconomically Disadvantaged”, with 54% designated as “English Learners
http://en.wikipedia.org/wiki/Richmond_High_School_%28Richmond,_California%29
As many as 20 present at gang rape outside school dance
Someone has a video on their smart phone. Stay tuned.
Sammy,
You’re a good guy.
Firstly, I’d back away from Zero Hedge.
The writing there is all over the place - anywhere from being actually correct to “I-just-pulled-a-random-hyperbolic-number-out-of-my-patootie-and-I’m-gonna-hyperventilate”.
That doesn’t do much for objective judgment.
For the record, I read it, mostly for the amusement. It’s like the Comedy Central of financial news except they don’t think they’re being comic which is funny naturally.
That having being said, shouldn’t you know at your age that politicians only seldom tell the truth? And only if it suits them?
This is a revelation to you?!?
Seriously, dude!
It says more about you than the world actually.
I have this odd habit of judging for myself the merits of various blogs or news sites. I think I’ll continue, but thanks for your concern.
Ha! I, the housefrau, could have told you the writing at ZH was all over the place. I caught one author over there in a seriously bad math mistake, one which I might add my middle schoolers could have caught. His whole rant was centered on a point that was invalid. To add to the mayhem, not one person in the comments section called him on it.
I keep reading anyway. They do break news way before any other site I know of, so you consider the kernel of truth behind the reporting and keep that grain of salt nearby while considering the hands-in-the-air analysis. The Fukishima coverage links they offered couldn’t be found anywhere else that I was plugged into, and I thought several commenters that showed up for those posts made some pretty believable commentary. If they were BSing, they were going to great lengths to do so. Well, actually the Jap government or Tepco soon validated many of the fears their analyses of photos and videos suggested. Over the years I’ve been introduced to some decent sources via their link references. Basically, I consider ZH a place you sift through the noise to find the info diamonds.
It says more about you than the world actually.
You are describing your own narcissistic and manic posts Pussycat. Yesterday you sounded like a hack philosopher wannabe on blow, bourbon and bennies.
But you are amusing. That’s why a few posters like shaking a string in front of you.
That’s why a few posters like shaking a string in front of you.
LOL… Ok, that one was funny, Rio…
“Quick, hand me the laser pointer!”
“Yesterday you sounded like a hack philosopher wannabe on blow, bourbon and bennies.”
LOL
http://www.telegraph.co.uk/finance/financialcrisis/9076557/Greece-now-needs-145bn-bailout-to-avoid-collapse.html
Greek bailout price tag keeps rising. How many US taxpayer billions are being thrown into this black hole (with 81% going to banks who foolishly lent these deadbeat socialists money) by the Fed and IMF?
That’s how they sell all the bailouts to the public: A hundred billion there, fifty billion there. If they told you the real bill was thousands of billions in the first place, you might vote for real fiscal conservatives and put an abrupt stop to the crony gravy train. They can’t have that happen.
http://www.telegraph.co.uk/finance/financialcrisis/9075380/Greek-prime-minister-warns-of-uncontrolled-chaos-if-country-defaults.html
No, they sell the bailouts to the public by fear-mongering. Henry Paulson warning Congress of “tanks in the street” to get them to pass TARP, or the Greek PM warning of “uncontrolled chaos.” And the sheeple’s reaction? Baaaaaaaaa! Baaaaaaaaaaaa!
Ya know, Sammy, as I remember it, the people were not behind it, and Congress pushed it through anyway.
True. But the sheeple - let’s call our electorate what they are - who were supposedly up in arms about TARP, turned around and voted for Obama and McCain, two statist, corporatist, Wall Street “backed” Republicrat candidates who made it clear they would provide limitless bailouts to the banksters and deflect any and all attempts at real accountability, reform, or consequences. So to repeat, what was the sheeple’s reaction? Baaaaaaaaaaaaaaaa! Baaaaaaaaaaaaaaa!
“The Federal Reserve could find that much in the couch in the lobby.”
More accurately, $700 bn could spontaneously appear on a computer display showing the asset column of the Fed’s balance sheet, as could $4 t. Virtually printing presses can generate liquidity far more quickly than their physical counterparts.
“Wrongfully” = Guilty of not making the payments, but were foreclosed/evicted with fraudulently created documentation.
Sorta like the local Postal employee busting caps in 10-15 co-workers, who gets his conviction overturned because of errors in the crime lab.
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
Wrongfully? Did they make the payments or not?
You want to know how many times I’ve asked this question?
Hundreds. This is a question that is avoided, never answered. Why? It’s central to this entire mess.
They’re saying how the settlement is “good for taxpayers”. It’s AWFUL for taxpayers.
1. These debtors won’t be taxed on their principal cram downs. If their principal goes down $50,000, that’s money that’s been transferred to them tax-free. It’s unfair and wrong.
2. By dragging out the foreclosure process, allowing people to squat rent-free in the bank’s homes, there’s imputed income in the form of “phantom rent” that they’re not paying taxes on. Bloomberg news estimated there to be $250 Billion in this untaxed income last year
3. By lowering principal without having to sell the house, there won’t be a transaction on record for the purpose of calculating property tax for the neighbors. (Assessed value is usually based on comparable sales.) So neighbors who are paying taxes at an inflated rate because some assclown paid too much for a house down a block won’t get relief.
“Taxpayers” are being screwed. And the two parties responsible for our mess, the Bankers and the Borrowers, get all the benefits.
“1. These debtors won’t be taxed on their principal cram downs. If their principal goes down $50,000, that’s money that’s been transferred to them tax-free. It’s unfair and wrong.”
Are you entirely sure the principle cramdowns don’t qualify as taxable income (as it should)?
irs dot gov
Publication 4681 (2011), Canceled Debts
1. Canceled Debts
…
Generally, if a debt for which you are personally liable is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income. However, exceptions to the general rule that canceled debt is included in income may apply. See Exceptions , later. And, even if no exception applies, you still may be allowed to exclude the canceled debt from your income. See Exclusions , later.
A debt includes any indebtedness:
For which you are liable, or
Subject to which you hold property.
Debt for which you are personally liable is recourse debt. All other debt is nonrecourse debt.
Two very separate issues here. One is FBs who foolishly bought at the peak of a bubble and are now boo-hooing because they’re underwater. The second, far larger issue is the systemic fraud and criminality in our financial system, which continues with impunity thanks to both political parties, and our so-called justice and enforcement systems, being wholly owned subsidiaries of Wall Street and their K Street bagmen.
Of course, the biggest issue of all is the rank stupidity, outsized sense of entitlement, and Third World tolerance for corruption of the U.S. public and electorate.
Nice documentary on gov corruption which shows the nuts-and-bolts working of corruption; how the monies are moved from interested party to the congress member, in this case through Casino Jack.
Casino Jack and the United States of Money (2010)
Kleptocracy…
A few weeks ago I and a friend drove by Jack’s giant house, in a little-known enclave of real mansions near the Maryland/DC border. Have to admit, it was pretty nice-looking. But what angered me is that Jack apparently still lives there.
http://media.sacbee.com/smedia/2012/02/09/21/42/srzpm.Xl.4.gif
sac bee article yesterday about the bail outs
nice graphic of distressed housing in california by city
Meanwhile:
http://www.ibtimes.com/articles/296786/20120210/central-bank-fed-federal-reserve-bernanke-housing.htm
‘The head of the U.S. central bank, in his second public statement on housing policy in as many weeks, told an audience of house builders Friday that creditors who own vacant homes should consider renting the properties as a way to stanch urban blight. He said a Fed study ’suggests that some REO holders might come out ahead by renting, rather than by selling, some of their properties. Moreover, keeping paying tenants in homes — including leasing to the former owners at market rents — may, in some cases, be the best way to maintain property values and the quality of neighborhoods.’
‘Foreclosures, particularly when they are geographically concentrated, can diminish the values of nearby properties,’ he said.’
Uh, Bernanke, who asked you about this? Since when does ‘maintaining values’ concern you? You’re not a part of the govt. You clowns are partly responsible for this mania. Don’t you have some trillions to be giving to a bank somewhere?
The Fed portrays itself as a healer, but it’s more like an autoimmune disease.
The Fed is a cancer on the real (not speculative) economy.
Brother Sammy,
Cancer is the proper metaphor for the corrupt Temple money changers. Not corrosive but cancerous.
Cancer /ˈkænsər, known medically as a malignant neoplasm, is a broad group of various diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the body through the lymphatic system or bloodstream.
The insidious cancer has metastasized on every organ and limb on the global body.
When will you get pissed enough to take some risks and crush the temple moneychangers before they crush you?
including leasing to the former owners at market rents
And in my neck of the woods, they can’t afford market rent any more than they could the I/O payment.
Article in SF paper yesterday stated that homeowners wrongly foreclosed upon will each get $1000 to $1500 dollars. That won’y pay a month’s rent. Also likely comes with a piece of paper to sign, wonder what the small print says.
Oh Happy Clappy Day!
I’m gonna go out and wait for another month, and then what?
Probably would have received more in a cash for keys deal.
Probably would have received more in a cash for keys deal.
+1 Good point!
You’re not a part of the govt. You clowns are partly responsible for this mania. Don’t you have some trillions to be giving to a bank somewhere?
I must correct you, Ben. True, the privately held Fed is not “part” of the government, nor, obstensibly, is Goldman Sachs, though under Obama the latter (his #2 campaign contributor in ‘2008) is the de facto Fourth Branch of government since the Bush/Obama economic team is comprised almost solely of “former” Goldman senior personnel. However, when you look at the abject subservience of both parties to Wall Street and its K Street bagmen, and the refusal of both parties to audit the Fed or stop its ongoing debasement of the currency and massive stealth bailouts not just to US banks, but to overseas banks as well, it is fair to say the Fed is completely unaccountable to the government, and therefore more significant than the posturing twits on Capital Hill.
This settlement is a defacto admission by the Federal and State government that the banksters have more resources/power than they do.
Not to worry. Any pain that high government officials may feel from the realization that they and their kids are whores of Wall Street will be eased by the money they will make off lucrative speaking contracts, book deals, and fluffer jobs.
I hear Jerry Sandusky is looking for a job. Move him to D.C., and let him handle the OJT for the next generation.
“This settlement is a defacto admission by the Federal and State government that the banksters have more resources/power than they do.”
Only because they own the Fed, which in turn owns the U.S. Federal Reserve Note printing press. Just think how different the landscape would look if the Fed had bailed out the California state government instead of Megabank, Inc.
The government does NOT own the Fed, which is privately held, and it’s actually Treasury that does the money-printing (at the Fed’s behest, and for the continued enrichment of its .01% oligarch bankster accomplices).
Does the Treasury have any say in the Fed’s balance sheet expansions?
Chain of title on secondary mortgage transactions are what we have left. No settlement can fix this problem. It will take years and years of quiet title law suits to fix the fuster cluck.
“…they’re already whining that Frank-Dodd unjustly places too many limitations on them and they can’t make money anymore.”
Hard times for these times in kleptocratic circles…
That whining is a fishing expedition. Banks are looking for Congresscritters who will sympathize with their whining and target them for quiet purchase.
BoA to Rick Perry: “We’ll help you out…”
“Why do I want to tie a noose around our necks for ‘meh’?”
That is a great question: Why would anyone want to tie a noose around his own neck, unless he was financially suicidal?
There are some hardcore masochists lurking on this blog.
Talk to me when Angelo Mozillo and the like are in prison, with not a penny to their names. And, when CONgress isn’t putting together sweetheart deals for insiders to buy massive amounts of defaulted real estate in bulk, for pennies on the dollar. Until then, the massive wealth transfer continues.
As long as 95% of the sheeple give Wall Street’s Republicrat errand boys a mandate to continue the swindles and crony capitalism with impunity, as Obama and McCain voters did in ‘08, any hope that justice or the rule of law will somehow prevail is a pipe dream.
All I know for sure is that I and most of my neighbors here in Central Arizona don’t see the housing mess improving. It’s getting worse. I’d be surprised if I could find any buyer for my 2003 bought-for-cash home for fifty-five percent of what I paid. Boy would I love to sell and get the hell out of here though. With half my neighborhood full of renters of foreclosed properties, with more than a few properties housing several families sharing the rent, with the big increase in noise from the coming and going at all hours of people working crazy shifts at the 24 hour service stations, lining up the cans of peas at Wal Mart at 1am. etc. etc. - life is very different in a bad way. Add in the packs of ATV riders who like to race through our once quiet neighborhood streets and you can begin to imagine the situation in bubbaland.
You CAN sell. What’s stopping you?
Some people have a problem with reducing their list price to market value.
Its hard to admit you have a depreciating asset. I see this on eBay all the time.
What’s worse, underwater borrowers have a choice between never selling, wrecking their credit or bringing money to the closing table. You can see why they prefer to never sell…
Case in point:
For Sale (MLS-listed)
$25,100,000
6710 El Montevideo Rancho Santa Fe, CA 92067
Beds: 3
Baths: 2
Sq. Ft.: 1,460
$/Sq. Ft.: $17,192
Lot Size: -
Property Type: Residential, Detached
Stories: 1
Year Built: 1936
Community: RSF
County: San Diego
MLS#: 110053902
Source: SANDICOR
Status: Active
Active
This listing is for sale and the sellers are accepting offers.
more info
On Redfin: 141 days
AN EXCEPTIONAL ONE OF A KIND ESTATE! THIS 16.5 ACRE, ALL USEABLE, PROPERTY IS A PERFECT SITE FOR AN EQUESTRIAN ESTATE, FAMILY COMPOUND, DEVELOPMENT PROJECT, OR?? THIS BEAUTIFUL VIEW PROPERTY IS A NON COVENANT “ISLAND SURROUNDED BY COVENANT PROPERTIES, ONE OF THE LAST LARGE PARCELS IN RSF.
…
Property History for 6710 El Montevideo
Date Event Price Appreciation Source
Sep 23, 2011 Listed (Active) $25,100,000 – SANDICOR #110053902
Sep 23, 2011 Listed (Active) $25,100,000 – SANDICOR #110053903
Public Facts for 6710 El Montevideo
Beds: 3
Baths: 2.0
Finished Sqft: 1,460
Unfinished Sqft: -
Total Sqft: 1,460
Floors: -
Lot Size: 87,120
Style: Single Family Residential
Year Built: 1936
Year Renovated: 1936
County: San Diego County
APN: 2652140300
Last Updated: August 18, 2011
These facts may not match MLS-provided listing facts. Learn more.
Source: Public Records
Property Tax
Taxable Value
Land $191,144
Additions $54,084
Total $245,228
Tax (2010) $3,450
Median House Values
Select a place below for more pricing guidance.
List $ $/Sq. Ft. Sale/List
92067 $3,325,000 $587 87.5%
Rancho Santa Fe $3,420,000 $621 90.3%
San Diego County $480,000 $233 96.5%
Home Value Estimates for 6710 El Montevideo
Eppraisal.com $401,105 $471,889 $542,672
Somebody definitely missed the memo about how we have run out of buyers with buckets of money and boxes of stupid.
For Sale (MLS-listed)
$25,100,000
…
Taxable Value
Land $191,144
Additions $54,084
Total $245,228
…
Home Value Estimates for 6710 El Montevideo
Eppraisal.com $401,105 $471,889 $542,672
Notes from the 1500 mile road trip this week (funerals on Tuesday and Friday)
-Inner suburbia is heading down the same path as the cities.
-Got a chance to go by and visit my former workplace (for 20 years). Too many people I’ve worked with are dying. Two killed and two in wheelchairs due to motorcycle accidents. Several with cancer. One gal got canned for drinking too much, and flirting with the wrong (Federal) government employee. Boom. Out the door at 50, kiss that six figure salary goodbye. Then alcohol became a real problem. Killed a guy in a drunk driving accident. Still in prison.
Seems that the company who prided itself on being “employee-friendly” has thrown that policy under the bus. Especially if you are a 40-50year old Salaried-Exempt, with 20 years or so in.
Problem with pills/alcohol? Boom, outta here, zero tolerance. (Note…these are not “Safety-of Flight” positions). Highest paid person in your department? A buy-out, if you can manage to keep from “screwing up”. Are you “Not a Team player”? Bye-Bye.
At least among us serfs that don’t work for the government or the FIRE sector, we are becoming a “Zero Tolerance” society. Screw up once, and your life is fooked.
Sounds like a symptom of not enough jobs. When they’re hurting for people none of that stuff is an issue.
Its a symptom of job outsourcing.
American Airlines is closing down an entire maintenance base and outsourcing the 767/777 line over seas. Thats several more thousand A/P certified mechanics out of jobs.
Mechanics are much cheaper in China.
I ain’t ’some people’ bubba. I’m somebody. Somebody who saved for twenty-five + years so I wouldn’t have a mortgage, and still bought small 1500 SF. My late wife and I were renters most of our life. I came where I am to caretake a family member because my siblings wouldn’t/couldn’t because they’re still raising kids. I had no f-ing crystal ball in 2003 and I damn for sure didn’t pay the market highs of many. I served my tour in one of Uncle Sams F-ing wars overseas, I raised responsible kids, I played by the rules. I still got F-ed because F-ing financial schemes went bad and too many commission whores wwere willing to do whatever to make a buck. Know some background on people you schadenfraud pile-on before you open your big f-ing mouth(s).
I see plenty of evidence on the HBB that I am far from the angriest poster here. I’m really not even so much angry as chronically perplexed…
LOL!
Ahhhhh, I love a good venting in the morning.
(when I’m reading this)
It’s ok Rhia, you gotta dump those toxic feelings before you can move on. Get ‘em all out. (I had to cry too.)
I had no f-ing crystal ball in 2003…..got F-ed because F-ing financial schemes went bad
Word. This is why I put most the blame on government and banks and not the American public in general. (including most FB’s)
It’s obvious to anyone objective who takes a step back and looks at the recent history compared to the times before it.
Americans love to blame the victim and worship the Robber Baron.
I had no f-ing crystal ball in 2003 and I damn for sure didn’t pay the market highs of many.
Sounds like you might be able to get out with your skin still attached, then, if prices aren’t back past 2003 yet in your area… Why didn’t you sell when you figured out what was really happening, btw?
Sorry. My meds must be tapering off.
No offense taken. But I sincerely suggest you review the dialogue on this thread about getting past the anger phase of the housing bubble stages of grief.
It’s easy. Don’t write a check you are not good for.
How to be Debt Free:
Don’t buy stuff you can’t afford.
Kids…what’s the matter with kids these days?
http://www.foxnews.com/us/2012/02/10/fathers-facebook-tough-love-video-to-his-daughter-goes-viral-sparking-debate/
“Kids…what’s the matter with kids these days?”
Why can’t they be like we were, perfect in every way?
I really can’t blame the father for being ticked off that his daughter was publically trashing him on a computer he paid for.
You like to play on both sides of the fence, don’t you?
Nah, I just wanted to work in a Bye Bye Birdie quote.
“I really can’t blame the father for being ticked off that his daughter was publically trashing him on a computer he paid for.”
Funny — we attended a local production of it not more than a week ago, but I can’t remember that line.
Wonder how long THAT little girl’s going to stick around home?
One thing that’s interesting about the reaction to this deal is no one seems very happy. Some say it’s bailing out the FBs, some say it’s bailing out the banksters. This represents the underlying cynicism about all things governmental and financial these days. Why though, does this sort of event make so many with different positions feel like THEY are the victim. The two sides can’t both be victims.
IMO, taking on a victim mentality allows one to blame inaction or failure on their oppressors. And these oppressors are victimizing a group. Taxpayers, middle class, poor, wealthy, savers, borrowers, left, right, you get the idea. You know what? These “groups” don’t really exist. Each one of us is an individual. If you detach yourself from this group mentality, events like this can be analyzed more accurately.
So what does this settlement mean for those individuals who are considering buying real estate? Probably a loosening up of the shadow inventory, especially in judicial foreclosure states. And this includes pre-foreclosure pipelines.
What does it mean for the economy? Not very much. It’s a drop in the bucket. It does further prove that politicians will play ball with the foreclosure issue, but that’s nothing new.
So I say, let’s turn the page on this robo-signing thing. Much ado about nothing.
“…no one seems very happy.”
Like I said, it’s the deal nobody could love…
Probably a loosening up of the shadow inventory,
I don’t quite follow why this would occur, Ben. The settlement lets them off the hook for past actions, but it doesn’t let them return to forgery/robo-signing in the future.
They should have to follow valid, legal procedures in the future, which means running down the actual paperwork, and legally updating any missing assignments. They could have done that as rapidly as they were able even while the case was pending.
“Probably a loosening up of the shadow inventory,…”
Some of the money goes to greasing the skids for short sales. By filling the gap between the market value of a home and what a bank needs to make the deal work, we should expect the foreclosure settlement to stimulate an increase in the rate of short sales, which I would consider to constitute a loosening up of shadow inventory.
which means running down the actual paperwork, and legally updating any missing assignments. They could have done that as rapidly as they were able even while the case was pending.
That’s what I’ve been saying all along. I never could understand how the banks’ hands were supposedly tied until the robosigning issue could be cleared up. If the banks have the valid paperwork, then they could have continued foreclosing all along. If they don’t have the paperwork, they’re still stuck.
Consider the possibility that the banks can clear bad stuff off their books just as fast as they can afford to take the loss. Not one day faster. They are still on an accounting holiday until the do something like foreclose, right?
They are still on an accounting holiday until the do something like foreclose, right?
Exactly. But that shows the issue isn’t really the deadbeats, who are the fall-guys, but rather the banksters.
And those who flame the deadbeats while deflecting blame from the banksters, are doing the banksters’ propaganda work.
It’s a Trifecta. Deadbeats don’t pay on loans they never could afford. Banks don’t foreclose on bad loans so they can lie about their solvency. The FedGov enables the scam.
This settlement was supposed to be for misdeeds in the foreclosure process, correct?
So shouldn’t all of the settlement proceeds go to those persons who were foreclosed upon?
If you were foreclosed you don’t need principal reduction.
What about folks like our friends who were foreclosed by BoA on their Countrywide loan years ago already; are they due a $2000 payment?
It’s a crying shame that Polly is not available this weekend to provide helpful legal advice on the HBB, as it seems a bevy of MSM writers are just as ignorant as I am about the legal distinction between “sloppy paperwork” and plain old fraud.
Here is yet another confused MSM writer who makes me wish Polly were around this weekend to explain the difference between intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right, and illegal fraud. I wonder if the distinction actually doesn’t just boil down to the question of what the meaning of the word ‘is’ is. Being the legal ignoramus that I am, I don’t claim to have a clue.
AL’S EMPORIUM
FEBRUARY 12, 2012
Righting the Wrong
By AL LEWIS
U.S. Attorney General Eric Holder said last week’s big, fat settlement with five big, fat banks is “righting the wrongs that led to our nation’s housing-market collapse and economic crisis.”
But the banks were not forced into a $25 billion settlement for causing a crisis. Ally Financial (known as GMAC Bank before 2009), Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo were only accused of filing phony paperwork in courtrooms across the nation after the crisis was already at hand.
Let’s review what really happened:
The banking industry set itself up to make as many loans as possible, and to sell those loans to investors as quickly as possible. They were flipping paper. They didn’t care about loan quality. They didn’t even care about accurate loan documents.
When the inevitable tsunami of mortgage defaults hit, banks couldn’t even find the paperwork they needed to file millions of foreclosures.
They were drowning in their own toxic debt stew. So they hired “robo-signers”—mindless bureaucrats who would sign off on thousands of documents at a time without even looking at them. The banks filed sloppy—some say fraudulent—documentation in courts across the land, and judges called them on it.
Some banks filed foreclosures on properties they hadn’t even mortgaged and on borrowers who hadn’t even defaulted. When asked for proof to support their claims, they often couldn’t provide it.
Yes, these idiot bankers, who couldn’t properly underwrite a loan, couldn’t properly foreclose on one either. But the executive bonuses kept on flowing.
Then came state attorneys general and the feds saying banks needed to cough up some loot for making a mockery of the courts and wrongly depriving people of their property.
The bankers finally agreed to a wrist slap. Government officials took a bow. And now some deadbeat former homeowners will get checks in the mail for up to $2,000.
The settlement is like a heist-movie plot where all the characters get away with it. Most of the $25 billion comes in the form of adjustments to mortgages banks may have had to make anyway.
…
The above post reminds me of one of my lifelong heroes, Ken Kesey. Here is a recent NPR story about his work which reminded me of why I am foolish enough to believe that individual blog posts might actually make a difference. ‘One Flew Over the Cuckoo’s Nest’ is a book my mom handed me to read when I was in high school; she was somewhat hesitant to recommend the book to me because its content was so potent and clearly aimed at a mature audience.
I just ordered a copy for my daughter on Amazon dot com.
Kesey’s ‘Cuckoo’s Nest’ Still Flying At 50
by Tom Vitale
All Things Considered
Ken Kesey, the late author of One Flew Over the Cuckoo’s Nest, in California in 1984.
Roger Ressmeyer/Corbis
February 1, 2012
Fifty years ago — on Feb. 1, 1962 — a first novel appeared that would make its author a literary celebrity, inspire a movie that won the Best Picture Oscar, and help change the way we think about mental health institutions.
There’s no question that Ken Kesey’s One Flew Over the Cuckoo’s Nest has become an American classic, but its author said in 1992 that his own favorite novel was another fiction landmark — Herman Melville’s Moby Dick.
“Moby Dick deals with what I call ‘the American Terror,’ ” said Kesey. “It’s the thing that’s out there ahead of us in the new frontier — the particular thing that is really frightening to us, that we avoid, until finally you’ve got an Ahab who goes out there and takes it on. For good or for evil, he takes it on.”
Cuckoo’s Nest is about the terror of a group of mental patients at the mercy of an evil hospital administration. Their Ahab is Randle Patrick McMurphy; their Queequeg is the narrator, Chief Bromden — a 6-foot-8 Native American, and a longtime patient at the Oregon asylum.
In the opening passage, one Kesey said he wrote when he was high on peyote, the Chief contemplates his fear of the institution’s orderlies:
A Novel’s Origins: Drug Experiments In A Mental Institution
In 1960, Kesey was working as a nurse’s aide in the psychiatric ward of the Menlo Park Veteran’s Hospital, near Palo Alto, Calif. He was a 25-year-old creative-writing student at Stanford University, and he had also volunteered for CIA-financed experiments with hallucinogens.
“They gave these right on the ward,” says Kesey’s former wife Faye Kesey McMurtry, “in a little room where you could look out and see everybody. … And as he would look out the window, he began to wonder, you know, ‘What’s the difference between the orderlies and the nurse and the patients?’ And he began to see that they were all damaged in some way or another.”
Kesey said most of the characters in the novel were based on people in the ward where he was working.
“The only character that really wasn’t there was McMurphy. And of course the Indian. But this [McMurphy] was the character that they all wanted. And you could feel their desire for this John Wayne American character,” Kesey recalled.
The author’s “John Wayne character” is a brawling, swearing, poker-hustling Korean War hero who fakes insanity at a prison work farm in order to be transferred to what he thinks will be easier time on the psych ward. But when McMurphy gets there, he refuses to play by the rules — and begins an epic battle with the iron-fisted Nurse Ratched.
One Flew over the Cuckoo’s Nest
Robert Faggen, who’s writing a biography of Kesey, says conformity was a pressing issue in the America of Cuckoo’s Nest.
“The failure to conform was looked at as something that was a deviation, and therefore dangerous,” Faggen says.
In the story, McMurphy is punished for challenging authority — crucified with electro-shock therapy, then martyred with a lobotomy. When he was researching the novel, Kesey volunteered to undergo shock therapy in a secret session at the hospital.
…
In the novel, his [the Chief's] voice highlights the disturbing forces in society pressuring individuals to conform, a conspiracy he calls “The Combine.” Kesey biographer Robert Faggen says the Chief’s perspective is what makes the story a fable for every time.
“It’s this larger structure of the conflict between freedom and authority — and done in a way that recognizes the power of that story not only in our culture, but in any culture — that has kept the story itself so fresh,” Faggen says.
Kesey followed One Flew Over the Cuckoo’s Nest with another masterpiece, Sometimes a Great Notion, two years later. He continued to write for the rest of his life, but said he was always writing the same story.
“That’s the only story I got,” he said. “That’s why I have to keep changing locales and times and characters — because you have to keep disguising the story. And it’s essentially that the Small can overcome the Large — with treachery and creativity and humor.”
Kesey died in 2001 after surgery to remove a tumor from his liver. He was 66 years old.
Some banks filed foreclosures on properties they hadn’t even mortgaged and on borrowers who hadn’t even defaulted.
I’m often assured that that never happened, even though we all read the articles about it, posted right here on the HBB.
Once about 30 years ago my bank put my paycheck in someone else’s account. It was a big deal for me for a few days, but not such a big deal overall.
It was a big deal for me for a few days, but not such a big deal overall.
Tell that to the people whose belongings were piled on the curb and looted while they were away- from their paid off house. I guess you think we can trust the banks to be very careful about such things?
Should someone who is behind on their mortgage give their house up to the first party who claims it, or the first party who can prove they have the legal right to claim it?