I'MMA LET YOU FINISH
mcstain!
Wait
good morning, my friends. how about some straight talk?
lobbyists are the goiters of the body politic!
tonight is obamamania in cleveberg.
be there, or be square.
"They are all looking at how to protect themselves as real estate values go down, and it's just not good for the borrowers to get so overextended."
Tastes great, AND it's less filling!
Enjoy!
texas is obama's.
http://www.statesman.com/ap/medi...x.jsp?
tId=81688
Countrywide started doing this several weeks ago....and not to subprime borrowers either.
More bad news for the construction industry
Interesting. For those of us that have argued that a lot of the growth of the past few years has been driven by borrowing and over-extended consumers, we may be seeing the chickens come home to roost.
1. Billion down the drain:
B-2 Bomber (flying wing thingy) crashes in guam, pilots ok..
This is good for McCain.
Wow.
I am unhappy at the prices at the supermarket. We are clearly in an inflationary spiral and it's not going to be better very soon.
Dr. Barmpot Shouty-Crackers
Please! Don't be silly! There is no inflation in food and energy! None! Don't you read the statistics? Inflation is under control and we must cut the discount rate so that we can borrow more money cheaply so that we can . . .
(Well, I'll be goddamned if I know what. I sure as hell ain't buying NOTHING, I am paying off debt and trying to buy food)
HELOC is "Home Equity Loan..." What do the O and C stand for? On credit?
we may be seeing the chickens come home to roost.
Florida
I think those are buzzards.
Elect Crisco Johnny McCain then the bucks will flow just like with the S&Ls. Yeehaw! Where is ol' Chuck K when you need him?
not good for the borrowers to get so overextended
No shit, Sherlock. If you guys had figured this out five years ago, maybe the economy wouldn't be tanking. But you knew exactly what you were doing--the government's going to bail you out and you're going to get to keep all those fees you stashed in the Caymans.
Big Shitpile gets a little deeper.
I never understood why people would take out a "line of cancer" on their mortgage to pay for a vacation or a new car. Fix a roof, I can understand.
HELOC is "Home Equity Loan..." What do the O and C stand for? On credit?
Orange County?
Old Country?
Organized Crime?
B-2 Bomber (flying wing thingy) crashes in guam, pilots ok..
mogwai
"Oops. My bad, Sir."
One implicit story here is that the Corazzi family is living beyond its means, either due to their arrogance, this country going down the crapper for the middle class or both.
I never understood why people would take out a "line of cancer" on their mortgage to pay for a vacation or a new car. Fix a roof, I can understand.
mer
As the late Sir Edmund Hillary famously said, "Because it's there."
"texas is obama's."
yeah, babeeee!
Home Equity Line Of Credit
HELOC is "Home Equity Loan..." What do the O and C stand for? On credit?
leibniz, monadΩ
-----------------
I think that is Home Equity Line of Credit.
Overextended, schmoverextended. Crank up the printing presses. Money's just li'l green pieces of paper with dead US presidents' faces printed on 'em. Rollover!
Horse liniment!
.
tonight is obamamania in cleveberg.
be there, or be square.
jdw
IT'S OBAMA-RAMA!!!
B-2 Bomber (flying wing thingy) crashes in guam, pilots ok..
Was McCain flying it?
I just read that Taylor Marsh thing about the Obama-Ayers "connection." Is Taylor Marsh that stupid? Or is she merely desperate?
Meanwhile, in the war that's already over
http://news.yahoo.com/s/ap/
20080...36htfH7T0Ws0NUE
Orange County?
Old Country?
Organized Crime?
NTodd, Änti-VNF
Old Coot?
Omniverous C*nt?
Orange Cat?
Yes. Orange Cat, I think.
the Saudi Religious Police are seriously deranged - rosecutors in Saudi Arabia have begun investigating 57 young men who were arrested on Thursday for flirting with girls at shopping centres in Mecca.
The men are accused of wearing indecent clothes, playing loud music and dancing in order to attract the attention of girls, the Saudi Gazette reported.
They were arrested following a request of the Commission for the Promotion of Virtue and Prevention of Vice.
The mutaween enforce Saudi Arabia's conservative brand of Islam, Wahhabism.
Earlier in the month, the authorities enforced a ban on the sale of red roses and other symbols used in many countries to mark Valentine's Day.
The ban is partly because of the connection with a "pagan Christian holiday", and also because the festival itself is seen as encouraging relations between the sexes outside marriage, punishable by law in the kingdom.
The Prosecution and Investigation Commission said it had received reports of such "bad" behaviour by 57 young men at a number of shopping centres in the holy city of Mecca, the Saudi Gazette said.
http://news.bbc.co.uk/2/hi/middl...ast/
7260314.stm
Food prices - blame ethenol and inflation.
Is Taylor Marsh that stupid? Or is she merely desperate?
res ipsa loquitur
Can't be both?
I never understood why people would take out a "line of cancer" on their mortgage to pay for a vacation or a new car. Fix a roof, I can understand.
"i never understood, the frequency, uh-huh"
it simple really, dumbfucks!
taking out a 30-year loan to pay for ANYTHING which will last less than those 30 years is DUMB...people are retards, dangle the carrot of 'money' in their faces and they don't care that they will have to slave the rest of their lives to pay it off
" Is Taylor Marsh that stupid? Or is she merely desperate?"
yes.
Overextended, schmoverextended. Crank up the printing presses. Money's just li'l green pieces of paper with dead US presidents' faces printed on 'em. Rollover!
Jane Fonda | 02.23.08 - 10:21 am | #
I can't wait 'til we have to start using wheelbarrows to take our cash to the store. Worked out really well for Weimar Germany, as I recall.
Damn, I wish NPR had transcripts readily available.
This morning, from what I remember, essentially McCain retained his St. McCain status, straight talker rating, and honorable reputation.
IIRC, Daniel Schorr actually said that if St McCain says something didn't happen, he's likely to go along with the saint's good word.
In a discussion of the NYTimes article, it was said a couple times that it was completely anonymously sourced article; only toward the end was the one staffer who went on the record actually mentioned!
The MCM, with NPR firmly within its circle, is working hard to protect St. McCain.
Just now listening to MSNBC, Pat Buchanan is using the line that the NYTimes had no basis for the story, which surprises him....
But they just had a report about the lobbyist and her client both saying they met with St. McCain to ask him to write letters which he subsequently did.
St. McCain, media creation.
The pilots ejected. Pouchy was busy being Saintly.
pie's in a mood.
Home Equity Line Of Cocaine
Calculated Risk has a related article about anecdotal evidence around this larger story. Here's the part that I don't get:
"Corazzi initially used her line to consolidate debt. She and her husband took out the credit line in October because they thought her job was in jeopardy.
"It was. In December, her salaried position as a loan-processing manager at a local mortgage bank changed to a commission-only job."
WTF? You're afraid you're going to lose your job so you go take out a huge loan? I don't get that logic.
But then, I never bought into the Pw3nership Society.
Oh re the post ...thanks. I never knew what the "HELOC" was, anyway. I don't get HELOCs unless you are doing some major capital improvement on the house, e.g., a new bathroom, a new roof, or a new room for NTodd to keep his evil influences away from the other kids.
We've run up our equity line and paid it back down a few times. The roof, the furnace, some other improvements.
I'd really hate to think of it disappearing in case something goes wrong.
"A layperson would not recognize the language because it's not that blatant," Pratt said. "It talks about deterioration of the value of the asset or the value of the collateral. . . . It's not boilerplate language by any means."
Who could undertand "deterioration of the value of the asset" except some slimeball lawyer?
I'd really hate to think of it disappearing in case something goes wrong.
Molly Ivors, Blue
We'll always have payday loans.
I was one of those people who voted for Hillary in the primary, simply because I felt she had a better chance to defeat McCain in the general election. Still not convinced many Americans are smart enough to vote in their own best interest, especially if the dems nominate a black guy. I hope I was wrong, 'cause it looks like Obama will win, and this country will destroy itself if McCain becomes president.
How's that heating/water thing coming, Molly?
Home Equity Line Orange Cat? Daddy-o I can go with that. It's like Simels in a beret in some Greenwich Village dive.
it's just not good for the borrowers to get so overextended."
Professionals in the banking industry -- people whose job it is to make money off lending and shuffling money from here to there -- are JUST NOTICING THIS?
I picked the wrong line of work.
"taking out a 30-year loan to pay for ANYTHING which will last less than those 30 years is DUMB"
you can get an loc for any term. ours is 3 years.
simels has been known to wear a beret on occasion.
And I have been to at least one dive with him, although it wasn't in the Village.
and this country will destroy itself if McCain becomes president.
He won't.
Home Equity Line Of Cocaine
Richard
I'll bet that's happened, more than once or twice.
Once saw bumper sticker back when the "My Other Car is a..." ones were in vogue:
MY OTHER CAR WENT UP MY NOSE
plantsman,
Seems sealed up for now, but the floor's not quite dry enough to recover yet. I bought the flooring, however. It's sitting here and the children are playing on it.
DOJ owls!!!!!!!!!!
sheetsssssss
Molly, did insurance pay for the damage?
you can get an loc for any term. ours is 3 years.
i assume that was not a very large one, many (most) take out 15-30 year ones
http://www.taylormarsh.com/archi...ew.php?
id=27075
Res, is this the Ayers piece you mentioned above?
I haven't read the whole thing--either she thinks it will make some people rethink their support for Obama in the primaries or she's trying to prepare Dems for the kinds of attacks the ReThugs are going to come with.
This looks, to me, like catnip to Rovian ratfuckers (well, maybe garbage instead of catnip? but something they will want to play with and get into the public discourse).
He won't.
pie
from your lips....
Atrios: "Several of the nation's largest lenders, along with smaller ones, are shutting off access to home equity lines in areas where home values are declining."
Don't these people with HELOC's have - whadday call'em? oh yeah - contracts?
I'm surprised the banks can just unilaterally do that. On the other hand, I suppose I shouldn't be.
.
I seem to recall people facing downsizing being told be try to lock in lines of credit prior to losing their jobs--bcz they sure wouldn't get any new credit after losing them!
The plan was to have enough access to money to keep their houses, keep up payments for X months while cutting back on other expenses. Then, they woud have their new job and with continuing to cut back, being careful with expenses, could get back on track.
If the new jobs aren't there or it takes a very long time to get one and then they pay much less, trouble looms.
Don't these people with HELOC's have - whadday call'em? oh yeah - contracts?
Yes, they do. There's also fees attached to these loans, costs paid on the expectation that the contract would be honored as long as payment was met. This sounds like more lawsuit time to me.
Thanks for this Atrios. I have a line of credit which I'm using to fix my flooded home...it was flooded in 2004 and it took until 6 months ago to pry money out of the insurance company...it wasn't enough..hence the line of credit.
I'm going to cash the check now...hope it doesn't bounce and put it in a short term cd. It will cost me every month but it's a lot better than sitting on a half finished house. I need that line of credit desperately.
I'm using the money to raise our house above the flood level. Even with falling property values...the value will be above the mortgage amounts.
So it's a good risk for the lender...we have excellent credit and we're not sub prime.
Of course that means we'll be screwed anyway.
"They are all looking at how to protect themselves as real estate values go down, and it's just not good for the borrowers to get so overextended."
More straight talk while standing at the open barn door. Gotta love the irony, though.
Holy crap, but that woman is an idiot. She said that if she knew the freeze was coming, she would have drained her line of credit and put it into a money market. Um, how completely idiotic is that? So, you borrow funds for a LOC that is typically at prime + a few percent to putit into a money market which usually pays a but less than prime. Sigh....anyone else wonder why we have gotten into this mess?
Yeah, I just got a letter from Countrywide that they were taking away my HELOC. I had to chuckle because I never wanted one anyway but the agent really wanted me to get it when I first got the loan. They must have been giving their agents commissions to sell the things.
So the way I paid my down payment was to pay off the HELOC the week after closing. Just a bunch more paperwork for everyone.
And the letter from Countrywide said the contract allowed them to cancel. That may depend on the value of the house going down, they emphasized that in the letter. That's a bit weak since prices haven't gone down that much in Ohio - we never had a real boom, anyway. We have a lot of foreclosures but I think that's more due to lack of liquidity and the economy generally being weak.
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