On my way home this evening, I came across a pick-up truck parked on the street in Redmond, towing this trailer:
Without even thinking about, I started glancing around for evidence of a Dino Rossi campaign event….
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You want to buy a lot of foreclosures? Own a bank with a lot of bad loans. They’re usually the buyers…because if the bank lets the property go at a low price, it has to eat the loss and realize it on their books.
But when helicopter Ben gives you lots of reserves, you can buy this shit up at 0% interest rate carrying costs….and lose your ass slowly instead of quickly. Much better when it comes time to tell the Board of Directors (who you appointed) how big your next bonus is going to be.
Some call this ‘capitalism’. Not true. Calling it theft is being charitable.
A flyer from one of Rossi’s real estate seminars this year.
http://seattletimes.nwsource.c.....117282.jpg
reichert sent me a flier today touting the joys of home ownership or something. weird.
Of course, none of the banks can prove they actually own that foreclosed property you’re about to buy…
I bought a foreclosed house as an investment. rock bottom price, low interest rates, and the rental market if booming.
brilliant move on my part.
the haters are the ones that cant afford to take advantage of the situation….because they know damn well that if they could, they would.
Pyrtie,
I thought NObama approved of Rossi’s profession when BOA stopped all forclosures. NObama wanted BOA to start back up the foreclosure process.
You and NObama need to get back on the same page!
Those cute names for the president are so precious. You guys are just SO clever.
Besides, the R’s cornered NO.
i prefer o’bomber. and, sadly, i voted for the bastard.
Wasn’t Dino the Dim driving the truck?
Glenno,
Remember it’s only bad if a Republican does it.
Patty’s Pork good – Reichert’s Pork Bad
Odumba bank foreclosure handling good, Rossi implementing the foreclosure handling bad.
HA hypocrites good, anyone else bad.
Right, because Dino holds what political office?
What’s in the trailer? Snake oil?
Puddy @ 11,
You are engaging in intellectual laziness and sloppy thinking. I expect better of you (and am perpetually disappointed).
“Patty’s Pork good – Reichert’s Pork Bad”
What the fuck kind of psychobabble is this? The criticism of Reichert is his hypocrisy–supporting some earmarks, while criticizing earmarks in general.
“Odumba bank foreclosure handling good, Rossi implementing the foreclosure handling bad.”
Last I knew, Rossi is not a fucking BANK. Obama has had nothing to say about real estate opportunists, per say or, in Rossi’s case, motivational speakers for the seminars put on by real estate opportunists.
Try to think more rationally. I mean…if you are capable….
Troll @ 12
“Right, because Dino holds what political office?”
Try to keep up here, Kiddo…He doesn’t hold any political office. Rather, he has been a real estate salesman and a real estate opportunist seminar motivational speaker (which is the point of the title). I mean, he has tried to be elected to a political office twice in the past 6 years, but has lost. Now he is running again.
For more details…ask your mommy.
Actually, you can do well buying foreclosures, if you know your stuff in real estate. In the past, banks would start the bidding at the amount they were owed, and end up with the property, and have to sell it later.
Nowadays, banks often start the bidding at far less than what they are owed, and often for only half the market value of the property. Then there is a bit of bidding, and a private investor gets the property at significantly less than market value.
So we need Dino Rossi to get back on the speaker’s circuit, and motivate more people to try to buy at foreclosure auctions. This will cut the losses that the banks are suffering.
Why don’t you ask the D3mocrats like Barney Frank WHO CAUSED the real estate bubble by FORCING banks to lend money to people for homes who couldn’t afford them?
There’s never been a better time to buy a foreclosure!
State A.G. investigates foreclosure mishandlings
Looks like Rand Paul supporters are about as classy as Dino Rossi supporters.
@19
Yup – MORE republican political violence.
It’s very interesting to note that none of our local trolls have disavowed this sort of behavior. It’s come up several time in the past few days – Goldy even had a front pager about the cleaver-wielding whakjob at a Murray rally. That led to some discussion – but nowhere were lost or Puddy or troll or Id or any of our friendly righties to be found with any sort of analysis of why this seems to prevalent from their side of the political landscape, or more to the point, any sort of condemnation of violence to achieve political ends.
Now’s your chance, friends….
So you guys get off on beating up women, huh?
http://www.fox41.com/Global/story.asp?S=13386076
You’re just a bunch of fascist punks.
Buying foreclosures is an important component in fixing this mess. What are you going to do, let folks who bought houses they couldn’t afford stay in them? Who will pay for that? Taxpayers?
I have bought numerous foreclosures in the past. I sold most of them 5-10 years ago. We just bought another one..and the former owners are renting from us so we get a 6-1/2% net return. That would only be unfair in the leftist world where they are entitled to life’s essentials…at the expense of others.
Part of this election is folks sick and tired of supporting others thru the government vehicle which rips off a huge overhead hunk on everything it touches.
Think about it,
If people don’t buy up foreclosures, what happens in Utopia?
@17: Umm, I won’t ask democrats why redlining is bad because it is a lie that it had anything to do with the mortgage crisis. If you are talking about the redlining bill, that did nothing of the sort.
Why don’t you ask Phil Gramm (republican conservative, free maket “expert” from Texas) who was the architect of two major “banking reform” bills (written by banking industry lobbyists that allowed the bundling (credit-default swaps) and broke down the banking firewalls. Those are commonly acknowledged by economists to be the laws that allowed the banking mess. Oh yeah, republicans voted against banking reforms – and some of them (Reichert) did not even know what Glass-Steagall was.
That way banks can make bad loans, bundle them and sell them off as investments to other banks/financial institutions and then insurance companies like AIG take the hit.
By the way, economists agree that the anti-redlining bill that prevented banks from NOT lending to minorities had NOTHING to do with the banking crisis. But thanks for bringing up another useless canard.
Oh, and the TARP program promoted and signed by BUSH actually may break even after all (even with the GM bailout).
Oh, and the stimulus did save millions of jobs.
But don’t let the facts get in the way of your tea party, third grade level understanding of actual issues.
Is LD just another Puddy alias? Making fun of Barney Frank is a tell for Puddy. As is Glennie trying to call Obama a strange name…
@22: Dumb as dirt Klynical
Buying foreclosures is important – but giving talks on how to make money off of other peoples misery…that is what a parasite or a leach does. And that is what Rossi is….a parasite.
Think about this Klynical idiot – without the banking bill and the stimulkus wwe would be in a depression right now that was worse that 1930.
Of course, that is exactly what republicans want – so they can claim the mess they created is the fault of democrats without offering a single solution.
What do the “budget hawk” republicans want to cut when they get into office to cut the deficit?
Hmm, they are not going to touch defense spending (the single largest cause of the deficit), they are going to extend tax breaks to the ultra rich (the other largest cuase of the deficit) – and republican leaders cannot name a SINGLE thing they would cut from the budget….very telling that they have no solutions except to yell nonsense from the sidelines.
However, for morons like Puddy, Klynical and the tea party idiots that lack of a real plan and promotion of uninformed angry “feelings” is exactly what these fools will fall for – angry words, lack of reality, constituional ignorance and other third-grade level thinking.
Take the entire idea of the tea party – it was taxation without representation. Umm, we just had an election two years ago and Obama won by the largest popular vote margin in history.
Now we have an election where unknown corporate donors are skewing the election by throwing millions into the republican know-nothings.
LD @ 17 said: “Why don’t you ask the D3mocrats like Barney Frank WHO CAUSED the real estate bubble by FORCING banks to lend money to people for homes who couldn’t afford them?”
Don’t you guys get tired of parroting this nonsense, when it’s so far from the truth that even Sarah Palin can’t see it from her front porch!
Nobody twisted the banks arms in handing out mortgages in 2004-2008. They were tossing them out like candy from the Seafair Pirate’s boat at a parade. They were even pushing people into the sub-prime loans, even though they qualified for conventional mortgages, because they could make more money that way. A LOT of money, mostly in origination fees which were ultimately paid for by the customer.
And the numbers have shown that it’s the wealthy who are defaulting on their mortgages in far greater numbers than the poor. The poor know that they are only one paycheck away from being homeless, and will usually fight very hard to keep their homes. The wealthy, on the other hand, see it as an investment which turned sour. Rather than ride it out over years until it recovers it’s value, they dump it like it was stock.
The GOP has been trying to ride that lie, that the Democrats are responsible for the housing crisis, for the past two years. They tried to blame CRA, a 1970’s program to make racially-motivated redlining illegal, even though CRA homes weren’t foreclosed upon any more than the average. They tried to blame the Democrats in Congress in 2006, even though they couldn’t get anything passed because Bush promised to veto any legislation that didn’t come from his administration. They tried to blame the Obama administration, even though the market collapse had already occured months before he took office.
Welcome to the world of modern campaigning, Republican style. Facts can be ignored as long as you repeat the party line. Goebbel’s propoganda machine is alive and well in the modern Republican Party, they’ve latched onto his belief that “If you repeat a lie often enough, people will start to believe it”.
It’s going to take a lot more than rich investors buying foreclosed homes to fix the housing crisis.
Most of these foreclosures were homes purchased with private mortgage insurance (PMI). Each month the borrower had to pay a premium to the insurer, insuring against his default, as part of their mortgage payment. If the borrower defaults, the banks have to pick up the payment.
But when the house sells at foreclosure for an amount under the mortgage balance, the banks simply file a claim with the insurer for the balance. That’s why banks have been so reluctant to engage in re-negotation of the mortage terms, because they have had little to lose by proceeding to foreclosure.
This raises the question of what’s going to happen to those insurers. AIG, indirectly, was a big one, which received a taxpayer-funded bailout. But there are other smaller ones which might soon go under, without some sort of rescue plan.
So why haven’t banks dropped all their defaulted properties on the market? They have found that they can’t do so, at least all at once, for two reasons:
First, the sheer number of defaulted loans and potential foreclosures might swamp the market to the point where it drags down the market value of their otherwise current loans, making them so far underwater that the owners will be tempted to default as well to shed the debt. The mortgage market might collapse, at least locally, putting them out of business.
Secondly, the PMI insurers are fighting back. They are insisting on full disclosure of the records of the loans, and are refusing to pay for any where they can find that the bank ignored their own procedures or the rules imposed by the PMI in making the loan. Some banks, knowing that their underwriting procedures were so lax as to be non-existent, aren’t even trying to make claims for PMI reimbursement.
It’s all turned into an incredibly tangled web, which will take some time to unsort. But the good news is that more people with good-paying jobs will reduce the number of foreclosures, which will solve a lot of the problems and stabilize the housing market generally.
Bull, Barney Frank and his gang of thieves have been in charge of this fund and like everything they touch, they bankrupt. Since Pelosi and her spendomaniac friends have been in office they have wracked up 5 trillion in NEW DEBT. The obamacare lie of saving money is complete bs and will add another trillion on. Hence why she will loose her post nov 2nd.
28 – Bull, it’s been pointed out a number of times here that the bulk of the deficit comes from continuing the policies of the Bush administration, i.e an unfunded expansion of medicare, war and tax cuts for the rich.
It’s a fact you fool!
http://voices.washingtonpost.c.....harts.html
Oh, and who is Id?
Another idiot who can’t understand the difference between LOSE and LOOSE?
Wow, the idiots are coming out of the cornfield.
Bush turned the largest budget surplus in history into the largest budget deficit in history.
The healthcare plan will SAVE over 140 billion dollars according to the non-partisan CBO:
http://www.cbo.gov/publication.....health.cfm
Nice LIE again! The problem with this election is that republicans (and their corporate sponsors) have repeatedly put out the big lie and idiots believe them.
Have you ever noticed that these trolls come on here and put out lies – and then fail to defend the crap that they prumulgate?
When faced with actual facts – they lie, retreat, hide or change the topic.
That is a sure sign that they either are unable to defend their positions or they are deliberately lying.
If you like your plan you can keep it. A complete bs lie
I call this ld the kewl kid – the kid who hangs out at the Dino Rossi booth at the local fair with all the rest of the kewl clique buzzing to the helmet haired buffoon spewing rehearsed right wing platitudes.
A bunch of fools who’ve learned NOTHING from history – the Bush idiocies did not work!
27. rhp6033 spews:
True, but scooping up the inventory is critical to putting Americans in the Construction Industry and all related suppliers back to work.
31. correctnotright spews:
@35…
So WHERE ARE you’re facts asshole????
Throw down, yo…
@35: Klynical
Funny how you leap to the defense of idiot trolls – by being an idiot troll with NO FACTS.
We love to laugh at you Klynical – because you are the epitomy of a mindless rightwingnut who can only parrot the party line and you fail to understand even the most basic concepts. that is why your little arguments are shallow and insipid – because you can’t follow anything through in depth.
I still remember when you blamed Obama for the stock market falling before he even got into office. Or how you blamed the health care bill for rising health care costs before it was enacted.
Yes – you are pretty funny and pretty damn stoopid.
By the Klynical, almost every party loses in the midterm elections – but wait until 2012 when the republican lies will be exposed once more. I predict a resounding victory by democrats and Obama in 2012 and the republicans shoot themselves in the feet and once again demonstrate that they do not deserve to be in power.
We’ll see how the Obama policies are doin on the 2nd eh. I’ll buy you all a round to sooth your tears
correctnotright,
shove it up your ASS. Puddy is Puddy, You are an idiot ASShole. We laugh at your stupid memes all day. Why not restart your Dave Reichert one again? SFB
Notice how the ASShole stupidlyincorrectnottobright is still using March 2010 facts when April 2010 the Medicare Actuary Office admitted it will be Billions higher. This was known ONE WEEK BEFORE THE VOTE AND SEBELIUS BURIED IT ON PURPOSE.
Yet the flaming ASShole stupidlyincorrectnottobright still trumps up March 2010 numbers. This Actuary report displays Odumba’s “stated” goal of near universal coverage (23 million still will not be covered after this gets implemented) being offset by cost-savings reforms will blatantly miss the mark by $311 billion between 2010 and 2019.
How do you stupidlyincorrectnottobright is lying? He jumps on everyone conservative here making useless noise.
Nice LIE again! This fool stupidlyincorrectnottobright uses old articles like rujax did. Then he wages a useless attack based on this old data. Well that exploded in the dumb cinder block’s face as this BULLSHIT from the SFB ASShole stupidlyincorrectnottobright!
Well stupidlyincorrectnottobright is old news, full of shit each day!
Kiss Puddy’s big black ASS!
Hey dipshit SFB stupidlyincorrectnottobright the stimulus was to CREATE 3 million MORE JOBS! What a dunce!
Direct from Sunshine Review… something your head never sees shoved so far up Odumba’s ASS!
More LIES from your sick ASS stupidlyincorrectnottobright!
Notice when facts are front and center stupidlyincorrectnottobright is no where to be seen.
Mr. Stomper wants an apology from the woman whos head he stomped on.
“I don’t think it’s that big of a deal,” Profitt said. “I would like for her to apologize to me to be honest with you.”
You teabaggers are disgusting.