Hammer Time

Rick on December 18, 2009 at 7:58 am

Woo hoo! Par taaay!

Thanks, Jim!

Rick The Tuna

shadash on December 18, 2009 at 8:08 am

It’s funny all this government garbage about how they were going to fix the housing market. And now after all the big players got their money back it all comes down to foreclosures.

Rob Dawg on December 18, 2009 at 8:29 am

49 freakin degrees? You TJ adjacent wimps. We had this out my window last week: http://2.bp.blogspot.com/_zqzPMzXNGso/Sx21BrKowsI/AAAAAAAAD2s/EbqidkLEIzI/s1600-h/CRW_4103.jpg

Anyway that last partygoer had it right. When BofA feels threatened then we’ll get a massive overreaction. Most likely they’ll get a FedGov sponsored good bank bad bank bailout where the bad bank goes into immediate liquidation.

sdduuuude on December 18, 2009 at 9:21 am

Yes – Tacos El Gordo on H-Street in Chula Vista.

Jim the Realtor on December 18, 2009 at 11:39 am

from NMN:

Private mortgage insurers have stepped up their rejections of claims on defaulted loans, compounding the pain that banks and other lenders have felt from the housing crisis.

In the second and third quarters, insurers denied 20% to 25% of claims, up from a historic rate of 7%, according to Moody’s Investors Service Inc. Though the insured party is usually Fannie Mae or Freddie Mac, lenders that do business with the government-sponsored enterprises stand to lose when claims are rejected.

This is because, when insurers deny claims, they also rescind the policies. The mortgages in question typically have loan-to-value ratios above 80%, which means Fannie and Freddie cannot hold them without the insurance. So when insurers cancel policies, the GSEs in turn make lenders buy back the loans.

ewhac on December 18, 2009 at 2:47 pm

Amazing sight. I’m sure the pizza place loved the surge of business, too.

ice weasel on December 18, 2009 at 4:09 pm

Good to see you having fun and stimulating the local economy JTR. Sounds like you were having a great time.

Desert Realtor on December 18, 2009 at 5:19 pm

JtR, good info about insurer denials. Do you know what basis is used for most rejections? Is is suspected fraud, non-qualifing property or borrower, arbitrary BS, etc. ??? What a rip off if borrower paid PMI. Is AIG involved in mortgage insurance? If so, I’m not surprised about rejections and refusal to perform. Their reputation is trashed.

Local Boy on December 18, 2009 at 5:26 pm

Gordo’s in CV rules–a whole lot safer than going to the original.

Irene on December 18, 2009 at 6:55 pm

Looks like a fun party! Wish I could have been there. We actually had snow where I live near Walnut Creek Ca. I have been here 40 years and never say anything like it… global warming!

Blissful Ignoramus on December 18, 2009 at 7:59 pm

49 degrees? That’s rough. I guess I should feel better about Accuweather describing tomorrow’s Nor’easter impact as merely “very disruptive” rather than “paralyzing” for my area.

Todd on December 18, 2009 at 7:59 pm

Irene, if it’s snowing, then how is that Global WARMING? Sounds like Global COOLING to me.

Are you another Koolaid drinker at the Al Gore scam of the century?

Math in Mira Mesa on December 19, 2009 at 8:40 am

Todd,

If it is snowing we call that “WEATHER”. The multiple decade trends in global temperature we call “CLIMATE”. Global Warming refers to changes in climate, not weather, although there is the idea floating around that global warming, in the CLIMATE sense, results in more extreme events, both hot and cold in WEATHER. Sorry if your post was sarcastic, many people seem confused by this issue.

I’d try to tie this concept back to the housing market, but all the analogies I considered don’t really fit very well. What do you think, is there an analog to weather, day to day shifts in house prices, vs climate, multi-year trends in house prices, in the housing market?