One of rock’s most innovative bands – the Doors, from their appearance on the Smothers Bros.
Note that Robby Krieger is sporting a black eye in this video, which he received from:
1) Getting into a fight with Jim
2) A car accident
3) A guy went to punch Jim for being a “hippie”. Jim ducked, nailed Robby right in the eye.
All of these have been said by band members.
I got to meet Robby in 1983 when we had him play at Cal State Fullerton – a free show at noon on a Wednesday in the middle of campus!
The regulator over Fannie Mae and Freddie Mac pushed back against mounting pressure that the mortgage finance giants start reducing the principal owed on troubled loans, insisting the practice could hurt taxpayers and that alternatives were better at avoiding foreclosures.
Edward J. DeMarco, acting director of the Federal Housing Finance Agency, told U.S. senators Tuesday that reducing the principal on mortgages owned or guaranteed by Fannie and Freddie would not protect taxpayers.
The government has pumped about $183 billion in taxpayer money into the companies, which the agency seized in 2008 as they teetered on the brink of bankruptcy.
Lawmakers, especially Democrats, have maintained that the agency needed to direct Fannie and Freddie to write down the mortgage principal on loans that exceeded the value of homes when struggling borrowers were facing foreclosures.
Five of the nation’s major banks agreed to similar terms to settle a nationwide lawsuit. Fannie and Freddie, which own or guarantee 60% of existing mortgages and back 75% of all new mortgages, was not part of that lawsuit.
DeMarco said executives at Fannie and Freddie advised him that it wasn’t “in the best interest of the companies” to write down mortgage principal to reduce foreclosures. The companies would lose part of the total amounts lent out.
He touted other steps, such as interest rate reductions that Fannie and Freddie have approved, to help keep struggling homeowners from defaulting.
“Foreclosure is the worst possible outcome in most instances. It is the most costly, it is the most devastating to the family, and it is the most devastating to the neighborhood,” DeMarco told the Senate Banking Committee.
The agency has “a responsibility to find all prudent actions” to prevent foreclosures, he said. Refinancing, modifying the lengths of loans and deferring payments on mortgage principal are more effective at keeping people in their homes without increasing the risk of losses at Fannie and Freddie, DeMarco said.
Democrats argued that principal reductions would help stabilize the housing market, ultimately reducing taxpayer losses on the Fannie and Freddie bailout because mortgages would not end up in foreclosures.
“In my view, the FHFA has shown a dismal lack of initiative in the housing crisis and needs to be far more aggressive in taking steps that can help both homeowners and taxpayers,” said Sen. Robert Menendez (D-N.J.).
“The banks are finding it profitable to give principal reductions to about 20% of their own loans while, ironically, the government isn’t allowing principal reductions on any loans,” he said.
Housing and Urban Development Secretary Shaun Donovan said that principal reduction was the one foreclosure-prevention tool that the administration has made the least progress in employing.
But FHFA is an independent agency. DeMarco had been chief operating officer at the agency and became acting director in 2009. The White House has tried to replace him, but Senate Republicans blocked confirmation of President Obama’s nominee for the job.
Republicans, who oppose more government intervention in the housing market, praised DeMarco. But he acknowledged that “there appears to be a lot of criticism” of his performance.
California Atty. Gen. Kamala D. Harris has called on DeMarco to resign.
In a letter released Monday, she asked him to freeze foreclosures in the state until the agency did a “thorough, transparent analysis of whether principal reduction is in the best interests of struggling homeowners as well as taxpayers.”
Also Monday, 115 House members wrote to DeMarco to urge him to allow Fannie and Freddie to write down loan principals.
Hat tip to daytrip for sending this along, from thenytimes.com:
THE $26 billion foreclosure settlement deal announced this month arrived in the final throes of Hollywood’s annual awards season. It also arrived too late for my neighbor, a screenwriter and director who moved out of her two-bedroom house the week before last, after her bank foreclosed on the property.
There had been no “For Sale” sign, no telltale rental tenant, no evidence of anything untoward in our canyon neighborhood, an enclave of writers, directors and actors. I saw nothing until the night I stood on my front steps, my heart in my mouth, and heard her sobbing scream — “I’m 47 years old, and I am going bankrupt!”
Now she is gone, another “statistic,” as she put it when I went next door to say goodbye as the movers loaded the last of her belongings. Her eviction follows that of our mutual neighbors, actors on a well-known soap opera forced out of their house in a foreclosure in a driving rainstorm four days before Christmas. Their dark, vacant houses, emblazoned with the public notices taped in the windows like shameful scarlet A’s, are holes in the hidden, fraying social fabric of Hollywood, where a vast majority belong not to the 1 percent but to the 99.
Of the 11 million Americans under water on their homes and facing foreclosure, more than two million reside in California. None of the Hollywood guilds keep records of how many of their members are among them, but several unions and charitable performing arts foundations report an increase in members applying for emergency housing assistance. When two of my three immediate neighbors have been foreclosed on, there are undoubtedly untold screenwriters, actors, directors and others quietly, invisibly struggling to keep their homes.
Back in April 2009 at the VOSD housing roundtable, I speculated that the low point in Case-Shiller Index would be December, 2011. It was said off-the-cuff, and for comedic effect after Rich T. had just described how difficult it would be to predict the exact month with all the variables.
Little did any of us know that we were in the trough then – at least, so far!
The Case-Shiller seasonally-adjusted index for San Diego:
Dec 2011: 151.02
Nov 2011: 151.11 (flat MOM)
Dec 2010: 159.62 (-5.4% YOY)
May 2009: 145.56 (+3.8% since trough)
The Case-Shiller non-SA index for San Diego:
Dec 2011: 150.42
Nov 2011: 151.45 (-0.7% MOM)
Dec 2010: 158.97 (-5.4% YOY)
April 2009: 144.43 (+4.1% since trough)
If a lower CSI makes want to go out and buy a house, you’ll find fewer homes to consider. The number of short sales and REO listings are coming on the market about the same as the previous two years, but regular sellers appear to be reluctant.
Generally there are about 20% fewer new listings to consider around NSDCC:
Last year the new listings got off to a fast start, and after April dropped off unusually quickly. Hopefully this year there will be a more constant flow of new listings. The banks need to prod the defaulters to list those short sales – otherwise they are just going to work the free-rent program!
California’s attorney general has asked for a suspension of foreclosures on loans controlled by Fannie Mae and Freddie Mac.
Atty. Gen. Kamala D. Harris in a letter asked the regulator of the government-controlled mortgage titans to halt foreclosures in California until the agency has completed a “thorough, transparent analysis of whether principal reduction is in the best interests of struggling homeowners as well as taxpayers.”
It is not the first time that Harris has tangled with the giants — last year she sued the two mortgage giants after they refused to answer subpoenas regarding their mortgage and foreclosure practices. That case remains pending.
Harris has also called on Edward DeMarco, the head of the Federal Housing Finance Agency that regulates Fannie and Freddie, to step down, accusing him of not doing enough for borrowers.
Harris’ request for a foreclosure pause comes on the heels of a multistate mortgage settlement that will require the nation’s largest mortgage servicers to reduce principal for certain borrowers. California has secured $12 billion in principal reduction and short sales from those banks, but Fannie and Freddie are not part of that deal.
Harris’ office sees the two giants as key to getting the housing market back on track, estimating that more than 60% of outstanding loans in the Golden State are controlled by them. But DeMarco has resisted principal reductions, which is the writing-down of mortgages of borrowers, arguing that the results of those reductions are not worth the costs.
The FHFA has overseen Fannie and Freddie since the two mortgage giants were placed under government control in 2008 as the financial crisis picked up steam. Calls to the agency were not returned.
Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor.
When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since.
We decided to sell and move to AZ at Thanksgiving. Dec. 1st we met with Jim to sell our home. We closed today (29 days later). Jim orchestrated a feeding frenzy -- we had 25 showings in 2-1/2 days, multiple offers, and sold for well over asking price. I'd say he earned his commission! We have owned and sold homes in 5 different States always using experienced, productive, full-time realtors. Jim outshines them all.
You don't decide to sell and close 29 days later over Christmas (with COVID lockdown) without some miracles. Donna was amazing at performing lots of those miracles and ensuring that everything was done right and on time. They are a terrific team with a very responsive and professional network.
Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. Basically we just approved what they suggested and Donna handled literally everything. We placed our house on the market and within the first day we had multiple offers well above asking price! We couldn't believe it. We were overjoyed! Jim countered the offers to weed through them, and everyone came back with way more. It was amazing, and we are ?? sure it was because of the staging and repairs the Klinges suggested we do.
Due to unforeseen dishonesty from the buyers lender, we hit a big hurdle when trying to close. We had already moved out of state and were shocked when three days before closing the lender dropped a bombshell on the buyers and us. However, Jim and Donna handled it like veterans, not afraid to play hard ball and represent their clients. After a few phone calls with us, and several between Donna and the lender, they had a plan B-Z to make sure we were taken care of. In the end we closed with even more money than we ever thought possible and with very little work from us. The Klinges handled this entire "2020" worthy event with the utmost professionalism and did everything in their power to not only make this as smooth as possible for us, but we also walked away with more money from the sale of the house than we ever hoped for. After working with Jim and Donna, you don't ever use anyone else. They are hands down the best team to represent you in any scenario.
Working with Klinge Realty Group was a great experience! They are very responsive, professional and knowledgable about the real estate market! I would definitely recommend Klinge Realty Group.
Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. We had a few challenges with our property and they were able to coordinate the resolution to everything, including items that I would not think would ordinarily be their responsibility to handle. They made the whole process effortless on our part. They are folks with high integrity and we cannot recommend them highly enough.
Review for Member: Donna Klinge
I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in about 15 years. On the buy side, Jim is the PERFECT combo of: completely digitally savvy (he will pull data all day long until you feel comfortable with your chosen house, area, school district, anticipated appreciation rate...anything!), he's super well respected and known in the area by other agents, an amazingly cool but strategic negotiator, is totally devoid of desperation for a sale/commission, and more.
Then once you get into contract phase, Donna literally handles every last and final detail in a concierge-like manner -- totally shielding you from the daily back and forth, noodling and annoyances of the buyer's requests. She solves it ALL; it's miraculous what that woman accomplishes over and above what is even expected in a buy/sell transaction.
On the sell side, Jim and Donna do the same, but even moreso. Donna in particular truly takes everything off your plate: she'll manage getting the house painted, the carpets replaced, she'll go on site (as she Jim both did for me when selling our rental properties) to work with the renters and make sure the house is ready to show -- freeing me to have to take time off of work to do so. They work with A+ integrity, too, so you know you are serving all parties fairly and lawfully throughout.
A home purchase/sale is the most considered you'll ever make. HIRE A SAVVY AGENT, not a friend!, and get what you need out of the transaction. Jim and Donna are our agents for life.
Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community. Jim's vast experience means he has worked with several realtors and knows the market all over north county. Donna is AMAZING in processing everything in the transaction. She scheduled trades people to work on the house in preparation for the sale as well as the repairs needed before closing. She communicated clearly every step of the way about what would be happening. She took the weight off my shoulders for the whole process. I will always use Jim and Donna for my future real estate needs and I whole heartedly recommend them to anyone buying or selling a home.
Jim and the team at Klinge Reality are without a doubt the best in the business! Not only was Jim helpful and extremely knowledgeable, he was patient and determined to help me find my first home. Jim and his team have been in the business for many years, and it shows. Jim is a wealth of knowledge and was my biggest proponent despite the temperature of the competitive market. I ended up getting the perfect property in my dream neighborhood all thanks to Jim. From the day my offer was accepted, Donna was a real lifesaver. She was extremely helpful, responsive, and knowledgeable when it came to every minute detail, and held my hand through the process. As a first time home buyer I had no idea what the process would entail, but Donna curtailed every concern I came across and made the escrow process feel seamless. Jim and Donna provided me the best home buying experience, and I am very grateful for all they did for me. It was truly a pleasure to work with Jim and Donna and I am already looking forward to the next time we work together!
Review for Member: Richard Morgan
Richard is an amazing realtor! He has high integrity and genuinely cares about his clients and their needs. Richard paid close attention to what I was seeking in a home and was very patient in our search to find it. I would highly recommend Richard and will use him for future transactions. Truly a different kind of realtor experience!
Could not be happier with my experience with Jim and his team. He helped me sell a very unique and challenging property. Throughout the entire process he was always available, honest, transparent, trustworthy, and always put my interests as a seller first. A (rare) true professional! During close of escrow Jim went above and beyond to complete the deal. It would not have been possible without his experience, fantastic team, and pure dedication. Highly recommended!
Thanks Jim and Donna Klinge!