Friday, March 09, 2007

New Century Financial - Empty Pockets

New Century, the 3rd largest sub-prime lender in the US, is in a world of hurt. First, the rejected loan pass-throughs, then the federal investigation of fraud, and then the resulting dot-com-like crash of their stock price (see graphic). Now, with no one else's money to lend, they've finally come to the conclusion that they can no longer lend any money at all.

From Alistair Barr at Marketwatch.

'SAN FRANCISCO (MarketWatch) -- New Century Financial Corp. said late Thursday that it has stopped accepting loan applications because some of the subprime-mortgage specialist's financial backers are refusing to provide access to financing.

New Century also said that it has received $150 million worth of margin calls from its so-called warehouse lenders. It has satisfied about $80 million of those calls, but $70 million remains, according to the company.

"As a result of the current constrained funding capacity, the company has elected to cease accepting loan applications from prospective borrowers effective immediately, while the company seeks to obtain additional funding capacity," New Century said in a statement. '

Wow - got no money, got no car, got no women, so there you are. (credit Young MC for that genius line). Maybe they could get some crap-ass financing from a pay-day lender to keep them afloat.

'"The company expects to resume accepting applications as soon as practicable; however, there can be no assurance that the company will be able to resume accepting applications," it added. '

Translation: "Put a fork in us - we're done. We'll start accepting loan applications as soon as we get bought by another company. But then agian, who would want to assume our horrific portfolio?"

'Lenders specializing in such loans, like New Century, rely in part on big banks known as warehouse lenders to finance their operations. These backers require that subprime lenders meet certain minimum financial targets; otherwise, they have the right to end the business relationship.

On Friday, New Century said it had breached one of those requirements, or covenants, and also disclosed that it's the subject of a federal criminal investigation. See full story.

New Century said on Thursday that it has yet to get waivers on this covenant from five of its warehouse lenders, having made no progress on this point since Friday.

"Once you get hit with one of these crunches, warehouse lenders don't want to lend to you, so you're really done," said Joseph Mason, associate professor of finance at Drexel University's LeBow College of Business and a visiting scholar at the Federal Deposit Insurance Corp.

Mason, who recently published a study on the subprime mortgage market, said he's expecting more bankruptcies in the sector. '

The lending implosion continues. With less money avaible for mortgage borrowing, it can only hasten the demise of our giant, cancerous bubble. Bad medicine for sure, but the cure is on the way.

423 comments:

1 – 200 of 423   Newer›   Newest»
jayz said...

Hahahahahaha!!! Stop it, Jerry, yer killin' me. Freakin' a-hole scam artist lenders and freakin' jerkoff scam artist borrowers.

I wanna start seein' perp-walks on the evening news. This is just another Enron story:

Greed + Fraud = Unhappy Ending.

And, just like Enron, a lot of innocent people are going to lose everything.

MAN, this gets my blood boiling. Am glad Congress is getting involved - too bad for those who paid too much already.

Anonymous said...

BAAAWAHAHAHAHHAHAHAHA

Great Blog!

Raise your hand if you are a bagholding fool sucked by the nar and mtg jerks into one of these toxic loans and are now going bust.

Will be picking some bones shortly.

hehehehhehe

Anonymous said...

tought you may have get a laugh out of this one
http://housingpanic.blogspot.com/2007/03/why-do-ramen-eating-real-estate-clerks.html

Anonymous said...

oh just wanted everyone to know that lierah says that house prices and sales will start an upward bias come june.

another wrong prediction from this turd.

CRAZY G said...

>>>"""Bad medicine for sure, but the cure is on the way."""<<<<

Jerry, I'm NOT sure that the actual cure is going to be better than the illness..Right now, at least people have a place to live, by renting....When this is all said and done, that may not be true....A lot of people are going to be loosing their homes, they are currently living in.
And a lot of flippers, are going to loose their flipper houses, and even maybe their real homes besides....
A toxic disease has taken over the markets, and will be self consuming, much like that flesh eating virus/bacteria from several years ago....
CRAZY G'S FORECAST IS THIS;>>>>>

""""THERE WILL BE TEARS""""

CRAZY G said...

One of Crazy's little sayings is:

"All problems eventually resolve themselves, BUT, not necessarily to your liking""

Former Fed Chairman, Paul Volcher, has been quoted as saying, he thinks the overall situation is ""INTRACTABLE""

Crazy thinks we are looking into the dark abyss of reality meeting hyperbooble....

TAKE YOUR MEDICINE, WE KNOW IT'S GOING TO KILL YOU, EITHER SOONER, OR LATER ANYWAY....THE MEDICINE JUST MAYBE LESS PAINFULL

Anonymous said...

Do you think prices will level off back to 2002 prices?

sandi said...

Personally, I can say without hesitation that we are going to return to 2002 prices. However, the timing of this correction is more nebulous. That's what makes it so hard - waiting this darn thing out.

But it will happen.

jayz said...

2002 prices? Ha - that'll be a brief period in time as prices plummet right past, on their way to 1999-1998. Equity destroyed, f'd sellers bailing out and giving their near worthless properties back to the banks. F-ing A - it's going to get nasty.

CRAZY G said...

News update:

I had previously thought the prices for ICI Homes [Major upscale builder on NE Coast], were high in Volusia County [Daytona], until we checked here in Fernandina. ICI has added an extra $300-400K to the same "EXACT" houses...
David Weakly, another major national builder is "DISCOUNTING" models on many developments....
All in all the situation looks bleak here in Fernandina.
I guess it time to go back home as the bikers have probably left, now that Daytona bike week is over!!!

Anonymous said...

Today's (3/11) NY Times has an article about the subprime lenders that will scare the death out of Wall Street. I thought housing prices would stay up longer but the meltdown might be quick and sudden. The pool of qualified buyers will shrink while inventory continues to swell. Markets may be irrational in the short term but all markets are rational in the long term.

Anonymous said...

where is a good town to live in florida? do not want to live near the coasts.
Orlando any good? thank you

crazy g said...

I tell you the story about Camden County Ga....St. Mary's & Kingsland

We've been looking up here for a house and contacted a realtor...They took us around and showed us the area....
On several occasions, I asked for data, on the number of sales listings, per category, etc...
They said YAH!!! they'd give it to me....again, and again, I asked....FINALLY, after asking at least 6-8 times...I got it from them...
Well...in the $300-500K category, there were 126 houses for sale, and only 66 sold in the last year...NEARLY A 2 YEAR SUPPLY....
We drove in one veryt nice subdivision, of approx 50 upscale homes....I counted 16 houses for sale...1/3 to 1/4 of the houses on the market...
We saw a very, very nice home, listed @ $410K....Told the wife, we'll come back in Oct. '07, and offer $325K, and see what he says...Builders up here are still going great guns, and I just don't know if they are just late in the cycle or what????

Dragasoni said...

Hey JayZ:

I doubt we're going back to 1998-1999 prices. I think we'll be closer to 2002 prices by 2009-2010. That's still a big hit that will cause my home owners a lot of pain.

I'm personally toying with the idea of leaving the state. Prices are far more reasonable in North Carolina, and the salaries are good too.

-Dragasoni-

Anonymous said...

Has anyone else noticed that the ft Lauderdale RE assoc. has stopped putting out sales numbers for Greater Fl Lauderdale. They stopped starting the month of January. Must be really bad.

http://www.r-world.com/aboutus/inthenews/salesstats/

CRAZY G said...

For more than 10 years, Crazy has been predicting the internet would change the world as you know it....Last year he got into a discourse with a realtor, and told her the internet would take away her job....she said she got 75% of her leads from the internet, and I said...SEE, your 75% gone, and don't even know it yet!!!!
WELL!!! Now crazy has got some AMMO....
Shed a tear for a Realtor, cuz in 10 years they are going to be long gone!!! READ AND WEEP...for a realtor
=================================

Realty Bites: Google creates free realty listing service
Don Jergler, Staff columnist
Article Launched: 03/12/2007 12:00:00 AM PDT


It seems Google isn't satisfied with total Internet domination. The company may have found a way to provide a free service to customers that so far has been exclusive to paying, licensed Realtors.

Google already dominates real estate Web traffic. The search engine is the most popular portal where people begin real estate searches on the Internet.

Google drives nearly 16 percent of all Web traffic to real estate categories, far ahead of No. 2 Yahoo! searches, with 5.4 percent, according to Internet usage tracker Hitwise.

The search engine's new beta product, Google Base, allows people to put their listings on the Web, including pictures, maps, prices and details about the property.

Visitors to the site - for now you must type "google base" in the search engine window and choose the top link - can type in a search, such as "homes in Long Beach," and several listings will pop up.

On the left are listings of homes, descriptions, pictures and their prices. At the right is a large interactive map, which can be used to locate a specific property or to access Google's satellite map images.

Searches can be conducted for homes by price category, property type (single family residence.
condo, etc.), by number of bedrooms, number of bathrooms or square footage.
While the program is still in its infancy, experts believe Google Base could eventually grow to be as useful to consumers as the Multiple Listing Service is to Realtors, who must pay for MLS access.

"This could become a standard across the country," said Bill Tancer, general manager of global research for Hitwise. "Essentially, it's the beginning of what could grow into a consumer MLS."

Real estate agents have been flocking to the site to upload their listings because the service is free, he said.

"It's another hit for Google, but also a potential boon for real estate," Tancer said.

Google Base is becoming popular for myriad uses, according to Hitwise.

The search base is being used for employment listings and searches, auto classifieds, recipes and retail. Because Google Base is free, Tancer believes the number of listings there will multiply rapidly.

For the month of February, Realtor.com was the most visited real estate Web site, followed by realtytrac.com, according to Hitwise.

Other popular real estate Web sites were:

www.remax.com, www.homegain.com, www.realestate.yahoo.com, www.century21.com and www.coldwellbanker.com.

Anonymous said...

What kind of a stupid BLOG is this??? Nobody has posted anything for 1 1/2 days???
If you want dialogue with the somebody lost in Paradise...
I think this is the place to be..

xSparta said...

I have been a housing bear for the last 2 years and it is finally comming to bear. However, if the market really starts effecting the overall economy the FED will step in. They will do anything to prop up the housing market. After all, what else do we make in this country..........nothing!

FL - Paradise Lost said...

I apologize for not being able to post the comments sooner - I've been extremely busy with personal business this past week.

I am going to turn off the filter, so please feel free to post.

Thanks for all the excellent thoughts.

Cheers!
- Jerry

Anonymous said...

We are supposedly going to see "La Nina" activity in the Southern Pacific over the next few months. See, e.g.:

http://www.cpc.ncep.noaa.gov/products/analysis_monitoring/enso_advisory/
http://www.elnino.noaa.gov/lanina.html

"La Nina" activity is supposedly associated with higher-than-average hurricane activity. (We're just finishing off a mild El Nino event.)

So what's going to happen to the Florida catastrophic insurance fund if the Sunshine State gets smacked once or twice this season? Is the fund going to get exhausted before it's even remotely close to being funded? Are taxpayers (state? federal???) going to have to bail out the fund in its infancy as the insurance companies come with *their* claims against this fund?

Hey, nobody knows the future (certainly I don't), but this is definitely stuff worth thinking about.

Anonymous said...

Work harder Jerry, work harder!!!

LOL- just kidding

Anonymous said...

The sunshine state is going dark!

Flippers/speculators are walking out never to return bare broke.

LOL!!!!!!!!

Anonymous said...

where is a nice place to live away from the coasts?

want to pick a few bones clean when i buy.

CRAZY G said...

OOHH MY GOD READ THIS!!!!!

Sub-prime borrowers are just plain screwed....

"""THERE WILL BE TEARS"""

Miami-Dade..23% of ""ALL"" loans sub-prime...Broward..18%
Nearly 7% of those subprime loans NOW over 60 overdue....

>>>>>SUB-PRIME BORROWERS PAY 4-6% HIGHER INTEREST RATE, THAN PRIME<<<<
OH MY GOD, OH MY GOD, OH MY GOD!!!!
===============================

Home foreclosures in S. Florida on the rise
BY MONICA HATCHER
mhatcher@miamiherald.com

2005 Delinquency Survey
2006 Delinquency Survey
With South Florida's real estate market in slowdown mode, the number of homeowners missing loan payments and entering foreclosure is picking up.

The number of borrowers in Florida who were past due on their mortgages ticked up to 4.86 percent in the last three months of 2006, according to new data from the Mortgage Bankers Association.

And more borrowers are facing the possibility of losing their homes. Foreclosure actions filed against homeowners nearly tripled in Miami-Dade and Broward counties in January and February, compared to the same two months last year, reports the clerks of court.

The defaults suggest mortgage debt is a growing burden on the economy, leaving some homeowners struggling to make ends meet. The result could be that homebuyers find it harder to get loans in the future as banks tighten lending standards.

Also, foreclosed houses might end up back on a market that already has too many homes for sale, dragging down prices. And cash-strapped homeowners could reduce other kinds of spending, such as retail sales.

Per Gunnar Berglund, a senior economist with Moody's Economy.com, said Florida is in much better shape to withstand possible foreclosure fallout than other parts of the country.

''The Florida economy has been so strong -- people have jobs. And as long as you hold on to a job that is reasonably well-paying, you're going to be in position to service your debt,'' Berglund said.

While rising delinquencies and foreclosures still represent a fraction of total households in the region. And Florida's delinquency rates are slightly better than the national average.

However, the pace is quickening. Florida was third in the country among states with the largest percentage increase in homeowners missing loan payments in the fourth quarter, according to the study released Tuesday by the Mortgage Bankers Association.

Florida is particularly vulnerable to the risks of so-called subprime loans, which go to borrowers with lesser credit. After California, the state has the second-highest percentage of borrowers with subprime loans, generally recognized as having the greatest risk of default.

In the mortgage bankers' quarterly report, the delinquency rate for subprime loans in Florida was 12.52 percent compared to 11.14 percent last year.

In Miami-Dade and Broward counties, 23 percent and 18 percent of all loans are subprime, respectively; of those, about 6.7 percent are more than 60 days overdue, according to data from mortgage research firm First American Loan Performance.

Subprime loans typically carry interest rates 4 to 6 percent higher than loans issued to people with good credit. They include adjustable rate mortgages that offer low teaser rates and ''no doc'' loans, which require no proof of a borrowers' assets or income.

Consumer advocates have criticized the loans as exploitative, claiming lenders relaxed standards and granted the mortgages despite the increased chances borrowers couldn't pay. But during the real estate boom, a combination of low interest rates and rapidly rising home values made offering these mortgages a seemingly safe bet.

And investors, who buy pools of mortgages on the secondary market, were hungry for the high yields that came with riskier products, making more funds available to write new loans. In the wake of rising defaults, however, those investors are now cutting off their support, leading to a sudden rise in the price of subprime credit.

Mike Fratantoni, senior economist with the Mortgage Bankers Association, said the tightening standards will likely push other would-be subprime buyers out of the market -- just as prices are becoming more affordable.

''You might expect that to have more of an impact in the starter home market,'' Fratantoni said. ``In some markets, like South Florida, that could mean fewer buyers for condos or town houses.''

Meanwhile, the increase in defaults is sending business soaring for professionals involved in the foreclosure business.

Alan Rosenthal, who supervises the mortgage litigation practice at Coral Gables-based Adorno & Yoss, said the firm was seeing a ''huge spike'' in foreclosure cases initiated by lenders.

''I don't believe we have seen the full impact of these what I call junk loans -- the negative amortization loans and all these other weird loans. They are too new,'' he said. And real estate professionals are gearing up for what could be the start of a surge of homeowners desperate to sell.

''We're seeing more and more foreclosed homes in our listing inventory,'' said Richard Barkett, CEO of the 11,000-member Realtor Association of Greater Fort Lauderdale.

The association is conducting classes to educate its members on the foreclosure process which are proving popular.

''In the one we had recently, it was standing room only,'' Barkett said.

CRAZY G said...

Well, you heard it from the horses-ass himself....
Alan Greenspan, is telling you to bend over and spread your cheeks, cuz the ram job he created is coming home....
=================================

Greenspan Expects Subprime Mortgage Fallout to Spread (Update2)

By Steve Matthews and Scott Lanman

March 15 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said he expects the fallout from subprime-mortgage defaults to spread to other parts of the economy, especially if home prices decline.

``If prices go down, we will have problems -- problems in the sense of spillover to other areas,'' Greenspan said in remarks to the Futures Industry Association meeting in Boca Raton, Florida today. While he hasn't seen such spreading yet, ``I expect to.''

Subprime borrowers, or those with poor or limited credit histories, are increasingly defaulting after looser lending standards allowed them to take on more debt than they could afford. Last month, Greenspan told an audience in Toronto that ``disarray'' in the subprime mortgage market isn't likely to create greater financial instability in the rest of the economy.

``It is not a small issue,'' Greenspan said today. ``If we could wave a wand and prices go up 10 percent, the subprime mortgage problem would disappear.''

U.S. stocks pared gains after the remarks, though not by much. The Standard & Poor's 500 index rose 5.11 to 1392.28 in New York after climbing as high as 1395.73.

``Financial markets are starting to learn that Greenspan is no longer Federal Reserve chairman,'' said Diane Swonk, chief economist at Chicago-based Mesirow Financial Holdings Inc., which oversees $22.2 billion. ``At the end of the day, the reality's not as bad as the perception'' of the mortgage market, she said.

Contrasting Remarks

Greenspan, who was Fed chairman for almost two decades until Ben S. Bernanke took over 13 months ago, has contrasted from his successor in his remarks on the economy. Greenspan said at least three times in the past month that a recession is possible. He didn't say one was likely. He said in an interview this month there's a ``one-third probability'' of a 2007 recession.

Bernanke said on March 2 that the central bank sees no ``spillover'' from the rising delinquencies in subprime mortgages. ``We're obviously going to watch it very carefully,'' he added. He told lawmakers Feb. 28 he expects the growth to accelerate. The Fed forecasts the economy will grow between 2.5 percent and 3 percent this year.

Greenspan declined to comment when asked about short-term interest rates. ``Since I left the Fed, the one question I haven't answered is that one,'' he said. The Fed has kept its benchmark rate unchanged for five straight meetings after ending a two-year campaign of increases in August.

Forecasting

Greenspan's speeches mark a return to economic forecasting, a role he enjoyed before entering government service during the administration of President Gerald R. Ford in 1974. Since retiring in January 2006, Greenspan, 81, has been working on a book, ``The Age of Turbulence,'' scheduled for publication in September, and speaking to companies and business groups.

It's ``quite remarkable that we have not seen impact on personal consumption'' from the broader housing slump, Greenspan said today. The boom in home prices from 2001 to 2005 accounted for a ``fairly significant'' portion of consumer spending, he said. ``At the moment we are not seeing impact'' on consumption, he said.

``One must assume a fairly substantial drop in subprime- mortgage originations'' is happening by now, he said.

Yesterday, the Mortgage Bankers Association said U.S. subprime borrowers fell behind on their mortgages at the highest rate in four years in the fourth quarter and foreclosures begun on all types of home loans rose to an all-time high.

More than 20 lenders have closed or sought buyers since the start of 2006 as consumers with spotty credit have trouble meeting mortgage payments.

On March 7, Greenspan told a technology conference in New York that the U.S. housing market may have reached a bottom, Reuters reported, repeating an observation he made in Canada last month.

Genius of Despair said...

please link this site to:

eyeonmiami.blogspot.com

check out:

http://eyeonmiami.blogspot.com/2007/03/so-far-what-century-by-gimleteye.html

Anonymous said...

>>>"I was shocked to find the credit derivatives market, which was working superbly, ends up with the settlement and clearing done with 19th century technology," Greenspan told the futures conference."There's an insanity out there that I don't understand," he added. He called on the New York Federal Reserve Bank, which plays a crucial role in the U.S. central bank's financial settlements procedure, to stay involved or "we would face a really dangerous problem."<<<

http://news.yahoo.com/s/nm/20070315/bs_nm/usa_economy_greenspan_dc&printer=1;_ylt=AmHLwzSuX5_jwB1QlX7Kjxqb.HQA

the monkey warns a little too late.

Anonymous said...

Fllorida BUST..


hehehehehehee

gonna pick some bones

CRAZY G said...

Crazy is going to go on record, and tell you the catalyst for the real estate bust!!!!

""DOWN PAYMENTS", on real esate purchases....

When, and if they go back to 20% downpayment, few if any will have the capital to buy their dream home...
Those homes/houses have to be owned by somebody/sometime....It's just a matter of marking to market, the price they will be affordable at....with the money available @ what interest rate......

""UNFORTUNATELY"", I have to tell you that there is 50/50 chance your going to see significantly higher rates...8,9,10%...easily

When the economy goes down, the dollar is going with it...and rates will rise [so will gold/silver], as the dollar goes down....[Gibson's paradox]

In the 1920's...We had the same thing in real estate
.""interest only loans""...
And we ended up with the Great Depression....
This time, it will be different....
They'll call it the ""Great Catastrophe"""...

Alan Greenspan, will go down in history, as the modern day John Law, of France's 1720's fame....

CRAZY G said...

Here's a MUST read, from the Economist magazine...
==================================

Buttonwood

Ponzificating
Mar 15th 2007
From The Economist print edition

Is the financial system a confidence trick?


CHARLES PONZI was a likeable man. That helped him persuade American investors in 1920 that he could deliver returns of 50% in just 45 days by exploiting a loophole in the pricing of international postal coupons. In a way, he was advertising an early version of an arbitrage fund.

In reality, the loophole could not be practically exploited. So Ponzi exploited his customers instead. He could deliver returns only by taking money from new investors to give to his early backers. But although he died in poverty, the Italian immigrant achieved immortality of a sort: fraudulent moneymaking operations are often known as Ponzi schemes.

In the world of finance, describing something as a Ponzi scheme is a standard form of abuse. This insult has been bandied around a lot of late. Financial-sector profits have grown far faster than GDP over the past 25 years; everyone has become richer by lending money to everyone else. Household debt is running at about 100% of GDP in America and higher still in Britain. Credit derivatives are soaring in value and payment-in-kind notes (which pay interest with more debt, rather than cash) are in vogue. Last month Tim Lee, a strategist at pi Economics, described the whole financial system as “the equivalent of a gigantic Ponzi scheme.”

In one sense, of course, he is right. Many elements of the system are Ponzi-like in that they depend on confidence—they would collapse if all investors demanded their stakes back—or they rely on new backers to keep them going. Pay-as-you-go pension systems, for example, depend on there being enough workers to fund promises made to retired employees.

The health of the commercial banking system depends on the assumption that, at any time, most depositors will keep their money in the bank. That allows banks to borrow short and lend long; earning higher rates on loans to business. When depositors panic and start to withdraw their money, the result is usually an economic catastrophe.

Ponzi's original scheme was fraudulent from the start. But even if he had found some exploitable anomaly in the financial system, his rationale was flawed. Because he offered such a high rate of return over such a short period, claims on the “Bank of Ponzi” would quickly have reached ridiculous levels.

So perhaps there are good and bad Ponzi schemes. Good schemes will do more than funnel money from latecomers to early takers, allowing the foremost to prosper at the expense of the hindmost. And they will not allow claims to increase too fast. That was the big mistake of John Law, the pioneer of paper money in early 18th-century France. Law's system eventually collapsed, but he did have the insight that the creation of credit might increase trade, and thus general welfare.

But how to tell when a scheme has gone too far? Hyman Minsky, an American economist, distinguished three kinds of borrowers. Hedged debtors can safely meet all debt payments from their cashflows. Speculative borrowers can meet current interest payments from cashflows but need to “roll over” their debt in order to pay back the principal. And Ponzi borrowers can pay neither interest nor principal from cashflows but rely on rising asset prices to keep going.

The American housing market seems to be suffering from the unravelling of a Ponzi-type system. Subprime loans were offered on generous terms that, implicitly or explicitly, depended on rising house prices. The banks that made these loans bundled them up and sold them in the credit markets to investors, eager for high yields. This was supposed to make the financial system more secure by dispersing risk more widely.

But look what is happening now. The buyers of these loans are asking the original mortgage-writers to buy them back. But these homelenders do not have the money to do so. The confidence that sustained their balance sheets has evaporated, leaving many in dire trouble.

Might the problem be more widespread than housing? The latest stockmarket wobbles suggest investors are asking themselves the same question. Financial-sector debt has risen from virtually zero 50 years ago to 100% of American GDP today, and Europe's financial corporations have helped to accelerate the money supply.

George Magnus, a strategist at UBS, has just written a research note entitled “Have we arrived at a Minsky moment?” His big worry is of a contraction in credit supply. As lending standards tighten, consumer demand could suffer, possibly prompting a recession in the United States. No one knows when the credit cycle will end, he says. But the pyramid is beginning to look a bit top-heavy.

===================================
Crazy said, think of this.....
"IF" everybody went to their bank, and withdrew all their money/deposits [and put it under their mattress], the whole banking system would collapse...."IF" you doubt me, just look at a banking balance sheet, and do the math ..

Your deposit, is a liability, on their balance sheet...Their assets are loans [some sub-prime]....
GREAT...knowing your bank has the ultimate confidence in sub-prime loans.....
Let's see...JP Morgan, CitiCorp, and Bank America, has the largest share of sub-prime loans..."""TRILLIONS"""

Anonymous said...

Friggen PONZI!

Great representation.

I am all busted up reading about all these derelicts that bought a house with no money down piggy back loans. These derelicts should be renting cuz they do not deserve to buy a house with NO downpayment!

Anonymous said...

DOWN PAYMENT??????

WHAT'S THAT???????????

RE ONLY GOES UP UP UP UP UP UP

UH OH IT'S GOING DOWN DOWN DOWN DOWN NOW....

REAL BAD NEWS FOR WORKING DOPES THAT TOOK AT TOXIC LOAN.

Anonymous said...

my bids start at 40% of asking and it ain't going up much from there.

comprende?

pick some bones clean.

Anonymous said...

my bids start at 40% of asking and it ain't going up much from there.

comprende?

pick some bones clean.

CRAZY G said...

For readers who may be as unfamiliar with mortgage backed securities (MBSs) and collateralized debt obligations (CDOs) as crazy is, I supply the following elucidation of these two life-enhancing inventions: Imagine the entire mortgage market as a giant pig and the financial industry as a rendering plant. After the best lenders have taken the AAA++ hams and ribs, there remain many body parts you might show to your daughter only if you wanted to see her make a face and hear her say 'eeewwww.' In the mortgage industry, as in the slaughterhouses, those cuts do not get the 'prime' label. In lending, they are known as 'subprime.'

The low-priced stuff is too disgusting for most people to put directly on the table, so the unidentified scraps are typically run through the grinder. Then, they are packaged into old-fashioned, pure pork mortgage-backed sausages. Even at this level, the investors never met the borrowers (and often not even the lenders) and were never privy to the particular lies that coaxed the animal into the abattoir in the first place. Nevertheless, the markets are familiar with these things; they know more or less what is in them...and have some slim idea of what they are worth.

But then the financial wizards of our time go to work. The tranches of meat are repackaged according to the latest scientific formulas - mixing the parts together ever so carefully so that they don't go bad all at once. Then, they are resold as CDOs, either of the regular or synthetic variety. The whole is better than the sum of its parts, they claim.

For mysterious reasons, the rating agencies have agreed. And the buyers, with neither the time nor the competence to double-check the assumptions or carefully inspect the sausages - tend to go along too. And thus it is that the crème de la crème of the financial industry finds itself in the same position as the subprime lenders themselves - taking the liars at their word.

The big difference is that the original liars - who bought the subprime houses with money they didn't have - could leave as they came in. The CDO investors, on the other hand, had something to lose. They paid real money for the subprime debt. When they leave, they leave poorer than they came in

CRAZY G said...

The five paragraphs below are from a article by Barron's Randall Forsythe, who, to my mind, is one of the best columnists writing today. Please read these five paragraphs carefully, they are critically important and reveal the dilemma that the Fed now faces.

"According to Goldman's Hatzius, ARMs that aren't subprime are going down the tube even faster than riskier loans. Prime ARM delinquencies are above their worst levels of the 2001 recession, he points out. By contrast, Subprime fixed-rate delinquencies are well below their recession levels.

"But here's a key point: prime-quality and so-called alt-A mortgages (middling credits, lower than prime but better than sub-prime) have longer reset periods -- two years or more -- than subprime. That means we haven't seen the full impact of the sharply borrowing higher costs on many ARMs yet.

"As teaser rates on ARMs get adjusted, Hatzius suggests the teaser-rate problem could turn out to be bigger than the subprime problem. Clearly, lenders didn't take care whether their borrowers would be able to shoulder the higher costs once the teaser rates ended.

"Will the Fed ease soon enough and by enough to bail these borrowers out? If it does, it effectively bails out feckless speculators, just as it did after the tech debacle. If it doesn't, the Fed risks a new downturn worse than that resulting from the Nasdaq collapse.

"Once again, debtors borrowed well, at the time, if not wisely. The consequences are becoming apparent."

Comment -- Many commentators are now voicing the opinion that the worst of the housing mess is behind us. I disagree, I believe the worst of the housing mess lies ahead.

Nouriel Roubini said...

The sub-prime and overall mortgage carnage is now likely to lead to a financial crisis whose cleanup and bailout costs will make the S&L bailout bill look like spare change. We are only at the beginning of this fallout but, already, several proposals and bills in Congress have been submitted to help millions of sub-prime homeowners on the verge of bankruptcy and foreclosure. The prospect of millions of homeowners thrown homeless on the street is already shaking politicians of every stripe. The relatively modest bailout envisaged by the first bills currently proposed in Congress will mushroom into a much bigger fiscal bailout of homeowners, borrowers and lenders once the garbage of sub-prime, near-prime and pseudo-prime toxic waste spreads around the economy and likely leads to a hard landing recession that will cause a much bigger financial and banking crisis.


Given the fallout and real, social and financial costs of this disaster the political blame game will soon start. So it is important to make sure that the self-serving spin game that accompanied the game of those who happily ignored since last summer the looming housing, mortgage and economic mess will not be repeated again. Powerful political and financial interests will spin their self-serving ideological spin on who is to blame for this mess. Specifically be ready for a cabal of supply side voodoo ideologues - from the Wall Street Journal editorial page (and its invited op-ed writers) to hacks (calling them economists would be an insult to my profession) such as Arthur Laffer, Steve Hanke and other assorted voodoo religion priests - to start spinning a tale blaming government regulation and interference for this disaster that has instead its core in the lack of sensible government regulation, not the existence of such regulation. In the meanwhile powerful financial interests that repeat the mantra – or better the proof-less dogma - of unregulated free markets and do not like any – even sensible – supervision and regulation of the financial system will happily blame government action – rather than their own reckless greed and stupidity - for this disaster while happily demanding and receiving billions in bailout funds from the same government that they so happily disdain. This will be the most appalling form of corporate welfare: privatize the profits in good times and socialize the losses in bad times

CRAZY G said...

Crazy is just a low class NINJA, that wants it "ALL"" NOW....
And if them fancy Wall Street dudes wants ta gimme some McMansion, I'z gonna takes it...
Yah!! Hear!!! Just suppose!!!!! I'z not dreamin....
Suppose I weren't a poor white trash with low income and no assets who wanted to pursue the American Dream of home ownership and Crazy did not qualify for a regular mortgage because of low income. No problem – the mortgage broker told me – we will give you a NINJA (no income, no job and assets) or liar loan, i.e. a loan with no documentation of your income and assets. Could not afford any down-payment because of little assets? No problem as we will let you to put zero down-payment so that you start with zero equity in your home. Could not afford principal payments? No problem as we will give you an interest only loan. Could not afford a fixed rate mortgage? We will give you a 2-28 ARM where the rate is fixed at low level for two years and then you move to much higher market rates. Couldn't afford even that? They'll give me a teaser rate for a little while. Could not afford even that? They'll let me capitalize interest on a higher face value of the mortgage for a while so that I will have negative amortization and you pile up negative equity on your home from the very beginning. And the poor, hapless and clueless CRAZY said yes to all of this as the lender never told him that after two years its debt servicing rate would balloon by 500% once he/she had to start paying high market rates and principal on an ever increasing –not decreasing – stock of mortgage debt

TAIN'T FAIR YAH'HEAR...JUST TAIN'T
Now they's comeon to take me away...Say's I'z Crazy to sign dat paper!!!!
What paper??? Dah one I put dem X's on!!!!

Anonymous said...

http://www.loancity.com/

another one bites the dust

CRAZY G said...

http://FLORIDA PARADISE-LOST.com

"""ANOTHER ONE BITES THE DUST"""

>>>No topic since 3/09/07<<<

11 days running....

Jimmy Rogers said...

High-flying US fund manager Jim Rogers summed up the impending crisis like this:

“You can't believe how bad it's going to get. It's going to be a disaster for many people who don't have a clue about what happens when a real estate bubble pops. Real estate prices will go down 40-50% in bubble areas. There will be massive defaults. And it'll be worse this time because we haven't had this kind of speculative buying in U.S. history.”

Then he added ominously, “When markets turn from bubble to reality, a lot of people get burned.”
===============================

LOVE THE SMELL OF SIZZLING FAT IN THE MORNING!!!!

CRAZY G said...

A voice from some guy out there in the wilderness;
===================================

Our business is a large hardwood sawmill (sawing oak, maple, cherry, ash, etc.,for the furniture[Read HOUSING] industry. We usually enter recession 5-6 months ahead of the rest of the economy. IT'S HERE! Prices for green and finished lumber are falling at a faster rate than at any time since 1974. We could see it coming for quite a while, but it's not possible to do much more than clean up the balance sheet and get ready to adjust prices paid downward while still paying enough to keep the loggers alive. Timber prices are falling, but never fast enough. I've been predicting "THE BIG ONE" for years and I think "this time down" will be the worst we've ever seen. No government bailouts in the Hardwood industry, it's sink or swim. I anticipate a few years to work through this mess.
================================

To "ALL"" the realtors who tell you building material costs are rising...Tell them to sniff HEMLOCK

Anonymous said...

LOVE THE SMELL OF SIZZLING FAT IN THE MORNING!!!!


HAHAHAHAHAHA!!!!!!!!!!!!

TOAST!

Anonymous said...

Prices ONLY go up according to the realtors scum.

Anonymous said...

Suck it up drones.Debt slavery was the american dream. welcome to hell.

CRAZY G said...

COME ON GUYS, WHO IS GOING TO BE BUYING ALL THESES HOUSES IN PALM BEACH COUNTY....WE ""NEED"" POPULATION GROWTH!!!!

===================================

Palm Beach County's population growth stumbles
By Antigone Barton

Palm Beach Post Staff Writer

Thursday, March 22, 2007

After years as one of the nation's fastest-growing counties, Palm Beach County slowed down last year, showing a population increase of less than 1 percent, according to estimates released today by the U.S. Census Bureau.

Experts point to soaring housing costs and taxes as brakes on a trend that has seen the county's numbers jump by five figures at a time in recent years
==================================

What's the matter?????

Can't they afford $367,000 for a median priced home????

"WTF" Investor said...

Maybe Jerry has been called to Washington, to testify before the U.S. Congress, about the abuses...

He may have taken Bubbles Airline, which now has daily flights out of Tampa...Remember, they're the one which replaced Hooter's Hot Air....
I liked sitting in seat "36 Double D"....
Fly with the best, prick a bubble!!!

crazy g said...

HELLOOO!!!!

hello, hello, hello.......

IS ANYBODY OUT THERE!!!

out there, out there, out there!!!!!!!!

CAN YOU HEAR ME!!!

hear me, hear me, hear me.......


HELP...

help...help, help.....


I'M LOST....

lost, lost lost.......



SEND MONEY!!!!

Shut up you jerk, I'm trying to concentrate!!!!

Anonymous said...

'The FED has the authority to set rules prohibiting "unfair or deceptive" practices by (ALL) lenders under the Home Ownership & Equity protection Act of 1994.' (Caps & emphasis mine)

Anonymous said...

where the _ _ _ _ was Greenspan?

Anonymous said...

Help! My toxic loan is resetting And I can't pay it back.

what should I do?

Anonymous said...

Thursday, March 22, 2007
David Lereah's Statements Contradict Each Other

David 'the paid shill' Lereah is at it again, contradicting himself. Recently, Mr. Lereah said:
"It was very clear that the standards had deteriorated," said David A. Lereah, senior vice president and chief economist of the National Assn. of Realtors. "I'm not a lender though. I kept on saying to myself — I guess they know what they're doing." (LATimes, March 22, 07)

davidlereahwatchblog

crazy g said...

Hang onto your hat.....

REALLY, REALLY TIGHT, AND GET A LOAD DOWN ON THIS ONE!!!!!

I just got off the phone, with a friend of mine, who is a banking auditor, and the friend, told me of a conversation had with a lawyer friend in Fort Myers, Fl.

The story goes, that the lawyer, was contacted by a banking business in Dallas, and asked to do their foreclosures.....The Dallas company was said to have over 1000 foreclosures pending, and the lawyer was reported to be charging $2000 a pop!!!
EXCUSE ME!!!! That's $2,000,000, for the lawyer????

WHO SAID THERE ISN'T ANY MONEY IN THE HOUSING BUSINESS!!!!

crazy g said...

A very good perspective of this whole ARM thing, and how it's going to play out, is available @ iTULIP.com.....
The article refers to a snake, swallowing 2 eggs, and gives you a good chart by credit suisse, showing a 3 -19 mos period of sub-prime playing out, followed by another round of options arm's out to 60 mos.....
The "PEAK" subprime is Nov '07, so it looks like we got a ways to go, and this whole episode, is going to playout until 2010-2012

Geilt said...

How comes the blog has been so Dead? =/

Geilt said...

Also, I see he stopped moderating the comments....

Anonymous said...

Inventory piling up ....oh the toxic loan is readjusting....no refi bailouts or you can't sell yopur way out of trouble.

Ring ring ring.....Knockout!

Geilt said...

Florida Leads nation with Foreclosures!

http://money.cnn.com/2007/03/23/real_estate/february_foreclosure_fall/index.htm?eref=rss_topstories

We Win!!

CRAZY G said...

Florida is #1 in Foreclosures, with over 19,000 for 2006.....

Palm Beach County had 1344 foreclosures for February 2007....

KEEP IN MIND, THEY ONLY SOLD APPROX 600 sfr for February....

It would appear, then Foreclosures are running 2x sales.....

>>>>>AND ""NO"" prices have ""NOT" dropped significantly """YET""" in Palm Beach County.....

Geilt said...

Same in Miami FL. Prices still not even close to sane. Still waiting...

Geilt said...

Hey Crazy G do you have a blog?

CRAZY G said...

I don't need one, cuz you're the only one who reads my crap anyway!!!!

Anonymous said...

Is this just another abandoned housing bubble blog?

Last updated march 9th!

Anonymous said...

Jerry's just "lost in Paradise"

Maybe even got his house reposessed...

This blog could be next!!!!

Gone in a double click!!!

Anonymous said...

housing blowup! Len sucking wind...no more guidance.

hehehhe

Anonymous said...

housing blowup! Lennar sucking wind...no more guidance.

hehehhe

Anonymous said...

04:26 ET Feds are investigating homebuilder Beazer - BusinessWeek.com (BZH) 31.41 -0.91: -Update- BusinessWeek.com reports that federal investigators have opened a broad criminal probe into lending practices, some financial transactions, and other dealings at Beazer Homes USA. The North Carolina field offices of the FBI, the IRS and the Justice Dept. have recently opened a joint investigation into the co over such matters. The Inspector General of Housing and Urban Development is also part of the group since a large percentage of Beazer's loans were made to low-income borrowers and insured by the federal govt through the Govt National Mortgage Assn., according to people familiar with the investigation. Investigators, however, are not limiting their probe to possible mortgage fraud. "There's all sorts of potential fraud issues here," FBI spokesman Ken Lucas told BusinessWeek. "We're looking at all types of [potential] fraud associated with Beazer—corporate, mortgage, investments." The joint investigation stems from a series of articles that ran in The Charlotte Observer in mid-March, detailing allegations of abusive lending practices and unusually high foreclosure rates in a handful of Beazer housing developments in North Carolina. The paper's investigation alleges that foreclosure rates in several Beazer developments ran at around 20%, compared with the national average of 3%. (See 16:21 comment)
04:21 ET Beazer Homes: CNBC announces that Businessweek is reporting the FBI is investigating BZH on possible lending fraud (BZH
===========

more scum being exposed

Anonymous said...

The enormous inflation in home prices between 2002 and 2005, is to blame for the housing crash. It was

the price, stupid!

The fuel for the astronomical home price inflation was the easy credit. As prices got higher, Toxic loans

were invented, to compensate for the higher prices, while credit was still easy, which drove prices even

higher.

In the end, easy credit and exotic loans could not justify the inflated home prices, no matter what the

interest rate or loan type. In the end, it was the price, stupid.

Why does the MSM avoid like the plague, talking about the inflated prices of homes, which is the root

cause of the housing crash?

How about an extended discussion on the blogs about the actual high home prices, which triggered this

crash? If the blog discussions focus on price, the MSM will eventually pick it up.

Anonymous said...

The enormous inflation in home prices between 2002 and 2005, is to blame for the housing crash. It was the price, stupid!

The fuel for the astronomical home price inflation was the easy credit. As prices got higher, Toxic loans

were invented, to compensate for the higher prices, while credit was still easy, which drove prices even higher.

In the end, easy credit and exotic loans could not justify the inflated home prices, no matter what the interest rate or loan type. In the end, it was the price, stupid.

Why does the MSM avoid like the plague, talking about the inflated prices of homes, which is the root
cause of the housing crash?

How about an extended discussion on the blogs about the actual high home prices, which triggered this

crash? If the blog discussions focus on price, the MSM will eventually pick it up.

Anonymous said...

The enormous inflation in home prices between 2002 and 2005, is to blame for the housing crash. It was

the price, stupid!

The fuel for the astronomical home price inflation was the easy credit. As prices got higher, Toxic loans

were invented, to compensate for the higher prices, while credit was still easy, which drove prices even

higher.

In the end, easy credit and exotic loans could not justify the inflated home prices, no matter what the

interest rate or loan type. In the end, it was the price, stupid.

Why does the MSM avoid like the plague, talking about the inflated prices of homes, which is the root
cause of the housing crash?

How about an extended discussion on the blogs about the actual high home prices, which triggered this

crash? If the blog discussions focus on price, the MSM will eventually pick it up.

Anonymous said...

Sorry, about the spacing errors.

CRAZY G said...

Back in 1971, after the U.S. went-off the Gold Standard, I told one of my 'now old' high school buddys:

"""Danny, this is the beginning of the end...I don't know how long it's going to take, or whether, I'll be alive to see it"""

SO!!! Last year, he reminds me of what I said 35 years ago.....And he says...What do you say NOW!!!

I say! """Danny, this is the end of the beginning, UNFORTUNATELY, I still can't tell you how long it's going to take, or whether I'll be alive to see it"""

I said to Danny!!!! How do you remember that???? He says, """I remember ""EVERYTHING" you tell me""!!!!

WWWOOOWWW!!!

THE PROBLEM, CITIZENS, IS THAT IN THIS COUNTRY, WE HAVE AN OPEN CONSPIRACY TO SUBVERT OUR CONSTITUTION..."""EVERYBODY"", KNOWS IT'S HAPPENING...RIGHT BEFORE THEIR EYES....AND THEY DO NOTHING ABOUT IT.....

IMHO....70% ""OF ALL THE LAWS PASSED"" IN THE LAST 70 YEARS ARE ILLEGAL ACCORDING TO OUR CONSTITUTION.....

People want to believe....""WHAT"" I don't know???
The politicans, [both Dems & Rep], have raped and pillage this country, to the point that nothing, I mean nothing, is more important to them than...."""MONEY"""

Houses should ""NOT"" cost $500K...

It's ""ALL"" because of the Federal Reserve [a prvt Corp], has pillage the hard working people of their heritage [their country]..
They've inflated the money supply, and NOW, they are going to deflate it [because they have too]..
And all those poor working, sub-class people, are going to be loosing their home, because they believe in ""fiat Currency" Reserve notes, and not in the money that our Constitution """MANDATES""....

Yes dear friends....."""THE ONLY MONEY ALLOWED BY OUR CONSTITUION IS GOLD AND SILVER"""

ARE WE A COUNTRY OF LAWS, or just whims???? To say, We, don't choose to follow that rule anymore???
""IF"" you can violate one premise of the Constitution, then you can violate""ALL"""...

>>>>"""WE ARE ALL GOING TO PAY FOR IT....LAXITY OF RESPECT OF OUR CONSTITUTION"""<<<<


|||||||| AMEN ||||||||||

Geilt said...

Hey crazy G why dont you make a blog?=) Id love to read it hehe. Wouldnt mind helpin ya either! =P Im always on the lookout when it comes to this crash stuff.

geilt said...

I didn't really mean what I said, about helping you...hehehhe

I mean, if you need a ride to the nut house, I'll find someone to get you there!!! thhhehhhhe!!!

crazy g said...

Id love to write my own blog! I have such great and interesting ideas! People love my wackiness and crazed insight!!! thheheheehee!!!

CRAZY G said...

Just maybe Jerry would sell it to me, with one of those "TOXIC" reverse mortgages....
You know, where he pays me, to print crap, people believe,
""CUZ THEY"RE JUST PLAIN ""STUPID""

thheeehhhe!!!!!!!!!

Anonymous said...

TOXIC Loans hehehehe

Keep up the good posts. It is great to see that there are others that are not blind to the class ripoff.

lizziebeth said...

TRUE CONFESSION TIME!!!

I would just REALLY like to clear the air here, before Jerry shuts down this Blog....

YESS!!! I know I've said some NASTY things about people who post here....""ESPECIALLY Crazy G""

I would like to make Amends, and apologize to him and to anybody else I may have offended...

Just to show my sincerity, I'd be willing to perform phallico on any willing member of this blog...

I come to you with a contrite heart, providing you come first....

Anonymous said...

Where is Frank the man of this Blog?

I like this blog, and always check it out every 1-2 days.

Frank, come back! And bring us some better news on the market!

Anonymous said...

Frank, is with Lizziebeth...

He took her up on her ""OFFER"""

I think he found his "paradise", between BJ's

Anonymous said...

PARADISE LOST & PARADISE FOUND

They found each others PARADISE, between each others legs...

Jerry and Lizziebeth, went off into the great Florida sunset, never to be heard from again.....

thhheehhhhee

I'm jealous!!!

Anonymous said...

LIZZIE GOT A BIG ONE FOR YA.

Lizziebeth said...

Post your HE-Male, and I'll contact you.....

I LIKE DYNAMIC DUOES!!!

Lizziebeth said...

I have sad news....
The company I work for, has only three workers...The other two are Jack and Mary....
My boss told me today he was going to have the lay somebody off...

BUT!!!

HE DIDN'T KNOW WHETHER TO
'LAY MARY' OR
'JACK OFF'....

I said I couldn't help him, as I'd done both of them....

Lizziebeth said...

You know, we have a

"""GLORY HOLE"" in our rest room....

The boss uses it all the time.....
He doesn't realize, when he's in the men's room, Jack is using the women's...
It's almost comical, to watch the two some...we've even got a camera in there....

LOL!!!!!

Anonymous said...

well lizzie and crazy, I guess we know why Jerry isn't posting on this blog. Too bad, I really enjoyed reading about the florida housing bust. Jerry if you read this, I truly appreciated all your efforts. Thanks for all your hard work!

Lizziebeth said...

In FLORIDA...."""PORN IS KING"""

And I'm the ""QUEEN"""

CRAZY G said...

So when the going just starts to get tough, and interesting, in the real estate market, Jerry gets going, to leave you all high and dry....
THANKS JERRY, FOR PIQUEING OUR INTEREST....
THE CLIMAX OF THE REAL ESTATE MARKET IS ON IT'S WAY, IN THE NEXT 6 MOS, AND JERRY IS ON HIS WAY TO SOMEWHERE????

"""EVERYBODY HAS TO BE SOME PLACE, BETWEEN TWO SOMEWHERES""""


HAVE A GREAT LIFE!!!!

Anonymous said...

Yo jerry. Great Blog.

Start posting your great stuff about the Florida BUST!

Anonymous said...

spoke to a FBer yesterday. what loser. Guy should plaster an I across his forward for "Idiot"

I got a bid for ya, about 50% less.

Baawahahahahhaha

Anonymous said...

YYAAAHHHH....BBOOHAAA!!!

He probably thought ""YOU"" were an idiot, cuz you didn't have the money to play the game....
YOU WANT TO GET INTO THE GAME, YOU GOTTA ANTE UP....

He's just curise'n of a guy with an ""S"" tattooed on his forehead...

Anonymous said...

Crazy G ruined this site.
He has been the one posting as other people and making himself look very foolish.
He has been posting as Lizziebeth.

Crazy G is an asshole

Anonymous said...

Actually, it was lizziebeth's alter ego, schizophrenic personality that ruined this site....
Lizziebeth posted as Crazy G, and Lizziebeth....
Lizziebeth was run off of Franks blog, because she tried to ruin it...and she's tried to ruin this blog also....
Lizziebeth couldn't get in bed with Ben Jones, cuz he was to busy for her....SUCKING up didn't work, as there were just to many men, and not enough time....
and yes!!! Crazy is an asshole, just like Lissiebeth is a cunt..
2 holes seperated by an inch....
Take your choice of pleasures...

Anonymous said...

More pain down in florida.

The Great florida bust will go one for several years and 50% price drops inevitable.

Anonymous said...

People with the money aren't buying putz. they are sitting watching the dopes that ante''d up go bellyup along with their stupid lenders eating the 50% losses.

Lizziebeth said...

DAM YOU CRAZY G...IT'S ALL YOUR FAULT!!!
Jerry just couldn't take anymore of your crap, and left us in Paradise Lost....
This whole real estate thing, was instigated by you... CRAZY G!!!!

If we could get rid of you, we'd get rid of all of our problems here in Florida....
Why don't you just pack up your bags and the get F*@# OUT....
EVERYBODY THAT WANTS HIM TO LEAVE VOTE HERE >>> # <<<<
We may even start up a collection basket to buy Crazy a oneway ticket out of Florida!!!!

skb said...

Here's my vote...

and I've got a " C " note to donate....

C stands for conterfit....

Anonymous said...

Housing is melting down. while property taxes and insurance are mellting up. Bad news....youfools holding on to a depreciating asset.


it's ugly!

Lost @ Home said...

Is the housing melt down coming from global warming???

If I keep my depreciating asset, will they lower the taxes on it, and the insurance....

I've got squatters rights, and if my house isn't worth a squat, how much will the taxes be???

Anonymous said...

Frank Palmroos was found dead in a suspicious homicide/suicide.

His body was recovered from his vehicle on March 12th 2007 at Ben T Davis Beach located on the Courtney Campbell Causeway in Tampa, FL. Local authorities are investigating.

http://www.tboblogs.com/index.php/newswire/story/suicide-homicide-ben-t-davis-beach/

Snoop Dog said...

CSI Tampa, should be checking out that Lizziebeth woman...

Alexander Graham Bell said...

Frank & Joan Palmroos can be reached @ 523 Wm Carpenter Rd., Otto, NC 28703
1-828-369-2801

Give him a call, he'd be happy to hear what's going on down here in Florida

Ma Bell said...

I was concerned about Frank [Jerry] so , I gave him a call....
Ended up talking to Joan....she's so nice.....
Seems he suffered a flesh wound to the brain...The bullet passed clean thru, with little after effects, other than his amnesia...
He's completely forgotten where he is....
Wonders how it could possibly 'snow' in Florida....
He did remember something about global warming, but it seems for now, he's just lost in his own Paradise, in the mountains..
P.S. Joan said "NOT" to send flowers....either send more bullets [.357 Mags] or send $$ MONEY $$$ so they can buy bullets

Joan Palmroos said...

I know, that many of you thought that ,my guy, Jerry, was an 'AIRHEAD' for starting this weblog....But that was NOT true....He really worked hard over this, and his brain sometimes got overheated.....
WELL!!! Now he has VENTILATED his brain, and all the pressure is off of him....
I can now see what he is thinking, because I have a perfect view of what's going on inside there....

He REALLY is a nice guy, and I can see he really feels sorry for all you people down there in Florida...

We'll take donations on some Sub-prime mortgages, if you got a few tomany!!!
Keep up the good work, and Jerry will keep blowing smoke rings out the exit wound

Bishop SuckHere said...

I hear tell, from the Vatican, that Pope Benedict has considered putting Jerry Palmroos up for SaintHood...
They are certain he has found his 'PARADISE LOST', and want to pray to him, that they too may find theirs....

"""AMEN"" brother!!!!

Cardinal FudgePacker said...

We got it in for him...St Jerome [aka Frank].....
It passed, by unanimous vote...

He is to be known as; St Jerome of Florida.....

NOW, We can all pray for our Paradise Lost, that it to may be found, and delivered, to everlasting salvation!!!!

Vote for Charlie Crist!!!!

He's 'next' on our list for Sainthood

Elvis said...

I think I saw Jerry at a local pub last night...he was hanging out with a bunch of the guys, and having a real good time....

I was going to stop over and say HI!!! But, you know how things go with somebody like that having so much fun!!!!


Party on Jerry!!!!

Charlie Crist said...

At the next secession of the legislature, I'm going to introduce legislation, to have Jerry [Frank] Palmroos, as the Patron Saint of Florida....

He has gone above the call of duty to Save Florida from the ravages of Greedy Sons Of Bitches, of which I know MANY!!!!

Jerry, will be a write in candidate, as we have many well respected Sons Of Bitches, who deserve our vote.....

A Vote For Charlie is a vote for Jerry!!!!

Long Live Jerry Palmroos!!!!

agnostic homeowner said...

God Damn it Jerry...pray for us...

Things are going to hell in a hand-bag down here!!!

The shit is hitting the fan, here in Tampa....

I'm BECOMING a ""BELIEVER""...
Shit really stinks!!!!
The oooze, is running everywhere!!!! Putried!!!! AUUWKK!!!

Have you practiced walking on water yet???

I hear tell, it's kinda difficult for some of us!!!! See you under the SunShine Bridge, at ""HIGH-NOON"""

Charlie Crist said...

I've been in touch with the Florida State Architectual Committee, and we are propossing having a 3x life size statue of Jerry [Frank] Palmroos, to adorn the front entrance to the state building.....
We choose 3x, because we thought Jerry was that to us....3 times life....
He showed us the ways of our wrongs, and we thought it would be "right" to grace his memory with this statue.....>>Long Live Jerry Palmroos<<

Charlie Crist said...

GREAT NEWS.....IT PASSED!!!!

By unanamous vote of 1-0 [with 5 abstensions], the Architectuaral Committee voted to put the new statue of Jerry Palmroos, on """TOP""" of the Capital Dome....His figure, will be "pointing' the way to ""paradise-lost"
Somewhere, over there, may be over there, ""NO"" over there....
You can't be lost, "IF" nobody know where you are..You're only lost when YOU don't know where you are????

Charlie Crist said...

Very SAD news for Floridians...

TODAY, the Commander of our National Guard, was driving past, and saw the statue of Jerry Palmroos, atop of our great capital building, and thought it was ""TO MUCH"" a resemeblance of Saddam Hussein, and had his men pull it down, 'smashing' our plaster of paris image of our fearless friend Jerry Palmroos....

I have issued an order to 'all' state employees to fly the Florida flag at mast for the remainder of the calender year....

LONG LIVE JERRY PALMROOS

Anonymous said...

why has this board have no new subjects?
a great florida board exposing the shenanigans and bubble.

George Tenet said...

We have ""EXPOSED"" Jerry Palmroos for what he is....A "Benedict Arnold""..
A traitor to the cause of "EVER" finding the ||||| REAL |||| Florida again.....

Jerry got the troops all fired up, and just when he was leading the way, he deserted us for the other side!!!!!

"We', in the CIA ""KNOW" how to treat traitors...

They'll pop his bubble!!!!

Anonymous said...

Will someone please explain to me what really happened to Jerry? I am very sad to here that something bad has happened to him. Can you give me a link to an article? Thanks.

Anonymous said...

Frank & Mary Palmroos can be reached at their Largo residence,
telephone numbers

727-409-1274
727-812-4392
727-324-9102

Anonymous said...

Yo jerry how about updating the stories. It keeps getting worse for these debt bozos in Fl.

Anonymous said...

I seriously think something has happened. It is not like him to just up and leave like this.
He has had this blog for quite some time now.
I wish he would at least up date us to let us know that he is ok.

Jerry, we are winning the fight and you are not here to lead the cheering section.

I would feel very odd calling him if those are even his real phone numbers.

Somebody please call.

Alexander Graham Bell said...

Use your 800 AT&T card from WalMart or Sam's Club...
There is NO feasible way of identifying the caller....

CRAZY G said...

Crazy will have the last word here on this BLOG, and tell you that the 'contagion' will spread..
The people who are defaulting on their home loans are the same people who will end up defaulting on their car loans and their credit card loans...
When the ""SHIT"" hits the fan, people will revile against even the thought of credit....
>>>""THERE WILL BE TEARS""<<<

SORRY JERRY!!! Where ever you are!!!
I hope for you; you found the 'Paradise Lost'

WE'RE STILL LOOKING FOR OURS!!!!

Anonymous said...

AND YOU CRAZY G ARE THE REASON JERRY DITCHED THIS WEBSITE! YOU RUINED IT FOR EVERYONE!!!! SO NO, YOU WON'T HAVE THE LAST WORD! OF COURSE SINCE YOU LIKE TALKING TO YOURSELF, YOU PROBABLY WILL. JUST NOT USING THE CRAZY G. NAME. WHO WILL YOU BE????????? BELL, CRIST, TENET, LIZZIEBETH......??????? HAVE YOU BEEN TALKING TO YOURSELF ALL THIS TIME???????

Crazy G said...

I like to ""FUCK"" nasty bitches like you Lizziebeth...
It gives a REAL MAN a feeling of power to FUCK his ""bitch""
Roll over, so I can give you a 'FudgePacker'

YES!!! I'll have the last word!!!

>>>>FUCK YOU LIZZIEBETH<<<<

Anonymous said...

CRAZY G,

SINCE YOU ARE LIZZIEBETH, WHY ARE YOU SO ANGRY??? YOU LIKE TO SCREW YOURSELF???? WELL THAT MUST BE ALL YOU CAN GET! AND YOU WONDER WHY JERRY DOESN'T POST HERE ANYMORE! I'VE BEEN FOLLOWING THIS BLOG FOR SOMETIME AND IT DIDN'T TAKE LONG TO FIGURE OUT YOU WERE POSTING UNDER SEVERAL NAMES! JERRY HAD A GREAT THING GOING HERE! I WAS DISAPPOINTED TO CHECK IN AND SEE WHAT HAS HAPPENED! GOOD LUCK JERRY! THERE ARE SO MANY WHACKOS IN THIS WORLD, SORRY THIS ONE RUINED YOUR BLOG! CRAZY, CRIST, LIZZIE....WHATEVER NAME YOU CHOOSE TO USE, GO AHEAD HAVE THE LAST WORD. IT'S APPARENT THAT JERRY IS FINISHED WITH THIS WEBSITE. KEEP TALKING TO YOURSELF. MUST BE LONELY IN YOUR ANGRY DILLUSIONAL WORLD! CHEERS!

CRAZY G said...

WELL THERE YOU HAVE IT FOLKS!!!!

Some little ""FUCKHEAD"" named ""anonymous""" has put the blame on Crazy G. for the collapse of this blog!!!!

The NEXT thing you know,....""FUCKHEAD"" will blame Crazy G for this whole real esate problem....

Fear NOT, that over on the HousingBubbleBlog, ""NUMEROUS"" posters have MULTIPLE postings each and everyday.....
"""INCLUDING"" Crazy G....

SHIT HEAD, LIZZIEBITCH, HAS BEEN RUN OFF EVERY BLOG SHE HAS POSTED ON....
""IF"" you doubt my word, just check back on ""THIS"" blog, where SHITHEAD LIZZIEBITCH, ""ADMITS"" to problems she created!!!!

Franks[the realtor], BusinessWeek, & Housing Bubble.....
""""EVERY ONE""", she was run off of!!!!!

SO IN CLOSING, I'D LIKE TO REPEAT!!!!

"""FUCK YOU LIZZIEBITCH"""

CRAZY G said...

HHAA!!!

NOW!!! WE finally got this blog to ourselves, and we can talk about what is really important!!!

>>>"""FUCKING <<""""

Who should we Fuck today!!!!

Let's see....we already fucked lizziebitch....

since this is an open forum for fucking!!!!
AKA: as Cluster fucks!!!
AKA: Gang Bang

Just maybe we could get Imus, or Howard Stern, to do a number [fuck] here for us!!!!

We've got an open forum to """FUCK"""

WILL THE FIRST FUCKER STEP FORWARD PLEASE!!!!

Anonymous said...

yo crazy how about posting some insights into the fl markets?
Things are really tanking and i want to buy something when prices get diown to sane levels.

where the heck is jerry?

you had great posts.

CRAZY G said...

Floridians are ""FUCKED""

The Biblical scourges of Eygpt are here in Florida NOW!!!

Hurricanes

Tornados

Fires

Drought

Taxes

Insurance

Housing Prices

Put your head between you legs, and bend over because Armegedon is coming right up your ass
The god, I pray to, has responded, and told me in a dream...
"""YOUR FUCKED"""

Grab as many wifes as you can, and head for the hills....

CRAZY G said...

Tell ""ALL"" the God Damn Realtors to go """FUCK"" themselves..

The price of lumber is ""PLUMMETING"""

Lumber futures down to @$227/mbdft down from $310 @ the first of the year

Shit man...price of lumber has ""DROPPED"" 25% since the first of the year...

This is the kind of shit, you don't read in the god dam newpapers..

Hard FUCKING reporting by a hard ass bastard!!!!

I told all you dumb fuckers, that you would be able to build a house cheaper than buy one of them mother fuckers from some realtor...

WELL...IT'S HAPPENING!!!!

Somebody, tell that cunt lizziebreath, she'll be able to build her fucking nightmare dream castle soon....

CRAZY G said...

BURNING IN FUCKING HELL!!!!

203 FIRES RAGING IN 53 COUNTIES!!!!

WELCOME TO ""HELL"" YOU FUCKEADS!!!

Burn your fucking ass in 'paradise'

CRAZY G said...

>>>>MAJOR FUCKING DISASTER UNFOLDING<<<<

The developer of our community, has an inventory of 85 houses in here, with another 125 listed as resales...

GET THIS!!!!!

The 'dirty' bastards haven't sold a fucking unit this calendar year ""YET""..

The fuckheads want $225/sq ft per unit, and it only cost them $75/sq ft to build + lot [another $35]..

SIMPLY PUT...THEY RAN OUT OF PEOPLE TO FUCK!!!!

Lumber prices have been dropping, as I told you.....
This guy, has got his dork hanging out, and he is going to get it cut off and rammed up his ass!!!!

I told the realtor 1 year ago, I'll buy a house when he ""BEGS ME""".....

I won't buy a fucking piece of shit down here for nothin'

Anonymous said...

hey that CUTAIA Fuck from the 740 am radio show TALK ABOUT MORTGAGES is a fucking dickhead:

Judge schedules public sale of second Cutaia-managed building
South Florida Business Journal - May 4, 2007
by Brian Bandell

Mark Freerks
Investors may lose the building they helped finance in a $3.9 million purchase in July 2005.
View Larger

A second office building controlled by real estate investment manager Anthony Cutaia is up for public sale after a mortgage foreclosure judgment.

At least a dozen investors have complained to the Business Journal or filed suit claiming they have lost money in dealings with the Boca Raton resident, but Cutaia says the problems with this building started with Hurricane Wilma.

CRAZY G said...

Joe6Pack is blowing sand out of his ass....

He ain't even got enough money to buy shit at Wally World...

Their sales dropped by the biggest amount in nearly 30 years....

Who 'the fuck' is going to buy those goddamn McMansions for $500k pasted all over gods creation....
Those mother-fuckin developers are blowing out their ass if they think dumb shits can keep going deeper, and deeper in debt

CRAZY G said...

So all the 'fuckheads' that said the insurance lobby was in the pockets of the politicans....

ASK THEM THIS????

Why the "FUCK" is """""ALLSTATE"" pulling out of CALIFORNIA.....

IS FLORIDA "NEXT"""????

BET YOUR FUCKING ASS IT IS!!!!

Anonymous said...

I told the realtor 1 year ago, I'll buy a house when he ""BEGS ME""".....
hahahahaha

Keep us posted on when this happens. probably sometime next year.

Yo Jerry where the heck are you?
crazy _g is leading the charge without you.

CRAZY G said...

Funny that you said that!!!!

I had a conversation a week or so ago, with the lead sales person here in our development, while they were having their "Parade of Homes" weeks....Like I said, the developer has got at least 85 finished houses in here with another 125 more, for resale thru realtors....
The developer hasn't sold a single house in here this year yet!!!!
While I was talking with the young man, I pointed out to him, that I thought their price points were ""WRONG"", trying to sell houses in the $400-500K range, @ $225+/sq ft.....I told him, that according to 'their' builders permit fee, from the property appraiser, that their costs were $76/ sq ft, throw in the land for another $35-50/ sq ft, and you got > $115/ sq ft....
WHY WERE THEY CHARGING OVER >$200???

HE TOLD ME, THAT THE BOSS IS NOT GOING TO CUT THE PRICE...PERIOD!!!!

I SAID, I CAN BELIEVE IT FROM HIM, AND """""YOU'RE ALL GOING DOWN TOGETHER"""

This developer is sitting on 300-400 houses from Fernindina, south to Port Orange....

On the next block over there are 4 houses that have been foreclosed, and around the corner there are 3 that are in foreclosure....Over in the other section there is a $720,000 house in foreclosure, and the section next to that one there are at least 3 more, in foreclosure.....

Mind you, that this developer is sitting on houses in here that he built 2 years ago....

He lives, staight thru from me, about 1000 feet away!!!

Just maybe, I'll stop over some night and introduce myself, and have a beer with him.....
I'M SURE, HE'D BE HAPPY TO HEAR WHAT CRAZY HAS TO SAY!!!!

Anonymous said...

Hahahaha!

The boss is not going to cut his prices. That is a laugh. he will be selling at $100 sq ft soon.

You better bring a case with you once you break the news to him crazy.

Anonymous said...

http://bp0.blogger.com/_wFWqWIH-WFU/RktA997UDdI/AAAAAAAABAU/XO2HLQiOHFQ/s1600-h/946pw800.jpg

main meal soon for this idiot

Anonymous said...

“Robin Camacho of Direct Access Lending said she can see that the median price isn’t accurately reflecting house values right now, but she can really only make an educated guess as to why.”

“‘Our research does show that the number of homes listed on the MLS for less than $270,000 has increased substantially in the past year,’ she said. ‘This indicates that prices are falling, though people are actually still paying the same but getting more for their money.’”

CRAZY G said...

Dumb fucking bitch!!!!

You can set the god damn price at anything you want, and if the mother fucking thing doesn't sell,
IT DON'T MEAN SHIT!!!!!

The median selling price, "" IS """ just what it says.....1/2 above/below..

>>> WHAT THE FUCK IS SELLING, ROBIN ???<<<

That's all the increase in listing below $270,000 mean, is there are more fuckheads in trouble, that gotta sell, because they signed an "ARM" that is being run up their ass....

""""WHEN THE ||| $$ PRICE $$ ||| PER SQUARE FOOT STARTS TO DROP, THEN YOU'LL KNOW...Until, then, this cunt is blowing pussy juice out her ass!!!!

Anonymous said...

hahahahhahaa!!!!!!

CRAZY G said...

Get a load of this:

The major developer of our community 'had' ceased work on about 50 houses, and they sat 'unfinished' for the last 6 mos.
About 2 weeks ago, they started back up again, to finish these units. Mind you, NOW, these people have somewhere between 300-400 units sitting completed, with at least 84 units in here, and NOW, approximately 50 more coming on stream...
These guys are going to be hemoraging a steam of blood from their ass-holes with a the mother-fucking houses their going to get rammed up their asses...

CRAZY G said...

Let's see here once....

WWWHHOOO!!! Should we ""FUCK OVER TODAY"""

How about ""LIZZIEBITCH"""

THIS FUCKING CUNT, WENT AND PURCHASED A HOUSE...IN LAKEWOOD RANCH....

>>>>All the fucking ranting and raving, about how bad it is, and she buy's a $450k house<<<<

""""MOTHER-FUCKING-BITCH"""

SHUT YOUR FUCKING MOUTH!!!!

JESUS CHRIST, HOW BAD CAN IT GET!!!!

CRAZY G said...

"""""BLOGS ARE SHIT""""

Anonymous said...

http://ml-implode.com/

Anonymous said...

WHERE THE HELL IS JERRY?

Crazy G said...

Who gives a FUCK about Jerry??? He's doing his thing????

DiVosta, a division of Pulte Homes is shutting down shop in Palm Beach County, and The Treasure Coast....
This may not mean anything to you dick-heads, ""BUT"", DiVosta was a MAJOR influence in Palm Beaches for last 30 years....
THEY'RE SHUTTING THE FUCKING DOORS!!!!
They've built """"THOUSANDS""" of homes there!!!!
GOOD HOUSES, BUILT FROM POURED CONCRETE!!!!
GONE!!!!!!!

Crazy G said...

Daytona Beach Realtors released their 'bullshit' sheet, with housing numbers....

Seems sales have been going down some....eg]
4/'05 closed 473 sales

4/'06 closed 273 sales

4/'07 closed 223 sales

Sales are down more than 50% from 2 years ago, and down 20% from last year!!!!
Ask your local realtor, "IF" she's got a hind-tit to suck on....
She'll need to keep up her energy!!!

Anonymous said...

“First, the facts: Residential inventory is still near its all time high. Residential sales are roughly equal to the sales rate of 1999. Prices are down, down and down from the high of 2005.”


PRICES ARE TANKING CHUMPS. KEEP HOLDING THAT DEPREICATING BUNGALOE

wHAT THE HELL IS JERRY?

Anonymous said...

local realtors are searching in the dumpsters for their next meal.
lol!!!!

Anonymous said...

http://photos1.blogger.com/blogger/4081/3532/1600/Florida%20-%202005.0.jpg

where the hell are u jerry?

Need some new topics for crazy to jump on.

Anonymous said...

http://bp0.blogger.com/_VMSUn2TMfXo/Rl2iwIhVIaI/AAAAAAAAAVQ/JBQ3V6Vr_J4/s1600-h/crybaby.jpg

crazy breaking the news to the local builder and builders reaction.

Anonymous said...

mention on bubblemeter
The Florida - Paradise Lost blog has not been updated since March 9th. In one memorable sentance "In the supposedly altruistic notion of converting more people into homeowners (regardless of creditworthiness), all sorts of exotic instruments were employed over the past 5 years." Frank, it was a quality blog. :-)

where the hell is jerry?
a great blog left to crazy.

CRAZY G said...

>>""" NO """<<<<<

IT'S A GREAT ''BLOG''' FOR ANYBODY THAT WANT TO POST THEIR NAME....

90% OF YOU """MOTHER-FUCKERS"" POST ANONYMOUS.....

YOU'RE SO FUCKING ANONYMOUS THAT ""NOBODY"" GIVES A FINE FUCK WHO YOU ARE!!!!

You're ""ALL"" the same person!!!!

>>>DIFFERENTIATE YOURSELVES<<<

You furtive little bastards

Crazy g said...

FUCK JERRY!!!!

He's """GONE"""

He abandoned us, just when the going started to get good!!!!

He's got a place up in North Carolina, and he's probably hiding out there doing his computer work from home!!!!

TRYING TO SAVE FLORIDA AS A PARADISE, IS JUST WASTING YOUR FUCKING TIME!!!!!

Face it, you shit heads.....

>>>>""""FLORIDA IS """"FUCKED"""

CRAZY G said...

Face it fuckheads!!!

*HIGH HOUSING PRICES

**HIGH TAXES

***HIGH HOMEOWNERS INSURANCE

****HIGHER INTEREST RATES

*****CRASH OF 1927 ALLOVER AGAIN***

CRAZY G said...

We'll be up in North Carolina in August and September...

Just maybe we'll swing by Jerry's place and see how he's doing....

""IF"" this board is still activated, I'll let you know how it turns out!!!!

We're going to be looking for a place up there....

""""FLORIDA IS FUCKED"""""

Been here 27 years....
I know ""FUCKED" when I see it!!!

Anonymous said...

Crazy G, sure has showed his true colors with his disgustingly foul mouth and attitude.
Every second word out of your toothless mouth is language reserved for what you really are, nothing but a redneck.
I hope Jerry never comes back to see all of the horrible things you have posted here.
You are truly nothing but a pathetic, redneck trailer park trash hillbilly.

You mind as well claim ownership to this blog now as you are now truly the only one posting on this.

In fact this post may have been very well posted by you.

Anonymous said...

Florida is sinking down a sewer.

I'll visit Fl next year when house and condos are down 75% from the bubble peak highs.

Anonymous said...

where the hell is jerry????
http://photos1.blogger.com/blogger/4081/3532/1600/Florida%20-%202005.0.jpg
Florida is sinking by the day and we need to garbage to stick it to the new homebuilders who wrecked the state.

CRAZY G said...

""FOUL MOUTH???"""

""FUCK"" is the MOST beautiful word in the English language!!!!

YOUR FATHER ""FUCKED"" YOUR MOTHER!!!

duhh!!!!

Fuckheads like you...""anonymous" don't even appreciate a good fuck!!!

Jerry, fucked with your head, and then left!!!
Well!!! FUCK JERRY ALSO!!!

Crazy G said...

"""WHAT A FUCKING COP-OUT"""

The last communique from Jerry, he said he was ""TOO"" [fucking] busy, to fuck with you FLORIDIANS!!!!!

You're kissing his ass hoping, he can save the mother-load????

Grow up shit-heads....

YOU'RE FUCKED!!!!

ALAN GREENSPAN DID IT TO YOU..PLAIN AND SIMPLE!!!!

Florida and the whole housing industry is going down the fucking tubes...
You don't believe me???

Ask the fuckingheads who invested in Bear-Stearns mortgage paper...!!!!

GONE!!! In a """FLASH"""

Anonymous said...

Spoke to a FBer speculator. purchased 7 condos. sold 3 before the crash. Now holding 4.
Big losers. Bye bye money.
Sucka!

can anyone say 60% off sale?

Anonymous said...

hedge fund cruds blowing up left and right. The credit spiggotz shutting down. No free money dummies.
You lose dummies.
Speak to that builder lately?
That MFer must be friggen shaking by now wondering how he's going top pawn off that inflated inventory. Can you say Bankrupt?

Crazy g said...

""OFFICIAL NOTICE""

We are nicknaming this website, as the ""OFFICIAL"" Florida slime page...
Motherfuckers everwhere to be on notice!!!

"""YOU CAN CALL THEM AS YOU SEE THEM"""...

NO holds barred verbal slime...

Anonymous said...

The Sun Sentinel. “Prospective home buyers let the spring selling season pass last month with a yawn and maybe a lowball offer. Palm Beach County had its slowest May since the Florida Association of Realtors started keeping track in 1994. There were 741 existing home sales compared with 982 a year ago, a 25 percent slide.”

Stupid @$$ flippers suck off.

Crazy G said...

"""FLORIDA IS A ||| PISS HOLE |||""""

Get your dick out and let's fill-up all the sink holes...

Pass me another Budweiser....

Crazy G said...

ZZZZZ"" MY PISS HOLE IS FULL """ZZZZZ

How you doin' over there???

Crazy G said...

"""MULTI-DECADE STATISTICS BEING VIOLATED"""

* Consumer debt @ 132% of Income

** Saving rate negative 1.5 %

*** All-time high inventory of new construction houses

**** Lowest help wanted adds in 5 decades

All them richless baby-boomers with ""NO"" jobs, and ""NO"" money are coming to Florida with their debt, to buy houses on credit???

Tinkle, tinkle time!!!

Fill up another piss hole!!!

Anonymous said...

hehehehehhe

went to new house development. kicked around a few agents and tooled on them. After a little bs talk about how bad things are wrote down my phone # and told the poor stiff agent to call when the house is at 40% of asking. The poor stupid dolt agent took the #. A true desperate retard.

Crazy G said...

"""""SCRATCH & SNIFF TEST""""

Just like when you get a coupon in the mail, enticing you to shop @ 'ABC Store', with a %% PERCENTAGE OFF %% retail price...
Known ""ONLY"" at the cash register @ time the of purchase!!!.....!!
OR!!!>>> When you get a magazine, with a leaflet, enticing you to scatch the desired area....
WELL!!!
I usually scratch it just to see????
""BUT FIRST"""....
I scratch my ass, and then, scratch the delininated area of the coupon....
TO SEE IF MY OLFACTORY SENSES CAN DETERMINE WHICH IS BETTER...

WELL!!! The Real Estate ads these days, are smelling worse than my ass....

Anonymous said...

At the end of May, Broward had more than 47,500 homes and condominiums on the market, according to the Miami-based Keyes Co. That's up 27 percent from a year ago. At the current sales pace, it would take about seven years to sell all those properties.


Sucka homedebtors

Crazy G said...

Years ago, there used to be a website called; """FUCKED COMPANY"""....I think it's still in existence!!!!

In my opinion....you can add another to the list!!!!

>>>>ICI Home Builders<<<<<...
According to the Volusia County Property Appraiser's website....
ICI has sold ""ONLY 1 ""
Yes ""ONE"" home in our development, on the Volusia side
this calender year..... In addition they sold a few [5 ?] on the Flagler county side, BECAUSE taxes are 30% lower over there on that side....
ICI is sitting on about 85 finsihed houses, and another 40 or more coming on stream...
These guys are going to be pissing a stream of red blood pretty soon, ""IF"" things don't pick-up for them...
They alone, will have more than 100 ""NEW"" houses for sale, while their resale division currently has 40 alone listed...just for our development....with approx total of 130 resales in here...
Zip code 32174, has approx 800 resales listed, while ICI has approximately 5% of the total just in resales listings....
Total resales this calender year, on the Volusia side....""" 6 """"

MAJOR FUCKING DISASTER HEADED THIS WAY....TIME TO GET THE FUCK OUT OF 'DODGE' CITY....

Crazy G said...

One of my early memories after I moved to Florida 27 years ago, was a bumper sticker, I saw in Fort Lauderdale....It read:

""The one who dies with the most toys...WINS"""

I always like that saying, and often wondered if guys included wives as toys??? Yuke, yuke, yuke!!!!

Anyway...as a modification of that, I now wonder if that saying is currently being applied to houses....

The guy who owns ICI Home Builders, is well approaching or over 400 houses....""IF"" by chance he dies, he may take the record...and WIN!!!!
Just maybe, somebody should tell him, that he can't just build 40-50 more houses, like he currently is doing....Unless of course one of those houses is going to be final resting place....a mausoleum???
KNOCK..KNOCK...
You can't just be a home builder....YAH GOTTA TO SELL A COUPLE EVERY NOW AND THEN!!!!

Anonymous said...

hahahaha!

Bleed suckas!

I will buy when red is pouring from every orafice.

Anonymous said...

How's the negtive equity Chumps?

hahahahaha

Anonymous said...

how's that raw land mtreating you dopes?
Saw a pos land sell for 5-10k in 2002 then in 2005 sold for nearly 100k and now for sale at less than 30k

LOL!!!!!!!!

SUCKAS!

Anonymous said...

stupid underwater homedebtors.

HAHAHAHAHAHA!!!!!!!!!

Anonymous said...

How's thekool aid taste you f""" homedebtors and builders?

HAHAHAHAHAHA

When you drop prices by 65% and ask pretty please I may look at your POS shack.

hahahahha

Anonymous said...

or i may just toss you a milkbone and say tough luck no interest you useless cow dung.

Anonymous said...

SUCKAS.. HOW IS YOUR BLOATED HOUSE DOING?
HOW HIGH ARE THE WEEDS?
DID YOU MAKE A PAYEMENT IN THE LAST 6 MONTHS?

YOU LOSE I WIN. HOUSE PRICES CRASH 65%. LOL!!!!!!!!!!!!!

Anonymous said...

The only reason I keep coming to this blog now is to read Crazy G. Tell it like it is Crazy.

Crazy G said...

In old country, we say " you screwed"

How you say there in America???

>>>"""YOU FUCKED""<<<<

But, you Americans keep 'fucking' each other, over and over...

You must like???...NO!!!

crazy g said...

31 insurers are raising their rates, for homowners.....

Charlie, is REALLY ""PISSED"" NOW!!!!

Politicans have really fucked up this state!!!

crazy g said...

The colossus is rolling over..

SHE'S GOING DOWN BABY...."""BIG TIME"""

ALL HANDS MAN YOUR OARS...[err whores]....

They're all going to get ""FUCKED"""

Crazy g said...

""""I THINK WE'VE HIT THE BOTTOM"""

EEERRRR!!!! OF THE FIRE PIT....THAT IS!!!!!

EVERYBODY'S ASS IS GOING TO GET FRIED....

Mortgage market has """seized"""

AKA....it's got you by the balls...
Your eye balls are seized cross-eyed.....as they ram that hot pocker up your ass!!!!

Crazy g said...

DO YOU HAVE """"HOUSING HERPES""""????


YES!!!! The problem with the house you can't get rid of!!!!!

You've tried all prescriptions of resolution, from realtors, financial advisors, and bankers..

IS THAT YOUR PROBLEM BUSTER????

Well, we have got news for you.....

>>>>>>"""YOU'RE FUCKED""<<<<

YUCK, YUCK, YUCK......

OSH SOO said...

Me send $Won$ to America, so you buy house...Me, no buy house...YOU buy....Pay me, I get more $WON$ back, buy house later....

You Sons O'Bitch...NO PAY!!!

Me NO Get house now... Live in shipping crate,,,go to America and get my $WON$ back...
Find Mother Fucker living in my house!!!
Take Hari Kari knife, and cut ..balls off....
Castors,, good eats UUMMMM!!! Good

Anonymous said...

welcome to hell bagholders.

Anonymous said...

Fla fla fla fla florida sinking like a rock

BAAAAAAAWAAAHAHAHAHHAHA!

Anonymous said...

Anyone know some desperate home builders or sellers, I got a deal for them.

Mark Mobius of Templeton said...

You can't sell them Mother-Fuck'n Houses.....

BURN'M DOWN, AND LET THE BANKERS COLLECT THE INSURANCE....

Advice, from a World Class Investor.....


>>>>""" FUCK'M""<<<<<

G.W. Bush's great idea!!! said...

Short Sale your house, stick the bank with a loss, and walk away tax free, and piss off all your neighbors, because you sold so cheap, and destroyed neighborhood property values...

WITH GREAT IDEAS LIKE THAT, I THINK G.W. SHOULD RUN FOR A ""TURD"" TERM....

Ben D. Over said...

Charlie Crist said, he wasn't going to let the lobbyist 'fuck' you....

NOW!!! He says, ""He may have over promised""

The insurance industry is ''still raising rates, and cancelling policies'''

Tax reduction, is NOWHERE near promised....

My asshole has got callouses on it from being fucked so many times....

"""DON'T YOU LOVE IT THOUGH"""
[living in florida, that is!!!]

NationWide Insurance spokesman; said...

We are PROUD to announce today, the cancellation of ""ANOTHER"" 39,000 policies in the Great State of Florida...
That's in addition to the 54,000 we have cancelled in the last two years, and the 45% rate increase we have implemented earlier this year....
We thank, Gov. Charlie Crist, and the Florida Legislator for making it all possible....

We're going to have a "Fucked Florida Home Owners" [FFHO] Bar-B-Que, at the Governors mansion Christmas Eve....Anybody wishing to attend, please RSVP to De'Gov...

Charlie Crist: said...

>>"""FLORIDA IS GOING TO HAVE A SONIC BOOM WHEN THIS HAPPENS""<<<

Yes, [Fucked Florida residents]....This is what I said this LAST JANUARY, at the inauguration of my whirl-wind legislation package....

I think the BOOM, turned into a BUST!!!

labor department spokesman said...

""The unemployment rate held at 4.6 percent as almost 600,000 people left the workforce"""

We don't know where the fuck they went, but they just disappeared....

It's just wonderful, in this country, that so many people, don't have to work for a living...

Miss Guided said...

Both, the realtor, and the mortgage broker TOLD me, that real estate only goes "UP" in Florida....

My next door neighboor, Miss Taken, used the same guy I did, and we both bought on the same day....

We have a trest with him, to get the house we wanted....
I forgot to tell him I had HIV, and Miss Taken, had herpes.....

We all got something we'll keep for a longtime!!!

Tisk, tisk, tisk....

Anonymous said...

florida bust coming to hood near you

CRAZY G said...

Well, It looks like we're outta here, FLORIDA, that is....

We bought a REALLY nice home up in NC, where taxes are less than $2000 year, and insurance 1/10th of Florida.....

Turn up the heat, and stew in your own shit...

FUCK YOU FLORIDA BASTARDS

CRAZY G said...

Get this story.....

The Realtor, that we had been working with, recently sold his 'special' ordered BMW....
Then I noted he had increased his mortgage on his large size house.....Then he took out a HELOC on it besides.....
So the house that he paid $250k for, with $192 K mortgage, then increased the mortgage to $258K, PLUS a $50K HELOC... for a grand total of $308K

IS NOW FOR SALE FOR $528k.....

OOHHH!!! YAH!!!! He's got a 'pay option' on the $258K, with a 1% ""PAY"" [with balance added to principal].....

TALK ABOUT ONE FUCKED PUPPY?????

«Oldest ‹Older   1 – 200 of 423   Newer› Newest»