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There Is A Tangible Risk If You Buy Properties With Inflated Values

It’s Friday desk clearing time for this blogger. “According to an ATTOM Data Solutions report buying a home is more affordable than renting in 53% of the U.S. housing markets. ‘The current market here in Bakersfield for renters is a little difficult. There is a high demand for rental homes especially in the Northwest area and a lack of inventory,’ said relaltor Melinda Clemmer. However, if the market crashes that can impact the prices for renters. ‘It is less expensive to rent but as soon as we fall in a downward crisis and people are pushed out of their homes due to foreclosure or short-sells, our rent values do increase because those people are pushed out of the buyers market and owners market,’ Clemmer said. ‘They’re pushed into the rental market and in turn supply and demand pushes up the rental.'”

“Michele Cooper, a sales manager with San Joaquin Valley Mortgage said because of today’s low-interest rates, it’s more affordable to own a home. ‘If they can do 100% financing where they had to put no money out of their own pocket, get a rate as low as 3.5% and have the house payment only a couple of hundred dollars more than they are paying for rent, and that becomes their own property and not somebody else’s property,’ Cooper said. ‘I think it’s a win-win for a consumer to actually own a home and take those benefits.'”

“First-time buyers shouldn’t give up hope. They can buy a lower-cost home and take out a loan with a smaller down payment. Borrowers with a credit score of 560 or higher can obtain a Federal Housing Administration loan with a down payment as low as 3.5%. At the start of the year, the VA eliminated down payment requirements on all its loans, said Chris Birk, director of education at Veterans United Home Loan, the nation’s largest VA lender. The share of VA loans has gone from 2% of all mortgages before the housing crisis to above 10% currently. ‘Veterans and service members in the Denver area can borrow as much as they can afford without the need for a down payment,’ Birk said. ‘That hasn’t been the case historically.'”

“Adaptive Construction Solutions’ Nicholas Morgan said Houston grew by 10.5 percent from 2013 to 2018. In 2019, there were more than 60,000 new jobs and this year, about 40,000 new jobs are expected. ‘There’s 23,000 multi-family units under construction in Houston with another 28,000 planned. So, we need approximately 300,000 new jobs to support all of that construction projects,’ said Morgan. He said another challenge is luxury apartment construction is not a high paying job. Morgan said in 2020 it will continue to expand, just not at the same pace. Plus, Houston has overbuilt office and warehouse space.”

“A perfect storm of regulations, taxes and excess supply means there could be more struggles ahead for New York City’s troubled luxury residential market. Developers’ rush to build ritzy condominiums over the last few years caused a well-documented oversupply in the city. Sponsors and sellers at the high end have been forced to cut prices and offer incentives to score buyers — and there is little suggestion the challenges will ease any time soon. There are still scores of new units hitting the market. ‘The entire year was a struggle,’ Olshan Realty President Donna Olshan said. ‘You had to lower your price by 10% before you can even find a buyer.'”

“Lawyers representing investors in syndicated mortgages of the failed lender Fortress Real Developments Inc. are urging their clients not to respond to an ‘inappropriate’ financial offer from condominium developer Brad Lamb. George Benchetrit, partner in Chaitons LLP, one of the court-appointed lawyers for thousands of investors caught up in the financial failure of Fortress, once Canada’s largest syndicated mortgage company, said the Lamb offer could see investors lose 70 per cent of the value of their original investment. He said some of the individual investors, ‘have invested in some cases all of their retirement savings.'”

“An award-winning mansion on Vancouver Island is on sale for less than half of its asking price just a few years ago, in the latest sign yet that the foreign-buyer frenzy in British Columbia is history. ‘Several of the homes I have listed are American owners who are selling. They really get gouged, unfortunately, and from my perspective it’s a bit embarrassing, because we can go down there (to the U.S.) and buy anything we want,’ said listing agent Logan E. Wilson.”

“A city in the East of China has moved to combat property speculation by banning new home owners from reselling their houses for at least three-and-a-half years, reported Caixin. Tangshan, a prefecture-level city near Beijing, implemented a 42-month resale restriction on Jan. 4 that applies to all newly built homes purchased after that date. It’s the latest local government effort to rein in property speculation.”

“Since 2017, more than 50 cities have introduced resale restrictions on new homes, with Shenzhen introducing a record five-year ban in 2018. But many small cities have seen only tepid trading, which has depressed property developers’ willingness to invest and bled into local economies. Some are now granting subsidies to homebuyers to boost sales. Once red hot, China’s real estate market reached a turning point in late 2016 after years of rapid growth, as multiple cities tightened property regulations in response to Beijing’s call to curb speculation and rein in soaring home prices, as well as to prevent a property bubble that could trigger turmoil in the country’s financial sector.”

“Hong Kong developers could come under pressure to reduce prices amid a spate of new project launches, according to market observers. Centaline Property Agency said on Monday that six developers who hold 5,120 unsold flats since 2016 are likely to speed up sales to avoid the soon-to-be introduced vacancy tax. ‘Larger flats will see developers offering deeper discounts,’ said Sammy Po, chief executive of Midland Realty. The forecast of abundant supply comes as homebuyers stay sidelines.”

“‘The investors have vanished from the market. Earlier, there were many investors and now the residential sector is more of an end-user market,’ said Paramvir Singh Paul, branch director for the Pune region at Knight Frank India.”

“Property investors who are counting on home values to double every seven or eight years are in for a reality check as new research shows many areas are worth less now than they were more than a decade ago. RiskWise Property Research examined 88 SA4 areas, geographical locations with a population of at least 100,000, for houses and units. It found that in 55 cases, the values of either houses or units, or both, were similar, or below their values five years ago.However, home values for 26 of those 55 areas were lower now compared to 10 years ago. The research found that all the SA4s where home values have not grown for more than 10 years were in Western Australia, Queensland and the Northern Territory.”

“Among the worst performers include Mandurah, 72 kilometres south of Perth, where prices had stagnated since 2006. In outback Queensland, house prices had fallen back to where they were in 2006, sitting at $139,426. The property markets in Mackay-Isaac-Whitsunday areas in Queensland have also suffered with unit values dropping to its 2006 level. ‘It’s important to realise that there is a tangible risk in the long term if you buy properties with inflated values and that this long-term risk can be way over 10 years and in some occasions as much as 20 years,’ said Riskwise chief executive officer Doron Peleg.”

“On a suburb level, a research by Select Residential Property found that Dysart, a Queensland coal mining town 930 kilometres north-west of Brisbane, has performed the worst over the past 10 years. ‘Property prices had dropped by 76 per cent to $99,000 – roughly a quarter of what they used to be 10 years ago,’ ‘said Jeremy Sheppard, head of research at Select Residential Property.”

“Charlie Sheen has sold his home in the 90210 ZIP Code for $6.6 million — a far cry from the $10 million the actor first sought two years ago. Sheen bought the place through a trust in 2006 for $7.2 million, records show.”

This Post Has 97 Comments
  1. ‘Sheen has sold his home in the 90210 ZIP Code for $6.6 million — a far cry from the $10 million the actor first sought two years ago. Sheen bought the place through a trust in 2006 for $7.2 million’

    That’s a lot of bubble years gone poof there, Tiger Blood. Wolverines!

  2. ‘The share of VA loans has gone from 2% of all mortgages before the housing crisis to above 10% currently’

    Last I heard VA loans were 12% of the market. Just who exactly decided to goose these people into zero down loans?

    ‘Veterans and service members in the Denver area can borrow as much as they can afford without the need for a down payment…That hasn’t been the case historically’

    1. It’s not just that. They are doing as much $ in cash out refi (up to 100% of home value) as they are in purchase loans. And by some strange coincidence the average VA cash out refi is the about same as the median price of a US home. Something’s tells me the VA has turned into a vehicle for people to speculate in the real estate market on second and third homes.

      1. The brag about it. VA only requires you to live there a year, and you can go on your shack gambling way. Plus, why not buy a four-plex, live in one unit for a year and off you go! I don’t know what the max number of loans is though.

        1. No max or so ive been told by a fair weather FB specuvestor friend thats been at this for a few years. Long as they have “equity” they can keep rolling it over. Dontcha know thats how people get rich! FREE!!!

      2. The people who are promoting this speculation know that it will end bad for the VA speculators. Just like someone who starts a Ponzi scheme knows that it will end bad for most the “investors”. All they care about it to make their money prior to the collapse and to keep the Ponzi scheme going as long as possible to siphon as much money from the scheme until the collapse. They will use minorities, veterans etc. since people are more likely to support policies for them. However, as we have seen before when programs for them get rolled out it is towards the end of the Ponzi so they will be hit the hardest. However, people did not do the perp walk last time and only to had to pay a fraction of the Ponzi ill gotten gains back so why would they not do it a second time? This is especially true since the candidates running for the Presidential nomination for the Democrats have been competing to find ways to lower down payments to nothing.

      1. OK, but my understanding is that if you’re trying to get more than the limit you have to come up with 20% cash or something like that for all the amount above the limit.

  3. ‘‘There’s 23,000 multi-family units under construction in Houston with another 28,000 planned. So, we need approximately 300,000 new jobs to support all of that construction projects’

    Who’s gonna buy all these knock-offs?

    ‘He said another challenge is luxury apartment construction is not a high paying job’

    1. I work in south Houston. The expensive apartments (still) constructing across the road sat there for months (after a name change) with little stacks of roof tiles next to remaining untiled patches on various roofs all over it. It seemed the workers just left whatever wasn’t yet used at the end of the day up there with the jobs almost done, and they took months to get around to cleaning up and finishing all the spots. It, ah… rains a lot in Houston. I’m sure they remediated any rain issues that might have set in. After all, these are “Luxury” apartments!

  4. The big winner in the housing bubble before this one was Downtown Miami. They built all these “luxury condos,” they didn’t sell, the developers went bust, the banks went bust, the Feds took over, and the buildings were sold to investors. Then the investors rented out the units to young adults at affordable prices.

    Bingo! A massive federally subsidized middle class housing program to create a vibrant downtown through the back door! All of us ended up paying for it!

    But here in NYC, everyone is being allowed to extend and pretend, even as people move away because housing is too expensive. How long will that be allowed to go on?

      1. Ben, do very few people in Miami there simply because there are very few people? What if you had those kind of middle-class buildings in, say, Denver or Austin? Would the units fill up in those places?

        1. Was in Chicago a few weeks ago. Stayed on the “Magnificent Mile” downtown. There was a Lawry’s Prime Rib place not too far away. They had menu items up to $99. I guess rent’s gotta come from somewhere.

  5. ‘It is less expensive to rent but as soon as we fall in a downward crisis and people are pushed out of their homes due to foreclosure or short-sells, our rent values do increase because those people are pushed out of the buyers market and owners market’

    So buy a shack now cuz when everybody gets foreclosed they are gonna drive up rents. Got it.

    1. This is what happens as all of the property is transferred to the oligarchs. Once they own everything, they dictate the prices. There is only one market – their market. They have proven time and again that they will sit on vacant real estate for decades if they see fit.

      1. all of the property is transferred to the oligarchs

        If you wish to resist this, don’t be a debt donkey.

        1. Resistance is futile. You will be assimilated. Or at least your kids will as soon as you get out of the way.

      2. At the end of the last bubble burst, a buddy of mine was hired to write a vanity bio about a billionaire. In what he presumed was a move to impress, the billionaire direct dialed Warren Buffett. Buffett picked up and they two proceeded to outline a deal to purchase massive lots of foreclosed homes, with Buffett shading the transaction in a way in which he would not be perceived as a vulture of sorts. Just a couple of billionaires dividing the spoils of a detonated economy, while the common folk were frozen out from buying individual foreclosures.

        1. “Just a couple of billionaires dividing the spoils of a detonated economy, while the common folk were frozen out from buying individual foreclosures.”

          Free market competition is for the hard-scrabble contractors driving a pick-up full of tools and a ladder rack.

    2. But by the same logic, won’t foreclosed homes be sold at discounts, and people who have actual savings will be able to get into a home with a decent down payment?

      Oh wait, housing prices are only allowed to go up!

  6. ‘An award-winning mansion on Vancouver Island is on sale for less than half of its asking price just a few years ago, in the latest sign yet that the foreign-buyer frenzy in British Columbia is history. ‘Several of the homes I have listed are American owners who are selling. They really get gouged’

    Wa? There was a troll here over a year ago who insisted Vancouver/BC could never fall!

    ‘could see investors lose 70 per cent of the value of their original investment. He said some of the individual investors, ‘have invested in some cases all of their retirement savings’

    All of a sudden this shack and airbox gambling is looking kinda risky.

  7. ‘A city in the East of China has moved to combat property speculation by banning new home owners from reselling their houses for at least three-and-a-half years…Since 2017, more than 50 cities have introduced resale restrictions on new homes, with Shenzhen introducing a record five-year ban in 2018’

    I’m surprised news of this hasn’t gotten around in the US more. Stuck with an airbox in China they can’t sell, trying to unload an Irvine mcmansion. Quite the pickle.

    1. The lucky ones chose Ann Arbor for their US homes ! Some of the quickest selling stuff is in the Chinese section of town, whole subs and condo complexes almost all Chinese, it must seem cheap as potatoes compared to Irvine and plus we’re the next Silicon Valley! And the grey skies are like home!

    1. Leona Helmsley wasn’t joking:

      “We don’t pay taxes. Only the little people pay taxes.”

  8. Casey made a confessional post to FB that some of you might find amusing:

    year2019 was my best year in #realestate by sales volume.
    Too bad I gambled away all my commission trying to learn Bitcoin futures trading: too much leverage, no stoploss, betting my whole stack, no experience, in one word, REKT 😭 …
    Ended the year with $100 to my name.
    Depressing, Bitter, TERRIBLE…but at least not as terrible as previous year. Unlike 2018 I did not borrow to gamble in 2019, only used my own earnings 😮 …
    Mad at myself for trying to Get Rich Quick, AGAIN!! 😡 When will I learn!!??
    Still, I am very grateful for all the real estate deals, great clients and referrals🙏
    I am down but not out 💪
    2020 here we come!!!
    #confessions

    1. He needs to re-read “Rich Dad Poor Dad” for the x19th time, whilst standing in line @ Uncle Warren’$ Omahaha 2020 confe$$ional convention.

    2. Likely gambled it away on “other” things too… drugs, booze, women come to mind. as ponzi as buttcoin is, it has not gone to its true value of – zero yet so it doesnt make sense this realturd would have lost all his ill gotten gains. Theres honest hard working people and then there are realtors. Realtors arent even people.

      1. If he borrowed and bought Bitcoin when it spiked above $12k, then he’s made nothing and owes money, with interest.

  9. I got a notification through my credit monitoring service that there was a change to my score. I logged in to find I was in collections for a doctor bill, yet I have insurance. Further, I never once even received the bill. Weird. Uncool.

    After spending almost 45 minutes fighting an automated telephone service, I spoke to a minimum wage employee at the billing collections center (not the actual bill collector that they had also sent it to). I was told they sent me a bill and I never paid it. I told them I never got a bill and I asked why they sent me a bill anyway when I provided them my insurance info and they told me they never had that info. This was suspect as they had already been paid on a subsequent bill by my insurance that I provided to them. I pointed that out and they had no answer for it. I requested they submit the bill to insurance.

    Fast forward a month and I called to check on it. They told me I had no coverage on the date of service, so they could not submit a bill. I told them they are mistaken as I most certainly did and I can prove it, and that my insurance company is still waiting for them to submit a bill. Rather than send the bill, they wanted me to provide my proof of coverage, which I sent over, and am back to the waiting game.

    In the meantime, I had filed a dispute with the credit reporting agency. I explained the entire situation. The dispute results came back: DENIED. LOLZ. You can’t make this stuff up. I go to collections for a bill I never received and a service that I have insurance for, and who will pay it. I called the bill collection service and explained the entire situation to them. They said they will show it paid once that happens, and send me proof of that. So, I will have this on my credit regardless. The good ol’ USA.

    1. Sorry to hear that. Exact same thing Happened to me from a dental office 20 years ago or so. Took many years to see it go away. On the positive side: now their are tons of online outlets for +/- reviews that these scumbag dr offices and collections agencies will love for you to post on 😉 , although im sure if you yelp the collections agency they likely have nothing but negative reviews so yours would be a drop in the bucket. Personally, I would change dr offices immediately and make sure if you do publicly leave a review, that they know about it 😉

      1. The problem was that the doctor doesn’t handle their own billing, it is done by another company. But yeah, I should see if I can start some scathing reviews of all involved.

    2. I spoke to a minimum wage employee

      If you do not get satisfaction starting at the bottom of the ladder, start over at the top of the ladder.

      1. I’ve actually documented this entire thing, with dates of phone calls and all correspondence, including names. I sent an email with the proof of coverage, shared with them my dissatisfaction with the situation, and received a reply back. I have the whole trail of everything.

        I plan on taking this up the chain with the credit reporting agencies as well as the billing company and my insurance. I do not see how it’s possible that I can suffer a credit strike for something that was completely out of my control. I can prove that they had the correct billing information the whole time, that it was their error. I anticipate a long slog of much effort which ends with my credit report getting wiped clean.

        1. up the chain with the credit reporting agencies

          You’re not their customer, so they don’t make any money making you happy. The care provider is their customer, and is the one who would like to satisfy you by calling the CEO of the so called billing company to get this cleared up pronto.

          Just my thoughts. Good luck!

      2. “If you do not get satisfaction starting at the bottom of the ladder, start over at the top of the ladder.”

        I know a guy who lost a disassembled bridge because the railroad that he contracted to ship the bridge to Alaska couldn’t find it after it was loaded onto the flatcars.

        A bridge, the railroad could not find a bridge.

        No satisfaction was gained at the grunt level in his futile search for his bridge so he managed to scrounge up the home telephone number of the president of the railroad and gave him a call at 5:00 o’clock in the morning. Soon thereafter the bridge was located.

        There is much more to this story but telling it would consume a lot of bandwidth.

    1. I know via Dearest Spouse a sap who helped create “comps “ across the street to spawn such an asking price—a move from east coast with possibly too much inheritance and income buying rush rush trusttrust no verifying and plunking 100k or so more for a total of like 600k I think for a little more SF across the street from here.

    2. Rebuilt in 2019 … but now it sticks waaaaay out of line compared to the comps in the neighborhood and even all up and down the street.

      That’s betting on a very hot market and a very dumb buyer…

      My bet is that it will be a painful lesson for the flipper.

    3. In my area (Maryland burbs of DC) that shack would be wishpriced for $450K and sell to a dummy for $415K. So IMO $539K in Ann Arbor is ridiculous.

      1. Yeah, $539k in Michigan is straight LALA. With all due respect, I’ve never heard somebody say, “hey, let’s move to Michigan.” Because, let’s face it, the winters blow.

        I’m going to go out on a limb and say that price in Michigan is worse than the bubble areas of CA. Which just goes to show how bad this bubble is. It’s literally in every town in the US. Real estate speculation is rot.

          1. 48009 IKR?! I’ve sort of seen the frothy prices there but they are as frothy as Ann Arbor in some ways, more so in others?! Do you know why?!

  10. “Borrowers with a credit score of 560”

    I don’t want to live in a neighborhood of people like this.

    Sub-prime credit = sub-prime behavior and sub-prime problems.

      1. Here’s a snip from the article …

        How Buying Better Credit Works
        You pay the company a fee ranging from a few hundred to a few thousand dollars depending on the number of accounts you want to be added. You provide your name and social security number. The company finds people with good credit accounts to add you as an authorized user to one or more of their accounts.

        Once the credit card company has reported to the credit bureaus, you’re taken off the accounts. The account information is reflected in your credit score and remains on your credit report for seven years. The positive payment history can offset other negative information on your credit report and increase your credit score.

        1. increase your credit score

          Query this then. A young woman marries a deadbeat. The marriage ends. The deadbeat exhusband leaves a credit legacy of unpaid accounts so the woman stars off her new life with an abysmal credit score.

          If her father, who has a solid gold credit score, adds her as an authorized user, actually help her credit score recover?

          Asking for a friend! LOL.

          1. Or…would the old man then share her crappy credit history?

            Years ago I tried to go around and settle my ex’s accounts, to give her a head start, because I’m such a nice idiot.

            She had a Pennies account that was six months past due. The company would not let me pay the balance off unless I let them add my name to the account. Huge mistake for me because then that six month’s past due went on my credit history. Took a while to wear that off.

          2. The ‘authorized user’ thing doesn’t do much, if anything, for your credit these days. The algorithms have been adjusted.

            There’s no substitute for just not doing dumb financial things.

            I’m sure I mentioned it before, but in the very early ’90s when I was in my early-mid 20s, I wound up writing software for a small mortgage origination office that was an experiment by a commercial tax-return software company (now part of Intuit) to cash in on falling rates by having CPAs suggest you refi your (1980s) mortgage.

            It was there that I got to see a LOT of mortgage applications, and saw how the credit score impacted approval and the loan pricing.

            I also was SHOCKED.. as in dumbfounded … at how many people had bad or downright lousy credit. I also had a coworker – making good money for a young programmer – who ran up a big Amex balance and then decided to walk away and take the hit to credit.

            Those two things I like to say ‘scared me straight’ and I vowed to protect my credit history at all costs, with an understanding of what actually got reported and how the game more or less works.

          3. Spiffy, about a year ago I attended a little seminar given by a co-worker about how to improve and protect credit. She gave basic presentation about paying your bills, here’s what a FICO is, etc. She then went on to say she had a little side business providing personal credit coaching to those who asked. I was quite surprised. Everything in her presentation could be found in a $2 book from the used bookstore, or with 4 seconds of googling. And people were paying real money for this? (If that’s the way they operate, I guess it explains why they needed the advice…)

            Then she took questions from the audience. I too was stunned again at the number of people who had been swimming naked, so to speak. One of the IT guys, who I knew, confessed he had a FICO in the 500s! And these are people with relatively stable jobs.

            We on HBB are an anomaly.

          4. “The marriage ends.”

            Lawyer 101: The dissolution of the marriage should have been reported to her creditors, the credit agencies and a local legal newspaper absolving the young lady of any future financial responsibility for her husbands borrowing binges.

          5. “One of the IT guys, who I knew, confessed he had a FICO in the 500s! And these are people with relatively stable jobs.”

            To work on National Critical Infrastructure SCADA-IT systems you have to have a spotless background, sworn (signed ) oath w/two supervisory witnesses, dd-214, sf-50s, credit reporting agencies, repeated interviews of wife and neighbors, etc., or else your TS/SCI privileges were revoked. I don’t understand how the up-n-coming young pups with their student loan balances make the cut.

          6. “Years ago I tried to go around and settle my ex’s accounts, to give her a head start, because I’m such a nice idiot.”

            Hello darkness my old friend…

          7. Yes, it is a one way data push of your favorable credit history, for that one account, onto your daughter’s credit history. Nothing from her profile is added to yours. Fyi you do have to activate the card in her name.

            They may have adjusted algorithm s or whatever, but this still works for family members.

          8. “Years ago I tried to go around and settle my ex’s accounts, to give her a head start, because I’m such a nice idiot.”

            Hello darkness my old friend…

            My ex got a fresh start with my taking all the debt (we were deep in credit card debt, I forget how much but somewhere $60-80k) and a hugely front loaded / lopsided settlement in terms of alimony. She got zero debt, most of my retirement account, a downpayment for her new house, nice alimony and child support, and a bunch of other crap.

            I did it in part because she agreed to making it non-modifiable and non-extendable, as well as convincing the judge that she had all she needed to land on her feet (she kept talking about how she was going to go back to school and finishing her degree and become a teacher).

            Sure enough, she was all grasshopper and no ant, and despite cashing out my retirement account, had maxed out her paid-off credit card in about a year. But there was no way she could take me back to court and get any more. And after 3 years the alimony ended. And then when I left Aperture my CS dropped proportionately because of the way the guidelines worked.

            He saving throw of course was having a SIMP lined up to marry her less than two weeks after the final alimony check cleared.

            Some things were bought for her outright to avoid being on any sort of loan with her, etc. I worked hard to get my credit and finances disentangled from her as quickly as possible, knowing she would damage me if I didn’t.

          9. “Her [?] saving throw of course was having a SIMP lined up to marry her less than two weeks after the final alimony check cleared.”

            Sounds like a true manipulator and user.

  11. I’m absolutely flabbergasted this evening. I applied for In-Home Supportive Services for my son. The social worker concluded that he did not need more supervision than a typical child since he hasn’t had a bolting incident since the sheriff launched a helicopter to find him 2.5 years ago. Of course he hasn’t! We watch him like hawks!! Now, I’ve got to appeal the finding and drag his ABA supervisor before a judge. The fun never ends!

    1. I know it is not funny in the least, but hearing of a sheriff’s helicopter finding your son frolicking in a neighboring pool did make me laugh. I mean, it’s a great story now that he’s safe. It’s like “all points bulletin, we have a missing young male child, last seen playing in his backyard, send the helicopters and run the amber alert system….cancel everything, the eye in the sky has located him in the adjacent property enjoying himself on a blow up floatie in the pool.”

    2. Sad.. our state has no problem wasting away our tax dollars on providing services to the junkies that require needles or pickup of their “waste” but when it comes to our youth they audit every request.

  12. I wish I could find humor in it. Attending a 4yo’s funeral with his surviving twin not understanding where his brother is will do that.

  13. This is a great excerpt:

    Enter lawyers like then private citizen and attorney Barack Obama. In 1995, Obama, representing 186 blacks, filed a class action mortgage discrimination lawsuit against Citibank. The case was settled, and his clients got mortgages. But, according to the Daily Caller in 2012, just 19 of Obamas 186 clients still had their homes. About half had gone bankrupt and/or had their homes in foreclosure.
    Incredibly, at least two of his former clients now believe banks should be prevented from lending to people who otherwise cannot afford their homes. One client said: “If you see some people don’t make enough money to afford the mortgage, why should you give them a loan? There should be some type of regulation against giving people loans they can’t afford.”

    1. One client said: “If you see some people don’t make enough money to afford the mortgage, why should you give them a loan? There should be some type of regulation against giving people loans they can’t afford.”

      Das rayciss.

    2. Having seen how it works from the inside, they’re not asking “can they afford this loan?”, they’re asking “can they afford this loan long enough for us to package it up, sell it off and make our money?”

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