By FL Renaissance

December 7, 2007 2:06 PM | Link to this

1. Q.Too little too late asks WSJ Street Journal, or simply a bailout for irresponsible borrowers? A. Bailout for idiotic irresponsible borrowers 2. Q.Attorneys are fishing for buyers who want out of condo deals. A. Nothing new but a different ambulance to chase. 3. Q.Homebuilder Toll Brothers reported its first quarterly loss in 21 years? A. No spin, they are currently in hiatus but that’s a FANTASTIC track record. How many other industries can state that? Their stance so is their stance”NO FIRE SALES” is the correct long-term view. Very professional outfit.

By FL Renaissance

December 7, 2007 2:06 PM | Link to this

1. Q.Too little too late asks WSJ Street Journal, or simply a bailout for irresponsible borrowers? A. Bailout for idiotic irresponsible borrowers 2. Q.Attorneys are fishing for buyers who want out of condo deals. A. Nothing new but a different ambulance to chase. 3. Q.Homebuilder Toll Brothers reported its first quarterly loss in 21 years? A. No spin, they are currently in hiatus but that’s a FANTASTIC track record. How many other industries can state that? Their stance so is their stance”NO FIRE SALES” is the correct long-term view. Very professional outfit.

By FL Renaissance

December 7, 2007 2:42 PM | Link to this

1. Q.Too little too late asks WSJ Street Journal, or simply a bailout for irresponsible borrowers? A. Bailout for idiotic irresponsible borrowers 2. Q.Attorneys are fishing for buyers who want out of condo deals. A. Nothing new but a different ambulance to chase. 3. Q.Homebuilder Toll Brothers reported its first quarterly loss in 21 years? A. No spin, they are currently in hiatus but that’s a FANTASTIC track record. How many other industries can state that? Their stance so is their stance”NO FIRE SALES” is the correct long-term view. Very professional outfit.

By FL Renaissance

December 7, 2007 2:42 PM | Link to this

1. Q.Too little too late asks WSJ Street Journal, or simply a bailout for irresponsible borrowers? A. Bailout for idiotic irresponsible borrowers 2. Q.Attorneys are fishing for buyers who want out of condo deals. A. Nothing new but a different ambulance to chase. 3. Q.Homebuilder Toll Brothers reported its first quarterly loss in 21 years? A. No spin, they are currently in hiatus but that’s a FANTASTIC track record. How many other industries can state that? Their stance so is their stance”NO FIRE SALES” is the correct long-term view. Very professional outfit.

By FL Renaissance

December 7, 2007 3:41 PM | Link to this

I only posted once, please fix your server.

By Sick of knee jerks

December 7, 2007 7:15 PM | Link to this

Hey Fl Ren: Re: your response to freezing the obscene subprime rates: (Q.Too little too late asks WSJ Street Journal, or simply a bailout for irresponsible borrowers? A. Bailout for idiotic irresponsible borrowers

Why accept only two choices? Or is everything black or white in your world? This “freeze” will help only a fraction of REAL people who, whether by their stupidity or carelessness, WERE targeted by those who would make a profit off the dead if they could…

The fallout from NOT doing this freeze would hurt the SCAVENGERS and other innocent bystanders far more. Deal with this tiny gesture for those victimized by obscene rates - it’s the DECENT thing to do. You aren’t against decency, are you?

By Curious

December 7, 2007 7:24 PM | Link to this

It’s gotta be tough being President.

Sooooo many strings being pulled, and sooooo little free movement available to save your azz.

By Howard Scott

December 7, 2007 7:42 PM | Link to this

You can throw terms like “Ambulance Chaser” around all you like. I can tell you that Mr. Bronfeld at DepositRecoveryServices.com was fantastic. He was able to save me from a dishonest developer. Keep your uneducated opinions to yourself.

By The Truth

December 8, 2007 9:05 AM | Link to this

The subprime loans are not the accelator of this crisis, only a symptom. The general public needs to understand it’s the TERMS of adjustable rate mortgages that will cause the debacle ahead, not the credit quality of the borrowers. It’s not just subprime mortgages that will see a high percentage of foreclosures, it’s all ARM mortgages, including Alt-A and prime (credit quality) that will see significant defaults and foreclosures. Subprime are only a sliver of the REAL PROBLEM. The middle of next year, we’ll see the papers and rear view mirror “experts” discussing how the “subprime mess has bled over” to other credit quality customers. They will be wrong then, too. It’s the highly volatile terms of these crappola financial instruments that allow for payments to shoot up by 30-50% at the first adjustment period, and just as large rate increases are possible every year afterwards. Subprime loans are a minimal percentage of the total of ARM’s with loan shark terms originated in the last three years. Bank on a recession next year. That’s the truth. Plan for it, or go broke like so many others.

By ChicagoTruth

December 8, 2007 11:46 AM | Link to this

Why on earth should speculating idiots get their deposits back? If you lose $20,000 at the blackjack tables in Vegas, do you get your money back? If you buy $1000. worth of lottery tickets and not one is a winner, can you return them? If you smoke for 40 years, and develop emphysema at 58, should you be able to sue the tobacco companies for the consequences of your own foolish choices? NO!

I have no empathy whatsoever for any greedy idiot who jumped on the greed-driven bandwagon in 2003, and stood in line like a mental patient for the right to hand over $50,000 for a speculation property that hasnt even had a shovel touch dirt yet. 

I'm sorry, but stupidity deserves its own consequences.  After all, how many of you would buy a car without first actually SEEING it, TOUCHING it, and DRIVING it first?  On average, a decent car will cost a tenth, or less than a decent home. How is it then, that folks who would not even consider buying a car without test driving it first, would rush to hand over the equivalent of a new car based on nothing but illustrations in a brochure, and a slick talking broker?  As they say, "Fools RUSH in!"  Isn't that kind of idiocy what cwMAX would label 'Schmuck'?

I have a quesion for Easy: What would you consider those people who laid out big deposits for condos that have yet to be built several years later? Haves, or Have-nots?  On paper, they may be HAVES, but in real life, they HAVE NOT a thing to show for their investment!

Ironic, don’t you think? At least most of us ‘have not’ renters are smart enough to actually LOOK at, and WALK THROUGH a potential unit to determine its suitability BEFORE we spend our money on it!

Gee, I sure wish I would have bought at Marina Grande in Riviera Beach, or 610 Clematis! At least I would be a HAVE, happiliy having HAVE status, irregardless of the fact that IM only a HAVE by having my home in the hood, hoping helplessly that my hood home’s value stops plummeting.

By To Howard Scott

December 8, 2007 1:11 PM | Link to this

Stop trying to advertise your cheesy little business. Advetising on this blog is your marketing plan. Folks, ignore mental midgets like this. If he thinks this is a good marketing plan, imagine what he thinks is good advice for you? Run away as fast as you can from idiots like this.

By Rich R.

December 9, 2007 4:07 PM | Link to this

I laugh when I hear all these politicians talking about bailout plans. The people who created this crisis are not going to help people out of it.

Why is support of Congress at only 11%? Could it be WHO is in Congress.

Did you know the Senate is 13% Jewish? How did a good Chrisitan country make the Senate 13% Jewish?

That is our unlucky number. And you know that those Jews cooked up this mortgage crisis, in between writing scripts for sit-coms. Don’t expect any Christmas bailout gifts from them.

And it only gets worse. What if that Mormon pimp gets into the White House? I can’t wait too see the First Harem.

Just too funny.

By njfats

December 9, 2007 9:59 PM | Link to this

See nyt article re construction loans. Three percent are non-performing; highest in a decade.So, who protects me if the builder goes broke, or can’t meet his commitment

By Seeking Advice

December 9, 2007 10:53 PM | Link to this

I know I will need to speak to an accoutant but I was wondering if anybody had any knowledge of the following situation. I bought a house in 2005 ,however, I was not able to sell my existing house. Fortunately, It’s rented out but when I do my taxes I’m afraid of claiming it as a rental and having to pay capital gain when I sell it. The equity in that home is my down payment. I would hate to pay taxes on my down payment. I do rent it at a loss.

Are there any laws out there that anybody is aware of that can help me? Does renting it at a loss make a difference? Do I have a certain amount of years to sell it and not pay capital gain? BTW, It’s still homesteaded.

Need some advice. Thanks.

By Rich P

December 10, 2007 7:40 AM | Link to this

The post of:

December 9, 2007 4:07 PM

Was not posted by me.

Very childish behavior on this blog. Pretty typical for SoFla though.

By To Advice

December 10, 2007 8:27 AM | Link to this

If you lived in the old house more than 2 years during the 5 years preceding the sale of your home, you can exclude capial gains. It doesn’t matter if you were renting the home. However, any deprecation that you are taking on the house will be recaptured at ordinary income tax rates. Check out IRS pub 523.

By Seeking Advice

December 10, 2007 10:22 AM | Link to this

To Advice: Thank You very much.