Monday, June 22, 2009

Can they get any more stupid in California?........

Probably not. Pretty interesting that the nut jobs in government figure that unemployed broke dicks can make house payments. Or that people will make payments on houses that lose money in the process. All you have to do is buy a house across the street at much less than you owe.

If you have any sense you'll simply quit making payments  and move. After all these moratoriums on foreclosure, that is. Should be able to milk it for a year or so. Save the payments and buy a nice mobile for cash.

Just think, no house payment , little taxes, only a small lot rent, tax credit refund in California , of course.

Did I mention their getting more stupid in California?

California Foreclosure Prevention Act: Creating an Army of Lifetime Renters in California.
On June 15th California implemented another foreclosure moratorium. The California Foreclosure Prevention Act (CFPA) was signed into law by Governor Schwarzenegger which adds another 90 days to the foreclosure process. If you recall, a similar law was put into place in 2008 and turned out to be an utter failure. So what do we do? We virtually create another replica plan for a second go around. The plan will fail on so many levels and we will discuss the reasons why in this article. California has taken a major beating since it was part of the housing bubble mania and is now at the forefront of the bubble bursting.

The problem with dealing with the current foreclosure issue in California is how the issue is being framed. Take this perspective for example:

“(SF Chronicle) The goal is to compel banks to do systematic loan modifications across California to reduce our foreclosure rate, which is the highest in the nation,” said Assemblyman Ted Lieu, D-Torrance, who wrote the bill. “Until we slow that down, the California economy cannot recover.”

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