2 people working at Togo’s can make $40k a year, no problem. $10 an hour base pay, or $11 an hour, which I remember was just a hair under $20k, times 2, = $40k.

Anyway those people living 20 to a house in Hollister are just as likely white native-born as anyone, I saw this in Orange County the last recession, 4 living in one shoebox studio, living all poor and crammed together is not something immigrants have all to themselves you know.

Although, I have to admit, it would be doubly ironic if, instead of property taxes, California raised income taxes on renters to pay to make sure property owners are covered.

http://en.wikipedia.org/wiki/California_Proposition_13_(1978)#Aftermath_in_California

BTW, did you notice that even Togo employees make $40k a year?

“I’m a Viiictiim”

Benjamin Franklin was right. The emblem of the US should NOT be the Eagle it SHOULD be the Turkey…

Exerpted from Housing Panic Blog: (I couldn’t make this stuff up)

“Martinez said struggling borrowers have flocked to his office asking for help. ‘They can’t read English. Whatever people told them, they believed,’ he said. ‘They were misled to think they would be able to refinance. When they go to refinance, they find out about the prepayment penalty.’”

(Fu*king Illiterate Idiots, they signed, they responsible)

“One case involves people who make $40,000 a year making sandwiches at Togo’s. They bought a $680,000 home and can’t afford it.”

(Arrest everyone associated with the transaction for felony fraud and freeze their assets until trial, revoke passports)concurrent IRS punitive examination.

“He advises borrowers to stay in their homes even if they can’t make payments. ‘I know a house in Hollister where three families are living together, 20 people in one house,’ he said.”

(Place Martinez under arrest and freeze assets, revoke passport (make something up – the Feds do it all the time) Immediately investigate claim of Hollister crash pad and business.)

December 13, 2007 1:20 AM

Have a Wonderful Depression year in 2008. We deserve everything that is coming, and MORE.

how true this is, I don’t know.

I think there were a lot of people who’d bought their houses long before, and the tax-reevaluations were coming up with in some cases more in taxes than the houses originally had cost.

It could have also made it a lot more profitable for little old grandmothers to sell their California houses and go back to Davenport, Iowa, because the new buyer would know their tax would remain fixed. In fact, now that I think about it, Prop 13 may have done a lot to encourage this RE bubble in California.

But with house values going down something like 20% a year, the things the taxes were going for are going to feel a pinch.

My own point is: But wait, it gets WORSE – that house that used to generate $1000 a month or more in taxes is now paying nothing, since it’s abandoned and full of squatters.

or

Keep the house and get rid of the children?

Chicken or Egg First?

No $ Downers ARE DOOMED. GIVE UP THE KEYS NOW. TURN OFF THE LIGHTS. GET OUT. TRY AGAIN NEXT CYCLE. YOU LOSE FOR NOW. You WILL HAVE ANOTHER CHANCE, DO NOT WORRY. AMERICA IS FUNNY THAT WAY.

Call El Presidente Jorge Bushco (use the correted HOPE #). He loves stories like this. Maybe he will personally cut you a check? He could pretend to be Santa Claus when he is through pretending to be President.

NO MERCY. DAY OF RECKONING COMING SOON.