Not in our name: No moratorium on foreclosures!
cbs5.com – CoCo Supes Ask For Moratorium On Foreclosures
Contra Costa County Supervisors passed a resolution Tuesday asking subprime mortgage lenders to voluntarily agree to a six-month moratorium on foreclosures in the county.”It’s no secret that Contra Costa, Solano and Alameda County are the hardest hit counties in the Bay Area,” Supervisor John Gioia said.In the third quarter of 2007 3,216 notices of default were filed in Contra Costa County. That number represents a more than 200 percent increase from the third quarter in 2006, according to the resolution.[snip]
“As you know, Antioch is ‘Ground Zero’ for foreclosures,” Supervisor Federal Glover said.
“We’re calling on these lenders to not proceed with foreclosures and to work with homeowners” to help them stay in their homes, Gioia said.
“Bottom line is we need to keep people in their homes,” Supervisor Mary Piepho said.
Please stop this insanity.
What do I mean?
Please stop calling yourself part of the Bay Area – you are not. The Real Bay Area is a place where house prices always rise. Clearly you are not part of the Bay Area.
Please stop soiling our name.
That said, it’s election year. Perhaps it’s time for Proposition 1313: Protect Californian Homeowners By Youth Exit Tax.
Who’s with me? We need change now!
January 17th, 2008 at 11:51 am
Foreclosure is actually good for a lot of homeowners.
For those who bought at low price and kept refinancing to extract cash from their home as home price rose, they have little equity on that ATM machine. Foreclosure is equivalent to selling the home at inflated price to the bank.
For those who bought at high price with little down payment, they could just return the home to the bank, the bank would fire-sell the home to some vulture investors at low price, and the vulture investor would rent this home back the previous homeowner with much lower monthly payment.
The only loser would be the bank and people with enough equity to stay at their home.
January 17th, 2008 at 11:57 am
Well… I guess a lot of people are talking about a Bay Area debacle in house prices
http://www.dqnews.com/RRBay0108.shtm
including a 40% drop in sales volume from Dec2006 to Dec 2007 and year-on-year FALLS in median house prices, of 5.5% in Marin, 2% in San Francisco and yes, even 0.2% for Santa Clara and San Mateo so…. maybe the Real Bay Area (TM) where “they arean’t making any more land and prices can only go up” is shrinking fast
January 17th, 2008 at 2:51 pm
From the article: “The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,756 last month, down from $2,963 the previous month, and down from $2,828 a year ago.”
I’d like to know where I can buy a house in the bay area with a mortage payment of $2700. Are we talking a shack on the Capitol Expressway in San Jose?
January 17th, 2008 at 3:03 pm
Their ridiculous definition of Bay Area includes Contra Costa. I hear you can buy a 10 bedroom house for $100k or something retarded like that.
January 17th, 2008 at 5:57 pm
Here is a little New Years treat courtesy of patrick.net. Why not copy this sample letter and e-mail to the ‘girls club’ aka: Feinstein, Boxer and Nancy “Bella Lugosi” Pelosi. Show your OUTRAGE, tell them you will not support them again if they sanction bailouts for liars, pimps and thieves AKA: home debtors. Get PISSED bitter renters, NOW is YOUR TIME. It becomes you…
Stock market continues to crash. Do You Care?
In California, it may help to write the committee consultants responsible for the bills:
Eileen Roush (senate Banking committee consultant) Eileen.Roush@sen.ca.gov
Mark Farouk (assembly Banking committee consultant) Mark.Farouk@asm.ca.gov
SAMPLE LETTER – If you are at a loss for words, copy the following letter into the email you send to your Representative, and be sure to include your rep’s name and your name and location before sending
Dear X Representative,
Please do not support the efforts to bail out subprime
borrowers with my tax dollars. As a responsible citizen, I
do not feel it is right for you to ask me to pay for other
peoples’ financial mistakes, especially since a bailout
encourages sleazy lenders to keep on making predatory loans,
with the assumption that taxpayers are on the hook.
I appreciate the goal of helping people to have access to
housing, but the proposed subprime bailout will only reward
people who acted irresponsibly, and it will punish people
who work hard and diligently manage their finances by not
buying houses which they cannot afford.
The housing market has begun a process of correction. This
is necessary in order to keep housing affordable in the
long-term. Let the market correct so we can achieve
stability again, and people are able to save and afford the
house of their dreams over time. That really is the true
American Dream.
Sincerely,
Your Name
City, State