tag:blogger.com,1999:blog-33255068.post116700090851327454..comments2023-11-02T05:18:21.296-07:00Comments on Bakersfield Bubble: Another One Goes Out of BusinessBakersfield Bubblehttp://www.blogger.com/profile/12663275045022347451noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-33255068.post-1167111760938217502006-12-25T21:42:00.000-08:002006-12-25T21:42:00.000-08:00kook - aka nut job-Then gobble up every thing insi...kook - aka nut job-<BR/><BR/>Then gobble up every thing insight and good luck to you.Bakersfield Bubblehttps://www.blogger.com/profile/12663275045022347451noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167109205929366722006-12-25T21:00:00.000-08:002006-12-25T21:00:00.000-08:00Major cities ARE faring worse than Bakofield RIGHT...Major cities ARE faring worse than Bakofield RIGHT NOW. Ever heard of Boston, Washing DC, No. Virginia, parts of So. Florida?<BR/><BR/>Been happening for the better part of a year. NOBODY CARES. The crash you are waiting for requires MASSIVE unemployment followed by MASSIVE foreclosures, and that AINT happening in this SMOKING economy unless HOUSING and HOUSING ALONE causes the above.<BR/><BR/>You are banking on a HOUSING LED RECESSION. Nothing wrong with that. It might even happen. But so far it hasn't and even notorious PERMABEARS are now conceding that '07 is highly unlikely to see a recession.<BR/><BR/>'06 was going to be the reset nuclear winter that turned the entire nation into a dead zone. Now it's '07. Or maybe '08.<BR/><BR/>Inventory? Normal to mildly high. NOBODY CARES.<BR/><BR/>Prices flat or slightly down? Pfft. NOBODY CARES.<BR/><BR/>The young'un who bought in '06 and has to sell in '07 is gonna get hurt, and NOBODY CARES.<BR/><BR/>If you're looking for the market to tank 30, 40, 50% you'll want to keep you eye on UNEMPLOYMENT and FORECLOSURES.<BR/><BR/>You will need the market to tank way more than last time, so you will need the current market:<BR/><BR/>http://i12.photobucket.com/albums/a216/Pixbucket/SoCalRe2006-11PriceSmall.png<BR/><BR/>to become much worse than this:<BR/><BR/>http://i12.photobucket.com/albums/a216/Pixbucket/90sbustreal.jpg<BR/><BR/>And all this needs to happen during a hot economy where the vast majority are out making money instead of trembling over housing data minutia.<BR/><BR/>GOOD LUCK!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167098082050855002006-12-25T17:54:00.000-08:002006-12-25T17:54:00.000-08:00kook-This is only the beginning of the pain for th...kook-<BR/><BR/>This is only the beginning of the pain for the REIC. Major cities woll fair much worse than Bakersfield. One area, IMO, will be the hardest hit - The OC. That area is the sub prime loose lending capital of the free world.Bakersfield Bubblehttps://www.blogger.com/profile/12663275045022347451noreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167092122156684482006-12-25T16:15:00.000-08:002006-12-25T16:15:00.000-08:00What I like is that how different this downturn is...What I like is that how different this downturn is from the last when a closure of any banking or lending institution would garner massive national attention.<BR/><BR/>Now, Ownit closes up shop, thousands are tossed under the bus and NOBODY CARES. Why? Because the only fallout is employment-related - not financial. A couple thousand unemployed gen y'ers and x'ers is something NOBODY CARES about in a full-employment economy. <BR/><BR/>Defaults? NOBODY CARES since MBS risk is so widespread and priced to absorb huge losses in the subprime tranches, where the vast majority of FB's are getting crushed. A couple thousand gen y and gen x FB's is something NOBODY CARES about in a forclosure market which still FAR below normal and almost exclusively confined to the young and the stupid.<BR/><BR/>An economy smoking along with low unemployment, loose lending, massive liquidity, low foreclosures, a raging equities market, and 8 out of 10 sectors hitting on all cylinders will scarcely notice some idiotic young Californians living back in rentals and eating cat food because they bought a $900k shitbox in bumfuck Bakingfield.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167072882575458312006-12-25T10:54:00.000-08:002006-12-25T10:54:00.000-08:00I love it these false mortgage companies screwing ...I love it these false mortgage companies screwing the American Public are biting the dust. I just hope formal investigations are launched on a massive scale and the fraud is uncovered to its full extent.<BR/><BR/>As for the lowly loan officer, I hope you and all your cronies get to spend a few years in the big house.<BR/><BR/>Subprime crooks. Hang all of them.<BR/><BR/>Perfect StormAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167001275542490692006-12-24T15:01:00.000-08:002006-12-24T15:01:00.000-08:00Harbourton is a holding company comprising two fin...Harbourton is a holding company comprising two financial businesses, mezzanine lending conducted by the HFC subsidiary and mortgage banking by HMIC. HFC's primary business is originating loans to builders and developers of residential projects. The loans include financing for acquisition, development and construction of residential single-family homes, townhouses, and condominiums. HMIC's primary business consists of originating and purchasing both conforming and non-conforming mortgage loans and the subsequent sale of these loans servicing released to investors in the secondary market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33255068.post-1167001225699863662006-12-24T15:00:00.000-08:002006-12-24T15:00:00.000-08:00The Company's results for the quarter were again n...The Company's results for the quarter were again negatively impacted by HMIC, the Company's wholesale mortgage subsidiary. For the quarter ended September 30, 2006, HMIC recorded a provision for losses of $954,000 in response to a significant increase in the loans sold to investors that experienced an early payment default, under which HMIC may have liability to the investor. HMIC recorded a loss for the quarter ended September 30 of $1.19 million excluding the provision for losses and approximately $260,000 of one time expenses directly related to the MAW acquisition.Anonymousnoreply@blogger.com