Irvine's Own Dana Capital Group Facing Legal Smackdown

Orange County's own Dana Capital Group, one of the country's largest mortgage lenders, has been issued a cease and desist order from New Jersey's State Banking and Insurance Commissioner, Mr. Steven Goldman, prohibiting the financial lender from using unlicensed facilities, taking mortgage applications from unlicensed sales people, and charging inappropriate fees.

Rumour from the mortgage grapevine has it that regional Dana mortgage brokers who sent funded files into Dana Capital in the last several months have not been paid their commission, or are being paid only in trickles as the beleagured company tries to re-organizes itself.

Yes, there appear to be a considerable number of unhappy (read: fed up) Dana Capital brokers out there!

The New and Badly-Needed American Mantra

Afraid of falling behind on that subprime mortgage that "got you in" on that ever so not-massive 3 bedroom, 2.5 bath for $700,000? Can't keep your credit card debts under control? Is the refrigerator empty of food and your mailbox full of bills? Are you worried about just making monthly ends meet?

Well, stop and look no further!

And don't be CONFUSED!

Here's a never-fail program that will lead you back from the pits of budgetary insolvency and the brink of bankruptcy to the green pastures of financial freedom and family happiness!

Good Wages, Low Unemployment Preventing Full Blown Recession

By now it should be clear to everyone "with a pulse" that the U.S. housing market is in the shitter - and it is getting progressively worse.

The Economist this week objectively points out two key factors keeping the U.S. economy from going into a kamikaze nose-dive altogether: Low unemployment at around 4.4% nationally, and for the most part, good wage earnings across the American nation.

We Americans continue to spend like there's no tomorrow, saving as little as f***ing possible, and running up massive debts that can be easily repayed by an anemic and declining U.S. Dollar.

Meanwhile fuel prices are rising and inflation remains uncontrolled.

For now people living in the United States must hold out hope that there will not be a substantial drop in employment in the coming months, despite serious job hits in the real estate, building, construction, raw materials, finance sectors. Substantial jobs losses might be more than enough to send the current teetering-on-the-brink economy over the edge and into full blown economic recession.

But alas, summer is coming, so bring on the bounce of summer employment figures! But it won't necessarily mean a rise in wage earnings - and that is what fuels the insatiable spending that keeps the titanic-sized American economy afloat.

There's a New Mortgage in Town

Washington Mutual is promoting a new type of mortgage vehicle under their MortgagePlus program that would allow a homedebtor to switch from a fixed rate mortgage to a variable/adjustable rate mortgage and back again for a nominal fee.

And the mortgage creativity hits keep coming!

Underestimating the breadth and depth of the Housing Crash

Slate.com's article about the American "Housing Market Catastrophe-in-the-Making" helps to shine a wider light on multiple economic sectors and businesses that are reporting substantial negative impacts as a result of the housing dive.

Who can now say that no one was really hurt by the housing industry deception, lies and the shameless, incessant pumping by realtors?

The truth is that many industries will be hurt by the housing market crash - and seriously hurt. It is not too difficult to see many American workers (and even illegal immigrant workers) losing their jobs, and then wondering to themselves, after years of growing sales and business growth, how and why could this now happen?

The depth and breadth of the housing crash is likely more profound than anyone first believed.

Mr. Lereah, you have a credibility problem.

In case America's real estate agents haven't figured it out yet, they need a new spokesperson because the one they have, Mr. David Lereah, has lost credibility.

After consecutively denying the existence of a housing bubble in 2005 and 2006, then later retracting and insisting in 2006 that a "soft landing" surely awaits the American housing market, then going back on his previous market hype to forecast a down year in 2007, but one that will still grow at historic levels over 2006 results, to then in February 2007 insinuate a recovery for the American real estate market, to today - forecasting a real estate market recovery only sometime in 3rd quarter 2007 following devasting news that existing home sales declined 8.4%, the worst sales performance for the real estate industry in 18 years.

By now it should be obvious to prospective American homebuyers, future home sellers, economists, mortgage lenders and even realtors themselves that the N.A.R. cannot be viewed as a trusted advisor any longer with respect to the real estate market. It's motivations are completely and utterly duplicitous. There is no interest in sharing with the public full and unfettered, objective housing market data.

The N.A.R. continues in April 2007 to promote the idea that today is no less a "great time to buy" than it was in 2006 or 2005 - despite completely different real estate market growth patterns, rising inventories, declining home values, declining home prices and heavily restricted real estate market financing conditions, not to mention completely different economic circumstances, not the least of which is the all-but-decapitated U.S. Dollar!

It's about time for people to quit their bitching and come to accept the National Association of Realtors for what they are. The N.A.R. is simply a pseudo-public relations organization for realtors whose sole motivation is to sell property and earn commissions on the value of that transaction. The N.A.R. is constantly trying to sell. Once that relational vector becomes well understood by the American public and the mainstream media, it might call into questions some of the assertions made by it's President, posterboy spokesman Mr. Lereah and its 1.3 million members.

Some realtors have been in the industry a long time and have worked their asses off, surviving by referrals through the roughest of markets. Before you select a realtor, I recommend you ask them what they did from 1989 to 1999. Many have obviously proved themselves, demonstrating strong business ethics, and have chosen to help people objectively. They know the ins and outs, and are even more fed up with the N.A.R. than the lay person.

But the majority of realtors, I submit, are unlicensed or poorly licensed, poorly trained, inexperienced, opportunistic, self-centered, easily corrupted, and dead-focused on earning that 6% commission check. To hell with convention, business ethics and regard for your fellow man, they want that commission check! How else are they supposed to make payments on that f*** off huge Hummer they drive around town with their realty website and cell number painted all over it?

Realtors are basically all about a business transaction. Many prefer to portray themselves as some sort of societal counseling service for America: to go that extra mile to "help you and your family find that perfect dream home - just for you. It's all about you".

Bullshit!

Realtors want the transaction done and they want their freaking money! Period. And all of the stupid questions you ask, repair demands, price offers and counter-offers during price negotiations are nothing but Tourette's-inducing irritations obstructing the path to THEIR commission check.

The mere idea that the N.A.R. is somehow of help and "looking out for the interests" of prospective homebuyers and homesellers is so ridiculous anymore, it no longer is funny. It's infuriating. Ask the thousands of subprime homedebtors about their realtor experience. They'll tell you, and in detail, exactly how helpful they were in getting that loan to secure their dream house.

If there is a positive to the 2007 U.S. housing crash and David Lereah's repetitive PR goofs (read: lies) as to the U.S. real estate market's true condition, it is that some daylight might now expose the N.A.R. charlatans for what they really are, and might convince more Americans to show vigilence when selecting a realtor - or even first determining whether a realtor is even needed!

Remember today's quote: "There is no way to spin this news" - David Lereah, National Association of Realtors, April 24, 2007.

If that is the really case, Mr. Lereah, then perhaps you're no longer as useful to he N.A.R. as you used to be?

Greed, ignorance and financial illiteracy hits America's wealthy and well-educated too

The following article in Bloomberg paints a pretty bleak picture as to the state of the U.S. housing market. Even a well-educated woman with a Master's Degree - smart, intelligent, hard-working can fall victim to financial illiteracy, greed and ignorance too.

If there can be one take away from this article, it might be never to sign anything, ANY-THING, without reading it, reviewing it, fully understanding it and ALSO accepting the consequences of it.

How has the United State of America regressed from a nation of industrious, rugged individualists into to a country of overgrown children - financially incompetent, greedy, self-centered individualists who, only after realizing the folly of their delusional decisions, look to the a parental federal government to take away other people's money, in order to lift them out of a financial deathpit of their own making?

Don't answer that question. I don't want to know the truth anymore...

A Little HELP From My.......Friends?

Well, it's about time!

I mean, when you're financially strapped and upside down on your home mortgage, there's absolutely nothing wrong with raising your heavy hand and asking for a little help.

Those California homedebtors microns away from going postal due to pending foreclosure and bankruptcy should be relieved to learn that H.E.L.P. will indeed be arriving!
Home Experts for Loan Preforeclosure, that is.

A stellar organization of H.E.L.P.ers will soon be opening offices all over the country in the coming months, including lovely, sunny, everyone-wants-to-live-here, 15%-home-value-growth-is-in-the-bag-for-2006-because-Gary-Watts-said-so-California.

What fantastic news for those strapped homedebtors! When you're in deep financial trouble, it's just great for someone to take the time out of their busy day to bend down, extend a hand and lift you out of the cesspool of real estate hopelessness.

I mean, just read what the article has to say about these unfortunate souls:

"There is a burgeoning of news items of home owners having to sell their properties as rising tide foreclosures of the collapsing subprime mortgage market. These generalities and statistics often obscure the real human tragedies that lie behind such stories. HELP works to make sure people can stop foreclosure, and raise funds against their properties to settle with pressing creditors."

Well, a great many of these human tragedies could have been avoided with a little financial literacy, a whole lot less stupidity, and greed by the dolts who signed the dotted line, ......but let's not get into that now.

This development is super-duper, and I don't want to sour the moment.

Gee, I wonder who these Experts are, and where they have been for the last 5 years prior to the train derailment that is the real estate industry as we are coming to know it?

You know, far be it from me to ask a dumb-ass question here, but could it be...I mean, is it just possible that these so called freaking "Experts" are the same kind of goofball "Experts" that got you into this f'ed-up financial suicide mess in the firstplace?

Unfortunately at this point in the game, it's not like the upsidedowners have a Disneyland-long line of ethical, real-estate professionals to turn to for help right now.

"No, I get by with a little help from my friends. I get high with a little help from my friends. Could it be anybody?......"

138% Percent Jump in Orange County Default Notices

And so the misery ensues.

Californians More Frequently Using F-Word

As in "foreclosure".

It's not looking good folks.

Tragedy in Blacksburg, Virginia

Prayers go out to the victims, their families and the entire Virginia Tech university and local community on this very dark, nightmarish day.

C.A.R. Goes On Offensive: $2.3 Million "We Get It" Ad Campaign for California REALTORS (R)

In an effort to convince the nation that yeah, real estate agents do add value to a home transaction, the California Association of Realtors will commence a new radio and internet advertising campaign costing approximately $2.3 million dollars entitled:

"California Realtors (R), We Get It."

The internet ads take you to a website called: www.yourpieceofcalifornia.com where it is explained ever so clearly the top reasons to use a REALTOR (R):

1. REALTORS® subscribe to a strict Code of Ethics—a set of obligations that often go above those mandated by law. Known as the REALTOR® Code of Ethics (bwahahahahahaaha), these principles embody a strong commitment to fairness, integrity, and moral conduct in business relations. Under the Code of Ethics, REALTORS® put the needs and well-being of their clients above anything else. (But not above that holy 6% commission check!!! Bahahahaha! Oh man, you C.A.R. guys are killing us! Good one!)
2. As members of C.A.R., California REALTORS® have access to confidential legal counsel, innovative marketing tools, and an extensive repository of market data. (Market data which you will not share with the consumers because its so C.A.R. IP-ish, right?) With these resources, REALTORS® are equipped to help you make important decisions throughout the home-buying or –selling process, such as how much home you can afford or what information you must disclose to the other party. (Wait a minute. REALTORS (R) have been convincing thousands of homebuyers to sign up to non-standard mortgages in order to buy more home than they could really afford. Are you sure what you are claiming here is true?)
3. Among the top skills REALTORS®’ bring to the table is the ability to negotiate a favorable price. REALTORS® are knowledgeable about the small repairs and improvements you can make to enhance the “salability” of your home. According to the NATIONAL ASSOCIATION OF REALTORS®, the median price of a home sold using an agent is 16 percent higher than a home sold without the guidance of an agent. (Hmmm, so why utilize a REALTOR (R) real estate agent if I am buying a home? You forgot to address the other side of the transaction that affects your duplicitous profession. As a buyer I don't want to pay 16% more for a house plus 6% commission. That's 22% of b.s. money down the drain. You know what would be impressive? Convince me that by working with a realtor one can negotate price decreases of at least 17% every time to cancel out the efforts of the seller's realtor! Sorry, but this item 3 is crap in terms of explaining REALTOR value to the buyer.)
4. Your REALTOR® acts as your advocate during each step of the transaction. Whether evaluating buyer proposals or preparing counteroffers, your REALTOR® saves you time by serving as a liaison between you and the other parties of the transaction, prepares and reviews necessary paperwork, and guides you through the process to make sure everything is handled appropriately. (Such as encouraging you to not make insulting, low-ball offers for overvalued homes, and hand carrying you as a prospective buyer to "recommended" mortgage brokers and appraisers that will knock down the pins and help close the sale - all in an effort to secure that holy 6% commissions)
5. REALTORS® are well-versed in up-to-date market data, such as inventory levels, time on market, and ratios of list-to-sold prices. Backed by education and experience in the real estate industry, your REALTOR® and can help you leverage this market information to aid in your decision-making process. (Here's a news flash for REALTORS(R): All of this information is now available on the internet at Zillow, RealtyTrac, Foreclosure.com, etc., - and anyone with a brain and a pulse can decipher the amount of leverage available to them on a given. But even if one chose to hire a realtor anyway, how do any of the above items consistute a value-add worthy of 6% commission based on the home sale value? The rancid truth is, none of them do.)

These ads will run through October 2007.

Nice move, C.A.R. Tip of the hat to you.

I mean, it is wise to go on the offensive at this stage, since Americans who are, or will be, losing their homes are about to start calling out so-called professional mortgage brokers and real estate agents by name in the press. Yes, those who cajoled them into signing the dotted line of subprime and Alt-A mortgages back in 2003, 2004 and 2005 will likely start to receive that free word-of-mouth advertising on national TV! Sheer bliss for any a real estate professional!

But how will those that are undergoing home foreclosure, bankruptcy and homelessness view these new ads?

The answer? Well, it doesn't matter to real estate agents. You see, they have their money. They've been paid already - and can move on to the next sucker.

The idea that agents must act ethically in all transactions, or lose their professional reputation and potential future customer base, is a myth. If the Housing Bubble of 2006/2007 has taught us anything is that there is almost always a greater fool, until it's too late. So the "we're always ethical" line is just bullsh*t.

Real estate agents are sales people who do not care whether a home sells at price x or price y, as long as either price x or y is a high price, because their sales commission is a factor off of the final sales price.

But it is good for the C.A.R. to respond with something to counter the growing national disgust for real estate industry professionals as the U.S. housing market, the participative businesses within it, and it's customers proceed to financially unravel during the course of 2007 and 2008.

As far as the ads go, though - Great Stuff!

We're all waiting with bated breath I can tell you!

Landlord informs MarkusArelius of Rancid Truth: "No Rent Increase" in '07!

YES!

And there was much rejoicing!

Yes, some sweetness to life can be found, even during a colossal Orange County California real estate industry meltdown!

CANNONBALL!!!!

Mortgage Philanthropists!? Come out, Come out, wherever you are?

So exactly how much will it cost to rescue those financially illiterate cretins who were so-called "bamboozled" and "hoodwinked" into sub-prime mortgage loans by mortgage brokers and realtwhores in order to purchase homes that they could otherwise never afford?

How about $US 120 Billion?

Thank goodness all of our nation's schools are leading the globe with world-class education!

Thank goodness all of our nation's roads have been completed - and let me say, smooth as a baby's bottom!

Thank goodess that Ben Bernanke has brought inflation under control!

And thank goodness that our nation's borders are secure, and that the war on that noun called "terrorism" has been won, because man, I was starting to get worried about the price of gas, which is now at a record $3.36 per gallon in Lake Forest, CA!

Thank goodness for all of that, because now we can drop everything we have been doing in our busy lives in order to experience the pleasure of raising taxes on those who saved their money and went without, in order to bail out nimrods who decided not to read nor fully understand a mortgage contract before they signed it, and who could not bring their consumer greed, arrogance and financial incompetence under control!

I guess, with Mr. Shumer's advocacy, every homedebtor in the country can just declare mental ineptitude and stop paying their mortgage!

I swear, if any such bailout plan passes Congress and is signed by moron Bush, then America has officially lost its way completely.

Golden State Ranked No. 1 in March Foreclosures

We're No. 1! We're No. 1!

...uhh, Hey, wait a minute guys, uhh...what are we celebrating again??

California March Foreclosures: 32,692

- OR-

1 filing for every 373 homes, out of 158,000 foreclosure filings nationwide

California lenders, mortgage brokers, and real estate agents: Damn, you guys rock!

And you got paid!

Way to go!

The Rancid Truth: 1 in 54 Californians Is A Licensed Realtor

How appropriate for Friday the 13th. See the recent article from The Desert Sun newspaper out of Palm Springs, CA:

"...despite a generally sluggish housing market in recent months, California continues to add 200 to 300 new real estate licensees every week, with some 560,000 licensees expected statewide by year’s end.

“At least it’s not 1,000 a week like it was a year ago,” said California Real Estate Commissioner Jeff Davi, who oversees a $43 million budget and 342 employees in five offices who currently regulate about 535,000 licensees across the state...

...Along with the boom in licensees has come a surge in enforcement action for those who break the rules, Davi said. The department is on pace for 9,000-plus enforcement cases this year.... Based on cases filed during the first half of its fiscal year, about 36 percent will involve criminal convictions, 21 percent will involve trust-fund handling or recordkeeping violations, and 10 percent will involve supervision and negligence violations."

Realtor Transaction Survival Kit

Some great tools from the CAR, the California Association of Realtors.

Realtors, in case of emergency, break glass!

Transaction Survival Kit (Silver) Member Price: $44.00 A Basic Necessity for Every New Agent Keep these handy reference publications close to you at all times! Kit includes: Minimizing Legal Problems While Completing a Successful Real Estate Transaction The Relationship Between You and the Buyer in a Residential Real Estate Transaction The Residential Real Estate Transaction Guide Cutting Through the Confusion on Disclosures First Aid For Hot Market Burns Your Guide to the California Residential Purchase Agreement So You've Been Sued...Now What? Sold separately, the items cost over $92.00. As a kit, you save over $45.00. Sold as: 1 Package

Qty :

Got Groceries?

Professor Cathy Lesser Mansfield of Drake University Law School reported to NPR news that the housing market slowdown and the rise in home foreclosures are starting to impact the ability of families to pay for other basic needs. Groceries. Clothing. Gasoline. Health care.

America's Largest Homebuilder: "It's official. 2007 is sucking"

You got to hand it to D.R. Horton's CEO Don Tomnitz. Almost exactly 30 days ago he so eloquently predicted the probable business results of 2007 for America's largest of homebuilders.

Mr. Tomnitz was one of the few business leaders within the real estate industrial complex (REIC) with the cajones to just tell it like it is: 2007 "IS GOING TO SUCK" for America's homebuilders.

Funny quote at the time. But is anybody laughing anymore? I mean, Don was right on.

D.R. Horton's second quarter results ending March 31 have been talleyed. And they sure do SUCK!

D.R. Horton's year on year orders are down 37%.

Net sales orders fell to 9,983 homes from 15,771 a year earlier.

Perhaps worst of all - and very telling in terms of new pressure on home sale prices and the cost of incentives- the dollar value of home orders sank 41 percent to $2.6 billion from $4.4 billion.

Holy crap! For America's largest homebuilder, this is one major sucker punch below the belt! And if this is what's happening to the big boy on the block in terms of building homes and flogging them to the nation, how will the smaller home builders cope?

And the most painful kick in the groin? The state of California - where orders fell 59 percent to 1,107 homes. California was also the market that saw the biggest dip in dollar value of orders, down about 57 percent to $533.5 million.

Unbe-freaking-lievable!

I don' t know.

Maybe it's the quadratic pastel tie that says "I don't give a damn what you think!".

A tip of the hat to you, Mr. Tomnitz. Good call.

Blacks, Latinos Deserve Forgiveness for Signing Sub-Prime Loans

Mr. Wade Henderson, President of the Leadership Council On Civil Rights and Ms. Janet Murguia of the National Council of La Razza want loan forgiveness and special conditions for blacks and latinos in America who signed sub-prime loan agreements of their own free will.

Apparently, these loans were designed by greedy lenders and pumped by unscrupulous real estate agents to dupe, hoodwink and otherwise fool black and latino Americans into buying more home than they could really afford, thus causing the mass of foreclosures in American communities.

So, if you are an American taxpayer this means that we are all supposed to pony up the federal extortion bar and compensate ethnic minorities for being financial imbeciles!

This is almost too ludicrous for words.First of all, it might surprise black and latino Americans, who's eyes were too big for their financial stomachs when they went into debt to acquire those homes, to know that they find themselves in good company. Thousands of white Americans also signed on the sub-prime dotted line too. So where's the love for your equally stupid white American brother?

This compensation movement really insults the intelligence of every single ethic minority in this country.

It also suggests that it's ok to be a moron.

I'd much more prefer that We, the People, i.e. All Americans, take full responsibility for our actions for a change - even for the titanically stupid mistakes that cause us to lose our homes, sell our possessions and declare personal bankruptcy.

The answer is simple, Mr. Henderson and Ms. Murguia:

No, the Gub'ment ain't bailing you out, because Gub'ment is you!

You signed the mortgage. You took responsibility. There are no do overs. You break it. You bought it.

The sooner we stop acting like overgrown children, the better.

Now back to our regularly scheduled program of Americans who know how to live within their financial means.

American Realtors: "It wasn't me."

CNN Money reports that the blame game has started.

Check out blame target No. 6 for the 2006-2007 real estate market meltdown.

OC "Cultural Pathology" By IrvineRenter

People, if you live in Orange County, California, then this article by IrvineRenter is a must-read.

Like a house of cards. Just like a house of cards.

American Realtors: "Housing Market Has Bottomed Out"

The National Association of Realtors demonstrates again why it is America's trusted news source for national housing market trends. Thank God this week's story matches up with the NAR's pocket-lining strategic objectives.

Short Sales: A Good Way For The Market To Correct Itself

The Orange County housing market is broken.

It has been for several years.

Now, some OC homeowners (actually "homedebtors") facing foreclosure might be able to negotiate a settlement with their mortgage lender called a short sale.

When this happens, a new buyer assumes the property, and the mortgage lender forgives the leftover balance of the original mortgage.

But short sales often result in smaller price discounts than home auctions do.

Fewer homes going to auction could help keep prices steady in an uncertain housing market.

A slowing housing market could indicate that hundreds of thousands of borrowers being stuck in loans they can't pay or refinance.

OC Homedebtors To Make Tough Choices

Homedebtors in Orange County impacted by upcoming rate adjustments on their mortgage loans may be facing foreclosure in 2007. Many homedebtors will be biting their nails down to the nubs deciding whether to sell their homes at a loss rather than declare bankruptcy and carry on in life with an impossible credit rating and no money to purchase another home.

The following OC Register article describes several ugly scenarios and possible survival tactics for upside down homedebtors.

Will there finally be enough market pressure accumulated from these motivated sellers, combined with rising inventories, and declining home values to reduce for median home prices in Orange County?

Probably not.

Unemployment figures in Orange County remain very low at 4.8%.

Yet, today average single family home prices in Lake Forest, CA hover around the $625,000 mark (3 bed, 2.5 bath). Median income in Lake Forest is slightly more than 10% of this median home value at $76,000 per annum.

A Blown Mortgage - And The Deadly Shrapnel

The Blown Mortgage Blog posted an interesting article today about an interesting, if not disturbing, knock off effect on smaller, licensed mortgage brokers who otherwise plan to sell their closed mortgages to investors. But the foundational sands appear to have shifted with these investors, many of whom have decided to tightened their loan purchasing guidelines as a result of the recent fall of New Century Financial and a higher aversion to loan default risk.

So what is the potential knock off effect? Thousands of dollars in losses on loan sales for small mortgage lenders.

Too Little Too Late, Barney

OC police are arresting more and more illegal immigrants each month of 2007.

Those without ID are being investigated for immigration violations and deported when warranted.

While these kinds of arrest results might be encouraging to some OC residents, it is just as too little as it is too late. The time for crack down on illegal immigration was 5 years ago and even then, it should never have started with arrests in California.

It should have started first with tightly securing the border with Mexico (i.e. 20 foot fence along the border, surveillance equipment, enforcement personnel and equipment).

This article states that 591 individuals were detained under suspicion of immigration violations in February. During that same month, well over 5,000 illegal Mexican immigrants crossed the California and Arizona borders.

Whether you support a tougher line or softer line on illegal immigration, it doesn't matter. One must concede the truth - that these arrests do not constitute an effective use of precious OC county law enforcement resources when U.S. borders remain essentially wide open the most common illegal immigrant - the Mexican migrant worker.

Here's an novel idea: Patch the hole in the hull first. Then commence bailing out the water.

The Achilles' heel of the United States of America is not a lack of resolve to correct what is wrong and make it right, but a failure to utilize critical thinking skills and common sense.

Whew! At least California is safe!

Thank God for the UCLA Anderson Forecast!

The sluggish real estate market is definitely dragging down the California economy, but strong job growth in the state at a whopping 1.9% year-to-date is keeping the California economic boat afloat - and preventing a recession.

New Century Financial Corporation: Officially Toast

New Century Financial Corporation of Irvine, California has declared Chapter 11 bankruptcy, agreed to sell off most of its assets and decided to lay off some 3,200 employees.

No surprises here.

For anyone who in the future wishes to question the reasons why their 2008, 2009 and 2010 federal income taxes increased substantially, bookmark this story now.

Your future tax dollars will not doubt be utilized by that all powerful, massive building with arms and legs that walks around and "does shit" called the Federal Government.

Your money will be used to bail out the reckless and greed-ridden actions of these NCF dolts who handed out high-risk mortgage loans to financially illiterate American families across the country like it were candy at a Labor Day parade.

Aren't you were glad you lived within your budget? Aren't you pleased how you lived within your means?

Do you not yet realize that you will be effectively paying off your neighbor's Ford Mustang Saleen that he bought for his wife with that HELOC!

Now, on to happy thoughts!

Take me to a safe place where there are happy thoughts, happy thoughts, happy.......