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The Basement
Gibson raided
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<blockquote data-quote="W. Mark Hellinger" data-source="post: 39485" data-attributes="member: 692"><p>Re: Gibson raided</p><p></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">Wow... I'm almost speechless. And a bit shaken... or quite a bit shaken.</span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">I just got back from checking out a house in the neighborhood that's recently been posted as going up for auction by the county due to delinquent property taxes. This house has been abandoned since the spring of 2009... the "owners" bailed and defaulted on the mortgage back then... and the time for paying the piper is coming to a head. Rumor has it that the defaulted bundle of mortgages was somewhere on the order of $250K. The "owner" who defaulted was/is a self employed drywall contractor (read that "basically zero credit worthiness" if my own experiences in seeking credit in the past as a self employed business owner was an accurate indicator).</span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">Ok... well... here's where the rubber hits the road: I checked out the house, and it's a complete dump... or worse... probably built somewhere in the 1880's... NO foundation... crap tacked on crap over the years... original single pane windows falling out of their frames, sagging floors (like really bad… a couple feet of sag in places), '30's era wiring, "vintage" kitchen and bath (bath tacked onto the back when outhouses became less fashionable)... basically a bottom dollar farmhouse that was a piece of crap when it was built, and has been sinking into the ground for the past 130 years. Admittedly it's on a nice sized lot... which at it's peak was maybe worth $5K in this town... but the house itself is probably a $20K or more liability... and has been a $20K liability (adjusted for inflation) for 50+ years.</span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">And some banker loaned somewhere on the order of 250 large on this pile of crap?</span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">How?</span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">If this is in the least indicative of the skeletons in the closet of the housing bubble that burst and is just now coming home to roost... we're in deep doo-do. This seems pretty serious to me... if 10 million houses are upside-down to the tune of 250 large each... that's somewhere on the order of $2.5T </span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'"></span></span></p><p><span style="color: #222222"><span style="font-family: 'Verdana'">BTW: $2.5T in hundred dollar bills would be a pile that weighs about 27,533 tons (overweight tickets all around if just 1000ea. 18 wheelers tried to haul that many hundred dollar bills down the highway). I don't know if I did my math right, but a thousand 18 wheelers spaced 2 seconds apart, flying down the highway at 60mph, hauling nothing but hundred dollar bills... that would be a string of trucks about 40 miles long stuffed to the legal weight limit with hundred dollar bills to haul $2.5T.</span></span></p></blockquote><p></p>
[QUOTE="W. Mark Hellinger, post: 39485, member: 692"] Re: Gibson raided [COLOR=#222222][FONT=Verdana]Wow... I'm almost speechless. And a bit shaken... or quite a bit shaken. I just got back from checking out a house in the neighborhood that's recently been posted as going up for auction by the county due to delinquent property taxes. This house has been abandoned since the spring of 2009... the "owners" bailed and defaulted on the mortgage back then... and the time for paying the piper is coming to a head. Rumor has it that the defaulted bundle of mortgages was somewhere on the order of $250K. The "owner" who defaulted was/is a self employed drywall contractor (read that "basically zero credit worthiness" if my own experiences in seeking credit in the past as a self employed business owner was an accurate indicator). Ok... well... here's where the rubber hits the road: I checked out the house, and it's a complete dump... or worse... probably built somewhere in the 1880's... NO foundation... crap tacked on crap over the years... original single pane windows falling out of their frames, sagging floors (like really bad… a couple feet of sag in places), '30's era wiring, "vintage" kitchen and bath (bath tacked onto the back when outhouses became less fashionable)... basically a bottom dollar farmhouse that was a piece of crap when it was built, and has been sinking into the ground for the past 130 years. Admittedly it's on a nice sized lot... which at it's peak was maybe worth $5K in this town... but the house itself is probably a $20K or more liability... and has been a $20K liability (adjusted for inflation) for 50+ years. And some banker loaned somewhere on the order of 250 large on this pile of crap? How? If this is in the least indicative of the skeletons in the closet of the housing bubble that burst and is just now coming home to roost... we're in deep doo-do. This seems pretty serious to me... if 10 million houses are upside-down to the tune of 250 large each... that's somewhere on the order of $2.5T BTW: $2.5T in hundred dollar bills would be a pile that weighs about 27,533 tons (overweight tickets all around if just 1000ea. 18 wheelers tried to haul that many hundred dollar bills down the highway). I don't know if I did my math right, but a thousand 18 wheelers spaced 2 seconds apart, flying down the highway at 60mph, hauling nothing but hundred dollar bills... that would be a string of trucks about 40 miles long stuffed to the legal weight limit with hundred dollar bills to haul $2.5T.[/FONT][/COLOR] [/QUOTE]
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