Category — Heard 'Round the Block

I love when three of my favorite interests combine to feature recent news for us all to read. Many people have heard by now of the Bronx construction worker who planted a Red Sox jersey before pouring concrete over it in the Yankees’ new stadium. It’s humorous to see how deep a rivalry can go. And since I’m a mafia movie fan, I loved this quote by Yankees President Randy Levine,

It’s never a good thing to be buried in cement in New York, so we thought about just pouring more cement on it.

Val always teaches me to factor in contingency costs when I’m setting up a cost estimate sheet. He always says, “You just never know what’s inside those walls when you start tearin’ ‘em down.” Do you think the Yankees organization factored that into their budget considering it was new construction? [Read more →]

HEH. A HOUSE DESIGNED AND BUILT LIKE A TOILET! Fortunately, it is in Souel, Korea so I won’t be tempted to go see it. The old “two holers” I’m familiar with are not in style anymore.

LOCAL REALTORS promote open homes and homes up for bid this weekend.  Every little bit helps.  The REO inventory of homes needs to be reduced.  Hopefully investors will be out this weekend.  Bargain time.

A JEWELER WAS ROBBED by bandits in the Pruneyard parking lot in Campbell.

This sounds like a planned robbery aimed at the jeweler to me.  Hang ‘um high.

THE SENATE FORECLOSURE RELIEF BILL will come to a vote in the Senate, but without giving bankruptcy judges the power to adjust downward the principal balance of mortgages.

I have not reviewed the wording of the bill the House has passed, but it sounds like bankruptcy judges will be able to dramatically reduce delinquent interest, but have limited authority to adjust downward the principal balances due on loans.

I agree with the Senate’s approach.  If bankruptcy judges were given authority to reduce the principal amount owed, especially on line of credit seconds, thousands of homeowners would file bankruptcy who could afford to make debt payments, with accompanying massive loss by lenders the financial system might not be able to sustain.

The Senate bill also contains legislation allowing states to issue $10 billion in tax free mortgage bonds to replace delinquent/defaulted loans.