Friday, February 27, 2009

Deja Vu All Over Again

I'm not really a fan of the republican mantra that they are "shocked, absolutely shocked" to see what a mess we're in, when it was caused by reckless tax cuts and a Congress full of willing participants in creation of the mess we find ourselves in that date back to 2000-2006. Where is their "bi-partisanship"?

Setting that aside I find it interesting that they report that MORE THAN HALF of all reworked mortgages are back in default again within six months. Yet these same people threw $350 billion down the drain with Messrs. Bush and Paulson without any oversight. We need the Presdient to ask Mr. Giuliani if he is willing to go after the "usual suspects" like Mr. Thain and others who sacked the institutions they worked at and let them join Dennis Koslowski in the pokey

Thursday, February 26, 2009

"Free Fallin"

Like the Tom Petty song, real estate prices are in a free fall in Lee County. Again, this shows the need to be absolutely vigilant about staying on top of your receivables.

Monday, February 23, 2009

Down and down we go, where we stop...Nobody knows

here is a sign of the times taken off Craigslist, sick, sick, do these idiot owners know they can be held liable for a deficency judgment? Probably not or if they do, what do they care?

Facing Foreclosure? I will buy your a/c unit (SW Florida)

Reply to: [Errors when replying to ads?]
Date: 2009-02-23, 9:48AM EST

Are you facing foreclosure? Do you need cash? If you still have legal possession of your home we will buy your Air Conditioning unit, appliances, cabinets, marble countertops etc. 
Email us with your make, model, size and year of a/c unit for a price quote. CONTACT US VIA EMAIL with your #.....WE WILL CALL YOU BACK

Thursday, February 19, 2009

Lee County foreclosures-15 seconds, 2 questions and 45 days to get out!

For an interesting description of how the court system at ground zero of the mortgage meltdown is trying to cope with the greatest Ponzi scheme in history (maybe the second greatest, after Social Security) as reported by the Wall Street Journal, click on this link to read about the "Rocket Docket" that has beeen adopted by the court system...

Friday, February 13, 2009

State Farm To Exit Florida

Good riddance, the Legislature either has to get off it's collective rear end and team up with our empty suit Governor and press for a national catastrophis insurance program, or agree that the sate witll say pay either the first $35 Billion in hurricane related dmanges or will pay everythign above say $100 Billion; either way there is no metric to use for determining the possible extent of a huge hit and all insurance will vanish.




FOR IMMEDIATE RELEASE                   



February 13, 2009                                                                                          

Contact:    Ed Domansky




Florida Insurance Commissioner Approves State Farm Withdrawal Plan, With Conditions

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced that he has conditionally approved the withdrawal plan submitted Jan. 27 to the Office of Insurance Regulation (Office) by State Farm Florida Insurance Co. (State Farm Florida) and State Farm Mutual Automobile Insurance Co. (State Farm Mutual). Today’s order allows the State Farm companies to move forward with their plan to withdraw from the Florida property insurance market, but stipulates several key conditions with which the company must comply.  


Commissioner McCarty’s conditional approval order states in part:

  • State Farm Florida shall surrender its Certificate of Authority within 30 days;
  • State Farm shall facilitate the orderly transition of policies from State Farm Florida to the private marketplace in a method directed by the Office and shall not place any of the policies in Citizens;
  • State Farm shall not interfere with the appointment of its agents to other private insurance companies to place State Farm Florida policies directly with those other private insurance companies;
  • In an effort to minimize the impact of market disruption on all of its policyholders, State Farm shall issue pro-rata refunds of premium to any policyholder seeking to voluntarily cancel or non-renew a policy and will not short-rate the return premium for any policy in any line, whether it be automobile, boat, or property insurance coverage;
  • State Farm shall consider all offers to buy or assume all or part of its business. A copy of any such offer shall be provided to the Office within 48 hours of its receipt.


“I could not approve the withdrawal plan State Farm submitted, because, as Florida law states, I believe that plan was ‘hazardous’ to State Farm policyholders and to the public,” said Commissioner McCarty. “State Farm intended to dump all of its customers into Citizens; and that is not acceptable for their customers or for the people of Florida. We have private companies that are eager to grow their businesses, and I expect State Farm to fully cooperate in facilitating a smooth transition of their policyholders to those companies.


The law governing the withdrawal of an insurance company and the Office’s review of a withdrawal plan can be found in section 624.430(2), Florida Statutes.


State Farm now has 21 days to review Commissioner McCarty’s Order and to decide whether to abide by it or to request an administrative hearing by filing a petition with the Office. 


A detailed chronology of all events associated with recent State Farm issues is available on the Office Web site, and in the Office’s Jan. 12 news release announcing Commissioner McCarty’s Final Order denying State Farm’s 47 percent average statewide rate increase. 

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. The Office protects Florida consumers through regulatory oversight of: insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market. For more information about the Office, please visit If you would like information about the Cover Florida Health Care Access Program, please go

# # #

Edward C. Domansky

Director of Communications

Florida Office of Insurance Regulation

200 East Gaines Street

Tallahassee, Florida 32399


Tuesday, February 10, 2009

Lehigh Acres, Ground Zero

Nothing more to say...greed, recklessness, irresponsibility, bad government, a perfect storm, coming soon to all of the Sunshine State....Lehigh Acres

Monday, February 9, 2009

Foreclosures? Want to vomit? Read on!!

Want to know how sick the system is?  Below is just part of one day's analysis of the status of mortgage foreclosures we answered and are monitoring. As you know, we were recently forced to start charging a flat fee of $150 to answer and monitor these cases. I have 2 full time people doing this.  I think we just passed a BILLION Dollars in foreclosure defenses, over 3,200 at about $300k each...

Here is how to read them:

date-initials of my employee-action taken-followup

FC= foreclosure; MSJ= Motion for Summary Judgement' OC= Opposing Counsel.

This is absolutely sickening!  When we call the plaintiffs lawyers, they pull the file and move; if not they only move if their clients scream at them, and because Uncle Sam is bailing everybody out , what do the "lenders" care? They've already raped the investors, and sliced and sliced up the packages of these worthless mortgages.

The lawyers for the plaintiffs are totally under water, and their clients don't really want the properties anyway, what with having to pay back assessments, ongoing assessments, property taxes, maintenance &tc., &tc...... 

These matters are moving at about the speed of molasses, which is why I beat the drum about moving aggressively against delinquent owners, and having clients consider authorization of their own foreclosures even when the first mortgage holder starts foreclosure. This is done on a not to exceed fee of $1500, including costs. We can usually go start to finish in 5-7 months and the associations can then rent out the properties. Remember, no guarantees, but if your association sits on it's hands, you will get death by slicing

I believe it will get worse as the lenders all wait for Uncle sam to see how much they can sucker the taxpayers for in a bailout. Current valuation is about 22 cents on the dollar wait, it gets worse, I think we are half way through, maybe.  Just wait until all of the resets on loans come this year, and all of the foreclosed properties get on the market at 50% of their former "value."

12-06-07-GT-Opened Mtg FC file. XXXXXX's office answered complaint 10-11-07.
docket pulled - nothing since answered filed. Check status 2mos.
02-20-08-GT-Per Gail, OC is awaiting hearing date for MSJ. Check status
08-08-08-GW-Pulled docket nothing since April.  Status 2 mo
08-29-08-GW- MSJ filed.  check 1 mo for hearing date
02-02-09-GW- Nothing on docket since 8/08.  Check 2 mos

2-06-07-GT-Opened Mtg FC file. XXXXXXX's office answered complaint 10-11-07.
docket pulled - nothing since answered filed. Check status 2mos.
02-20-08-GT-Per Gail, OC is awaiting hearing date for MSJ. Check status
08-08-08-GW-Pulled docket nothing since April.  Status 2 mo
08-29-08-GW- MSJ filed.  check 1 mo for hearing date
02-02-09-GW- Nothing on docket since 8/08.  Check 2 mos

04-09-08 LAP Answered Complaint.  Check status 3 mos.
08-08-08-GW- Pulled docket.  Nothing since April.  Check 2 mos
11-21-08-GW- MSJ filed.  Check 2 mos for hearing date
02-09-09-GW- Check 2 mos for hearing

12-03-07-GT-Answered Mtg FC complaint. Check status 3mos.
03-04-08-GT-MSJ was set for 02-28-08. Check status 2mos.
08-13-08-GW-  Sale date Septemebr 8, 2008.  Check 1 mo for CT
09-09-08-GW- OC filed Motion to cancel sale.  Check 1 mo for resch.
02-09-09-GW-Case reopened 9/08.  Nothing filed since 9/08.  Check 3 mos

03-16-08-GT-Gail answered Mtg FC complaint 03-07-08. Check status 3mos.
08-08-08-GW- Pulled docket.  Service being perfected.  Check 2 mo
02-09-09-GW- MSJ filed 11/08.  Check 1 mo for hearing

03-16-08-GT-Gail answered Mtg FC complaint 02-12-08. Check status 3mos.
05-22-08-GT-MSJ hearing set for 07-03-08. Check status 2mo.
08-08-08-GW-Pulled docket.  Nothing since April.  Check 2 mos
02-09-09-GW- Pulled docket.  MSJ filed 4/08 nothing since.  Emailed atty for

03-16-08-GT-Gail answered Mtg FC complaint 03-04-08. Check status 3mos.
04-20-08-GT-Owner filed BK 04-09-08.
08-20-08-GW-OC filed Amended Amts Due and Owing.  Check status 2 mos
08-22-08-GW-BKR discharged July 20, 2008.
02-09-09-GW- Defaults being filed 1/09.  Check 2 mos for MSJ

11-21-07-GT-Answered Mtg FC complaint. Check status 2mos.
01-28-08-GT-Stern's office is perfecting service and entering defaults.
Check status 2mos.
08-08-08-GW- Nothing on docket since December.  Check 2 mos
02-09-09-GW- Cas dismissed 8/14/08.  File closed

11-16-07-GT-File pulled for case status update. Docket shows no movement
since 04-03-07.
11-28-07-GT-Emailed status request to Echevarria.
11-29-07-GT-Per plaintiff's atty, this file is on BK hold. Check status
03-04-08-GT-No movement on docket since 04-03-07. File to Gail to call OC.
03-07-08-GT-Per Gail's email from OC, file is still on BK hold. BK is
active. Check status 3mos.
10-24-08-Amending MSJ  Check 3 mos for hearing Check 2 mos
02-05-09-GW- BKR terminated.  Check 2 mos
02-09-09-GW- 10/08-Lenders atty amending MSJ and reschedule sale date.

03-09-08-GT-Gail answered Mtg FC complaint 02-12-08. Check status 3mos.
06-27-08-GW-Sale date 7/23/08.  Check 1 mo for CT. No fax sent per Kathy.
08-04-08-GW-Sale to third part for $99,700.  Check 1 mo for CT

4-18-08 LAP Answered Complaint.  Check status 3 mos.
02-09-09-GW- Nothng on docket since 7/08.  Check 2mos

12-27-07-GT-Answered Mtg FC complaint. Check status 2mos.
03-02-08-GT-OC is preparing defaults. Check status 2mos.
04-09-08-GT-BK filed 03-31-08.
05-22-08-GT-File was administratively closed but NOT dismissed. Check status
09-18-08-GW-9/18/08 Hearing cancelled per phone call 9/17 from OC office.
Check status 2 mos
09-30-08-GW-Hearing cancelled.  check 2 mos for reschedule
02-09-09-GW-Nothing on docket since 9/08.  Court has the file as closed.  No
dismissal filed.  Check 2 mos

12-17-07-GT-Answered Mtg FC complaint. Check status 2mos.
03-02-08-GT-OC is preparing for defaults. Check status 2mos.
07-17-08-GW- Check status 2 mo
08-04-08-GW-MSJ hearing for 7/31/08 cancelled.  Check status 2 mos
02-09-09-GW- Hearing cancelled.  Notingo n docket since 7/08.  Check 2 mos

01-07-08-GT-Answered Mtg FC complaint. Check status 2mos.
02-04-08-GT-Owner is in BK.
03-09-08-GT-File is on BK hold. Check status 3mos.
06-15-08-GT-BK was discharged 03-24-08. OC is restarting the Mtg FC action.
Check status 2mos.
06-18-08-GW-MSJ hearing 7/17/08.  Check 1 month after.
09-15-08-GW- Hearing cancelled.  check 2 mos for reset.
11-01-08-GW-MSJ filed Check 2 mos for hearing date
02-09-09-GW-MSJ hearing 4/21/09.  Check 1 mo for sale date

01-21-08-GT-Answered Mtg FC complaint. Check status 3mos.
07-17-08-GW-Service being perfected.  Check 2 mo
02-09-09-GW- Noting on docket since 6/08.  called lender atty they are
preparing the MSJ in about a month  Check 1 mo

09-10-08-GT-Opened FC file. Ran clerk search - clear. Ready for TS.
10-03-08-GT-Have not rec'd TS back from Mike. Check status 2wks.
10-09-08-GT-Updated clerk search - Mtg FC found. File converted to Mtg FC.
Check status 3mos.
10/28/08-GW-Ans Complaint.  Check status 3 mos

03-18-08 LAP Answer Complaint - Check status 3 mos.
08-04-08-GW-MSJ hearing 9/22/08.  Check 1 mo for sale date
10-18-08-GW-MSJ hearing 11/4/08.  Check 2 mos for sale date
11-13-08-GW- Sale date 12/5/08.  Check 1 month for CT
11-18-08-GW- Bankruptcy filed 11/5/08.  Check 3 mos
12-01-08-GW- Foreclosure sale cancelled  Check 2 mos
02-09-09-GW- Nothing on docket since 12/08.  Check 2 mo

Friday, February 6, 2009

Race to the Courthouse Steps-2009 version

The situation is bad in Florida. We are now handling about a BILLION dollars of first mortgage foreclosures. When an owner is delinquent, the board needs to consider moving as fast as possible in the collection and foreclosure process, and try to take title and rent the property before the "lender" finishes the foreclosure. The lender foreclosures are taking anywhere from 9 months to TWO YEARS, as they don't want to pay taxes, assessments, insurance, etc., etc. Watch my video here for more details.

See my other videos and articles on the issues of the day at

Wednesday, February 4, 2009

Chinese economy bad too, so are the "jokes"

BEIJING (Reuters) - Millions of migrant workers may be out of a job and China's once booming economy may be locked in a downward spiral as the global economic crisis bites, but for a particular Chinese brand of humor it's been a boon.

Many of the jokes have been circulating online, or via text message in a country whose population is obsessed with their mobile phones.

A bank worker calls a colleague, goes one joke on the bulletin board.

"Hey, how's it been going?"

"Not so bad."

"Oh, sorry, I've definitely called the wrong number."

Others adopt a similar tone, but riffing off Communist propaganda slogans.

"In the face of the financial crisis, I have bravely stood up and am marching forward! That's because ... I can't pay back my loans and the bank has repossessed my car."

Internet use has exploded in recent years, but the government keeps a close tab on what appears, removing offensive comments or detaining those who criticize too much on certain sensitive topics, such as human rights.

This hasn't stopped people taking to the Internet to laugh about the crisis, or crack witticisms.

Other Chinese have been messing around with word games, albeit not to everyone's taste, the tonal Chinese language being a gift to jokers and wits alike because a single pronunciation can have several wildly different meanings.

A posting on popular Chinese website cautions people about sending text message greetings for the Lunar New Year, which was marked last week, lest their meanings be misinterpreted.

The website has published a list of greetings not to send.

"Wealth surging in" is out, as it has the same pronunciation as "Lay-offs surging in."

Likewise, the website cautions people not to wish friends or family "May you have everything you wish for," fearing it could be interpreted as "Pay cut by 40 percent."

The issue has struck an especially raw nerve in China, where superstitions attached to the new year period are strong.

"The atmosphere in the office is very tense, and texts which in past years may have meant good luck are now being seen as a stroke of bad luck," the website paraphrased one worker as saying.

Another joke circulated by text message pokes fun at the fake money which is becoming a worry as incomes start to falter amid what the government calls the "financial tsunami."

"Two people produce fake 15 yuan notes," it starts, already unlikely in itself as there is no such thing as a 15 yuan bill in China.

"They decide to go to a remote mountain area to spend it and buy a candied melon slice for 1 yuan. They burst into tears when they get two 7 yuan notes in change," it ends, the joke being there is also no such thing as a 7 yuan note.

More Pain to come

I read today that Credit Suisse expects about $350 BILLION in mortgage resets in 2009, the majority of which are option adjustable rate loans. What with depressed values and the end of the "teaser" rates, even with current low interest rates, I wonder how many people will be sending "jingling envelopes" to the loan servicers, knowing that their credit will not support a new loan, or that their LTV rate is negative 35%...batten down the hatches everyone.