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The death of MENSCH.................Long live MENSCH.
Many of you have read the MENSCH posts in other threads.
Russ’ .... $10,000 check is a prime example. However, it’s just one of a few that we could include here.
The problem with it is it’s a one-time thing and ....I bet it happened 10 or 20 years ago.....................NOT TODAY.
Some of you fastlaners, through this forum, have come to: know, trust & respect each other ............ So much so, that you have entered into business relationships with each other.
You are “ At Ease” with your partners, because you have the same goals, ideas and plan the same way...........You are all MENSCHES... and this is GOOD. It’s good to be a mensch, and while it’s good to be a mensch........... What about the outside world........ where you deal with strangers at “ arms length”? Have you noticed a difference?
I have.
*****************I SEE THE DEATH OF THE MENSCH.****************
2010 will become known as the year..........THE MENSCH DIED !
Come with me and PEEK over the hedges................Come out of your own fiefdom and look with me................for I see piles of DEAD MENSCHES.
LET HIM WHO HAS EYES TO SEE..................LET HIM SEE.
I have a client/friend who owns a large insurance company in the NE .
His favorite expression is: “ Ya gotta do what Ya gotta do..........DEAD MENSCH.
I am seeing MENSCHES piled up on almost every street-corner in our country...just like the physical bodies in Haiti.
From what I can discern ..... there are 2 main causes for this.
Competition:
Haiti..........is a good example.
You will notice that we sent our ARMED troops in ASAP. Why were they sent so quickly? and WHY?
Our government knew that “desperate people will do desperate things” We had to get our troops in ... in order to establish and maintain order.....QUICKLY.
We had to bring order, because after 3 days .............. the people will RIOT and start killing each other for the bare necessities of food, water and shelter.
You see...........after 3 days the MENSCH dies and people will do anything to survive.
Despair & GREED:
1. Many real estate agents purchased rental properties during the boom years. Let’s focus in on the ones who didn’t take out a mortgage that the PITI wouldn’t be covered by the rental amount collected each month. They don’t make anything, but they don’t lose anything either. It’s break even each month.
For our example lets say that the PITI is $1,000 monthly and the rent is $1,000 monthly...break even time.
We now have gurus going around advising them to stop their mtg. payments, BUT still collect the rent and pocket it. Their reason is: the banks will need 6 to 12 months to foreclose.............so they have $6,000 to $12,000 per home to keep ... with no payments. Some of them have 5 to 10 homes ....$30,000 to $60,000 or $60,000 to $120,000....pocket money.
With this money they can buy much cheaper properties FOR CASH and make their cash-flow. This is the way they... GAME the banks. Well you say, what about their credit? The thought is that so many people will have a foreclosure on their records ..... The rules will change....making it easier to obtain credit in the future...................................................DEAD MENSCH!
2. Both ALT-A and PRIME mortgages are going into default. These are the middle and upper-middle class loans. Lets focus on those that have not lost their job and can still afford their PITI payments.
Because their property is $100,000 or more underwater. They CHOOSE to default.
They either live out their time in the house ..saving the payment money for a place to go when the bank kicks them out or I have read in some cases: owners will buy the same house down the street for 1/2 of what they paid and move into the new home...........defaulting on the old one. ...DEAD MENSCH!
Sadly, some of them leave behind the family pet...to fend for themselves.
They just close the door and walk off. ................DOUBLE DEAD MENSCH.
I see that the prime and Alt-a loans are going to default by the thousands this coming year. Lots more DEAD MENSCHES.
This is my quandary:
How do we protect our MENSCH.
Will my MENSCH only last 3 days?
How hard or far ...do I need to be pushed, before my MENCH dies.
How about you? Now don’t BS yourselves and say “ Why I would never do that” take heed for that is when the fall is coming.
I wonder how long or how hard the push has to be for me...............for you?
What can we do to ..... PROTECT OUR MENSCH?
Many of you have read the MENSCH posts in other threads.
Russ’ .... $10,000 check is a prime example. However, it’s just one of a few that we could include here.
The problem with it is it’s a one-time thing and ....I bet it happened 10 or 20 years ago.....................NOT TODAY.
Some of you fastlaners, through this forum, have come to: know, trust & respect each other ............ So much so, that you have entered into business relationships with each other.
You are “ At Ease” with your partners, because you have the same goals, ideas and plan the same way...........You are all MENSCHES... and this is GOOD. It’s good to be a mensch, and while it’s good to be a mensch........... What about the outside world........ where you deal with strangers at “ arms length”? Have you noticed a difference?
I have.
*****************I SEE THE DEATH OF THE MENSCH.****************
2010 will become known as the year..........THE MENSCH DIED !
Come with me and PEEK over the hedges................Come out of your own fiefdom and look with me................for I see piles of DEAD MENSCHES.
LET HIM WHO HAS EYES TO SEE..................LET HIM SEE.
I have a client/friend who owns a large insurance company in the NE .
His favorite expression is: “ Ya gotta do what Ya gotta do..........DEAD MENSCH.
I am seeing MENSCHES piled up on almost every street-corner in our country...just like the physical bodies in Haiti.
From what I can discern ..... there are 2 main causes for this.
Competition:
Haiti..........is a good example.
You will notice that we sent our ARMED troops in ASAP. Why were they sent so quickly? and WHY?
Our government knew that “desperate people will do desperate things” We had to get our troops in ... in order to establish and maintain order.....QUICKLY.
We had to bring order, because after 3 days .............. the people will RIOT and start killing each other for the bare necessities of food, water and shelter.
You see...........after 3 days the MENSCH dies and people will do anything to survive.
Despair & GREED:
1. Many real estate agents purchased rental properties during the boom years. Let’s focus in on the ones who didn’t take out a mortgage that the PITI wouldn’t be covered by the rental amount collected each month. They don’t make anything, but they don’t lose anything either. It’s break even each month.
For our example lets say that the PITI is $1,000 monthly and the rent is $1,000 monthly...break even time.
We now have gurus going around advising them to stop their mtg. payments, BUT still collect the rent and pocket it. Their reason is: the banks will need 6 to 12 months to foreclose.............so they have $6,000 to $12,000 per home to keep ... with no payments. Some of them have 5 to 10 homes ....$30,000 to $60,000 or $60,000 to $120,000....pocket money.
With this money they can buy much cheaper properties FOR CASH and make their cash-flow. This is the way they... GAME the banks. Well you say, what about their credit? The thought is that so many people will have a foreclosure on their records ..... The rules will change....making it easier to obtain credit in the future...................................................DEAD MENSCH!
2. Both ALT-A and PRIME mortgages are going into default. These are the middle and upper-middle class loans. Lets focus on those that have not lost their job and can still afford their PITI payments.
Because their property is $100,000 or more underwater. They CHOOSE to default.
They either live out their time in the house ..saving the payment money for a place to go when the bank kicks them out or I have read in some cases: owners will buy the same house down the street for 1/2 of what they paid and move into the new home...........defaulting on the old one. ...DEAD MENSCH!
Sadly, some of them leave behind the family pet...to fend for themselves.
They just close the door and walk off. ................DOUBLE DEAD MENSCH.
I see that the prime and Alt-a loans are going to default by the thousands this coming year. Lots more DEAD MENSCHES.
This is my quandary:
How do we protect our MENSCH.
Will my MENSCH only last 3 days?
How hard or far ...do I need to be pushed, before my MENCH dies.
How about you? Now don’t BS yourselves and say “ Why I would never do that” take heed for that is when the fall is coming.
I wonder how long or how hard the push has to be for me...............for you?
What can we do to ..... PROTECT OUR MENSCH?
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