It’s Official

Posted April 1st, 2008 by Joe Kaiser

Dear Rob,

Well, it’s all over but the shouting . . .

Governor Gregoire has signed HB2791, the distressed property convenance act and now we’ve officially got the screwiest foreclosure statutes on the books.

Heck, we took Minnesota’s disaster inducing statutes, added our own unique twists and now not even they can touch us.

April Fools!!!

I only wish . . .

In the arena,

Joe Kaiser


8 Responses to: “It’s Official”

  1. Drew Hitt responds:
    Posted: April 1st, 2008 at 11:23 am

    Joe,

    I just hope you don’t move to my state now….

  2. Joe Kaiser responds:
    Posted: April 1st, 2008 at 11:54 am

    Now, that’s funny!

  3. Chris responds:
    Posted: April 1st, 2008 at 3:03 pm

    The spare room offer is in effect, if you want to move down to Oregon.

  4. EGD responds:
    Posted: April 1st, 2008 at 5:47 pm

    As one of the people who helped draft HB 2791 and get it passed, I am loving watching you guys squeal.

  5. Mark responds:
    Posted: April 1st, 2008 at 7:50 pm

    EGD,

    Thanks for screwing up Washingtons economy. Forclosures will go up 10 fold now. How is that a good thing? Moron!

  6. Loya responds:
    Posted: April 1st, 2008 at 8:13 pm

    To “egd”——what a typical gov’t worker bee…..

    I am one of those who worked with my Senator to stop it and he and I can’t wait to say to you “I told you so.”

    Also, congratulations on putting more families out on the streets.

    What a moron………………..

  7. Joe Kaiser responds:
    Posted: April 1st, 2008 at 9:42 pm

    Please be kind to Eric. He’s only doing what he thinks best and can’t help himself.

  8. David Alexander responds:
    Posted: April 1st, 2008 at 10:26 pm

    So, Eric…

    Guess you’ve never been in foreclosure or known anyone that was….

    Long before I became an investor… My family lost their house to foreclosure… a series of bad events led to it…

    The crazy thing… not even one investor showed up to help solve the problem.. and we lost everthing…

    I was young but, remember the feeling well…. and especially the pain my dad went through….

    You see…. sometimes equity doesn’t matter… and if your losing it anyway… then saving dignity and credit is often a very good thing…

    But, having not ever been in a dire situation… you can hardly cast stones at those of us who day in and day provide a ton of service…

    We solve house problems… and make a profit for being good (very good) at what we do.

    And by doing so…

    Folks walk away…

    Without facing a foreclosure.. ie creaming their credit for the next 7 years..

    With the dignity knowing they did the best they could to honor an agreement they signed… and getting a house paid for and off their back…

    And by not allowing further houses to hit the market, becoming vacant and selling for a fraction of what they normally would.. causing further disruption in neighborhoods and cities across the country, not to mention preventing blighted neighborhoods.

    So, go ahead laugh, one day… you’ll face something that make you realize that the world isn’t so black and white…

    You’ll learn that there are bad people in all professions… including yours.. who have lost site with the common good…

    As real estate investors I can say the largest crime we have committed is not grouping together in some form of common group to lobby against this type of thing…

    But, to kill what we do will further hurt our economy, jobs and housing… Imagine for a moment the worst day in your life..

    I’m being serious… (not facetious) think back… have you ever had a really bad day… one where the forces seemed to be lining up against you… and there was no way out…

    That sorta day leads to a depression of sorts, maybe it’s just a few hours.. or maybe it’s a few days, a week or two.. or months…

    Everyone has those moments when you just want to escape… Everyone!

    We as investors get to solve those problems and lift them away.. at least as far as what we have learned to do…

    We get paid because those folks can go back and resume their lives…

    On the other hand… think for a moment… if foreclosures go up by 3, 4 or 5 times…. and you remove the folks that keep the mess from becoming widespread in the market place because you want to legislate a few folks that are screwin’ it up bad for for everyone…

    You will end up causing a depression… on a much larger scale…

    So, go ahead and purport that folks are giving away equity to the bad investors… that’s not what’s happening…

    They are saving dignity, getting piece of mind… and able to move on… because the vast majority of investors are ethical and care about helping folks and making neighborhoods better.

    I’m sure that from an ivory tower you have never been in an dire situation… but, you should take the time to find out from those that are… and how they feel not from a few… that were truly scammed…

    Listening and making legislation based on 1 – 3% of the population is generally a really bad idea…

    But my guess is… until you actually have something hit you directly at home… or very close to it… you’ll likely keep doing what you’re doing… ignoring it all…

    By the way, my dad… lost his job(of 27 years) , went through a divorce and lost his house all in the same year… and had a heart attack shortly after that…

    It took him nearly ten years to recover….

    And life is too short…. for that to have happened to him… I wish and investor would have come along to save us… and gave it a try…

    Sometimes a hail mary is better than nothing at all…

    So, you may feel you are saving folks from the “bad investors” but, there are many more great ones out there that this legislation hurts.. along with countless people and families that we’ll be sent into a depression type mode… and our housing market further slipping into the abyss….

    I don’t know if you have children… but, I always measure myself by the ability to look my daughter in the eye… and know I’m leaving this world and her world in a better place….

    When you are only looking at one side of the equation… my guess is… that if this piece of legislation affects things like it has other places….

    It would be sad day for me to look my child in they eyes and say I helped create that legislation… that so many more lost out than should have… it only I had been a little more mature, a little less arrogant..

    And then say to yourself… but, I was only trying to get the scammers out of the housing industry…

    Guess, I made a multi-billion dollar mistake there….

    I guess, if you could be proud to tell everyone you are the one that got folks to drink the purple kool aid..

    Because when you cause mass depression… that’s what in effect you are doing… selling to folks that you are the guy with the cape…

    When instead you are trading saving a few to hurt the masses….

    Take the rose colored glasses of for just a moment… and for that moment…. listen to other side….

    You might find a valid argument or two…

    I know that if a friend in another state called me and said they were losing it all…

    And they had a guy tell them he thinks he can save the house… and they can walk away with dignity…

    I’d say do it…

    Oh, but, our state has this new law… and likely that will be the end of of honest investors helping homeowners..

    However the true scammers… the one who get false appraisals, falsify loans docs, etc, etc… will run amuck still creating more havoc….

    And hidden because the more foreclosures you create… the harder they will be to detect… because of the larger kaos..

    Be careful where you cast stones….

    David Alexander


Post a Comment

Enter Your Details:


You may write the following basic XHTML Strict in your comments:
<a href="" title=""></a> · <acronym title=""></acronym> · <abbr title=""></abbr>
<blockquote cite=""></blockquote> · <code></code> · <strong></strong> · <em></em>

  • If you’re a first-time commenter, your response will be moderated.
  • If your response includes a link, it will require moderator approval.
Enter Your Comments:



Note: This is the end of the usable page. The image(s) below are preloaded for performance only.