Drinking Is Believing

More Help for “Troubled Homeowners?”

KoolAidMan — Wed, 03 Dec 2008 14:31:54 +0000

It’s been a long time since we’ve provided any updates here at Drinking Is Believing, but much has happened over the past few months. While we tried not to get in the game of making predictions or calling out specific dates, we knew that inevitably the house of cards would come falling down. We had several [...]

Overassessment

KoolAidMan — Fri, 11 Jul 2008 13:17:33 +0000

Here’s a perfect example of some serious Kool-Aid intoxication: A county in Northeast Pennsylvania recently underwent a property value reassessment, and it appears they’re not connected with reality. He said he bought his Dallas Township property in 1986 for $270,000. His new assessed value: $1.8 million. Dewees said there’s no way his 36-acre property would fetch that. [...]

Renting a foreclosed home

KoolAidMan — Thu, 29 May 2008 15:35:30 +0000

We’re still alive! After a month and a half of waiting for things to turn around, we realized that just the opposite is happening. There’s even more doom-and-gloom to highlight than ever before!!!! US auto sales are bad (again), oil is bouncing around but still near an all-time high, everyone’s arguing about whether we’re in a [...]

Who Deserves Mortgage Help?

KoolAidMan — Mon, 07 Apr 2008 15:44:08 +0000

The LA Times is featuring an article that highlights how federal intervention in the mortgage mess may end up helping the wrong people. The House and Senate are beginning to consider proposals for federal intervention on a massive scale. In effect, the government would take over many of the risks now borne by lenders, borrowers and [...]

Is this the end?

KoolAidMan — Mon, 31 Mar 2008 15:15:24 +0000

CNNMoney.com is reporting a doom-and-gloom scenario that highlights the chaos on Wall Street caused by banks’ fear of loss threatening to bring down the financial system. We’re suffering the aftereffects of the collapse of a Tinker Bell financial market, one that depended heavily on borrowed money that has now vanished like pixie dust. Like Tink, [...]

3 CEOs Made $460 Million

KoolAidMan — Thu, 06 Mar 2008 23:00:27 +0000

CNN reports that a house oversight committee is preparing to investigate why three CEOs with ties to the mortgage crisis were paid $460 million over five years. The panel, chaired by Rep. Henry Waxman, D-Calif., will hear testimony from Charles Prince, former CEO of Citigroup Inc.; Stanley O’Neal, former CEO of Merrill Lynch & Co.; and [...]

Retirement Insecurity

KoolAidMan — Wed, 05 Mar 2008 22:25:36 +0000

Wow! We’re finally back. After a severe bout of depression suffered after hearing so much negative news regarding our economy, the housing market, and international politics, the KoolAidMan finally decided it’s time to stop crying and hiding and write another post! Yahoo news is reporting that the heavy dependence on the stock market for retirement is [...]

Countrywide To Help Customers

KoolAidMan — Mon, 11 Feb 2008 16:14:20 +0000

CNN is reporting that Countrywide Financial is expanding the scope of mortgage help to its customers. Countrywide (CFC, Fortune 500), the nation’s largest mortgage lender and home loan servicer, has sought to address the growing number of defaults on its books by modifying loan terms, working out long-term repayment plans and other actions. The company [...]

Brace Yourself

KoolAidMan — Mon, 04 Feb 2008 16:03:49 +0000

Yahoo! Finance has posted an excellent article (from Businessweek) discussing the reasons why home prices could drop 25% or more before the housing market finally hits bottom. Some experts have begun to suggest that a bottom is in sight. Pali Research analyst Stephen East wrote in a research note to his firm’s clients on Jan. [...]

Substantial Action

KoolAidMan — Thu, 24 Jan 2008 10:17:09 +0000

Big apologies to our regular readers. The KoolAidMan took off on a last minute vacation halfway around the world, in the middle of the Pacific Ocean to be exact. He’s had very little access to the internet and mainstream news, choosing to go hiking, diving, and fishing instead, but boy was he shocked to turn on [...]