How rough is it going to get?

My father-in-law is starting to see potential clients who are ready to sue anyone in this housing debacle. I told him over 2 years ago that this was coming and he finally believes me. The latest potential client (he probably won't accept the case) wants to sue a lawyer who promised to keep her out of foreclosure, took lots of money from her and did absolutely nothing. Lawyers can always find someone to sue, even if it's each other, I'm sure they'll be fine.
 
[quote author="tmare" date=1236764715]My father-in-law is starting to see potential clients who are ready to sue anyone in this housing debacle. I told him over 2 years ago that this was coming and he finally believes me. The latest potential client (he probably won't accept the case) wants to sue a lawyer who promised to keep her out of foreclosure, took lots of money from her and did absolutely nothing. Lawyers can always find someone to sue, even if it's each other, I'm sure they'll be fine.</blockquote>
Just to add to that tmare...I spoke with a headhunter today who focuses on project/contract work and he is telling me that he is beginning to get calls from the "big banks" about having consultants come in and go through their loan files looking as a risk mitigation against possible lawsuits. I guess these banks are scared about the potential upcoming litigation storm. Instead of chasing ambulances, there are lots of lawyers ready to go after these banks.
 
Article is about OC, even though published in NY Times



As Jobs Vanish, Motel Rooms Become Home

<A href="http://www.nytimes.com/2009/03/11/us/11motel.html?pagewanted=1&em;">http://www.nytimes.com/2009/03/11/us/11motel.html?pagewanted=1&em;</A>
 
[quote author="Anonymous" date=1236861902]Article is about OC, even though published in NY Times



As Jobs Vanish, Motel Rooms Become Home

<A href="http://www.nytimes.com/2009/03/11/us/11motel.html?pagewanted=1&em;">http://www.nytimes.com/2009/03/11/us/11motel.html?pagewanted=1&em;</A></blockquote>


I read this article today and was struck by the fact that the NY times highlighted the situation in our own backyard. It's really getting bad out there. The scariest thing to me is what happens to normal, middle class people when they are faced with months of unemployment. Our mental health system is not prepared to deal with this.
 
Everyone is saying how bad it's getting and I agree but there must be some way of linking these Poor People to empty foreclosed Houses just standing there deteriorating...



Wtf has happened to humanity?



I know for sure there is enough brain power out there to come up with a way to alieviate this misery...
 
[quote author="PeterUK" date=1236872201]Everyone is saying how bad it's getting and I agree but there must be some way of linking these Poor People to empty foreclosed Houses just standing there deteriorating...



Wtf has happened to humanity?



I know for sure there is enough brain power out there to come up with a way to alieviate this misery...</blockquote>


<A href="http://www.hacla.org/">http://www.hacla.org/</A>
 
[quote author="earthbm" date=1236902076]?Whenever there is a conflict between human rights and property rights, human rights must prevail?



Abraham Lincoln</blockquote>


Lincoln was a pinko Socialist eh? Who'd of thought.
 
[quote author="no_vaseline" date=1236903078][quote author="earthbm" date=1236902076]?Whenever there is a conflict between human rights and property rights, human rights must prevail?



Abraham Lincoln</blockquote>


Lincoln was a pinko Socialist eh? Who'd of thought.</blockquote>


The quote is about slavery and the right to being free trumping the right to own humans as property. It has nothing to do with real estate.



See <A href="http://www.livsaskadning.com/?tag=politics&paged=2">http://www.livsaskadning.com/?tag=politics&paged=2</A>
 
Got this from Calculated Risk:





<em>"Before we do the credit cards, we are actually not done with the mortgage [crisis] - the worst of that is yet to come in fact. The thing about mortgages is you can predict when they are going to reset and you can sort of see what is coming. We easily have another 12 to 18 months of pretty ugly times in terms of mortgage resetting. ... Credit cards are next."

</em> - FICO (formerly Fair Isaac) CEO and Michael Porter, CNBC











<em>"the worst of that is yet to come in fact"</em>







<em>"the worst of that is yet to come in fact"</em>







One more time:





<em>"the worst of that is yet to come in fact"</em>







<em>"The thing about mortgages is you can predict when they are going to reset and you can sort of see what is coming."</em>
 
They really need to nip this credit card thing in the butt. . . Credit card debt are even worse as they are unsecuritized. At least with mortgages, you have a piece of property/house to value.



People will walk into BK court and get their CC debts wiped clean. The banks have learned nothing from the mortgage mess. . . why would you want to raise a debtor's CC rate to 20-30 percent when they are already struggling to pay. Shouldn't the banks worry about getting the debts paid rather than trying to profit off of the fees and the interests? It is like what the banks did in the beginning of the housing crisis (and still doing): Playing hardball with a piece of tofu.
 
[quote author="IrvineCommuter" date=1236984301]They really need to nip this credit card thing in the butt. . . Credit card debt are even worse as they are unsecuritized. At least with mortgages, you have a piece of property/house to value.



People will walk into BK court and get their CC debts wiped clean. The banks have learned nothing from the mortgage mess. . . why would you want to raise a debtor's CC rate to 20-30 percent when they are already struggling to pay. Shouldn't the banks worry about getting the debts paid rather than trying to profit off of the fees and the interests? It is like what the banks did in the beginning of the housing crisis (and still doing): Playing hardball with a piece of tofu.</blockquote>


I think the bank CC thing is a game of hot potato. If someone has 4-5 credit cards and is carrying balances on all of them, each bank doesn't want to be the one stuck with the person's last maxed out credit card and then get stuck with the default. So they each are incentivized to jack up the interest rate, hoping it will be so painful the person will pay it off or roll the debt onto another CC.
 
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