Wednesday, October 27, 2010

House Afire

OCTOBER 27, 2010


House Afire

The elusive search for villains in the foreclosure crisis. 

By HOLMAN W. JENKINS, JR.


Millions of Americans have stopped paying their mortgages, creating a giant paperwork snafu and legal crisis, and yet . . .


Funny how many media accounts begin with that rarest of creatures, a homeowner fully paid up on his mortgage, or better yet a Florida man who paid cash for his house, and who was foreclosed on anyway thanks to a paperwork error by some confused bank. This poor shmuck then is made to symbolize the larger phenomenon when in fact the larger phenomenon is precisely the opposite.


You can't understand the latest mortgage mess without understanding the powerful appetite to cast borrowers as victims and banks as villains in the housing bubble. This tendency is present in claims that minorities have been especially victimized, that people were sold loans they didn't understand.
The battle of the narratives is reaching its climax in the robo-signer controversy, with lawyers seizing upon technicalities to let people go on living in homes they've stopped paying for.


We hasten to add that technicalities are important; the rule of law is nothing but a profound commitment to honor technicalities. But let's understand that in the absence of the snafu, we'd have a faster, smoother-working foreclosure process, in which more Americans would more quickly be shoved out into the street in perfect compliance with the law.


That's the last thing the state attorneys general want. They're taking the lead in investigating the paperwork crisis, and many are obviously looking to pave their path to higher office with claims they saved homeowners from foreclosure. Listen to Attorney General Lisa Madigan of Illinois: "We are fed up with the mortgage giants and the big banks fraudulently putting people into loans in the first place, and now fraudulently throwing them out of their homes."


A moral perplexity here is how a homeowner whose bank messed up the foreclosure documents is now more deserving than thousands of others whose banks didn't mess up the documents.


A given foreclosure enters this legal hall of mirrors in the first place generally only because a homeowner contests it. Remember "jingle mail," when thousands of homeowners engaged in voluntary foreclosure, dropping their keys in the mail and leaving banks stuck with an untended house? A similar chilly pragmatism is at work in those homeowners now using the courts to remain in a house they defaulted on months or years ago.


The white-hat, black-hat casting couch has become crowded with gray hats. The Obama administration has been trying to keep people in their homes by cutting their mortgages down to a size they could afford, but has succeeded in modifying relatively few, and then mostly for people so hard-up they defaulted anyway.


Why is that? Because any program that reached out to people with the wherewithal actually to benefit from mortgage modification might invite millions of additional Americans to stop paying their mortgages too. Why shouldn't they get a deal? This outcome, known as "strategic default," is something the administration wisely seeks to avoid.


Politicians have been frequent floggers of the bankers-as-villains, borrowers-as-victims story line. Yet the government has moved heaven and earth to prop up the self-same banks.


In the process, the government has taken ownership of many mortgages. Now the New York Fed has joined other mortgage investors to use the legal snafu to demand that Bank of America buy back $47 billion in supposedly tainted mortgages.


Look closely, though, and one of the New York Fed's complaints is that BofA has been costing mortgage investors money by being too lenient with borrowers and too slow to foreclose (ironically, the fruit of an earlier settlement with state AGs).


The ne plus ultra of the government's friendly-fire warfare on itself is the prospect of Fannie and Freddie, which Washington bailed out, now trying to shift their housing losses to the banks, which Washington bailed out.


Every foreclosure is a different story, some painful to hear. But we had a housing bubble, and bubbles by definition occur because the incentives permit them to occur: The Fed kept interest rates low. Regulatory policy favored shoehorning more people into homes. Enormous tax inducements were dangled to encourage housing debt. Not outside the laws of human nature, an industry on the make—the subprime industry— emerged to exploit these conditions.


Ultimately, the government—in the form of Fannie, Freddie and the FDIC—is the party now most bogged down with hundreds of thousands of unsold, decaying and vandalized houses. Getting these houses back into the hands of responsible owners is fundamental to the solvency of the banking system, to the solvency of communities that depend on property taxes, to the solvency of millions of other families whose main asset is their home.


A final irony: TARP has become so toxic that there's serious doubt the political system could respond to another crisis like the one that followed the failure of Lehman Brothers. Let us pray, then, that a breakdown in the ability of mortgage investors to reclaim the collateral behind failed loans doesn't send us back to the Lehman precipice.


Hmmmm.....your thoughts?

Tuesday, October 26, 2010

Video 6:1 Over Text

Internet users prefer video 6 to 1 over text.

Our interesting fact of the day.

With that being said, check out the videos of our properties!


3704 Madison
Oak Brook, IL





301 S Park
Hinsdale, IL




We are constantly looking for new ways to market ourselves and video seems like the next step! Websites such as youtube are huge in this time and day, so we're figuring out a few ways to bring you the convenience of looking at a property through video on our blog, youtube account, or website!

Stay tuned for more updates!

Also, check out Courtney's quarter page ad in The Doings for 351 Ridge and 201 E 57th Street!

Also,

County Line Properties is proud to say that our very own Valerie Karpeck has been nominated a finalist for the Darien Chamber of Commerce Business Award! Congrats Val! Check her out in our "Agent of the Month" ad we have coming out in November!

Keep an eye out for both Valerie and Courtney!


Today at our weekly meeting, John had mentioned an article that was interesting about the Case Shilling Index.






Your thoughts??

Friday, October 22, 2010

TGIF

Happy Friday Everyone!

As we reach the end of the work week, we quickly approach Open House Sundays! We have our open houses listed on our website as well as emailed throughout the office. Here's a link to our website showcasing our open houses:

Open Houses at County Line Properties

If you're in the area, come on by!

It's the last weekend before Halloween! Make sure you attend any festive Halloween events this weekend before you go out trick-or-treating!


Here's a list of events going on in the area!


Friday, October 22nd


5:00 P.M. - 10:00 P.M.
Downtown Downers Grove
Participating Stores
As the evening gets later, the savings get greater!
For more information click here!




Saturday, October 23rd
9:00 A.M. - 1:00 P.M.
Window PaintingHalloween Window Painting Downtown Downers Grove
Halloween Paint Headquarters
933A Curtiss Street
For more information click here 
8:00 A.M. - 11:00 A.M.
Annual Pancake Breakfast
Helping Girls Navigate Adolescence, Inc.
Ballydoyle Irish Pub & Restaurant
5157 Main Street
For more information click here 

Check out all the fun events in Downers Grove!
Have a Great Weekend! Come back to see more interesting topics from County Line Properties!

Tuesday, October 19, 2010

Today At County Line Properties...

Good Afternoon from County Line Properties!

As usual, our Tuesdays consist of weekly morning meetings, agents scurrying in and out of the office, Pig, our mascot and loveable pooch, roaming around being the happy dog that she is, etc.

As I mentioned earlier, Tuesdays are our weekly meetings. We discuss the community happenings and light talk about real estate, along with any other news anyone can share. Something that came up was the Historical Society Luncheon.

Here is a scanned image of the invitations.



If anyone in Hinsdale area is interested in attending this luncheon hosted by the wonderful Hinsdale Historical Society Women's Board, please feel free to RSVP! They would love to have you come by! $50/per person gets you into a great experience!

Another note mentioned in today's meeting is the talk of having a new, up-to-date agent Doing's Ad in the weekly paper! Stay tuned for your copy of The Doings! Your favorite agent might be featured as the "Agent of the Week"!

Because this is fairly new, not many know about our County Line Property blog. We would appreciate spreading the word of this constantly updating blog. We'd love to hear what you have to say and we are open to suggestions! See you tomorrow!

Monday, October 18, 2010

Happy Monday!

Happy Monday to all!

We've got exciting news in our County Line Properties happenings!

Today John and Penny have been granted a Local Expert badge as a result of their valuable contributions on Zillow in 60521!

For those of you in the area and using Zillow.com for your home needs, be sure to check out their listings and Zillow profile. They'll be happy to assist you with whatever needs that arises as your local expert!

http://www.zillow.com/profile/JandPBohnen/

We had a successful weekend with our Open Houses on Sunday, October 17th.

We also had a little gathering at John and Penny's house, hosted by John, Penny and their daughter, Courtney! It was a great turnout including clients and friends that lasted til the wee hours of the morning! More gatherings to come! Hope to see you all there!

For all the Hinsdale residents, here's the schedule of town meetings for this week!

Village Meetings
  

October 17, 2010 to October 23, 2010 

Monday, October 18

The Environment & Public Services Committee will meet at 4:00 P.M. in Memorial Hall, at the Memorial Building, 19 E. Chicago Ave, Hinsdale, IL 60521. View agenda, packet.

Special Meeting:  The Parks and Recreation Commission will meet at 6:30 P.M. at Burns Field, 320 N. Vine, Hinsdale, IL 60521.

The Parks and Recreation Commission will meet at 7:15 P.M. in the Memorial Hall, at the Memorial Building, 19 E. Chicago Ave, Hinsdale, IL 60521. View agenda, packet.
Tuesday, October 19
The Board of Trustees will meet at 7:30 P.M. in the Memorial Hall, at the Memorial Building, 19 E. Chicago Ave, Hinsdale, IL 60521. View agenda, packet.
 
Wednesday, October 20 

The Beautification Task Force will meet at 9:00 A.M. in the large conferene room, at the Memorial Building, 19 E. Chicago Ave, Hinsdale, IL 60521.  View the agenda.


The Police Pension Board will meet at 7:00 P.M. at the Police Department, 121 Symonds Drive, Hinsdale, IL 60521. View


     
The Zoning Board of Appeals will meet at 7:30 P.M. in Memorial Hall, at the Memorial Building, 19 E. Chicago Ave, Hinsdale, IL 60521.  View the agenda, packet

Thursday, October 21

Special Meeting:  The Board of Fire and Police Commissioners will meet at 7:00 A.M. in the Fire Department, 121 Symonds Drive, Hinsdale, IL 60521.  View the agenda.

Thursday, October 14, 2010

Welcome!

Welcome to the County Line Properties blog!

We will let you know of any great properties, community events and articles, updates on our office and staff, and any type of info you all may be interested in.

We would appreciate any feedback such as comments, suggestions, requests, etc.!

The hustle and bustle of the office is never ending! All of our agents work extremely hard to be the best at what they do and to assist you with your real estate needs.


Come check us out at:


www.countylineproperties.com


Have a great October Day!