Check out this Victor Davis Hanson post from National Review Online.
He is predicting how many Democrats will deal with good news from Iraq. He also "warns" that Sen. Obama is not hedging his bets and that may harm his presidential bid if the Petreaus report is upbeat.
Thursday, August 23, 2007
Wednesday, August 22, 2007
Lord Stanley's Cup Visits Gates
I've been on a sports kick for the past week, so I thought I'd mention the fact that I got to see (and touch) the Stanley Cup today.
As you probably know, members of the winning team each get a day with the Cup. they can do whatever they want with it. It turns out that my brother lives across the street from a guy who is the Mighty Ducks equipment manager. He brought the Cup to Gates.
He had it in the house on Fisher Road and a bunch of friends and neighbors got to see it and take pictures with it before he took it to Rookies Pub on Buffalo Road. My wife has a picture where she appears to be drinking from the Cup. I was less sacrilegious; I just touched it.
Its pretty cool up close and personal.
As you probably know, members of the winning team each get a day with the Cup. they can do whatever they want with it. It turns out that my brother lives across the street from a guy who is the Mighty Ducks equipment manager. He brought the Cup to Gates.
He had it in the house on Fisher Road and a bunch of friends and neighbors got to see it and take pictures with it before he took it to Rookies Pub on Buffalo Road. My wife has a picture where she appears to be drinking from the Cup. I was less sacrilegious; I just touched it.
Its pretty cool up close and personal.
Saturday, August 18, 2007
He's Not Heavy, Final Chapter.
Well, its over!
And what a debacle it was. Neither David nor I played well at all. My neck and arm were very painful. (I know, I know, excuses are for losers. Well, I lost, didn't I?) It really did take some of the fun out of the tournament for me. I just could not shake off the pain, and I'm not that good when I'm healthy.
David obviously broke under the pressure of carrying me for the past couple of days. He missed one putt which left me speechless. For those of you who know me, you know that's no mean feat. He played so poorly overall on Saturday, that I scored one more point than he did, despite my nerve problem. I can't blame him, though, since I was nearly useless as a partner. He had been forced to go it alone Thursday and Friday (and wasn't half bad). He finally ran out of gas.
As badly as we played on the golf course our fortunes reversed in the dining room. The food was phenomenal and we did our best to make sure none was wasted. The food was so good and plentiful that during Saturday night's hors d'oeuvres, I found myself saying "What, shrimp again?".
We will now start to think about how to improve for next year's event. With a couple of tweaks in our game, we can win it all.
And what a debacle it was. Neither David nor I played well at all. My neck and arm were very painful. (I know, I know, excuses are for losers. Well, I lost, didn't I?) It really did take some of the fun out of the tournament for me. I just could not shake off the pain, and I'm not that good when I'm healthy.
David obviously broke under the pressure of carrying me for the past couple of days. He missed one putt which left me speechless. For those of you who know me, you know that's no mean feat. He played so poorly overall on Saturday, that I scored one more point than he did, despite my nerve problem. I can't blame him, though, since I was nearly useless as a partner. He had been forced to go it alone Thursday and Friday (and wasn't half bad). He finally ran out of gas.
As badly as we played on the golf course our fortunes reversed in the dining room. The food was phenomenal and we did our best to make sure none was wasted. The food was so good and plentiful that during Saturday night's hors d'oeuvres, I found myself saying "What, shrimp again?".
We will now start to think about how to improve for next year's event. With a couple of tweaks in our game, we can win it all.
Friday, August 17, 2007
He's Not Heavy, Part Three
Well, another round is in the books. We came out smoking, with a birdie on the first hole. Unfortunately, that was the beginning and the end of our highlight reel. We were never really able to get untracked and we faded to a 69 for a two-day total of 137 (-5). The leaders sit well ahead at 124 (-18).
I have been trying (mostly unsuccessfully) to overcome a pinched nerve in by neck. I am playing so poorly, however, that Dave will be needing to see a chiropractor by Saturday night. I was no help in any aspect of the game. David even putted better than me!
We will give it one more try tomorrow in the final round. We play early again (8:15). At least we get another breakfast.
I have been trying (mostly unsuccessfully) to overcome a pinched nerve in by neck. I am playing so poorly, however, that Dave will be needing to see a chiropractor by Saturday night. I was no help in any aspect of the game. David even putted better than me!
We will give it one more try tomorrow in the final round. We play early again (8:15). At least we get another breakfast.
Thursday, August 16, 2007
He's Not Heavy, Part Two.
Round One is in the books.
We played a rather nondescript round and shot 68. Its a middle of the pack score. We aren't out of it but our work is cut out for us.
Meanwhile, I was the heavy player today. Dave was forced to do the heavy lifting. We are still looking forward to tomorrow, even though we are teeing off at 7:54 am.
I've got to get to bed.
We played a rather nondescript round and shot 68. Its a middle of the pack score. We aren't out of it but our work is cut out for us.
Meanwhile, I was the heavy player today. Dave was forced to do the heavy lifting. We are still looking forward to tomorrow, even though we are teeing off at 7:54 am.
I've got to get to bed.
He's Not Heavy
Those of you who know me and my brother Dave, know we are avid (albeit mediocre) golfers.
This week we are entered in the annual Brook-Lea Invitational. As usual, we enter the tournament with high expectations. Most years those expectations are dashed. We do, however, have some highlights from past performances that give us reason to hope that we can recapture past glory.
Yesterday, during the practice round, I was forced to carry the team. David was apparently saving himself for the rounds that count. I'll let you know.
This week we are entered in the annual Brook-Lea Invitational. As usual, we enter the tournament with high expectations. Most years those expectations are dashed. We do, however, have some highlights from past performances that give us reason to hope that we can recapture past glory.
Yesterday, during the practice round, I was forced to carry the team. David was apparently saving himself for the rounds that count. I'll let you know.
Saturday, August 11, 2007
Do As I Say, Not As I Do.
Take a look at this PowerLine post commenting on a Washington Examiner story about Governor Spitzer's ethics.
It seems clear that the lure of high public office allows for any expedient, any rationalization. It also appears that on campaign finance reform and government ethics, Governor Spitzer is talking out of both sides of his mouth.
It seems clear that the lure of high public office allows for any expedient, any rationalization. It also appears that on campaign finance reform and government ethics, Governor Spitzer is talking out of both sides of his mouth.
The Road To Hell
They say the road to Hell is paved with good intentions. It is also littered with unintended consequences.
As an example, take a look at the recent "well-intentioned" action by our NY State Legislature and Governor Spitzer. Everyone knows that there is a mortgage crisis and that foreclosures are on the rise. Our lawmakers in Albany decided that they had to do something about it.
They also apparently concluded that the crisis stemmed from the unfair practices of greedy mortgage bankers who foisted bad loans upon innocent borrowers, aided and abetted in this scheme by heartless foreclosure attorneys (full disclosure: I would be one of those attorneys). Thus they passed a law to "help" those innocent borrowers to avoid losing their homes. The law requires the bank's attorney to add a notice to foreclosure papers which warns the borrower that failure to submit an Answer to the papers could result in a default judgment and it encourages them to get an attorney.
Gee, isn't our Legislature caring and considerate? They should really feel good about themselves, shouldn't they? Well, let's look a little closer.
First, despite popular belief to the contrary, banks do not want to foreclose. They lose money on virtually every foreclosure. Banks are in the business of lending money, not the real estate business. They do not wish to own scores of foreclosed houses.
As a result, banks have elaborate loss mitigation programs for borrowers with financial difficulty. They offer payment plans, loan modifications, payment deferrals, etc., all intended to allow the borrower to be able to pay their mortgage (this is not lender altruism; the bank only makes a profit if the borrower can repay the loan). Generally, the borrowers who get to foreclosure have exhausted those loss mitigation opportunities and are relatively unlikely to be able to avoid loss of their house.
After a foreclosure lawsuit is commenced, it becomes more costly for borrowers to cure their default because they are then required to add whatever legal fees and costs have been incurred on top of the mortgage arrears. Still, about 20% of the defendants we deal with in foreclosure manage to scrape together the money they need to redeem their loan.
So, how does the "feel-good" action by the Legislature affect this scenario? In fact, it will make it less likely that that 20% will avoid the worst case. The new notice encourages getting a lawyer and putting in an Answer. When foreclosure defendants serve an Answer, the bank's attorneys must make a Motion for Summary Judgment. That motion raises the legal fees and costs of the foreclosure. Guess who has to pay those fees? You're correct if you said the borrower.
Encouraging submission of Answers would only make sense if a large percentage of defaulting borrowers had a true defense to foreclosure. As usual, the governmental solution ignores the reality of the market. In addition to evil foreclosure lawyers, there are quite a number of "good" borrower's attorneys out there. They find the borrowers who have real defenses and they represent them (and if their defense is valid, things are worked out). The vast majority of borrowers with valid defenses find attorneys now without Albany's assistance.
So in the end, the Legislature's action was worse than ineffective. It could not help the 80% of borrowers who simply did not have the resources to save their house and it will hurt the chances of the 20% who might have done so. The main beneficiaries of this law? Those evil foreclosure attorneys. Now, rather than getting our minimum fees on default cases, we will be collecting additional litigation fees responding to the Answers encouraged by this new law.
Some may say, thank goodness, our government "did something" about this problem. I'd say that by rushing in and acting on half-baked assumptions, they made it worse.
As an example, take a look at the recent "well-intentioned" action by our NY State Legislature and Governor Spitzer. Everyone knows that there is a mortgage crisis and that foreclosures are on the rise. Our lawmakers in Albany decided that they had to do something about it.
They also apparently concluded that the crisis stemmed from the unfair practices of greedy mortgage bankers who foisted bad loans upon innocent borrowers, aided and abetted in this scheme by heartless foreclosure attorneys (full disclosure: I would be one of those attorneys). Thus they passed a law to "help" those innocent borrowers to avoid losing their homes. The law requires the bank's attorney to add a notice to foreclosure papers which warns the borrower that failure to submit an Answer to the papers could result in a default judgment and it encourages them to get an attorney.
Gee, isn't our Legislature caring and considerate? They should really feel good about themselves, shouldn't they? Well, let's look a little closer.
First, despite popular belief to the contrary, banks do not want to foreclose. They lose money on virtually every foreclosure. Banks are in the business of lending money, not the real estate business. They do not wish to own scores of foreclosed houses.
As a result, banks have elaborate loss mitigation programs for borrowers with financial difficulty. They offer payment plans, loan modifications, payment deferrals, etc., all intended to allow the borrower to be able to pay their mortgage (this is not lender altruism; the bank only makes a profit if the borrower can repay the loan). Generally, the borrowers who get to foreclosure have exhausted those loss mitigation opportunities and are relatively unlikely to be able to avoid loss of their house.
After a foreclosure lawsuit is commenced, it becomes more costly for borrowers to cure their default because they are then required to add whatever legal fees and costs have been incurred on top of the mortgage arrears. Still, about 20% of the defendants we deal with in foreclosure manage to scrape together the money they need to redeem their loan.
So, how does the "feel-good" action by the Legislature affect this scenario? In fact, it will make it less likely that that 20% will avoid the worst case. The new notice encourages getting a lawyer and putting in an Answer. When foreclosure defendants serve an Answer, the bank's attorneys must make a Motion for Summary Judgment. That motion raises the legal fees and costs of the foreclosure. Guess who has to pay those fees? You're correct if you said the borrower.
Encouraging submission of Answers would only make sense if a large percentage of defaulting borrowers had a true defense to foreclosure. As usual, the governmental solution ignores the reality of the market. In addition to evil foreclosure lawyers, there are quite a number of "good" borrower's attorneys out there. They find the borrowers who have real defenses and they represent them (and if their defense is valid, things are worked out). The vast majority of borrowers with valid defenses find attorneys now without Albany's assistance.
So in the end, the Legislature's action was worse than ineffective. It could not help the 80% of borrowers who simply did not have the resources to save their house and it will hurt the chances of the 20% who might have done so. The main beneficiaries of this law? Those evil foreclosure attorneys. Now, rather than getting our minimum fees on default cases, we will be collecting additional litigation fees responding to the Answers encouraged by this new law.
Some may say, thank goodness, our government "did something" about this problem. I'd say that by rushing in and acting on half-baked assumptions, they made it worse.
Thursday, August 9, 2007
Leaving Las Vegas
I spent a few days in Las Vegas. I was there for a conference of mortgage bankers.
Vegas is an amazing place. There is an unrelenting construction boom going on there that simply has to be seen to be believed. Donald Trump is building condos ($750,000.00 for a studio, up to $6,000.000.00 for a lavish 3BR) and most of the big hotels are adding towers.
I played golf at the Wynn resort. This course features a man-made creek running through it, culminating in a 25-30 ft. waterfall behind the 18th green.
Opulence? Decadence? I don't know, but capitalism is alive and well in that town.
Vegas is an amazing place. There is an unrelenting construction boom going on there that simply has to be seen to be believed. Donald Trump is building condos ($750,000.00 for a studio, up to $6,000.000.00 for a lavish 3BR) and most of the big hotels are adding towers.
I played golf at the Wynn resort. This course features a man-made creek running through it, culminating in a 25-30 ft. waterfall behind the 18th green.
Opulence? Decadence? I don't know, but capitalism is alive and well in that town.
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