Thursday, July 24, 2008 at 08:02AM
Max Goof
Some readers have asked to examine the latest insanity from Michael Aguirre, the City Attorney for San Diego.
Like Carl Luna said, "Mad Mike is a cross between Rasputin and a paranoid Dick Nixon off his meds", and his latest stunt is nothing more than a desperate politician pandering for votes - he faces a runoff election this fall.
Suing banks to stop foreclosures?
Jerry Brown beat him to the punch, filing a similar suit on behalf of the State of California, and the federal government passed their own version of insanity yesterday - but Mad Mike thinks his suing of the banks will force them to re-negotiate their mortgages?
Will the banks cave?
Lenders have terminated their wholesale operations, got out of the jumbo-loan business, stopped other loan programs, and cut staffs all in an effort to be more efficient.
Won't they take one look at Mad Mike and cross San Diego off their list too? That won't help the local real estate market, Mike.
Don't be surprised if we see a severe tightening of underwriting standards by lenders - they don't have to visibly delete San Diego from their map, just make it unbearble to get a loan.
Aguirre doesn't think about the ramifications of his lawsuits - he just thinks about himself.
Jim the Realtor
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Reader Comments (11)
Rather than deal with this non-sense I think lenders will indeed "pull out" just like the insurers do when conditions warrant. Additionally all cr*p like this just encourages even more people to default, buy houses they can't afford, etc.
My favorite comment from the blogosphere:
"I suppose there are people who get up in morning and write “make national laughingstock of yourself” on their To Do list.
The difference is Michael Aguirre follows through."
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Now that's funny.
Aha!
Another sighting of the Chuck Ponzi law of unintended consequences!
http://www.socalbubble.com/2008/02/chuck-ponzi-law-of-unintended-consequences-iii.html
Chuck
Did you mean to say "Max Goofball"?
I'm glad you brought this topic up, Jim. I mean, is this guy the village idiot or what? He's a total embarrassment.
You get what you vote for. Everyone knew he was the asshole that kept filing lawsuits against Petco Park before it was built. What did they expect he would do if they voted him in? You get what you vote for.
The scary thing, the really scary thing, is that this stuff is popping up everywhere. I thought we all learned the lessons in the 1980's. Market interventions are for dolts in poverty stricken banana republics (no offense to dolts or bananas). Even they don't do this stuff any more. Now we look hypocritical, and soon we will just look pitiful. Next will come our "Russia/Weimar/Argentina" phase. When bloggers were saying "run on the dollar" last year, I thought that was a bit much. Now, I am buying Poptart futures...everyone's gotta eat!
This is the kind of thing that makes people in other parts of the country shake their heads over what a bunch of loons Californians are. And if we re-elect him, I'll agree.
When an industry shows 0% ability to self police, then it is basically inviting political hacks such Aguirre to capitalize and put on these public specticles.
rob's quote was the best, but second-best quote from the blogosphere was
"he gives village idiots a bad name"
Max Goof was Goofy's teenage son:
"Max, much to his own dismay, takes after his father at times, whether it be mannerisms (including Goofy's trademark laugh) or occasionally being clumsy. He feels that he is much cooler than Goofy however, and isn't as earnest and humble as his old man, as he can be somewhat of a show-off at times when he excels at anything."
Maybe he is secretly looking out for renters, his voter base, by filing lawsuits to bring down prices of homes.