Sign of the Times: Bankruptcy filings have become so great in the LA area that the mandatory meetings of creditors are being scheduled for the Los Angeles Convention Center; the regular site does not have enough space !!!

Perhaps the most disappointing aspect of the Obama Presidency so far as been the passive role his administration has taken concerning the primary cause of the Great Recession, the collapse of the housing bubble. The HAMP program has been an unqualified failure, at least from the perspective of enabling financially-shaken borrowers an opportunity to modify their loans at rates closer to the current value of their properties; the recent revelation that the Administration was more concerned about creating a program that would stall the inevitable foreclosures for a period of time long enough for banks to get a breather indicates that the lowly consumer was not at the top of Obama’s agenda.

In other areas, too, the Obama Administration has acted in a manner more consistent with being the allies of the banks that gave out the bad loans than trying to aid the borrowers unlucky enough to have been saddled with them. There is nothing to indicate that those banks (I’m talking to you, IndyMac and Aurora) that have been least interested in modifying delinquent mortgages are being made to pay a price for their coldheartedness. Of course, it’s not just the executive branch that has chosen to do nothing; so-called conservatives and libertarians, hearing their master’s voice, fought against restoring free market principles when it meant ending the cramdown prohibition to residential property in bankruptcy. If anything, the policy that the brunt of the housing bubble collapse should be borne by the homeowner has been bipartisan.

Seemingly, with no support coming from either side, and with the cavalry nowhere to be found, middle class homeowners have to fend for themselves, either coming up with funds they don’t have to cure huge arrearages on modest homes they can no longer afford, or losing their homestead to foreclosure. However, as we all learned in school, nature abhors a vacuum, and with bankruptcy an ineffectual option in most cases, more enterprising solutions are being found by the one group with a financial interest in exploiting this situation: lawyers for consumer debtors.

This New York Times article, about an attempt in Florida to clear a backlog in foreclosures, shows what the future holds in store for banks that would rather swallow up homes than negotiate:

Florida’s foreclosure mess is made murkier by what analysts and lawyers involved in the process say are questionable practices by some law firms that are representing banks. Such tactics, these people say, have drawn out the process significantly, making it extremely lucrative for the lawyers and more draining for troubled homeowners.

Doctored or dubious records presented in court as proof of a bank’s ownership have become such a problem that Bill McCollum, the Florida attorney general, announced last month that his office was investigating the state’s three largest foreclosure law firms representing lenders.

(snip)

To be sure, adjudicating foreclosure cases is difficult, complicated by multiple transfers of mortgages and notes when a loan is sold, bewildering paperwork submitted by loan servicers and shoddy record-keeping by the many institutions that touched the mortgages during the byzantine securitization process that fueled the housing boom.

Nevertheless, Florida law requires that before a financial institution can foreclose on a borrower, it must prove to the court that it actually has the standing to do so. In other words, it has to show that it is truly the owner. And this is done by demonstrating ownership of the note underlying the mortgage.

Borrowers’ lawyers say they confront dubious practices, often involving false documentation “proving” who owns the note on a given property. Typically, they say, this involves questionable affidavits asserting ownership of a note because the actual document has been lost or cannot be produced. Because the affidavits are often signed by bank representatives who have a stake in the outcome, they should not be allowed as evidence, borrowers’ lawyers say.

Although the article focuses on the difficulties the Florida system has given those who represent homeowners in foreclosure litigation, perhaps the more telling issue, a lede buried in the article, is the fact that increasingly in states like Florida and California (which uses a non-judicial system of foreclosure), homeowners are aggressively using the courts to fight foreclosures. This phenomenum, which was almost unheard of a decade ago, has proven to be a godsend to struggling borrowers, who can now use the same shortcuts the banks developed to save money when it was bundling high-risk loans during the heyday of the Housing Bubble against the banks.

Challenging the lender's standing to foreclose has opened up a new front in the housing wars, a transition away from bankruptcy as the last recourse for the Forgotten American trying to stop foreclosures. Since litigation, real or threatened, can be more expensive to institutional lenders than negotiating an equitable modification of a loan, especially since the resale of foreclosed homes becomes more problematic when there is a lis pendens attached, this gambit holds the promise of being a more efficient way of saving your home, while at the same time being less expensive to the consumer than a bankruptcy filing or a HAMP agreement.

Evidence that being Athletic Director at USC causes you to become the world's biggest asshole:

First Mike Garrett, now this clown:

Former star USC quarterback and NFL player Pat Haden guested on the Dan Patrick Show today. Haden, who was recently hired as USC Athletic Director, was asked by Patrick during the interview: “If you were Reggie Bush, would you give back the Heisman?”

Haden, after a long pause and sigh, replied:

“If I were Reggie Bush with Pat Haden’s soul, yes.“

Patrick: “Does he have your soul?”
Haden: “I don’t know Reggie Bush.”

So, if Reggie Bush had the soul of a super-rich equity-swapping corporate lawyer from LA, he would have "returned" the Heisman Trophy he won five years ago, for violating the NCAA's malum prohibitum bar on receiving money to play football. Similarly, if Pat Haden had Reggie Bush's soul, he would have returned the money he was paid by the Rams from 1976 to 1981 for impersonating an NFL quarterback.

Without a doubt, the best TV ad run by a losing candidate in this election cycle:

Stay classy, GOP....

Perhaps it's not the biggest story to come out of the world of hoops this past fortnight, but one of the ramifications of the LeBron James signing last week is the decision by each of the twelve players on the gold-medal winning 2008 Olympic basketball team to take a powder in this year's 2010 FIBA Championships. The tournament, to be played in Turkey starting in late-August, has always been the sickly step-child of the Olympics, although the participation of a number of key players on the 2006 bronze medalists, including James, current Heat-mates Dwyane Wade and Chris Bosh, as well as Dwight Howard, Chris Paul and Carmelo Anthony, presaged their commitment to the national team in the run-up to Beijing. I suppose nothing would put a damper on the South Florida hype more than losing James or Wade (Bosh, with his two playoff appearances in seven years, strikes me more as the Larry Fine of the trio) to a season-ending injury chasing a loose ball against Tunisia.

Coach K will still have notables like Chauncey Billups, Rudy Gay, Amar'e Stoudemire, Kevin Durant and Derrick Rose at his disposal, which should provide a stronger, younger nucleus for London in 2012. Moreover, since the US has not won the title since 1994, in spite of having access to NBA talent (the 2002 team, playing at home in Indianapolis, finished sixth, in spite of having Paul Pierce, Jermaine O'Neal, Baron Davis, Ben Wallace, and Michael Finley on the roster), any sort of victory that doesn't rely on having Kobe Bryant (injured) carry the load again will be appreciated.

World Cup Final--Spain 1, Netherlands 0: It took 117 minutes, but Spain finally overcame the Orange-clad Stormtroopers to win their first World Cup. Don't believe me? Ask Johann Cruyff (website in Spanish):

Dutch football legend Johan Cruyff has launched a scathing attack on Netherlands' display in the World Cup final, deriding it as "anti-football".

The Dutch received nine yellow cards, and a red card for Johnny Heitinga, as they lost 1-0 to Spain in South Africa.

"Sadly, they played very dirty," Cruyff told Spanish newspaper El Periodico.

"This ugly, vulgar, hard, hermetic, hardly eye-catching, hardly football style... If with this they got satisfaction, fine, but they lost."

(snip)

Cruyff, along with many others, believed Mark van Bommel and Nigel de Jong were lucky not to be sent off before half-time, Van Bommel for a tackle from behind on Iniesta and De Jong for kicking Xabi Alonso in the chest.

"They should have been down to nine immediately, then they made two [such] ugly and hard tackles that even I felt the damage," said the 63-year-old Cruyff.

"It hurts me that Holland chose an ugly path to aim for the title."

Spain may well be the most unexplosive, least feared team to win the World Cup since England in 1966. Winning four consecutive games by a score of one to nil will do that to your reputation, as well as an offense that achieved the dubious distinction of scoring eight goals in the entire tournament, the fewest of any champion in the tournament's history. Which isn't to suggest that Spain's title was undeserved, since there was nothing flukish about any of their wins; this was definitely not your father's Spanish team, the Cleveland Cavaliers of soccer. But as the Swiss showed in the opener, Spain was a very beatable team, and most of the squads that participated in this World Cup, including the U.S. and Mexico, would not have needed to elevate their game that much to match what Switzerland did.

Sorry, but there's no vintage video of past World Cup games between Spain and Holland, simply because the World Cup finalists have never played each other in this tournament. Not only that, but they've never been placed together in the same qualifying group. They've never played against one another in the next biggest international tournament, the European Championship, or in the third, the Confederations Cup. To find the last time the two teams have met with anything on the line, you have to go back to 1983, when the teams battled to qualify for the Euros the following year.

That is itself an interesting story. Head-to-head, Spain and Holland both had 2-1 wins against the other at home, so the matter of qualifying came down to how well they fared against the other teams in that group; specifically, who could pound the bottom team in their group, Malta, by the most goals. The sport of soccer not having figured out yet that games needed to be played simultaneously to maintain integrity when something like goal differential was involved as the tie-breaker, Spain went into the final qualifying game knowing that if it beat the Maltese by eleven or more goals, it would qualify for the 1984 European Championships. The Dutch, having played their final game four days earlier, could only sit on their hands and watch.

Spain scored first that night, but Malta came right back and tied the game up ten minutes later. After 25 minutes, the game was tied, but the Spanish scored two quick goals to retake the lead. That's where the game still til halftime, 3-1; Spain needed to somehow score nine goals in the second half to win the group. Which it then proceeded to do, obliterating Malta 12-1, and sending them on their way to the Euros, where they finished second. This they managed in spite of the fact that Spain had not scored more than three goals in a game up to that point, and had not beaten anyone by more than two goals. A fishy result for all concerned, one that still rankles the Dutch:

Germany 3, Uruguay 2 [Third Place]: The Kings of Bronze of international soccer, Germany, "won" their fourth third-place game in soccer's showcase tournament, coming from behind in the second half to win a typically lively affair. Thomas Müller and Luis Suárez, both barred by infractions from playing in their team's semifinal losses, figured prominently in the scoring, Müller knocking in a rebound in the 19th minute off a rebound for the Germans' opening goal, and Suárez coolly setting up the Uruguayan opener a few minutes later. On paper a meaningless game, the consolation final has usually been a connoisseurs' feast, in that one of the teams is usually lucky to have advanced this far, and with the fortuitous participation of the fifth-best team from South America in the festivities, together with the Germans playing a very young line-up geared towards 2014, today proved no exception.

Germany and Uruguay have played each other three times before in the Cup, each before the fall of the Iron Curtain allowed us to retire the moniker "West Germany." In 1966, they drew each other in the quarterfinals; the West Germans were expected to breeze, but after scoring an early fluke goal struggled to put away the Uruguayans, until a rather questionable non-call in the penalty area pissed off the South Americans, who were convinced that the powers-that-be had it in for non-European teams. Deciding that the best revenge was to play kick-the-kraut the rest of the way, at the expense of having two of their players ejected, Team Uruguay collapsed in the final twenty minutes, losing 4-0, and hastened their fall from the ranks of world soccer powers thereafter:

The teams also met in a first-round battle in 1986, resulting in a 1-1 draw. The West Germans thoroughly dominated the game, but had to play catch-up almost the entire way after a bone-headed back pass by the usually dependable Thomas Berthold allowed Uruguay a cheap early goal. Relentless pressure paid off for the Germans in the final ten minutes, allowing both teams to walk away with a point:

But it was back in 1970 that the two countries played each other in a game that, like tomorrow's, really didn't matter, for third place. The Germans, incorporating some of the stars of the team that would dominate '70's soccer, had breezed through the first round, winning all three of their games, then rallied from two goals down in the second half to stun the defending champions, England, in overtime, 3-2, thereby defeating their historic rival for the first of many times. In the semis, against Italy, they played one of the classic games in the history of the World Cup, a see-saw, back-and-forth game that saw three lead changes, an injury time goal by the Germans to tie the game at the end of regulation, and five extra time goals before the Azzurri finally won, 4-3.

Uruguay, on the other hand, had played a distinctly unmemorable tournament, scoring a grand total of four goals in five games (half of them in their opener against Israel). Somehow, they finagled their way it into the semis, where they took an early lead, but were promptly and easily dumped by future champ Brazil, 3-1. Having done absolutely nothing to merit their high placement, and playing against a German team that had played 240 minutes of soccer in the previous five days, Uruguay then proceeded to have its best game of the Cup, but to no avail, losing 1-0. The highlights:

Quick, which team has finished third in the World Cup the most times? Time's up, it's....Germany!!! Yep, the Germans "won" the Bronze in 1934, 1970, and most recently, in 2006. And guess who's lost the most consolation games...you got it, none other than tomorrow's opponent, Uruguay, the only country to have lost the Third Place game more than once, in 1954 and in 1970, the latter occasion being bested by the Germans.

There used to be a consolation game in the NCAA tournament, not only between the two Final Four losers, but even between the two losers of the regional semifinals, but since neither the fans nor the teams were particularly psyched about a game that had little in the way of relevance, the practice was discontinued after 1980. FIFA soldiers on with the idea, however, and the game tends to be an aperitif to the main course the following day.

Spain 1, Germany 0: A better game to watch than to summarize. Nothing flashy, just good, solid, efficient German-style football, used in the crusade to beat the Germans, who obviously were exhausted from having to celebrate all their goals in the earlier rounds. First time since 1978 both teams in Finals are championship-virgins.

Why are my compatriots in the progressive blogosphere such whiny assclowns? I guess it's unfair to limit such a generalization to left-of-center bloggers, since someone like Andrew Breitbart or Patterico can sound positively gruesome when they detect some trivial bit of political bias in the media, but I don't generally don't read (and don't care) what the far right has to say.

But when I'm reading blogs that are ostensibly on my side of the debate, I really don't give a shit about why you can't get on the Sunday talk shows, or how awful it is that the MSM was so nice to Bush in the run-up to Iraq. Here's a clue: angry, whiny ass-clowns may be right, and have mucho integrity, and may spark the flame of social justice, but it's the quiet, shrewd people who actually accomplish something. It's the difference between Abe Lincoln, who freed the slaves, and William Lloyd Garrison, who didn't.

Tomorrow's semifinal involves two teams that have met each other on more than a few occasions. In World Cup play, they have played three times, with Germany winning twice and the teams drawing on the other occasion.

The first game, in 1966, was the final game of group play; Spain, then as now, was the defending European champions, but thanks to a loss in their opening game to Argentina, needed a win to advance, while the then-West Germans needed only a tie. The Spanish took a quick early lead, only to wilt beneath the future Cup finalists, losing 2-1. It is a game remembered, if at all, for this spectacular impossible-angled shot by Lotthar Emmerich to tie the game late in the first half. For more of a taste of what this game looked like to a mid-60's TV viewer in Great Britain, here's the broadcast of the first ten minutes, complete with an opening musical montage of Masterpiece Theatre and NFL Films:

The most recent game came in 1994, another group play game that ended in a 1-1 draw. Both teams were playing in the easiest group, although Spain had to settle for a tie in its opener, against South Korea, so the result suited the occasion. A German-language broadcast of the game:

But it was the second game that has always been a dagger in Spanish hearts, in 1982. Spain had gone into the Cup as one of the favorites, especially since they were the host nation, but again got off to a slow start, needing a late penalty kick to tie Honduras in their opener (notice a pattern?). They came from behind to defeat Yugoslavia, 2-1, in the next game, but again after earning a penalty kick under very questionable circumstances. West Germany also got off to a terrible start that year, being shocked its group opener to Algeria, 2-1, then getting its mojo back in a decisive 4-1 victory over Chile.

Because of the brilliant manner in which FIFA scheduled World Cup games back then, the final games in group were not played simultaneously, so both Germany and Spain knew what they needed to do to advance to the second round. Since Algeria had lost its second game (0-2, to Austria), but had won its third (3-2, vs. Chile) the day before, Germany and Austria found themselves in the serendipitous position of both being able to qualify if the appropriate result could be attained, which, as it so happens, was for Germany to win by a margin of less than three goals. Which, against no odds, they did. Germany scored ten minutes in to take the lead, and the two teams conspired thereafter to play kick-the-ball-around for the next eighty or so minutes before the ref mercifully blew the whistle, sending both teams through to the second round, and eliminating Algeria. As befits the most blatantly rigged result since the 1919 World Series, the game has its own Wikipedia page.

Almost forgotten is the fact that both Spain and Northern Ireland were in the same position when their game started two hours later. Both teams would advance if Northern Ireland won the game, 1-0, whereas a scoreless tie would eliminate the Men of Ulster, whilst a margin of defeat greater than a goal would knock out the Spanish. Maybe it was the fact that Northern Ireland had a man red-carded in the first half, or the fact that neither team could score early, but more likely the fact that the winner would get to play in a weaker second round group, this game ended up being one of the more exciting, hard-fought games of the first round, with Spain losing in the end, 1-0. No Anshcluss here, please.

For the second round in 1982, FIFA had another inspired idea: after having played the previous two World Cups with two four-team round-robin qualifying groups leading directly into the Finals, it juiced up the proceedings by creating four three-team groups, with the winners reaching the semi-finals. The only problem is that all three teams could not be playing simultaneously; one of the teams would play its second game against an opponent playing its first. That would be fine if the opening game resulted in a win or loss, but if the game drew, then the team playing its opener a few days hence would be instantly eliminated if it lost.

As it so happens, Spain and Germany were, along with England, put into the same group, and Germany and England drew its opener, making the Germany-Spain match-up that followed a sudden death result for the loser. Under massive national pressure, Spain again fell short, losing heartbreakingly 2-1, and suffering one of the earliest knock-outs of a host nation in World Cup history.

Needless to say, Spain can exorcise quite a few demons with a win tomorrow.

Holland 3, Uruguay 2: In the highest-scoring regulation semi-final game in 48 years, the Dutch held on to defeat an undermanned but gutsy team from South America, and will now return to the Final for the first time since the glory years of the Clockwork Oranje. I don't know if Uruguay's performance this time was the biggest fluke since Renee Zellwegger won the Oscar, but three cheers to the losers.

For those few of you are interested, today's semifinalists, Holland and Uruguay, have played once before in the World Cup, all the way back in 1974. At the time, Uruguay was a perennial contender, having made the semifinals four years earlier, but had gone through a prolonged period of stagnancy, dating back to its previous championship a quarter century earlier. In short, they were similar to Argentina was in this World Cup: a team that was usually to be reckoned with, but with its glory years long behind it (I believe they sent the oldest team to that tournament).

Their opponents, Holland, was the team that everybody was looking forward to watching, with the best player in the world at the time, Johann Cruyff, and a supporting cast much to be envied (Neeskens, Rep, Rensenbrink, Surrbier, etc.). But they hadn't played in the World Cup recently, and no one knew exactly how they would handle the Big Time when they stepped onto the field against Uruguay. The highlights below of their 2-0 victory hardly do justice to their dominance:

The score could have easily been 6-0, and was the first sign that year the balance of power was shifting in the sport. Uruguay was quickly eliminated in 1974, and thereafter disappeared from the ranks of the sport's powers, at least until this year.

Spain 1, Paraguay 0: Two penalty kicks missed in two minutes !!! Paraguay somehow went the final 304 minutes of play in the 2010 World Cup without scoring a goal and still made to within breathing distance of the semis. Well done, wizards; please accept these parting gifts and go home. Spain, of course, sticks around, thanks to a H.O.R.S.E.-inspired shot by David Villa eight minutes from the finish to play in its first real semifinal, where they will get a rematch from its 2008 Euros opponent, Germany.

The World Cup is only eight days from being over, but there is another big international sporting event coming up: the World Basketball Championships. It starts on August 28, 2010, in Turkey. And yes, the U.S. is ranked number one two.* Team America hasn't won this since 1994, although the possible participation of Kobe^, LeBron, Durant, and Melo offers hope this time around. The Olympics gets most of the attention in this country, but with basketball emerging as the world's new Number One sport (thanks, China), this event will become bigger and bigger in the future

*Argentina is ranked ahead for now.

^He may have to undergo surgery.

Germany 4, Argentina 0: Some pre-game puffery about the Argentine coach, courtesy of Dave Zirin:

In his playing days, Maradona made people reconsider the sacred idea that Pele was surely the greatest player to ever patrol the pitch. He went from soccer superstar to Argentine folk hero during the 1986 World Cup, when he “avenged” the 1982 British defeat of Argentina in the Falklands War by defeating England in the quarterfinals, with a little help from the "Hand of God."

Maradona's brilliance inspired Eduardo Galeano to write, “No one can predict the devilish tricks this inventor of surprises will dream up for the simple joy of throwing the computers off track, tricks he never repeats. He’s not quick, more like a short-legged bull, but he carries the ball sewn to his foot and he’s got eyes all over his body. His acrobatics light up the field....In the frigid soccer of the end of the century, which detests defeat and forbids all fun, that man was one of the few who proved that fantasy can be efficient.”

It's too bad, though, that the Little Ball of Hate can't coach worth shite, so Mr. Galeano and others can take Maradona's manroot out of their collective mouths' nightmares can be efficient, too.* There is no conceivable way that a team with Messi, Tevez, et al., should have lost by four goals to a German team missing its best player (Michael Ballack), even if Jorge Larrionda had reffed this match as well. The Germans are the first team since the French team in 1958 to score four or more goals in three different games of the same World Cup.

* Which isn't to suggest that Maradona is gay, not that there's anything wrong with that....

Uruguay 1, Ghana 1 [PK: 4-2]: The finish of the game was like Bill Buckner's error, only it came in the midst of an event the whole world was watching, not just the New York-Boston corridor. In other words, Gyan's miss in the final seconds mattered a little more, and broke the hearts of a few more people. Uruguay, in the meantime, returns to the World Cup semifinals for the first time since 1970, but will play Holland without arguably its best player, Luis Suarez, the striker whose instictive save set up the Penalty Kick.

Before anyone starts weeping over the pending demise of Christopher Hitchens, here's an obit he wrote about Bob Hope several years ago, and another one about former Secretary of State Alexander Haig. There's too much unkindness here for anyone not to believe that, if she does indeed exist, God is Good. A sample:

To be paralyzingly, painfully, hopelessly unfunny is not a particular defect or shortcoming in, say, a cable repair man or a Supreme Court justice or a Navy Seal. These jobs can be performed humorlessly with no loss of efficiency or impact. But to be paralyzingly, painfully, hopelessly unfunny is a serious drawback, even lapse, in a comedian. And the late Bob Hope devoted a fantastically successful and well-remunerated lifetime to showing that a truly unfunny man can make it as a comic. There is a laugh here, but it is on us.

More instances of his execrable talent at taking a dump on the recently-deceased can be found here (apparently, it is a talent shared with other libertarians and right wing nut jobs). With the touch of a bully, Hitchens never wept for the people killed in the wars he cheared on, so pardon me if I don't shed a tear now for the self-proclaimed "contrarian."