The Creel Deal

Seems poor California just can't ever get a break! Earthquakes, fires, heat waves, and foreclosures, all located on some of the most beautiful real estate in the U.S. It Just doesn't seems fair.

When I was 21 I moved to Pismo Beach California and had the best time of my life. I grew up in a small town in Texas, and it's about as opposite of the Cali beach town you can find. Every day I was amazed at the beautiful weather and scenery, and, well,..the girls weren't bad either.

Even then there were fires every summer, an occasional earthquake, and of course fluctuations in the economy. I just don't recall seeing so much disaster hitting there all at the same time.

The magnitude 5.4 earthquake that hit metropolitan Los Angeles today caused no serious damage or injuries, but experts say it's a reminder that the "Big One" could happen at any time. California's history of quakes incredible to say the least.

On February 9, 1971, California experienced one of its most devastating earthquakes. Just before sunrise, the highly-populated San Fernando region was shaken by a 6.6 Richter magnitude quake that destroyed homes and businesses, badly damaged three hospitals, collapsed highways and water reservoirs, and resulted in the deaths of 65 people.

A list of the biggest quakes in recent California history, measured by magnitude:

1. 7.3, Landers, Calif., June 28, 1992, three deaths

2. 7.2, Cape Mendocino, Calif., April 25, 1992

3. 7.2, Off coast of Northern California, June 14, 2005

4. 7.1, Hector Mine, Calif., Oct. 16, 1999

5. 7.0, Honeydew, Calif., Aug. 17, 1991

6. 7.0, Cape Mendocino, Calif., Sept. 1, 1994

7. 6.9, Loma Prieta, Calif., Oct. 18, 1989, 63 deaths

8. 6.7, Northridge, Calif., Jan. 17, 1994, 60 deaths

9. 6.6, San Simeon, Calif., Dec. 22, 2003, 2 deaths

10. 6.6, Off coast of Northern California, June 16, 2005

11. 6.2, Joshua Tree, Calif., April 23, 1992

12. 6.0, Central California, Sept. 28, 2004

13. 5.6, Sierra Madre, Calif., June 28, 1991, two deaths

14. 5.6, San Francisco Bay Area, Calif., Oct. 30, 2007

15. 5.4, Chino Hills, Calif., July 29, 2008

Source: U.S. Geological Survey

Above is a  map of southern California, with epicenters of historic earthquakes (as far back as 1812)

How do homeowners protect their most valuable asset?

Less than 12 percent of California homeowners have earthquake insurance, according to the Insurance Information Network of California. A deductible cost chosen by the homeowner can reach up to 25 percent of the house value to be paid in the event of any earthquake damage. The higher the deductible, the lower the cost of the earthquake insurance.

Unfortunately, even if you have insurance, in order for it to pay-off the house needs to be rendered unoccupiable by a quake. That probability is low for most homes and the value of most stuff that would be destroyed would probably be less than the deductible you pay.

So it seems Californians are simply at the mercy of the Gods of natural disaster, and right now, the Gods appear to be very, very, angry!

We speak only of real estate and mortgage in our little corner of the universe, but the ugly truth is, we're merely the epicenter of a national crises. The mortgage debacle, coupled with absurdly high gas prices, has created a financial black hole that's sucking in all money matter around it.

Did you know that U.S. business bankruptcies saw their sharpest quarterly rise in two years, jumping 17 percent in the second quarter of 2008?

Did you know that Commercial filings for the first half of 2008 are up 45 percent from last year; or that from April through June, 15,471 U.S. businesses shuttered their doors?

It was the 10th straight quarter that business bankruptcy filings have increased. Nearly 29,000 companies filed in the first half of 2008. More than 20 percent of the newly shuttered businesses were in California, which logged 3,141 bankruptcies in the second quarter.

Texas fielded the next highest number of bankruptcies with 1,168, followed by Michigan with 702 and Florida with 635. New York was next, with 618 petitions, and Colorado had 547.

Food costs went up 1.5 percent (the biggest increase since January) and even pet food jumped by 6 percent, the largest monthly increase on record, and wholesale energy prices shot up 6 percent. The price of unleaded regular gas surged 9 percent in June on top of a comparable increase in May. Home heating oil, natural gas and liquefied petroleum gas also took big jumps.

If you glance back at history you'll see that an average of more than 500,000 businesses failed in the United States during each of the 10 recessions that have occurred since the end of World War II, and there's little doubt at this point that we face a full blown recession.

SMALL CHANGE'S CAN KEEP US OUT OF THE HOLE 

Be Aware of how much money you spend

Many shopaholics live in denial about how much they spend. If you realize how much you spend on various items, this may help reduce your spending. With disposable income slipping, spending frugally is important. Discount stores such as Marshalls and other surplus outlets and have seen increased business as people look for bargains.

Don't spend money to kill time

Don't spend every lunch break wandering around your favorite shops, go to a park or place where there is little temptation to pull that wallet out. If you do go shopping have a clear objective of what you need to buy. This means that you will buy things because you need them, rather than want them.

Avoid Spending by Habit

Quite often a lot of our spending is a daily habit. For example, if you hit Starbucks everyday, why not invest in a coffee machine? Just because you spend $10 a day on lunch doesn't mean this habit has to continue forever. Try taking your own lunch.

Give Items Objective ratings

Guy's, do you really need another $100 silk tie, or that new boat? Ladies, Is that $2,000 Louis Vuitton purse really necessary (you're just as beautiful without it)? I know that Burberry coat is lovely, but your paying a bundle for that snappy plaid collar and cuffs.  

Instead of trading that luxury ride in, why not pay it off and live car payment free for a couple of years? We all tend to have a desire to live a bit larger than we can afford, its human nature, but now is not the time.

Even if you seem to be rolling in cash today, you don't know what tomorrow will bring. Even Starbucks is closing stores down for the first time.

Remember money isn't everything

Don't feel that financial well being is the only thing that matters. Even in difficult times, don't lose perspective and allow yourself to be depressed. With the right attitude a frugal lifestyle can have its own pleasures. I'll bet there's a park you drive by all the time and have never been to, or a hiking trail you pretend not to see. 

Take the time, save the money, and avoid the hole.

It seems at times that no matter how much society does to help those in need, there will always be the few that don't possess the solid decision making capabilities to survive.

Sounds harsh, but after learning of the "Extreme Makeover" home that has had all of the "gifted" equity sucked out of it and allowed to fall into foreclosure, it is the only conclusion I can reach.

In January 2005 Atlanta-based Beazer Homes USA and ABC's "Extreme Makeover" demolished the Harper family home and its faulty septic system. Six days later, crews and volunteers, totaling over 1800 people, completed work on the largest home that the television program had ever built.

Replacing their old dilapidated home is a four-bedroom house with rock walls and a three-car garage that towers over homes in their neighborhood. The front door opens into a lobby that features four fireplaces, a solarium, a music room and a plush office. A total of $450,000 in materials and labor were donated for the home.

Beazer Homes' employees and company partners raised an additional $250,000 in contributions for the family, along with scholarships for the couple's three children and a home maintenance fund.

After the show, the Harper family used the two-story home as collateral for a $450,000 "construction business-loan", which they have since defaulted on and the majestic home is now set to hit the auction block on the steps of the Clayton County Courthouse Aug. 5.

Perhaps yet another kind soul will buy it and hand it to them for free, yet again.

We all know the tale of poor ol' Humpty Dumpty, after all, he had that great fall. Then of course, all the Kings horses, and all the Kings men, couldn't put poor Humpty back together again. With banks total announced losses to date of $400 billion, and bank write-down's just getting started, it would appear Humpty Dumpty's fall may indeed be fatal.

According to a study by Bridgewater Associates, bank losses could reach a staggering $1,600 billion (that's $1.6 trillion). How are these mind boggling losses being spread across the board?

Well, here are a few tidbits of information I managed to dredge up for you.

Citigroup posted a $US2.5 billion ($2.57 billion) loss, which, while large, was better than analysts had expected. That news capped a week that began with investors rattled by the federal seizure of IndyMac Bank and by the woes of mortgage giants Fannie Mae and Freddie Mac. The FDIC estimated that its takeover of IndyMac would cost between $4 billion and $8 billion.

Wells Fargo took a provision for credit losses of $3 billion in the second quarter, which included total charge offs of $1.5 billion, and an increase in reserves for future losses of $1.5 billion.

Washington Mutual, the nation's largest savings and loan, said Tuesday that it lost $1.14 billion in the first quarter. The Seattle-based thrift lost $1.40 per share, compared with a profit of $784 million, or 86 cents per share, in the first quarter a year earlier.

Freddie Mac owed $5.2 billion more than its assets were worth in the first quarter, making it insolvent under fair value accounting rules. The fair value of Fannie Mae's assets tumbled 66 percent to $12.2 billion and may be negative next quarter.

In late April, Countrywide reported a first-quarter net loss of $893 million (while their CEO took a $48 million salary) or $1.60 per diluted share. In the same period last year, it posted a profit of $434 million, or 72 cents per diluted share.

Sovereign Bancorp of Philadelphia said it would take a $1.6 billion write-off for the fourth quarter, much of it related to mortgage lending. However, $600 million of the loss was due to defaults on consumer loans, an indication that the financial crisis is spreading. Sovereign said it had stopped issuing auto loans in seven of the 15 states in which it does business-Nevada, Utah, Arizona, Florida, Georgia and North and South Carolina.

National City's stock tumbling 28 percent to its lowest level in about 17 years after the bank also posted a $171 million first-quarter loss and slashed its dividend.

Wachovia said it expects to report an after-tax loss of between $2.6 and $2.8 billion, or $1.23 to $1.33 per share, for the second quarter. The bank holds a substantial $170 billion residential mortgage portfolio; a whopping $121 billion of that total was in the form of option ARMs at the end of Q1.

Wachovia's option ARM portfolio saw non-performing assets jump by $1.6 billion in just one quarter to $4.6 billion at the end of Q1, almost 4 percent of loans; analysts expect that number could be as high as $7.5 billion when the company reports its Q2 results.

Losses from securities linked to subprime mortgages may exceed $265 billion as regional U.S. banks, credit unions and overseas financial institutions write down the value of their holdings, according to Standard & Poor's. Citi Bank and Bank of America has together lost $296-billion in market capitalization over the last year.

These are lenders we're all familiar with, and there are too many more to post. One thing is quite clear, the situation is bad, and getting worse. The question remains, can we put Humpty back together, or will we be walking on eggshells for years to come?

The newest scam people are getting is the "update your paypal account" email. It's fairly realistic looking and I have no doubt its worked on a few folks. I know my super-smart colleagues would never fall for this, but I'll put it out there just the same.

----- Original Message ----
From: "service@paypal.com" <service@verio.com>
Sent: Thursday, June 26, 2008 10:49:47 AM
Subject: Notification of Limited Account Access

 Dear PayPal Member,

 As part of our efforts to provide a safe and secure environment for the online community, we regularly screen account activity. While reviewing your PayPal accounts, we observed activity that we would like to further verify.

For this reason, limitations have been placed on your account until your will review your registered intormation. In order to resolve the account limitations, complete our online form by clicking on the following link:

 Log into your PayPal account

After we have gathered the necessary information, your account will be reviewed for reinstatement and you will be notified by e-mail of our decision.

We thank you for your prompt attention to this matter and apologize for any inconvenience.

Sincerely,
Account Review Department

© 2008 PayPal Inc. All rights reserved. PayPal is located at 2211 N. First St., San Jose, CA 95131

 

 Then you will then see this page (above link is now dead)

 Then once you click on the link on that page, you go here:

 

The page will accept any fake password combo you enter, since its really just collected info. You will then go to yet another page that will ask you for your personal info such as birthday, social security number, bank account number, mothers maiden name, and even your ATM card number with PIN number!

You may also receive similar emails and bogus log in pages for all major banks.

Residential sales volume for June 2008

decreased 3% from May 2008 all Sales 2007 (vs. Year-to-date 2007)

Residential sales volume: off 57% to $1.3 billion

Residential transactions: off 54% with 3,680

Mobile home sales on land: off 65% to $22 million

Plexes (2-5 units) sales: off 61% to $21 million

Land sales: off 75% to $98 million

Commercial volume: off 61% to $266 million

Average residence: $362,286, off 7%

 

Existing home transactions sold unchanged in June 2008 vs. May 2008

 Existing Home Sales

Units sold off 54%; volume: off 57% to $759 million

2,009 units sold this year vs. 4,330

Average price off 8% to $377,552

Half homes (median) sold for more than $334,950, off 5%

Average $/SF for homes sold: $216.93 (all sales), off 10%

Best range: $300,001 - $350,000, with 69 monthly

Second best absorption rate: $350,001 - $400,000 with 48.8 per month

 

8 acreage parcels sold monthly, off 56% from last year; average price, $181,290, off 14%

 Acreage Sales

 

33.2 per month of existing homes sold, off 53%; average price: $522,690, off 20%

Median price for existing homes: $450,000, off 10%

6.2 new single family homes sold monthly, off 51%

The new home average price: $451,277, off 23%

Median price for new homes: $459,950, off 20%

The $/SF for existing homes: $251.64, off 24%

The $/SF for new homes: $382.82, up 32% (10% of sales with data)

Average lot sizes, for existing homes: 4.3 acres, up 18%; for new: 3.1 acres, up 9%June residential recorded transactions were 61% fewer than last June.

 

New single family homes units sold in June 2008 off 11% from May 2008

New Single Family Homes

 

Average sale price: $438,932, off 15%

Median sale price: $409,950, off 12%

New homes represent 27% of volume and 24% of units recorded

639 sold vs. 1,205 last year, off 47%; volume: off 55% to $280 million

Average $/SF: $247.58, off 1% (6% with data)

Best range: $300,001 - $350,000 with 17.5 monthly

Second best range: $350,001 - $400,000 with 16.3 per month

Best range: $100,001 - $150,000 with absorption of 5.5 per month, off 57%

 

Subdivisions

The average lot sold for $163,969, off 16%

Half (median) the lots sold for more than $130,000, off 32%

17.8 sold monthly vs. 77.2 monthly last year, off 77%

The average lot represents 37.4% of the average new home price

The median priced lot represents 31.7% median priced home

 

Attached unit sales off 21% in June 2008 from May 2008

 Attached (vs. Year to date 2007) includes condominiums and townhomes

 

Average sale price: $280,244, off 1%

Median sale price: $252,000, off 5%

42% (380 units) new

905 sold vs. 2,029 last year, off 55%; volume: off 56% to $254 million

Average existing $/SF, $214.24, off 2%; for new: $208.97, off 4% (4% with data)

Best range existing: $225,001 - $250,000 with 16.5 monthly

Best range new: $300,001 - $350,000 with 12.5 per month

 

Projection

Relative inventory increased to 15.5 months, still a buyers' market. Prices will soften. 2008 will be a challenging year for residential real estate. The meltdown of both FNMA and FHLMC is a terrible blow to the housing market. No matter what solution is created, borrowers will pay more for mortgage money.

 

Residential sales volume for June 2008 is up 5% from May 2008

 All Sales

Residential sales volume: off 44% to $1.4 billion

Residential transactions: off 41% with 4,704

Mobile home sales on land: off 63% to $38 million

Plexes (2-5 units) sales: off 54% to $33 million

Land sales: decreased 66% to $85 million

Commercial volume: off 52% to $263 million

Average residence: $296,970 off 4%

 

Existing home transactions sold off 4% in June 2008 from May 2008

 Existing Home Sales

 Units sold: off 40%; volume: off 43% to $914 million

3,029 units sold this year vs. 5,116

Average price off 4% to $301,700

Half homes (median) sold for more than $263,000 off 3%

Average $/SF for homes sold at $164.76 (all sales), off 8%

Best range: $225,001 - $250,000, with 74.3 recorded monthly

Second best range: $250,001 - $275,000, with 63.2 per month

8.5 acreage parcels sold monthly, off 65%; average price: $147,222 off 3%

 

Acreage Sales

44.2 per month of existing homes sold, off 39%; average price: $452,164, off 8%

Median price for existing homes: $370,000, off 5%

7.2 new homes sold monthly, off 23%; average price of $378,721, off 25%

Median price for new homes: $327,000, off 17%

The $/SF for existing homes: $197.82, off 12%

For $/SF for new homes on acreage: $158.82, off 13% (70% of sales with data)

Average lot sizes, for existing homes: 3.3 acres, off 5%; for new: 3 acres, off 7%

 

New single family homes units sold in June 2008 are up 25% from May 2008

New Single Family Homes

Average sale price: $346,127, off 9%

Median sale price: $315,000, off 5%

New homes represent 24% of volume and 22% of units recorded

840 sold vs. 1,091 last year, off 23%

Volume: off 30% to $291 million

Average $/SF: $148.93, off 7% from last year's average (58% of sales with data)

Best range: $300,001 - $350,000, with 30.7 per month

Second best range: $275,001 - $300,000, with 20.7 monthly

Best lot range: $75,000 - $100,000 with 12.2 sold per month, off 58%

 

Subdivisions

The average lot sold for $106,467, off 15%

Half the lots sold for more than $98,684, off 10% (median)

29.8 sold monthly vs. 99.2 last year, off 70%

The average lot represents 30.8% of the average new home price; 31.3% for median

 

Attached unit sales off 2% in June 2008 from May 2008

Attached includes town-homes, condos and commons

Average sale price: $234,694, off 10%

Median sale price: $211,000, off 11%

39% (207 units) are new

532 sold vs. 1,096 last year, down 51%; volume: off 6457% to $125 million

Average $/SF: $190.62, off 1% for existing units; new: $193.03, up 22% (40% w/data)

Range with best sales, existing: $250,000 - $300,000 with 6.7 per month

Best range new: $190,001 - $200,000 with 5 monthly

 

Projection

Relative inventory decreased to 9.8 months, still a buyers' market. Prices will be soft. The meltdown of both FNMA and FHLMC is a terrible blow to the housing market. No matter what solution is created, borrowers will pay more for mortgage money.

 

Residential sales volume for June 2008 increased 16% from May 2008

 Year-to-date 2008 (vs. Year-to-date 2007)

 

Residential sales volume: off 40% to $477 million

Residential transactions: off 35% to 1,471

Mobile home sales on land: off 43% to $18 million

Plexes (2-5 units) sales: off 69% to $5 million

Land sales: off 54% to $43 million

Commercial volume: off 57% to $61 million

Average residence: $324,358, off 8%

 

Existing home transactions sold up 20% in June 2008 from May 2008

 Volume sold: $335 million, off 41%

996 units sold, off 37%; Half (median) sold for more than $264,810, off 6%

The average price on Bainbridge Island: $777,488, off 3%; avg $/SF: $327, off 3%The Existing

 

Homes information below has Bainbridge Island data removed

Average price: $295,036, off 3%

Average $/SF for homes sold at $180.43 (all sales), off 8%

Best range: $225,001 - $250,000, with 26.3 per month

Second best range: $250,001 - $275,000, with 16.5 monthly

 

7.3 lots acreage sold monthly, off 63%; average: $185,724 up 2%, incl 2 on BI @ avg $350,000

 

33.8 per month of existing homes sold, off 25%; average price: $481,226 off 2%

Median price for existing homes: $425,000, up 8%

4.7 new single family homes sold monthly, off 34%; average price: $416,217, off 19%

Median price for new homes: $404,500 off 6%

$/SF for existing homes: $234.11, off 5%; new: $183.48, off 4%

Average lot sizes, existing homes: 2.5 acres, off 4%; for new: 2.9 acres, up 13%

  

New single family homes units

Bainbridge average sale price: $1,019,706, up 3% (3 recorded sales)

Kitsap without Bainbridge average sale price: $323,818, off 13%

New homes represent 21% of volume and 22% of units recorded

Volume: $92 million, off 6%; 277 sold this year, up 16%; (40% sold by Quadrant)

 

New Single Family Homes information below has Bainbridge Island data removed

Average $/SF: $167.54, off 6% (32% of sales with data)

Best ranges: $300,001 - $350,000 with 10.5 monthly

Next best range: $275,001 - $300,000 with 7.2 per month

The average lot sold for $119,362, off 2%; Bainbridge Island: 2 at average: $374,953

26.3 sold monthly, off 27% from the 35.8 that sold per month last year

Best range: $100,001 - $150,000 with absorption of 19.7 per month, up 75%

The average lot represents 36% of average new home

The median priced lot represents 37.9% of the median new home price

Attached unit sales off 63% in June 2008 from May 2008

 

Below - includes condominiums and town-homes

Average sale price: $303,874, off 12%; w/o BI: average $216,785, off 1%

Median sale price: $227,500, off 14%

90 sold, off 60%; 31% new (28 units); BI: 30 units at avg $478,051, up 2% (5 new)

Volume: $27 million, off 65%; $14 million on BI, off 73%

Average $/SF existing: $216.64, up 6%; new: $288.15, off 13% (No new solds in June)

Best ranges new: $200 - $210,000; $230 - $240,000 and $500,000+, each with 0.7 monthly

Best ranges existing: $300,001 - $400,000 with 1.7 per month

 Projection

Relative inventory decreased to 10.4 months, still a buyers' market. Prices will soften. No matter who wins in November, any changes will take at least eighteen months to impact the economy. The world is so interconnected; our downturn will be felt globally.

 

Residential sales volume for June 2008 decreased 6% from May 2008

 All Sales

Residential sales volume: off 42% to $6 billion

Residential transactions: off 42% to 12,006

Mobile home sales on land: off 52% to $19 million

Plexes (2-5 units) sales: off 55% to $106 million

Land sales: off 67% to $172 million

Commercial volume: off 72% to $1.5 billion

Average residence: $499,439, up 1%

 

Existing home transactions sold decreased 4% in June 2008 from May 2008

Existing Home Sales

Units sold: off 40%; volume: off 41% to $3.6 billion

6,582 units sold this year vs. 10,989

Average price off 1% to $547,332

Half homes (median) sold for less than $435,000, off 2%

Average $/SF for homes sold at $283.65 (all sales), off 4%

Best range: $300,001 - $350,000, with 141.7 monthly

Second best absorption rate: $500,001 - $600,000, with 136.7 per month

13.3 acreage parcels sold monthly, off 61%; average price: $224,898 off 30% from last year

 

Acreage Sales

55.7 per month existing homes sold, off 42%, average price: $739,549, off 10%

Median price for existing homes: $590,000, off 6%

5 new homes sold monthly, off 48%, average price: $1,046,548, up 7%

Median price for new homes: $810,000, up 28%

The $/SF for existing homes: $298.99, off 15%; new: $247.31, off 19% (60% w/data)

Average lot sizes, for existing homes: 3.9 acres, up 18%; new: 3.5 acres, off 42%

The average price per acre for acreage lot sales: $90,457, off 19%

 

New single family homes units sold

Average sale price: $661,961, off 3%

Median sale price: $530,000, off 5%

New homes represent 19% of volume and 16% of units recorded

1,281 sold vs. 1,929 last year, off 34% volume: off 36% to $848 million

Average $/SF: $250.29, off 4% (49% of sales with data)

Best range: $750,001 - $1,000,000 with 32 per month

Next best range: $600,000 - $750,000, with absorption of 31.8 monthly

Best lot range: $200,001 - $300,000, with absorption of 13 per month, off 20%

 

Subdivisions

The average lot sold for $228,161, off 15%

Half the lots sold for more than $216,780 (median), up 9%

34.5 sold per month vs. 84 last year, off 59%

Average lot represents 34.5% of the average priced new home

The median is 40.9% of the median priced new home

Attached unit sales off 21% in June 2008 from May 2008

Attached (vs. Year- to date 2007) includes condos, commons and town/row homes

Average sale price: $369,282, up 3%

Median sale price: $322,500, up 2%

35% (1,369 units) of sales are new

3,887 sold vs. 7,245 last year, off 46%; volume: off 45% to $1.4 billion

Average existing $/SF: up 5% to $327.36; new: $321.52, off 3%, (56% w/data)

Range with best sales, existing: $300,001 - $350,000, with 59 per month

Range with best sales, new: $300,001 - $350,000, with 38.5 monthly

Projection

Relative inventory is increased to 8.7 months, still a buyers' market. Prices will fall. The meltdown of both FNMA and FHLMC is a terrible blow to the housing market. No matter what solution is created, borrowers will pay more for mortgage money.

Over the last two years I've become a bit of an expert on the Nigerian 419 Scam as a hobby. The 419 covers everything from rental, lottery, inheritance, to employment scams; all done via emails.

Many originate on craigslist.com and occur when you place a rental or sales ad there; others just find their way to your email box. Often your receive lovely pictures (like the one to the left) from Barrister's, Bishops, and even an occasional Princess.

I've written on the subject in the past and have had more people contact me regarding the post than I can recount.   The latest version of the 419 is fairly clever (if you can overlook the spelling) and has been successful on quite a few people that previously fell victim to one of the aforementioned versions.

I know from the emails I've received, and the news, people are buying into these scams, Thus I feel the need to warn them about what I can only call "The Re-Scam".

Heres how it goes:    

From: BISHOP JOHNSON <earlspencer_00@yahoo.com> Sent: Monday, July 14, 2008 8:51:48 PM Subject: ZENITH BANK/UNITED NATIONS,SCAM VICTIMS    ZENITH BANK/UNITED NATIONS,SCAM VICTIMS     COMPENSATIONS PAYMENTS.DIRECTOR,     SCAMMED VICTIM/$100,000 BENEFICIARIES.     REF/PAYMENTS CODE:06654 $100,000 USD.     ATTENTION BENEFICIARY:                ZENITH BANK/UNITED NATIONS SCAM VICTIMS COMPENSATIONS PAYMENTS.          This is to bring to your notice that I am delegated from the United Nations to Central Bank to pay 48 scam victims $100,000 USD (One Hundred Thounsand Dollars) each. You are listed and approved for this payment as one of the scammed victims to be paid this amount, get back to us as soon as possible for the immediate payments of your $100,000 USD compensations funds.          On this faithful recommendations, know that during the last U.N. meetings held at Abuja the Capital of this Country Nigeria, it was alarmed so much by the world in the meetings on the lose of funds by various individuals to the Nigerian scams artists operating in syndicates all over the world today.     In other to compensate victims, the U.N Body in conjunction with the Nigerian Government is now paying 48 victims of this operators $100,000 USD each in accordance with the U.N. recommendations. Due to the corrupt and inefficient Banking Systems in Nigeria, the payments are to be supervised by the United Nations' Officials and the Central Bank Nigeria as the corresponding paying bank is ZENITH BANK PLC.          According to the number of applicants at hand, 21 Beneficiaries has been paid, half of the victims are from the United States, we still have more 27 left to be paid the compensations of $100,000 USD each. Your particulars was mentioned by one of the Syndicates who claimed to be the ATM Director CBN who was arrested as one of their victims of the operations, you are hereby warned not to communicate or duplicate this message to him for any reason what so ever as the U.S. secret service is already on trace of the other criminals. So keep it secret till they are all apprehended.  Other victims who have not been contacted can submit their application as well for security and possible consideration.          The Economic and Financial Crimes Commission (EFCC) (Motto: No Body is Above the Law) have combined effort with the United Nation Anti-crime commission to alleviate and redeem the image and past wounds of foreigners and firms who were defrauded, scammed and abandoned by this syndicates to slight down our dignities to international communities.     Many banks have been in bankrupcy today, Universal firms, Companies and individuals due to the activity of these hoodlums. However, investigation have shown that these people have dropped over 500,000 victims after collecting their money falsefuly, many committed suicide and others living by the grace of God.          With the sanity presently at hand, we have over 500 convicts at hand, 300 in kirikri prisons while many are still awaiting trail while We still fetch for others who feel they are wise and hope that you will be our friend by giving us more information as per clue in apprehending them.         You can receive your compensations payments via any of this options you Choose, DRAFT/CHEQUE PAYMENTS or WIRE TRANSFERS.I shall reply you with further modalities as soon as I hear from yoU.     SCAMMED VICTIM REF/PAYMENTS CODE:06654 $100,000 USD. Email: bishopjohnsondate@yahoo.co.jp    Waiting to hear from you as soon as possible.       Yours faithfully, BISHOP JHONSON bishopjohnsondate@yahoo.co.jp SCAMMED VICTIM/REF/PAYMENTS CODE:06654 $100,000 ------------------- My Response: Indeed I was scammmed out of $7,000 USD by a fellow claiming he wanted to rent my home from me. What can I do to recover the money? ------------------------------- Attention: Michael Creel   I want you to forward the conversations you had with the scammer, all the papers or the info you received from him,the info used when sending the money to him, then enclose your contact address, your telephone number, a copy of your drivers license.... we need your hunble corporations over this matter to enable us track the scammer... after verifications your payment will be made....and you advice to comply with our instructions to enable us proceed faster with your case....   Sincerely Bishop Johnson ----------------- My Response:   Will this cost me anything up front? ----------------------------- Dear Michael  Creel   Thanks for your message, We are working towards everything here all we need is your corporations, Just do what I instructed you, send all the conversation you have with the fraudster, the documents he sent to you ... or you can aswell send the payment informtions you sent to him... I will attach this stated items to your claim files...and fax them to the Bank that will make your payment of 100,000 dollars.....but before this will be commence will need total verifications to ensure that you are telling us the truth...however you will also required to follow legal process to enable your payments.....   Sincerely   BISHOP JOHNSON -----------------------------   My Response: All I'm asking is, what is the "legal process". To put it simply, is this a free service? --------------------------- Dear Michael  Creel   Thanks for your Questions? I want you to understand that you are in the safe side... that this is 100% Free from this department... But what I mean by Legal Process means that you will have to get a lawyer from Nigeria who will sign some Papers and Deffend your Files in High Court Abuja from their your Payment info will be Fax to the PAYBANK that will credit your account with the fund of 100.000 dollars as your compesation Payment to renew this country image and reputation in world Record... we are fighting  24/7 against corruption and crime in this country...and I want you to follow every instruction giving to you to enable you get your payment.....Send your contact details and a copy of your drivers license for more perusal and means of Identifications...   When I confirm the above stated info from you I will then tell you what you need to do...before the bank will contact you to inform you of your payment....   Sincerely Bishop Johson  ------------------------------     My Response: I am curious bishop. do you feel even the least bit of remorse when you scam a person for the second time with this little charade of yours? Or do you simply justify it within yourself and claim the rich Americans deserve it?  ----------------------------- Michael what did you mean? please tell me what did you think?   Bishop Johnson -----------------------------END After that last one I did indeed tell him what I think, so I can't include it in this post (you can use your imagination). Normally I play along with these scams a bit further to see what all they want me to do. In the end, it's always the same, wire money to cover legal fee's. So, anyone that has been burned by one of these people, believe me when I say your money is gone, and no one is going to contact you to give if back. Trust me on that one!