Bailing out borrowers

From Reuters:

Subprime summit to propose steps to help borrowers

A Washington summit on Wednesday on how to help troubled subprime mortgage borrowers will end with seven principles to aid borrowers, according to a document prepared for the meeting.

Mortgage servicers should seek to modify the terms of subprime loans before the interest rates are reset higher and set aside dedicated resources and staff to help those borrowers, according to the document obtained by Reuters.

Fannie Mae and Freddie Mac should work with lenders to make credit available to borrowers who have trouble refinancing out of subprime loans, the document also states.

Another principle calls for servicers to make early contact with subprime borrowers with adjustable-rate mortgages to determine if they qualify for a more stable loan, according to the document.

The goal of Wednesday’s summit is to “maximize the number of homeowners who are able to stay in their homes who would otherwise be threatened with default and foreclosure as subprime hybrid ARMs reset, resulting in significant payment shocks,” according to a statement that will accompany the principles.

From Bloomberg:

U.S. Foreclosure Filings Rise 47 Percent in March

Banks began foreclosure proceedings against 47 percent more U.S. homeowners last month compared with a year ago as falling housing prices made it more difficult for borrowers to refinance mortgages.

More than 149,000 filings were posted in March, the highest number since RealtyTrac Inc. began collecting data in January 2005, the Irvine, California-based research company said today in a statement. California filings rose to 31,434, more than triple the number a year ago. Nevada and Colorado had the largest percentage gains.

The number of owners making late payments on mortgages is at a four-year high and the failure or sale of 50 subprime mortgage companies has tightened the supply of money for lending. The National Association of Realtors is forecasting that the median price of a home will fall 0.7 percent this year to $220,300.

“Foreclosure activity shifted into a higher gear in the first two months of 2007, and March’s numbers continued that trend,” James Saccacio, chief executive officer of RealtyTrac, said in the statement. “Last year we saw a surge in foreclosures in the first quarter followed by a leveling off through the second and third quarters.”

Foreclosure filings in March rose 7 percent from those in February, RealtyTrac said.

(Edit: The original post, below, has been removed.)

From the Online Journal:

Trouble in Squanderville

This entry was posted in Housing Bubble, National Real Estate. Bookmark the permalink.

67 Responses to Bailing out borrowers

  1. James Bednar says:

    From MarketWatch:

    Mortgage applications down fifth week

    With the adjustable-rate sector of the market drying up, applications for mortgages fell for the fifth straight week as interest rates rose, the Mortgage Bankers Association reported Wednesday.

    Adjustable-rate loans fell to 18.1% of applications, the lowest share since July 2003, despite a widening in the interest-rate spread between ARM rates and 30-year fixed rates. A year ago, ARMs accounted for about 30% of loans.

    The total number of applications filed including purchase loans and refinancing loans was 2.5% lower on a week-to-week basis, but they were up about 10% compared with the same week a year ago.

    The MBA’s data do not indicate how many applications were accepted. Lenders have reported tightening their standards for loans, especially for subprime and exotic alt-A loans.

    The number of applications filed to refinance an existing mortgage dropped 0.3% last week. Refinancing applications, which were up about 32% compared with the same week a year ago, accounted for 44% of total applications.

    The volume of loan applications to buy a home dropped 4.2% compared with the previous week, but purchase loans were down about 3% compared with a year ago.

    By comparison, U.S. home sales are down about 5.5% from the same time last year.

  2. James Bednar says:

    From Bloomberg:

    Pound Jumps to a 25-Year High on U.K. Interest-Rate Outlook

    The pound rose to the strongest in more than a quarter-century after a U.K. report showed wage growth quickened and the Bank of England’s minutes said two policy makers voted for higher interest rates.

    The pound rose for a seventh day, its longest streak since November, after the government said incomes grew at the fastest pace since 2004. Futures prices show investors added to bets the central bank will raise its benchmark rate twice this year, to the highest among Group of Seven nations. Inflation is the fastest in a decade, the government said yesterday.

    Dollar Falls to Lowest Since 2004 Versus Euro; U.S. Loses Shine

    The dollar fell to the lowest since December 2004 against the euro on speculation slower U.S. inflation will spur investors to seek fixed-income assets in nations where interest rates are climbing.

    The yield advantage of Treasuries over German bunds dropped to near the narrowest since December 2004, reducing the allure of dollar-denominated assets. The dollar fell to the lowest against the pound in 26 years today after the minutes of the latest Bank of England rate-setting meeting showed two policy makers voted to raise borrowing costs immediately.

    “The dollar is under pressure as inflation concerns in the U.S. are receding and the market is taking this is as a signal that the Federal Reserve will cut rates,” said Michael Klawitter, a currency analyst in Frankfurt at Dresdner Kleinwort. “The rate differential between the U.S. and Europe is once again weighing on the dollar.”

  3. njrebear says:

    from 1]
    “The MBA’s data do not indicate how many applications were accepted. Lenders have reported tightening their standards for loans, especially for subprime and exotic alt-A loans. ”

    It looks like the YOY drop should be greater than 10%

  4. njrebear says:

    Option ARMs Emerge As Home-Loan Worry

    http://online.wsj.com/preview_login.html?url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB117685894809873420.html%3Fmod%3Dyahoo_hs%26ru%3Dyahoo

    Subprime mortgage loans have dominated headlines this year, but now investors and consumers are growing wary of another risky type of home loan: the option adjustable-rate mortgage, or option ARM.

    Defaults on subprime home loans, those for people with weak credit records or high debt in relation to their incomes, have surged in recent months, forcing dozens of subprime lenders out of business. Meanwhile, defaults have been minimal on option ARMs, generally granted to people with credit standings well above the subprime level.

    Even so, the prices investors pay for option ARMs have fallen about 1% so far this year, …

    >>
    subscription needed for full access :(

    Also, Option ARMS are supposed to start resetting in 24 months per Credit suisse.

  5. James Bednar says:

    More evidence the Alt-A market is rapidly deteriorating, from CR:

    Alt-A Update: Downey Reports

  6. BC Bob says:

    “The country has undergone an unprecedented expansion of personal debt which has engendered the greatest wealth gap since the Gilded Age.”

    Have we exhausted the comparisons to the Great D?

    “Those who disagreed were derided as doomsayers or lunatics.”

    LOL, however many called me much worse than that.

    Regarding the BP;

    Highest level since Ronnie was inaugurated. It’s almost surreal how we keep going back in time. That said, I would agree with those that state RE is a good value at these levels. Yes, if I was buying in BP, 2 houses for the price of 1.

  7. thatbigwindow says:

    I wonder how all this “pretend wealth” affected the high end car market. Will it be like the 1980’s again where the majority is driving 15-20 yr old cars?

  8. James Bednar says:

    From NJ.com:

    Vote today on NJ Transit fare hike

    A nearly 10 percent fare hike is on the agenda at NJ Transit today.

    The agency’s board of directors is scheduled to vote on the increase – the first since July 2005 – at its meeting later today.

    The hike would begin on June 1 and close a budget deficit of about $60 million in the agency’s proposed $1.5 billion budget.

    NJ Transit received 2,155 comments about the proposed hike at 13 public hearings, via e-mail and regular mail, said Dan Stessel, a spokesman for the agency.

    NJ Transit is the nation’s largest statewide public transportation system, providing nearly 857,000 weekday trips on bus routes, light rail and commuter rail lines. Systemwide ridership is up 4.6 percent so far in this fiscal year, the third year of record-high levels.

  9. BC Bob says:

    Gross on cnbc, regarding housing.

  10. gary says:

    BC Bob,

    Please tell us what he’s saying if you could. Thanks.

  11. James Bednar says:

    From the Wall Street Journal:

    Regional Banks
    Report Profit Declines
    Some Lenders Indicate
    Woes May Be Spreading
    To Prime Home Loans
    By ANN CARRNS
    April 18, 2007; Page C9

    Earnings reports at some regional banks suggested subprime credit problems may be spreading to certain types of prime home loans.

    Growth in deposits and commercial loans helped Wells Fargo & Co. overcome tough industry conditions to post an 11% rise in first-quarter profit, but results were mixed at five other regional banks as they put aside more money for bad loans and battled a stubborn interest-rate squeeze.

    Investors had been expecting lackluster numbers due to a soft housing market, as well as problems with loans to borrowers with blemished credit and with riskier, low-documentation mortgages. But some banks, including San Francisco-based Wells Fargo, the fourth-largest U.S. bank by stock-market value, and SunTrust Banks Inc., of Atlanta, cited stumbles in home-equity loans as a sign problems may be spreading to loans made to borrowers with better credit.

    John McDonald, an analyst with Banc of America Securities LLC, says prime home-equity loans may become the next problem-loan category given rapid growth and “looser” underwriting.

  12. James Bednar says:

    From MarketWatch:

    U.S. March foreclosures up 7% vs. Feb.: RealtyTrac

    U.S. foreclosures up 47% year-on-year

    U.S. California foreclosures up 183% year-on-year

  13. James Bednar says:

    From MarketWatch:

    Foreclosures up 47% year-on-year in March: RealtyTrac

    .S. foreclosure filings increased 7% in March from February’s levels and were up 47% from a year ago, according to RealtyTrac, an online real estate database. Nationally, there was one foreclosure filings for every 775 households. Five states — California, Florida, Texas, Michigan and Ohio — accounted for half the nation’s total in March. In California, foreclosure filings increased 36% from February and were up 183% compared with a year ago. Nevada had the highest foreclosure rate at one in every 183 households, followed by Colorado. Six of the top 10 cities were in California, led by Stockton. The data include default notices, auction sale notices and bank repossessions.

  14. BC Bob says:

    Gary [10],

    This may be a repeat. I answered before, but received the “error” message when I submitted.

    I saw from my desk. Too far away to hear.

  15. James Bednar says:

    From the AP:

    Washington Mutual 1Q Profit Down 20 Pct.

    Washington Mutual Inc. reported a 20 percent slide in its first-quarter earnings Tuesday, citing a nationwide implosion of the subprime home loan market. Even so, the company beat Wall Street estimates, and its stock rose in after-hours trading.

    Kerry Killinger, Washington Mutual’s chairman and chief executive, said the company’s retail banking, card services and commercial groups fared well, while its home loan business — particularly the subprime segment for consumers with high-risk credit histories — has taken a serious hit.

    “Clearly the mortgage industry is contracting from the extended period of strong housing sales and rising prices fueled by low market interest rates, massive liquidity and a strong economy,” Killinger said. “A correction in housing prices was inevitable and we’ve been anticipating it for nearly two years now.”

  16. James Bednar says:

    From the AP:

    WaMu Offers to Refinance Subprime Loans

    Washington Mutual said Wednesday it would offer some subprime mortgage borrowers the option to refinance adjustable-rate mortgages as a way to avoid default and foreclosure.

    The move, which would cover up to $2 billion in loans, comes after Washington Mutual on Tuesday raised its 2007 guidance for bad-loan provisions to a range of $1.3 billion to $1.5 billion, from a range of $1.1 billion to $1.2 billion.

    The Seattle financial services company is caught up in the upheaval on the mortgage sector that covers loans to people with bad credit, known as subprime borrowers.

    As housing prices continue to fall in many regions around the country, Washington Mutual has an interest in seeing borrowers repay rather than default because of the declining value of the collateral backing the loans.

  17. bergenbubbleburst says:

    #7 tbw Shock of shocks, but the River Edge school budget was defeated by 16 votes, and the proposal to buy the additional propert was defeated by 139 votes.

    I have to say it was one of the lowest if not lowest turn outs I have ever seen, only a total of 1014 votes cast.

    Maybe the BOE will wake up, people have said enough, and maybe the people who would have voted no, but figured what is the use, now see that it can work.

    Now th Mayor and Council get involved, so they are in this whether they want to be or not.

    Perhaps the electd officials in town will finally realize we have been on an out of control spending spree that had to stop.

  18. Lindsey says:

    “…or if it was part of a larger plan to shift wealth from the middle class to the ultra-rich. By seducing working class people with low interest rates, policymakers were able conceal the real effects of the unfunded tax cuts, currency deregulation, and the humongous trade deficits.”

    careful with publishing such populist rants there JB, when some people see that kind of thing they lose control. Even if there are elements of truth in it.

  19. bergenbubbleburst says:

    #6 BC Bob Renter loser is one of my favorites.

  20. annamelbourne says:

    That online journal writer gives way too much credit to business journalists. Most of them do not have an MBA. Most of them are not capable of putting together a conspiracy. Think of the business journalist as similar to the Wall Street analyst. There are a few knowledgeable, good ones, but most are hacks following the herd.

    I know someone who writes for Thestreet.com. He said, “I don’t know what I’m talking about, but neither do the analysts.”

  21. Seneca says:

    Has anyone tried finding a high(ish)-end rental lately in non-Gold Coast Northern/Central NJ? (Say $1500+ for a 1BR and $2000+ for a 2BR) I am wondering if it is getting tougher to find rentals. I know there was lots of talk about how all the condo investors were going to try to rent out their purchases but I haven’t seen all that many on the MLS.

  22. James Bednar says:

    careful with publishing such populist rants there JB, when some people see that kind of thing they lose control. Even if there are elements of truth in it.

    Agree..

    My focus is always on the discussion. I don’t always agree with these pieces. Heck, I’ll post something just because I know it’ll create an uproar in the comments. Some of the best days are when pieces are torn apart in the comments. One of my main goals has always been to provide a forum where the readers can deconstruct and analyze mainstream (or less-than-mainstream) media.

    jb

  23. James Bednar says:

    The value of this site has always been found in the comments.

  24. MJ says:

    “The real problem is that the media obfuscates information”

    This is true to a large extent. Most people believe what they hear on TV and read in newspaper. Problem is that unlike wall street analysts, the media is not regulated. You can’t take media to court because they are only reporting ( what the common man is saying on the streets )

  25. James Bednar says:

    From the Ledger:

    It’s official: NJ Transit approves fare hike

    NJ Transit’s Board of Directors approved a budget this morning that will increase fares an average of 9.6 percent on bus, train and light rail riders.

    The fare hike was necessary to close a $60 million shortfall in the $1.587 billion budget, executive directtor Richard Sarles said.

  26. NJGal says:

    Just for laughs:

    http://tinyurl.com/2z5op2

    I say it’s someone who had a deal fall through or someone who simply hates the seller. I can’t imagine the seller would write this!

  27. scribe says:

    Seneca,

    Did you try move.com?

    Lots of rentals in the area around the Metropark Train Station – lots of condos being rented out.

    http://www.move.com/searchresults.aspx?loc=08830&mnpr=&mxpr=&mnbed=&mnbath=&terms=&dist=0&styp=rent

  28. rhymingrealtor says:

    I am not sure I am understanding the dynamic of today’s comments, are commentors saying the article is over the top? or in line with what they think will happen? That article is one that should be printed out and stashed in a I will read it again next year notebook, I think I will start one.

    NJGAL
    I printed that one – I’m sure it will be flagged in no time, thanks for the laugh.

    KL

  29. chicagofinance says:

    Jim: this article is garbage – I would remove it

  30. investorDavid says:

    My finished basement was flooded and finally was able to clean up. It took a lot of pulling strings to have plumbers to come out and carpet guys to come out to clean up. State Farm told me that they would cover up to $10K – structural damages. Interesting few days.

  31. chicagofinance says:

    ouch….

    James Bednar Says:
    April 18th, 2007 at 9:02 am
    From the Wall Street Journal:

    Regional Banks
    Report Profit Declines
    Some Lenders Indicate
    Woes May Be Spreading
    To Prime Home Loans
    By ANN CARRNS
    April 18, 2007; Page C9

  32. Seneca says:

    scribe, thanks for the link. move.com seems to have all the usual professionally managed developments that I see on rent.net and forrent.com but I was wondering if there was a better resource for individual owners trying to rent out their condos/homes. Some towns seem to have a lot to offer on the GSMLS when you select rental but I was wondering if there was another, better, source.

  33. hobokenite says:

    Just got a cold call from Countrywide at work, asking if I was interested in a refi or new home purchase.

  34. NJGal says:

    KL, I’m surprised it hasn’t been pulled already!

  35. James Bednar says:

    Jim: this article is garbage – I would remove it

    Killed.

    jb

  36. Marito says:

    Hi guys,

    I wanted to present a hypothetical situation to see if someone could give me feedback. Generally speaking I tend to shy away from buying a SFH because of the effort of repairs, care of lawn, etc. Lazybones me, I loath the thought of weekly trips to Home Depot. I think I would rather buy a condo close to Manhattan, Fort Lee or something like that. That said, if I were to buy an old SFH (built circa 1920 lets say) and I wanted to sell it 40 years from now, even if it were a tear-down at that point, the land would still have some value. Right? What happens with a condo? If you buy in a building from the 60s, and by 2045 that building is almost 100 years old, it would be a nearly worthless building if it is still standing. Right? What do you own in that case? Do your condo investment vanish as the building ages? Do you have some rights over a new building built in the site if you owned an apt. in the old one?

  37. HEHEHE says:

    I was watching this new CNBC show called Fast Money the other night with these five clown traders. First they say Yahoo is a great buy, down 4% after they didn’t meet earnings, then they say the subprime problem is overblown and a bunch of these regional banks will be doing fine, as ChiFi points out that is not the case. My question is how does one get one of these sweet wall street jobs? Is it all show you know or do you have to have a certain level of obnoxiousness ala Jim Cramer??

  38. HEHEHE says:

    Is it all who you know or do you have to have a certain level of obnoxiousness ala Jim Cramer??

  39. HEHEHE says:

    Make that 12% down on YHOO

  40. skep-tic says:

    well, my landlord just offered to renew my lease with a 3% rise (it’s a 2 BR / 1Ba apt)

    took a look around and realized I could rent a 3 BR house in my area for $100-200 more per month.

    Told the landlord as much, and he held firm. I will be looking at houses for rent this weekend.

    I’m not exactly dying to move, but there are really a lot of houses available for rent and some of these homeowners are dangling pretty cheap rents

  41. Seneca says:

    >>James Bednar Says:
    >>April 18th, 2007 at 11:40 am

    >>Jim: this article is garbage – I would >>remove it

    >>Killed.

    >>jb

    What gave it the “garbage” label? Is Mike Whitney a crack smoker?

  42. James Bednar says:

    Inventory Update…

    GSMLS
    (Ber,Ess,Hud,Mor,Pas,Som,Sus,Uni,War)
    4/12/06 – 14,812
    4/11/07 – 17,854
    4/18/07 – 18,140
    Weekly Increase – 1.6%
    Yearly Increase – 22.5%

    NJMLS
    (Ber,Ess,Hud,Pas)
    4/12/06 – 7,259
    4/11/07 – 8,370
    4/18/07 – 8,490
    Weekly Increase – 1.4%
    Yearly Increase – 17%

    MLSGuide
    (Hud)
    4/12/06 – 2,225
    4/11/07 – 2,602
    4/18/07 – 2,619
    Weekly Increase – 0.7%
    Yearly Increase – 17.7%

  43. James Bednar says:

    From Reuters:

    Freddie Mac promises $20 billion in subprime help

    Mortgage finance company Freddie Mac promised $20 billion in new financing to help subprime borrowers stay in their homes, the company’s chief executive said on Wednesday.

    The funding is aimed at helping “people who may be in the wrong kind of product but who have credit standards that we can put in a more traditional, longer-term, fixed rate kind of product” said Freddie CEO Richard Syron.

    Default rates in the subprime segment of the U.S. mortgage market, which serves borrowers with poor credit histories at high interest rates, have jumped in recent months as the housing industry has slowed and prices have fallen.

  44. James Bednar says:

    From Bloomberg:

    Freddie Mac Offers to Buy $20 Billion in Home Loans

    Freddie Mac, the second-largest source of money for U.S. home loans, is offering to buy as much as $20 billion of mortgages in an effort to maintain the financing available for subprime borrowers, Chief Executive Officer Richard Syron said today.

    “To the maximum extent possible we want to approach this from a market driven kind of approach,” Syron told reporters in Washington during a housing market summit in Washington led by Senate Banking Committee Chairman Christopher Dodd.

    Subprime mortgage bond sales have slowed this year after late payments on the underlying loans reached a four-year high of 13.3 percent in the fourth quarter, according to the Mortgage Bankers Association. The sale of subprime mortgage bonds had grown to $450 billion last year from $95 billion in 2001, the Securities Industry Financial Markets Association says.

    Syron’s offer would effectively guarantee that there is demand from Freddie Mac for as much as $20 billion in new mortgage bonds so long as lenders refinance some of the loans outstanding into more favorable terms for subprime borrowers.

  45. rhymingrealtor says:

    Okay,

    Now I am really confused – where is the article from online journal that was causing the controversy? Was it wrong ? Please explain I can be a little dense.

    Thanks
    KL

  46. lurkerA says:

    #43 – that is the most insane thing ive ever read. what makes someone think that when making $15,000 they can afford a $720k house!? when i was first out of school and making about double that i felt like i could barely afford my $600/month rent!! wow.

  47. BC Bob says:

    JB,

    Can you email me that article. I breezed through it very quickly this morning. What constitutes the controversy?

  48. Frank says:

    #43
    Now I know why my strawberries are so expensive.

  49. James Bednar says:

    The link is still on the main page:

    http://onlinejournal.com/artman/publish/article_1981.shtml

    I received a very well written criticism of the piece via email, which is why I pulled the piece (along with the comments above). I’d love to post the criticism here, but I’m still waiting on the author to give me permission to do so.

    jb

  50. bergenbubbleburst says:

    #42 JB Can you possibly tell me what happened with the listings in River Edge.

    10 have dropped off the njmls since this morning. Thanks in advance.

  51. thatbigwindow says:

    bbb: mls #s’ 2712301, 2707840,2707840, 2712697 are all under contract I dont know about the rest

  52. RentinginNJ says:

    Fannie Mae and Freddie Mac should work with lenders to make credit available to borrowers who have trouble refinancing out of subprime loans, the document also states.

    Will these loans have market based interest rates capable of being sold in the secondary market or will Fannie/Freddie subsidize the rate? If it’s truly a market-based rate, how much will this really help? Many borrowers could only afford a teaser payment and not a real old-fashion amortizing loan with a 30 or 40 yr fixed rate (higher rate) & payment.

    Does “subprime” MBS really mean anything if it’s issued by Fannie\Freddie with the implicit backing of the US government? If the market believes Uncle Sam will provide default protection, would there really be much of a risk premium tacked onto a subprime MBS?

    What will taxpayers be exposed to here? The GSE’s have already been criticized for the size of their portfolio’s and the potential for systemic risk. At least, so far, their credit risk profile looks better than many 3rd party lenders. Now they are going to expand their bloated portfolios by taking on mortgages that the free market won’t refinance? What kind of risk are we looking at?

  53. RentinginNJ says:

    #54 stuck in moderation…must have said something wrong

  54. RayC says:

    re post 40

    Skeptic,

    I rented a house in NJ in January. I’m happy with it, the extra space is great coming from NYC, but be aware that in addition to the $100-200 in rent, your utility bill will go up, and lawn care and snow removal were the tenants responsibility in all the houses I looked at. I don’t know what you currently pay, but in Manhattan I had a $0 bill for heat, water, lawn care (haha) and snow and garbage removal. I shovel snow and cut the grass, but the rest I pay for now.

  55. bergenbubbleburst says:

    #53 tbw Thanks for the information. I forgot that you also have access to the njmls. Did these 4 all go under contract today?

  56. James Bednar says:

    Does “subprime” MBS really mean anything if it’s issued by Fannie\Freddie with the implicit backing of the US government? If the market believes Uncle Sam will provide default protection, would there really be much of a risk premium tacked onto a subprime MBS?

    I don’t believe these actions are out of line with Freddie’s Congressional charter. In fact, it could be argued that their charter forces them to act to provide liquidity and stability to the secondary market given the current circumstances.

    jb

  57. bergenbubbleburst says:

    #53 tbw: There must have been a problem with thenjmls site. I just looked again,and the 10 houses that disappeared are all back.

  58. NJ_GUY says:

    any info. about MLS ID# 715703

    I think it was listed last summer and did not sell, and it’s back again in market

  59. Seneca says:

    Has anyone ever read any studies that debate the correlation between passing school budgets and property values? Are there towns where the school budget passes year after year but property values haven’t increased at a rate on par with similar towns?

  60. curiousobserver says:

    I have a question: Is there any way to find out how much someone owes on a mortgage? I’ve been watching so many properties that have been on the market for close to two years now and I can’t understand why they’re not lowering their prices. Is there a way to find out how leveraged these owners are?

  61. shore guy says:

    It seems to me that the South Jersey real estate scene is much different from our northern neighbors. The Jersey Shore pricing is coming back to earth,especially in Cape May County where it isn’t that crowded,the beaches are nice and the restaurants and nightlife are hot. Try Ocean City, Strathmere (great little town), and Sea Isle for vacation homes. I invested in one with a childhood friend two years ago and rent it out half the year to help cover a significant part of the mortgage. We bought through McCann (www.mccannrealtors.com) and they help us find the renters. It’s working out.

  62. BC Bob says:

    [63],

    Chamber of commerce or local realtor?

  63. bergebbubbleburst says:

    thatbigwindow: Thought you might like to know (your Mom) that the Seniors are being blamed for the budget being turned down.

    Nobody is looking at the record low turn out, if enough of the cheer leaders came out to vote it would have passed.

    Those who voted no, did so assuming that even with their no votes it would still pass, but they were determined to register their displeasure.

    I think the anger at Seniors is sad and disgraceful.

    If they want to be angry, then be at angry at all the so called supporters of the schools who deserted them on voting day.

  64. looking in ny says:

    #26 NJGAL,

    Thanks, that was hilarious!

Comments are closed.