Fannie Mae: Get going and foreclose

From HousingWire:

Excessively delaying Fannie Mae foreclosures will now cost servicers

Fannie Mae will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure.

In a letter sent to servicers, Fannie Mae said it plans to review compensation when it deems applicable, stating that loans “must not be put on hold on a blanket basis.”

Fannie Mae is clear that servicers must not jump the gun either, but rather must follow the letter of the law as it pertains to HAMP/HAFA guidelines.

In a July speech, Edward DeMarco, acting director of the Federal Housing Finance Agency, told loss mitigation servicers that, “if you have an abandoned property or a borrower not willing to discuss or work with anything, then get going [and foreclose],” he advised.

Fannie Mae allows several exceptions in the case where the property is occupied, unless “the borrower has displayed an obvious lack of concern for the mortgage obligation.”

In cases where the property is vacant or the borrower is not going to pay any of the mortgage, “servicers must expedite foreclosure proceedings under the greatest extent allowable by law.”

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176 Responses to Fannie Mae: Get going and foreclose

  1. grim says:

    From the WSJ:

    As Foreclosures Trickle Up, Hamptons Home Goes to Auction

    A Victorian home in the Hamptons, the wealthy beach community outside of New York City, is set to be auctioned off online next week, underscoring that no region—is immune from the foreclosure crisis.

    Up for grabs is a 3,000-square-foot home on Gilbert Road in Montauk, N.Y., that was built four years ago. In an area brimming with supersized mansions, this home’s four bedrooms and three bathrooms are relatively modest. Still, it is within walking distance of Lake Montauk and there’s an in-ground swimming pool in the back yard. (Click here for a virtual tour.)

    The two-story home commanded $1.28 million in 2006 and was listed for sale in May with a price tag of $864,000, according to Zillow. Bidding starts at $379,000 on Tuesday.

  2. grim says:

    From Inman:

    Fannie cracks the foreclosure whip

    Fannie Mae says it will begin fining loan servicers who take too long to complete foreclosures once it’s been determined that delinquent borrowers don’t qualify for a loan modification or other alternatives like short sales.

    Properties that are vacant and held off the market, combined with whatever portion of homes with delinquent mortgages that are not currently listed for sale, “represent a shadow inventory putting downward pressure on both home prices and rents,” Fannie Mae warned in the company’s most recent quarterly report to investors.

    According to the report, 4.99 percent of the roughly 9 million single-family loans securitized into mortgage-backed securities guaranteed by Fannie Mae were seriously delinquent or in the foreclosure process as of June 30 — about 450,000 loans.

    Of those, about 170,000 were in foreclosure. About two-thirds of seriously delinquent loans had been delinquent for more than 180 days.

  3. grim says:

    From the Record:

    Pathmark to cut 1,000+ jobs, with 300+ layoffs in North Bergen, Fort Lee and Woodland Park.

    A&P’s parent company has told New Jersey officials it will lay off 1,010 workers in closing 10 Pathmarks in October, including 327 employees in North Bergen, Fort Lee and Woodland Park.

    The layoffs will take place on Oct. 13, according to letters filed with the New Jersey Department of Labor and Workforce Development.

    A union official said an A&P store in Lodi also will close on that date.

    The layoffs follow the announcement two weeks ago by Montvale-based Great Atlantic & Pacific Tea Co., which owns Pathmark and A&P stores, that it planned to close 25 stores in five states.

  4. grim says:

    From CNBC:

    More than 400 US Banks Will Fail: Roubini

    Even if the US and European economies manage to avoid a double dip, it will still feel like a recession, while more than half of the 800-plus US banks on the “critical list” are likely to go bust, according to renowned economist Nouriel Roubini of Roubini Global Economics.

    The second half of the year will remain weak as tailwinds become headwinds, Roubini told CNBC on the shores of Lake Como, Italy at the Ambrosetti Forum economics conference.

    “In the second half, fiscal policy becomes a headwind, no more cash for clunkers,” Roubini said. “The positive scenario is that growth will be below par.”

    Roubini recently said the chance of a double-dip recession in the US was now more than 40 percent.

  5. NJ ExPat says:


  6. Final Doom says:

    I miss this guy; his gaffes made me feel better about myself. From Tony Blair’s new book:

    “George W Bush did not recognise the prime minister of Belgium or understand why he was at a G8 meeting, Tony Blair has disclosed.

    In his new book, A Journey, Mr Blair writes that the former US president was confused by the presence of Guy Verhofstadt at the 2001 G8 summit in Genoa.

    “He didn’t know or recognise Guy, whose advice he listened to with considerable astonishment,” Mr Blair writes. “He then turned to me and whispered, ‘Who is this guy?’ ‘He is the prime minister of Belgium,’ I said.

    “Belgium? George said, clearly aghast at the possible full extent of his stupidity. ‘Belgium is not part of the G8.’ “

    Mr Blair explained to Mr Bush that Mr Verhofstadt was there as “president of Europe.” Belgium held the presidency of the EU council at the time.

    Mr Bush responded: “You got the Belgians running Europe?” before shaking his head, “now aghast at our stupidity.”

  7. yo'me says:

    We voted a clown to run the country for 8 years.Do we expect less? They are still laughing at us 2 years later.

  8. Final Doom says:


    Actually, we’re going to have a clown for 12-16 years.

  9. yo'me says:

    Doom,my bad.Forgot we will be exporting them soon.

  10. yo'me says:

    I will be watching average workweek hours for demand in employment.
    Prior Consensus Consensus Range
    Av Workweek – All Employees 34.2 hrs 34.2 hrs 34.1 hrs to 34.3 hrs

  11. Mr Wantanapolous says:

    “I will be watching average workweek hours for demand in employment.”

    I’ll be watching classics on espn.

    Got demand?

  12. Essex says:

    Capitalism. No one ever had it so good.

  13. gary says:

    The UAW President being interviewed on CNBC says we need more stimulus for infrastructure projects. This guy doubles as the Administrator’s economic adviser? Either way, how can you take anyone serious when they sound like a character out of the movie Fargo.

  14. Essex says:

    Gary. Do you doubt that our power grid is vulnerable? We had two random failures this morning. You wanna live without power? Fine. I do not. If we are going to spend let’s get to the stuff that really affects us. On a positive note, glad to see some new tarmac on the streets. Now let’s see how long it lasts before it crumbles.

  15. gary says:

    Down 54,000, UE @ 9.6%

  16. grim says:

    Rally on!

  17. gary says:

    14,900,000 unemployed

  18. grim says:

    Who cares, the news was unexpectedly positive.

  19. yo'me says:

    Released on 9/3/2010 8:30:00 AM For Aug, 2010
    Prior Consensus Consensus Range Actual
    Nonfarm Payrolls – M/M change -131,000 -90,000 -160,000 to 75,000 -54,000
    Private Payrolls – M/M change 71,000 40,000 -5,000 to 110,00 67,000
    Unemployment Rate – Level 9.5 % 9.6 % 9.5 % to 9.7 % 9.6 %

  20. gary says:

    16.7 % actual unemployment

  21. gary says:

    Does hiring people like me as a “temp” worker count as a job?

  22. Mr Wantanapolous says:


    “The number of persons employed part time for economic reasons (sometimes re-
    ferred to as involuntary part-time workers) increased by 331,000 over the
    month to 8.9 million. These individuals were working part time because their
    hours had been cut back or because they were unable to find a full-time job.”

  23. grim says:

    #23 – You mean like taking a part time job at the Pathmark I mentioned before (#3)?

  24. Final Doom says:

    yo (9)

    Hey, we built the prototype:

  25. Final Doom says:

    gary (14)-

    Not to mention the obvious inbreeding.

  26. grim says:

    Breaking from Bloomberg: Double dip has been canceled.

  27. yo'me says:

    There were 121,000 government jobs lost, including 114,000 temporary Census workers, leaving 82,000 still on the payroll.

    The average workweek was unchanged at 34.2 hours.

    Average hourly earnings in August rose 0.2% to $19.08. Economists had been expecting a 0.1% gain. Earnings are up 1.7% in the past year.

    Manufacturing hours rose 0.1%.

  28. Final Doom says:

    The inevitable flash crash will be that more surprising and disappointing against the “hopeful” backdrop of adding a few thousand temps and minimum-wage cashiers to an workplace that was DOA 18 months ago.

  29. gary says:


    When everyone’s name is either Lundergaard or Gundersen, it’s pretty much a no-brainer.

  30. All "H-Train" Hype says:

    No way there were 60k new private sector jobs added last month. Total BS.

  31. yo'me says:

    Health care employment was strong in August, rising by 28,000.

    Manufacturing employment fell by 27,000 in August after gaining 34,000 in July. Most of the decline was in the automotive sector, which over two months saw broadly flat employment due to General Motors keeping its plants running over the summer.

    Payrolls of goods-producing industries were flat.

    Construction employment rose 19,000 in August as 10,000 workers on strike returned to work.

    Temporary help agencies added 17,000 jobs in August

  32. Final Doom says:

    Howard Dean now on Squawk with lots of great new plans to drive capital out of the US.

  33. yo'me says:

    Rally on!!

    Dow 10412.00 +103.00 +1.00%
    S&P 500 1100.70 +11.10 +1.02%
    Nasdaq 1858.50 +21.25 +1.16%

  34. Final Doom says:

    hype (31)-

    You want fries with that?

  35. jamil says:

    Essex “You wanna live without power? Fine”

    Do you think that the potential new Trillion Dollar Infra Stimulus would focus on real problem areas, instead of say, prioritizing handing out money to unions and dem-controlled congressional districts regardless if they they need any upgrades?
    We already had one shovel-ready trillion dollar stimulus. Please check the results before demanding more.

    You sound like Paul Krugman. See definition of insanity.

  36. All "H-Train" Hype says:

    Doom (35):

    Hahaha, you may be right about that. Those are the only jobs out there right now. And yes, please super size it. I need to be morbidly obese to get my disability check.

  37. stillrenting says:

    Breaking News Alert
    The New York Times
    Fri, September 03, 2010 — 8:39 AM ET

    U.S. Economy Lost 54,000 Jobs in August; Jobless Rate Rose to 9.6%

    The unemployment rate rose in August for the first time in
    four months as weak hiring by private employers wasn’t enough
    to keep pace with a large increase in the number of people
    looking for work.

    The Labor Department says companies added a net total 67,000
    new jobs last month, down from July’s upwardly revised total
    of 107,000.

    Overall, the economy lost 54,000 jobs as 114,000 temporary
    census positions came to an end. State and local governments
    shed 10,000 positions. The jobless rate rose to 9.6 percent
    from 9.5 percent in July.

    Read More:

  38. Essex says:

    Yes Jamil, your are right. We should all wait until the election and then do something with tax dollars. Perhaps a frontal assault on Iran.

  39. jamil says:

    Essex, one more thing “You wanna live without power? Fine””

    If you are want to get serious about energy problems you refer to, you would need to focus on enviro-nazi problems. It is already almost impossible (due to EPA and various environazi rules and laws) to build any new power lines or energy sources. This admin fantazises even more unicorn-based alternative energy scams. You know what they need: More power lines! NIMBY attitude along with environazi rules will win anytime.

    I’m sure you are the first to oppose any new power lines or actual energy sources yet you demand trillion dollar stimulus bills for that very purpose.

  40. Final Doom says:

    136,000 high-paying manufacturing jobs were lost in August.

    I don’t even want to know what August’s ridiculous birth/death assumption was.

    The Greater Depression continues.

  41. Final Doom says:

    Why make a ground move on Iran, when we can lob over a few nukes and be at happy hour by 6?

  42. gary says:

    The new full time job: You get paid by the hour as a “consultant.” LOL! You don’t work, you don’t get paid. You fill out a time sheet every week; no 401K, no benefits, no access to any company links. You sit in a crowded room and share a space and a desktop with those here on a work visa. There is no place to put your belongings. You’re expected to share ideas/knowledge and create processes for efficiency but you’re not bonus eligible. When your assignment is complete, there is no guarantee you’ll be working tomorrow.

    The average yearly salary for an IT manager/Project Manager in Mumbai is around $17,500. Now, if you were a Senior VP, what would you do? Think of it this way: you will be cut from the team to free up your $8.6 million dollar salary and will be “re-signed” for a fraction of the cost with the only guarantee that you “may” be re-signed if you contribute enough to the team.

  43. Thundaar says:

    Legal question for brokers/attorney’s.

    Was teminated in June by my broker. Started working for a different firm in mid-august, old broker got wind of it and says I signed a no-solicitation/no compete form. I requested the document it is a policy manual that talks about no smoking in the building, insurance, floor time, etc…but mixed in is a no compete which was never spoken about(and looks like it was added recently). They are holding my commisions until I sign another form saying I will not contact any of their clients.
    I am calling re commision this a.m.
    Any other suggestions?
    I believe they cannot hold my commisions as ransom, correct?
    Has anyone ever run into a no compete/no solicit in real estate?

  44. Mr Wantanapolous says:

    Doom [41],

    The mining industry added jobs.

  45. BlindJust says:

    Consultants/temporary are the new full time at my firm. Have also been shopping since Jan and 95% of the IT positions sent my way were consulting (either w2 or c2c).

  46. Sas3 says:

    Gary, #43…

    “You don’t work, you don’t get paid. You fill out a time sheet every week; no 401K, no benefits, no access to any company links.”

    Make lemonade with lemons…. open an S-Corp, contribute up to limit via SEP-IRA or solo-401k, use old COBRA or spouses health insurance benefits (or *gasp*, Obamacare), expense whatever is reasonable. It may end up net positive, unless a 200k job suddenly became 40 bucks/hr — pretty unlikely based on what the current IT consultant rates are.

  47. All "H-Train" Hype says:

    Doom (41):

    Total Nonfarm Birth/Death Adjustment +115

    So the -110k number was just about spot on with the estimates. But when our great Premiere Obama is fighting for his political life, you gotta use the tools to your advantage. Don’t hate the player, hate the game.

  48. Essex says:

    42. Look Doom. You and both know who the real enemy. Someone said this morning on wfmu “Apathy” —

  49. Satara says:

    Employment situation summary 9/3/10

  50. gary says:

    Sas3 [47],

    “…unless a 200k job suddenly became 40 bucks/hr — pretty unlikely based on what the current IT consultant rates are.”


    But, it doesn’t really matter now, does it. The days of forging realtionships, having a stable environment, promotions, feeling like your contributing are long gone. Just become a robot and keep moving forward.

  51. Mr Wantanapolous says:


    We are all free agents; short term contracts, no guarantees.

  52. gary says:

    Blindjust [46],

    It’s not just IT, it’s everything or will be by 2015. Everyone will be a W2 or C2C. Everyone will be a “consultant”. OMG, I have to laugh everytime I write that. Why don’t they just call it for what it is, a temp job.

  53. Shore Guy says:

    Earl blows.

  54. Sas3 says:

    Tax payers complain about excessive salaries and benefits for teachers. Christie cuts budget, reduces salaries, and demonizes “lazy teachers”, without addressing cushy “management” jobs, sometimes held by someone that is well connected or once idealistic teacher now tenured and completely lost the mojo.

    Share holders complain about excessive salaries and benefits for IT workers. CEO cuts budget, reduces salaries, and demonizes “code monkeys”, without addressing cushy “project manager/VP/SVP” jobs, sometimes held by someone that is well connected or a once rising star who became now a spreadsheet pusher.

    What’s the hope for small fish, especially when the small fish are against “big bad unions/regulations”?

  55. Shore Guy says:

    “Has anyone ever run into a no compete/no solicit in real estate?”

    As I recall, NJ courts do not look favorably at non-compete agreements. What you need is a conversation with an employment lawyer who practices in NJ. Not a general practitioner or a business lawyer a Labor and Employment (L&E) lawyer. He or she will likely be able to tell you whether there is any enforcable agreement.

  56. gary says:

    Sas3 [55],

    There is no hope for the small fish. As Doom would say, “blow the M’fer up and start over.” We’re currently in a somewhat more civil version of the Road Warrior.

  57. gary says:

    Christina Romer on CNBC, a stumbling and muttering f*ck like Spider in Goodfellas.

  58. House Whine says:

    51- Depressing comments today. Sounds like instead of moving forwards we are either marching in place or moving backwards. We are going to become, or are becoming, a nation of anxious, stressed out people.

  59. Mr Wantanapolous says:

    “Christina Romer on CNBC, a stumbling and muttering f*ck like Spider in Goodfellas.”


    That turkey has been baked.

  60. gary says:

    House Whine [60],

    You mean, like, hope and chains?

  61. dan says:

    Who cares about the power grid? We only complain about that during Republican administrations ( I still remember Hillary blaming the NY power blackout on Bush. Yeah they’ve worked real hard on the power grid now that they’re in control). Besides, we have health care now. See, power problem solved!!

  62. Thundaar says:

    Shore guy -thanks……

  63. Essex says:

    60. so? go eat something. You’ll feel betta.


  64. jamil says:

    63 Dan “Who cares about the power grid? We only complain about that during Republican administrations ( I still remember Hillary blaming the NY power blackout on Bush”

    Yes, now that we have had trillion dollar shovel-ready infrastructure stimulus (and the smartest administration in history), I’m eager to see the results. Sure we won’t have blackouts or power grid problems anymore and all that new green energy from those fancy unicorn-powered wind turbins will be delivered smoothly through Essex’s neighborhood.

  65. grim says:

    Please, don’t drag the unicorns into this, the magic energy fairy in the wall, behind the socket, is where power comes from.

  66. Mr Hyde says:

    To bad that any fancy new power supplies whether green or not will need a modern smart grid to be fully effective. That could have been built for a few hundred billion from estimates i have seen. The entire national grid.

    House Whine

    When the captain of the ship refuses to acknowledge that the ship is sinking and shifts the engines to full power, plowing the bow ever further under the water, what exactly is there to be hopeful about. Except for the band playing music that is.

  67. gary says:

    jamil [66],

    Did you say “turbin” or “turbine?”

  68. Mr Hyde says:


    I thought the unicorns crapped out skittles that we could use to run some nice green fusion reactors.

  69. Mr Hyde says:


    Dont the power faeries east the skittles the unicorns crap out? The great circle of life and all?

  70. BlindJust says:

    “Why don’t they just call it for what it is, a temp job.”
    We attempt to hire contractors full time who have been on the payroll for 2 years. Unfortunately, the no compete clauses, with the consulting firm, often prevent the offer being made. My latest experience with this was on Tues when I was informed that I couldn’t extend an offer to a developer on my team.

  71. Juice Box says:

    Anecdotal on unemployment.

    The ship may still be sinking but anyone who managed to get to the life rafts will not drown, and those that are strong swimmers will manage to make their way to shore eventually.

    I won’t be buying a mother/daughter home since my FIL is now gainfully employed again in his industry albeit at a lower rate after nearly two years of job hunting.

    Friend who owns a recruitment business says business is busy, companies are again hiring. I believe he is “busy” because he survived the downturn and his competitors all went out of business, but companies are again looking for people, although not in large numbers.

    Brother in Law was offered several jobs recently after a long drought. He is an advertising exec, and will work anywhere in the USA for the right amount of scratch , he is on his fourth move around the country in the last three years.

    My company is hiring again too, although we are nowhere near previous staffing levels, and the execs seem to be content with the current headcount so no meeting with the “Bobs” for me anytime soon.

    I don’t think we will be raising the Titanic anytime in the next decade, but the survivors will carry on.

  72. jcer says:

    Gary, I totally know where you’re coming from. Consultants in IT generally suck! It is a bad model they continue to perpetuate, they think they’ll eventually be able to cut head count but it isn’t reality. The other big part of it is most consultants produce poor quality work as there is little incentive to do good work and by the time the company notices they’ll be long gone.

    The people running financial firms are very short-sided and plain out stupid when it comes to technology. The younger generation of clients and employees will demand better access to information and better technology, most firms couldn’t even provide the data effectively for real mobile computing, etc.

  73. Charles says:


    You are spot on. I work for an IB and our rooms are filled to the brim with “consultants”. It is really a temporary audition without any hope for a hire b/c basically we have not hired a full time person (in my group) this year. We fired people in Europe and execs have nixed business travel for the remainder of the year. I see consultants working crazy hours without pay. Our company has the nerve to tell consultants that we operate on a 10 hour work day meaning if you work 50 hours a week, you still only get paid for 40 (yet expected to work 50). My advice to anyone consulting is to put in your 8 hours in and leave. Don’t work to the bone thinking your impressing anyone. They will not hire you.

  74. Comrade Nom Deplume aux maison says:

    [44] thundaar,

    Sounds fishy. First, noncompetes are generally disfavored, and there would have to be a pretty compelling reason for it. They can’t be used to stifle competition, but can be used to, for example, protect a trade secret.

    As for witholding comp, that is generally verboten.

    Do some research, and if you think you need a lawyer, get one. I can make referrals if need be.

  75. BlindJust says:

    Charles – indeed – that’s the “professional” day…

  76. gary says:

    jcer [74],

    I find myself going above and beyond in spite of it all. Every email chain, meeting, project I can become involved in, I do. I’ve directed my frustration with this nonsense into something positive. I’ve acquired so much knowledge in the last 12 months that I’ve become a point of contact for many teams globally. When I leave, the thousands of notes and bits of information goes with me. It will be like they all got sucked into the vortex of a black hole. This is not to be vindictive. This is the model the industry has choosen, so it’s their problem.

  77. gary says:

    Charles [75],

    I could’ve written your post word for word. I agree with you 100%.

  78. Mr Hyde says:

    Gary 78

    As some one who has been contracting for most of my career, i can verify that in my field the same thing happens, even when you try to impart the knowledge before leaving.

  79. Thundaar says:

    76 Comrade Nom Deplume aux maison

    Just called NJ re commision-they cannot do a thing. Need attorney.

  80. Comrade Nom Deplume aux maison says:

    Still no expatriate report from IRS.

    This report is now at least a week later than normal, and over a month late as required by law.

    If it is a monster number (by my estimates, anything over 250 will be a monster number), we will be on pace to pass last year’s record expatriate number.

    BTW, for those of you that are american jews, I understand Israeli citizenship is easy to get. May be worth checking out how Israel taxes offshore earnings. Also, if you are first gen Irish-American, you can get Irish citizenship. May be cheap insurance.

  81. Comrade Nom Deplume aux maison says:

    [81] Thundaar,

    Happy to help, however, out of deference to Grim for what I do and don’t know about internet law, the standards of this board (no one hawks themself or their industry), professional legal ethical rules, and to keep Grim’s Advil habit under control, I don’t openly post legal referrals, or conduct any other legal “business” on this board.

    So email me directly. I may be reached at to discuss further.

  82. Essex says:

    $1.1M Will get me a single family Manse on a private island directly off the coast of Maine. One wind turbine included. I love it. Cept for maybe tomorrow night.

  83. Essex says:

    Til you are off the grid, you’ll want to make sure we have strong power stations.

  84. grim says:

    84 – I’d go a little further north. But damn, it’s beautiful country up there.

  85. Sas3 says:

    #84, how’s the school district? :)

  86. grim says:


    (disregard the arabic, this isn’t a terrorist site)

  87. freedy says:

    I think the woman Romer is from a tech standpoint insane. saw her the other day on
    TV speaking at the press club in Wash. the laugh is from a tarzan movie

  88. Mr Hyde says:

    SAS3 87

    Its as good as you are, since you will be doing the teaching!

  89. BlindJust says:

    I asked the listing agent to provide me with comps for a property I went to see. She did not include all properties sold. Knowing there were shorts/foreclosures, I asked whether these were included. She stated that those are exceptional cases and shouldn’t be considered as a valid comp.

  90. Clotpoll says:

    Thundaar (44)-

    I’m no attorney, but most RE agent non-compete clauses I’ve seen are voidable/unenforceable for several different reasons. Your attorney should be able to clear it up.

  91. Clotpoll says:

    sx (49)-

    The real enemy is the gubmint of the Fascist States of Amerika.

  92. Clotpoll says:

    whine (60)-

    Nothing would release stress better than capping a few gubmint parasites.

  93. Clotpoll says:

    gary (78)-

    Sounds like you’ve gotten good enough there to start fcuking them…which you should do.

  94. Clotpoll says:

    thundaar (81)-

    Of course, the NJREC won’t help you. Withholding comp from agents is the ONLY agent-broker issue in which they are supposed to get involved.

    There are only 8 investigators for the whole state in the NJREC. You probably caught the one you got as he was logging on to

  95. Clotpoll says:

    Weichert tried to withhold my comp 11 years ago when I left. So I hired the top 14 people in my old office and got their regional VP fired.

  96. Clotpoll says:

    blind (92)-

    Then, your agent shouldn’t be considered a valid Realtor.

  97. House Whine says:

    Didn’t there used to be a labor law for hourly wage employees regarding mandatory break times and lunch hours provisions? I have been doing a bit of research and it appears that there is no law protecting workers over the age of 18 at all. What happened to regulations providing for basic worker rights, let alone decent benefits? I am really surprised.

  98. BlindJust says:

    If she were, I’d agree. My approach has been to contact the listing agents directly as some banks have requested that the listing agent cut their commission to get closer to my offer.

  99. chicagofinance says:

    56.Shore Guy says:
    September 3, 2010 at 9:42 am
    “Has anyone ever run into a no compete/no solicit in real estate?”

    As I recall, NJ courts do not look favorably at non-compete agreements. What you need is a conversation with an employment lawyer who practices in NJ. Not a general practitioner or a business lawyer a Labor and Employment (L&E) lawyer. He or she will likely be able to tell you whether there is any enforcable agreement.

    Here is one who is good…

  100. Clotpoll says:

    blind (102)-

    If you’re dealing in situations like that, give up. Those deals aren’t do-able.

    Better off sitting home and watching Little House on the Prairie reruns.

  101. Clotpoll says:

    All the “lawyer” anyone needs:

  102. BlindJust says:

    Thanks. I pretty much have. Like most buyers, I want tomorrow’s price today. I’ll be more serious in ‘2011.

  103. Clotpoll says:

    Zamzam water, anyone?

    Imagine what this place smells like on a hot day.

  104. jcer says:

    Gary, the thing is if your employer is like mine, they don’t care. They axed people where I am who had 20 years of knowledge on systems supporting large revenue streams. It doesn’t pay to be a good employee, your firm is most likely not going to be loyal. The truth is your position as someone with important knowledge could be used to gain an upper hand and work the standard 40 hr weeks. My attitude with my employer has been that unless I’m getting paid I’m not going to bust my ass.

  105. gary says:

    The Clifton Board of Education has announced that the Columbus day holiday has been removed from the upcoming 2010 – 2011 school year in order to make room for “Eid al Fitr,” the Muslim holiday marking the end of a holy month of fasting known as Ramadan.

    Let me reapeat that in case you didn’t catch it the first time:

    The Clifton Board of Education has announced that the Columbus day holiday has been removed from the upcoming 2010 – 2011 school year in order to make room for “Eid al Fitr,” the Muslim holiday marking the end of a holy month of fasting known as Ramadan.

  106. Clotpoll says:

    Pretty soon, 9/11 will be a holiday for these stinking animals to celebrate dropping the WTC.

  107. Clotpoll says:

    Three new lis pendens listings in Hunterdon Co. at RealtyTrac today.

    Two of them are Realtors.

  108. Yikes says:

    still catching up on the last few days … this is one of the funniest things i’ve seen on the blog

    Bystander says:
    August 31, 2010 at 5:09 pm

    Awesome! Realtor did not even wait to get the garbage out of the driveway before taking the shot. I bet the family foreclosed on were barely out of the frame before the snap.

  109. Mr Hyde says:

    I’ll just leave this here

  110. gary says:


    I always said it: they went through a depression, had no electricity, washed with cold water, ate onion sandwiches and when they finally were able to catch a breath, were tossed into a world war and came away victorious. And what do they do for an encore? They put a man on the moon. Truly the greatest generation.

  111. Double Down says:

    CNN spins unabashedly for their hero:

    “August jobs report: Signs of life for employment”

  112. sas says:

    hey boys…
    I need to get some commercial property insurance.

    anyone got some recommendations?
    used Alstate in the past, but they just end up pissing me off.


  113. Double Down says:

    Clot, “pretty soon”?

    Palestinians celebrating 9/11 attack

  114. Clotpoll says:

    sas (118)-

    Joe Napolitano, Scirocco Group (201) 727-0070, ext 209.

    Mention my name (Chip Hughes).

  115. jamil says:

    67 “Please, don’t drag the unicorns into this”

    Sorry, my bad. Besides, I actually like unicorns.

  116. Anon E. Moose says:

    Blind [92];

    Write a note with a copy to the seller about the number of shorts/foreclosures exceeded “comp” transactions, as does the inventory of same, and how you will have no trouble buying one of those “invalid” houses at market price while theirs rots in place.

  117. Anon E. Moose says:

    Clot [113];

    Used house sales hacks were just like Tony Montoya, with his nose in the blow.

  118. chicagofinance says:


    September 02, 2010
    NJ Advisor Charged In $11M Ponzi Scheme
    A New Jersey-based investment advisor has been charged by the Securities and Exchange Commission with stealing $11 million from clients through a Ponzi scheme she ran over the past 13 years.
    The SEC charged that Sandra Venetis of Systematic Financial Associates Inc. in Branchburg, N.J.—one of the state’s upper-income suburbs—preyed on clients who were retired or unsophisticated about investments.

    “Venetis abused her position of trust to target older investors who were the most vulnerable to her egregious lies and misrepresentations,” said Bruce Karpati, co-chief of the SEC’s Asset Management Unit. “The SEC’s enforcement action and the settlement reached ensure that she will never work in the securities industry again.”

    Venetis, who has agreed to a settlement with the SEC that is pending court approval, orchestrated the scheme through the sale of phony promissory notes, which she told clients were tax-free, FDIC-insured and would earn annual interest of 6% to 11% per year, according to the SEC.

    She also told investors that she would use their money to fund loans to doctors that would be backed by Medicare reimbursement payments to those doctors, the SEC said.

    But Venetis instead used investor funds to pay her personal travel and gambling debts, and to pay off mortgages and property taxes, says the SEC, and gave some of the money to relatives.

    The SEC’s complaint also targets three defendants for the purposes of recovering investor assets now in their possession: Jennifer Venetis (Venetis’s daughter); Kevin Persley (Venetis’s brother); and Venetis LLC (an entity owned and controlled by Venetis).

    In addition to Systematic Financial Associates, which she founded, Venetis also ran the scheme through two of her other firms: Systematic Financial Services LLC, an accounting and tax preparation firm, and Systematic Financial Services Inc., an entity Venetis created to conduct the fraudulent offerings, according to the SEC.

    Venetis and her firms have agreed to settle the SEC’s charges and consent to a court order that freezes their assets and requires monetary payments including financial penalties to be determined at a later date. Venetis also agreed to an SEC administrative action that bars her from future association with any investment advisor or broker-dealer, according to the SEC.

  119. Comrade Nom Deplume aux maison says:

    [125] chifi

    I especially loved this one:

    ” . . . phony promissory notes, which she told clients were tax-free, FDIC-insured and would earn annual interest of 6% to 11% per year . . .”

    The last time something smelled like totally rancid poo a nanosecond after I read it, was when Obama (sans prompter) said that the Cambridge Police “acted stupidly.”

  120. Yo'me says:


    Did not Dick Cheney said “Deficit don’t matter” Why save for a rainy day sunshine everyday

  121. Comrade Nom Deplume aux maison says:

    [127] yo’me

    He may have. In that case, he has something in common with Krugman.

  122. Yo'me says:

    “If there was a double-dip recession, increasing risk aversion, some assets are going to be preferred, and gold will be one of them,” Roubini said today in an interview on Bloomberg Television’s ‘On The Move’ with Francine Lacqua. “But in that situation, things like the dollar, the yen, the Swiss franc have more upside in a situation of rising risk aversion because they are much more liquid than the gold market.”

  123. chicagofinance says:

    Mention my name (Chip Hughes).
    clot: fckin SQM won’t stop….

    121.Clotpoll says:
    September 3, 2010 at 2:33 pm
    Why Can’t We Be More Like Chile?

  124. sas says:

    “Did not Dick Cheney said “Deficit don’t matter”

    They don’t, as long as you got the printing press and military bombs to drop for intimidation and bargain chips for trade policy.

    but, what wil the $ be worth? well, thats another question.

    Thats why I always loved those “support our troops” bumper stickers.
    and to think? we were told it has to do with the men in caves with the beards & little house on the prairie night shirts.

    ha ha..ha…

  125. Final Doom says:

    chi (125)-

    This is the one I was talking about a couple of weeks ago. My pal at the SEC (who swept Madoff’s office) was the lead investigator on this one. Killed his whole weekend.

  126. Final Doom says:

    Bitch isn’t going to jail?

  127. A.West says:

    I can’t believe there’s no mention of jail time for that crook.

  128. 250k says:

    Someone in the Brig still knows how to start a bidding war.
    MLS 2780489
    LP: 859
    SP: 889
    DOM: 6
    CD: 8/30/10

    … but this went under contract back on June 20th so I suppose its just yesterday’s news.

  129. Juice Box says:

    JJ at the beach, he can still get the broads.

  130. Nomad says:

    Experts see trouble ahead for the developed world –

    Roubini et al

    A couple of plain comments show how dire it will be – just wondering how bad it will be by the end of 2011.

  131. Al Gore says:

    Mandatory IRA withdrawals from your paycheck. 3% to be invested in US treasuries. Coming soon.

    If you refuse to buy treasuries Uncle Sam is going to force you.

    The Gov wont be happy until they have sucked the life blood out of everyone.

  132. Satara says:

    Numerous cyclical components of the economy (inventories, autos, housing) are at very low levels relative to GDP and substantially below their long-term trendline relative to GDP. This limits the likelihood of a double-dip, and in the fullness of time, a mean-reversion could add several trillion dollars against a $15.0 trillion GDP.
    Housing, in particular, stands ready for a gradual expansion that could be sustained for many years. Affordability is at a multi-decade high, mortgage rates are at generational lows, the value of home ownership vs. renting is back to mid 1990s levels, payroll growth should soon expand, and new-home production has fallen well below household formations for over two years. (Supportive of a positive forward-looking view was the 5.2% increase in pending-home sales in July reported yesterday.)
    While business indecision associated with tax and regulatory policy has led to disappointing payroll growth, most indicators (corporate profit growth, productivity, risk/credit metrics, average weekly hours, etc.) continue to point to an improving employment picture in 2011. More typical payroll growth could come sooner than many believe if the logjam of tax and regulatory is somehow relieved.
    Focused fiscal and/or tax policy geared toward job growth could unleash confidence and jump-start domestic economic growth, raising the probability of higher

  133. Final Doom says:

    Sad to see Kass has lost his mind. Hanging around Cramer too much.

  134. Comrade Nom Deplume watching TV says:


    You have mail.

  135. Fabius Maximus says:


    When I lived in Frakfurt I drank copious amounts of number 5

    Roll on October.

  136. willwork4beer says:


    Sadly, I never had the pleasure of trying it as it doesn’t appear to be available in the USA.

    There are some very highly regarded examples of the Hefeweizen style that are widely available, however. Try Weihenstephaner and Ayinger if you want Germans. Franziskaner is decent as well. A quality micro is Sierra Nevada’s Keller Weis.

  137. still_looking says:


    …wish I liked beer. I’m a wine freak, I guess… (and scotch.)


  138. willwork4beer says:


    Did you ever try the framboise lambic I recommended?

  139. still_looking says:

    Not yet…have been studying for our 10 year board recert exam… Haven’t had time to do much of anything right now :( Unless is miraculously shows up on my doorstep, I’ll be waiting til after my exam. (God knows I’ll need it then, to be sure.)


  140. still_looking says:

    …unless IT miraculously…. egad.
    Time for coffee…


  141. willwork4beer says:


    Lindeman’s is widely available and very accessible. Get the 750ml bottle, the 355ml is overpriced. Its only about half the alcohol content of most beers, so you won’t get drunk even if you drink the whole bottle by yourself.

    Research material:

  142. yo'me says:

    This Stiff’s paid 15% Capital gains tax

    The ultra rich saw their wealth rise by almost 22 percent in 2009, faster than other millionaires’ 19 percent returns, according to a June report by Capgemini SA and Merrill Lynch. The report attributed the higher gain to a “more effective reallocation of assets.”

  143. yo'me says:

    How much return you got on your investments?

  144. still_looking says:

    ww4b, 151

    Looks lovely…I will try it and report back…. :)


  145. willwork4beer says:


    WRT the pricing, I should clarify that the 4 pack of 355’s is ultimately cheaper but many stores sell them as singles with a criminally high markup.

  146. Cindy says:

    The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth….

    Here we go again….

  147. Qwerty says:

    Fannie Mae: Coffee is for foreclosures

  148. yo'me says:

    But not every homeowner who is underwater can participate. The bank or investors that own the loan must be willing to write down its value.

    Just another HAMP that will not work.
    The tax payer is really not in the hook until the borrower defaults,which they are looking 1 in 5 modified will default.

  149. Shore Guy says:


    I seem to recall that the new law is the Help for Underwater Mortgage Payers in America Act.

    The White house, I believe will state that, “Now is the time to hump America back into prosperity.” I also hear that Bill Clinton fully supports the program.

  150. Shore Guy says:

    ” Besides, I actually like unicorns”

    Me too, especially with a white wine and shallot reduction or shallots, a bit of sherry, and cream.

  151. crossroads says:

    what about those who are buying today will they get help next year when they’re underwater? especially since fha, freddie and fannie are doing they’re best to keep housing inflated.

  152. Barbara says:

    Spent an hour on the MLS last night. Asking prices are not budging. The housing stock is deplorable. Most houses I wouldn’t want even if the seller reduced by 50% on the spot. Tract housing built between 1965ish-1980 should be bulldozed. I wouldn’t put a dime into one of these. Frankly, I can’t believe anyone is buying any of this crap.
    And then there’s the Jersey conundrum of nice houses/bad schools…*tteous houses/great schools….impossible here…

  153. Al Gore says:


    The Capes could be updated if they werent so grossly overpriced. The circa 76 bilevels should be bulldozed. They are all over the state and are terribly ugly.

  154. Yo'me says:

    Welcome to the worst Labor Day in the memory of most Americans

    That’s because the real problem has to do with the structure of the economy, not the business cycle. No booster rocket can work unless consumers are able, at some point, to keep the economy moving on their own. But consumers no longer have the purchasing power to buy the goods and services they produce as workers; for some time now, their means haven’t kept up with what the growing economy could and should have been able to provide them.

    1. The Origin of the Crisis

    Read more:

  155. This is a very interesting point of view. Your blog is refreshing, but I wish one could find more content, though. I am looking forward to reading more from you. Keep up the good work. thanks.

  156. NJCoast says:

    Awesome waves. Azure skies. Summer poker tournament. Martinis and pig roast on the beach tonight. Just locals here now. Ahhh September.

  157. leftwing says:

    Today’s installment of the NJRE Non-Sequitur, Tautology, and Unintended Consequences watch:

    “Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes.”

    No one is at risk of (involuntary) default as a result of declining home equity. Not possible. Home equity is a balance sheet item; mortgage payments an income statement item. The ability to service a mortgage is independent of the amount of equity in the home.

  158. leftwing says:

    It’s very clear now – the Chosen One is pulling out all the stops before November to put cash in peoples’ pockets and claim real estate victory. My buddy I referenced the other day with the unsolicited $96k principal reduction closed the paperwork last week, done deal. New HAMP that now has the Feds on the hook for non-FHA garbage. Brace yourself for the onslaught of October campaigns featuring the ‘success’ in helping these poor souls ravaged by the real estate market. The scariest ramification for me is that it means even they have effectively given up on any improvement in the economy or housing fundamentals.

    This is nothing more than buying votes, but unlike back in the the 3rd Ward, they’re handing out six figures per voter rather than a 20 and a bottle of Olde English.

    On a lighter note, I’m heading to my buddy’s vacation house (one of the four homes he owns) tomorrow. Will let you know any more relevant details of his principal writedown deal. Much of our hockey club will be there, we’re having an ale sampling. Chimay or Dogfish Head? Any lesser known but equally good brews we ought to include? He and I profusely thank you for underwriting our little soiree – your tax dollars at work.

  159. Essex says:

    168. Sounds like you really like this guy, Good Luck!

  160. willwork4beer says:


    You have it pretty well covered with Chimay and Dogfish Head, especially if you mix up the DFH styles (60 min, 90 min, Indian Brown, et al).

    Equally good as Chimay (I think they’re better) are Rochefort 10 and St. Bernardus Abt 12. Both are quadrupel ales similar to Chimay Blue. Micro wildcard: North Coast’s Brother Thelonious.

  161. Final Doom says:

    left (167)-

    Yeah, but this new program is a great line of bullshit to use to cover up the fact that the gubmint is just cycling money through homeowners to give it to banks.

  162. gary says:

    Barbara [162],

    It’s pathetic. Interest rates non-existent and sales off a cliff. What does that tell you? Prices are too high!! Period The only buyers are either id1ots or those who have “I don’t care” money acquired through theft or a gift from mommy and daddy. Anyone intelligent enough to earn real money is certainly not stupid enough to come within 80% of asking price. The sellers are m0rons who will ride their dump into oblivion. And anyone who buys a bilevel needs to be pimp slapped and forced to live in a 4 story walk-up on Main Avenue in Paterson for a period of 24 months.

  163. Barbara says:

    I’ve said it for awhile now on this blog: the untold story of the NNJ housing bubble’s lack of correction: Trust fund kids.

  164. Al Gore says:


    Nothing beats September at the Shore.

    No Bennies
    Great weather
    Warm water
    Best fishing of the year

  165. Mr Hyde says:


    Anyone intelligent enough to earn real money is certainly not stupid enough to come within 80% of asking price.

    get an FDA loan with 0 down (DO NOT REFI) and then pay the mortgage only as long as its convenient then play foreclosure dodgeball with the banks!!!!

    I would argue that this is the only sane/logical way to even consider buying for the majority of people right now.

  166. harsmith says:

    industry and humans all over the globe, hermes handbags has becoming constant success with its aerial accessories and its cast new timepiece-releases.

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