Never saw this one coming

Not from our area, but I couldn’t help but stop to read this article this morning.

From the St. Petersburg Times:

Even Habitat for Humanity sometimes has to foreclose

Thousands of lenders are filing foreclosure lawsuits all over the country, but this one is a little bit different: Habitat for Humanity.

The Habitat organization for East and Central Pasco had never filed a foreclosure lawsuit against a client, but this month filed two.

“It hurts inside if you have to serve them with these types of papers,” said president and chief executive John Finnerty. “We’re in the business of putting people into houses, not taking them out.”

The Habitat organization in Hillsborough County filed three foreclosure lawsuits in July. The Pinellas organization filed one last month.

The “great recession” is hurting homeowners all over the country, so perhaps it’s not surprising that even people who receive Habitat’s relatively low-cost houses would feel the pinch.

Habitat uses volunteer workers and donated materials to build and refurbish homes for needy people, so it’s not your average lender.

The clients who receive Habitat homes work on the houses themselves, putting “sweat equity” into their shelter. They receive financial and budgeting instruction before moving in. And although the program is aimed at helping needy people, clients must have enough income to pay off the home loans, often stretched over a 30-year period.

Habitat charges no interest for the loans and makes no profit. But it does expect to be paid back, because it uses the monthly proceeds to build more houses.

This entry was posted in Economics, Foreclosures, Mortgages, National Real Estate. Bookmark the permalink.

98 Responses to Never saw this one coming

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From Reuters:

    Judges to weigh mortgage document destruction

    Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or original loan documents.

    The requests, by trustees liquidating Mortgage Lenders Network USA and American Home Mortgage, come despite intense concerns that paperwork critical to foreclosures and securitized investments may be lost.

    A series of recent court rulings have increased the importance of original loan documents, holding that they are essential for investors to prove ownership of mortgages and to have the right to foreclose.

    In the Mortgage Lenders case, the U.S. Attorney in Delaware has formally objected to the requested destruction because loss of the records “threatens to impair federal law enforcement efforts.”

    The former subprime lender shut down in February 2007. In a January 6, 2010, motion, Neil Luria, the liquidating trustee, asked Bankruptcy Judge Peter J. Walsh for permission to destroy nearly 18,000 boxes of records now warehoused by document storage company Iron Mountain Inc.

    Luria stated that destruction is necessary to eliminate $16,000 per month in storage costs as he disposes of the last assets of the bankrupt company.

  3. grim says:

    From the Philly Inquirer:

    Setting the stage for house-buying season

    The spring real estate market is approaching, and this year there is no federal tax credit to get wary buyers off the fence.

    A recent survey of 3,500 U.S. homeowners and renters conducted for the National Association of Realtors by Harris Interactive found that 60 percent of those who would like to own a house worry about job security and creditworthiness.

    That said, some area real estate agents say they think the market may be rebounding because prospective buyers fear interest rates are permanently back on the upward trajectory and they need to get in the game.

    B. John Duffy, president of Duffy Real Estate on the Main Line, said that sense “may have been fueled by the slight rise in mortgage interest rates,” now 4.74 percent from a record low 4.17 percent in November.

    In a market where financial motivation is canceled out by financial apprehension, the state of each house for sale becomes even more important to getting a deal done.

    Buyers are still looking for “perfection, with comfort,” said John B. Badalamenti, an associate broker at Prudential Fox & Roach Realtors in Wayne.

    “As a result of the staging craze, buyers have become a bit spoiled,” Badalamenti said. “Homes are almost being put on the market as museum pieces. You can bounce a dime off a bed.”

    Said Carol Sabatelli, an agent with Weichert Realtors in Media: “Right now, you need to pull every trick out of your hat in order to even get a showing.”

  4. grim says:

    From the SF Chronicle:

    FBI seeks evidence of rigging in home auctions

    Foreclosure auctions take place every weekday on the steps of courthouses throughout California. Now the FBI is investigating whether some real estate speculators are illegally rigging bids for these sales.

    “Last week, the FBI conducted interviews and executed search warrants through the entire Bay Area as part of a long-term investigation of anti-competitive practices at trustee sales of foreclosed homes,” said bureau spokeswoman Julie Sohn.

    The probe is shaking up the tight-knit world of investors who bid at these auctions. The issue, sources say, is that some participants allegedly pay others to refrain from bidding on certain properties to keep their prices low.

    Such bid-rigging violates the federal Sherman Antitrust Act and can carry a maximum penalty of 10 years in prison and a $1 million fine. That maximum can be increased to twice the perpetrator’s gain or twice the victim’s loss.

    “There have always been rumors of collusion at the courthouse steps,” said Sean O’Toole of ForeclosureRadar.com, a Discovery Bay company that provides detailed information on properties sold at the auctions. At a typical auction, many investors clutch clipboards with printouts from his website.

    “If you have a small crowd of guys that talk to each other every day, it’s natural for them to say, ‘Why are we bidding each other up? Let’s just buy this and work it out afterward.’ ” O’Toole said. But when he speaks to real estate clubs and others, O’Toole said, “I am very clear. I say: ‘This is illegal. Don’t do it.’ “

  5. Essex says:

    I love it when obese big mouths get theirs. Just sayin.

  6. Juice Box says:

    Brrrrrrrrr!

  7. chicagofinance says:

    The end is nigh (Mexican edition):
    Man dies after falling into tortilla-mixing machine in Brooklyn
    ASSOCIATED PRESS

    New York City police say a man was killed after falling into a commercial-size machine used for mixing tortillas.

    Police say they received a 911 call at 2:30 a.m. Monday of an unconscious man at the commercial site in Brooklyn. When they arrived they discovered that the 22-year-old victim had fallen inside the waist-high machine. He was pronounced dead at the scene.

    Police say no criminality is suspected.

  8. chicagofinance says:

    JJ: fcuk!

  9. Comrade Nom Deplume says:

    [9] chifi

    Now I have to check my burritos for bones. Great.

  10. chicagofinance says:

    Essex says:
    January 24, 2011 at 6:34 am
    I love it when obese big mouths get theirs.

    What happened to you?

  11. Confused In NJ says:

    I’m going to miss Radio Shack when they close this year. Block Buster I replaced with Red Box for $1.

  12. Comrade Nom Deplume says:

    Off Topic Alert

    I am in the market for a new car, and am looking at leasing a Ford Fusion, which has some attractive lease offers out right now.

    Currently speaking with Liccardi in Watchung, but sick of the typical B.S. they throw at you (even when I gave him plenty of subtle hints that I am not impressed or swayed by the B.S., which seems geared toward conning Plainfield residents).

    So if there is anyone who is comfortable recommending a Ford dealer/salesperson that won’t waste my time, feel free to name names.

    Thanks

  13. Schrodinger's Cat says:

    Thank you all for your restaurant suggestions.

  14. Comrade Nom Deplume says:

    [12] chifi

    “What happened to you?”

    After manic comes depressive.

    (in good fun, SX, in good fun. ;-))

  15. Comrade Nom Deplume says:

    [16] cat

    Have a great time. I didn’t chime in because I hardly know NYC restaurants, but if you want recommendations in Boston or DC, those I can make.

  16. Comrade Nom Deplume says:

    [5] SX

    Me too. Are we both talking about Jabba the Coach?

  17. chicagofinance says:

    Gates: It is actually so interesting how quickly Monmouth County segues from very compelling to Staten Island. There is a street that borders Colts Neck and Marlboro named Boundary Road…..it seems to have great significance. Route 9 is essentially Route 22 with more deer.

    NJGator says:
    January 23, 2011 at 7:03 pm
    Shore 62 – It never ceases to amaze me just how many of my friends from the Marlboro/Manalapan area moved back there to raise their families. For the life of me, I can’t figure out why.

  18. chicagofinance says:

    Cat: I didnt chime in because I thought the best gift to your wife would be to avoid having to sit at a table with you for 2 hours.

  19. Comrade Nom Deplume says:

    [19] chifi

    Ouch. Remind me to NOT invite the two of you over to Brigadoon at the same time.

  20. Comrade Nom Deplume says:

    [17] chifi

    “Route 9 is essentially Route 22 with more deer.”

    Enough deer around here. Saw a Green Brook cop put one out of its misery in December. Still get a chuckle out of the fact that some yahoos a few cars back were out of their cars and loudly bitching about the delay, and 50 yards away is a cop firing a shotgun. A real STFU moment.

  21. Painhrtz says:

    Nom I saw a statey miss from up close and personal range a few years ago when I was returning from deer hunting. Asked him to holster his weapon and I slit the throat. Over in ten seconds, the cop then proceeded to thow up from all the blood. Thanked me, then ran to his car out of embarrassment. I never got to ask if he had to file a discharged firearm report.

    I must say it did not inspire confidence in the state police range requirements.

  22. 250k says:

    Since today’s thread headline is sourced from a Florida paper, here is another interesting read:
    http://www.examiner.com/economy-in-orlando/can-t-knock-da-hustle

    Amazing avarice and financial arrogance precipitated a crash that brought previously ignored economic issues to the forefront. The simplifications don’t fit all of the realities that exist. This is not a ‘recession’ or ‘depression’ as many like to assume; what we’re experiencing at the moment, and for the past four years, is a global economic reset.

    Since the end of WWII to well into the 1990’s “middle class” status has been an American entitlement.
    [snip]
    Unions made American manufacturing non-competitive not just thru excessive wages, but work rules, outlandish benefits, and adversarial relationships in factories. Teacher unions have contributed largely to providing us the dollar-for-dollar worst education system in the world.
    [snip]
    There is a reason that these were the individuals screwing doors on cars or running trains instead of managing businesses. The UAW took down the American automotive industry almost singlehandedly because they’d rather everyone be unemployed than make healthy changes to keep the business alive.

  23. Essex says:

    16. Yes.

  24. Essex says:

    ChiFelch.

  25. grim says:

    For those who haven’t been around a while, about 2 years back we won a best blog award and donated the $500 prize to Habitat in Paterson.

  26. Schrodinger's Cat says:

    Nom

    Charlie at Maplecrest Ford in Mendham. I just bought a truck through him and there was 0 BS. He was all about business.

  27. Comrade Nom Deplume says:

    [21] pain

    Being a cop brat, I can tell you that cops don’t really try hard to master shotgun, and will only do the minimum to qualify. Part of the reason is liability—if the cop is known as a crack shot, they feel that they are subject to greater scrutiny.

    [26] cat

    Thanks

  28. Comrade Nom Deplume says:

    Was just on linkedin, and saw that a number of associates from my old firm are now elsewhere. Naturally, I invited them to my linkedin network.

    I have heard rumors that the firm is hurting. Fact that they are jettisoning or losing associates is proof of that, although at least one has been trying to get out for as long as I knew him.

    Time to go be daddy.

  29. Schrodinger's Cat says:

    Chifi,

    are you really so bored that you must resort to random personal insults?

  30. Essex says:

    Boredom is the ante room of despair.

  31. Confused In NJ says:

    12.Comrade Nom Deplume says:
    January 24, 2011 at 8:55 am
    Off Topic Alert

    I am in the market for a new car, and am looking at leasing a Ford Fusion, which has some attractive lease offers out right now.

    Currently speaking with Liccardi in Watchung, but sick of the typical B.S. they throw at you (even when I gave him plenty of subtle hints that I am not impressed or swayed by the B.S., which seems geared toward conning Plainfield residents).

    So if there is anyone who is comfortable recommending a Ford dealer/salesperson that won’t waste my time, feel free to name names.

    Thanks

    I used Douglas Ford on Morris Avenue in Summit for years.

  32. Essex says:

    22. Weak writing .

  33. prtraders2000 says:

    Smith Ford in Washington Township is tops. We do their financials and buy our vehicles there. Ask for John Smith.

  34. Painhrtz says:

    Nom it was with his sidearm. Saw the deer get hit, cop was between me and the unfortunate sap who hit it. Young cop, obviously a city boy, could tell he never discharged a weapon into something staring back at him other than a perp paper target. this was also ten years back, I hope the guy has gotten better at this point. Another question why would you even need to qualify with a shotgun? As far as guns go, 12 gauge 2 3/4 inch buckshot does all the qualifying for you within 30 yards.

    Cat new truck? get the big ford with the diesel as a getaway vehicle in the event the TSHF event?

  35. Shore Guy says:

    Non,

  36. Juice Box says:

    The fat man won’t sing.

    N.J. Gov. Christie says ‘no’ to State of the Union response
    By Shane D’Aprile – 01/24/11 09:20 AM ET

    New Jersey Gov. Chris Christie (R) turned down an offer to rebut President Obama’s State of the Union address, according to a top Christie adviser.

    Bill Palatucci told The Star Ledger that the Republican leadership in Washington contacted the governor’s office to see if Christie had any interest in giving the party’s official response Tuesday night. The answer was no.

    “They tried to see if there was some interest and there wasn’t any,” Palatucci told the paper. “The governor is in the midst of his legislative agenda. There’s no reason to try to get involved in federal issues.”

    Rep. Paul Ryan (R-Wisc.) will give the party’s official televised response Tuesday night.

    Christie has been fighting off rumors that he’s interested in a run for president in 2012 for months, speculation that would have only increased had Christie been pegged with GOP response duties Tuesday night.

    The first term governor, who has won accolades from conservatives nationwide for efforts to slash the state’s budget and take on organized labor, has repeatedly said he will not run for president in 2012.

    In this past weekend’s presidential straw poll in New Hampshire, Christie recieved 3 percent of the vote, which tied him with rumored hopefuls like Rep. Mike Pence (R-Ind.) and former Arkansas Gov. Mike Huckabee.

    Christie was at the White House last week for a state dinner honoring China’s president.

  37. Shore Guy says:

    Nom,

    Have you eaten at the Hungry I?

  38. Painhrtz says:

    Cat a nice little compact truck then

  39. 250k says:

    Today’s news…
    31 dead in Moscow Airport Terrorist Attach
    2 police officers dead, U.S. Marshall seriously wounded in St. Petersburg, FL standoff
    Shootout in Port Orchard, WA outside a Wal-mart wounds two sheriff’s deputies
    Brazil flood death toll at 809
    Oprah has a half-sister
    DJIA up 60 points
    People still buying homes in Brigadoon

  40. grim says:

    I spend so much time in the brig that I should probably move there.

    On the flip side, I haven’t shown a house in Montclair in months.

    Ridgewood, Bernards(ville)/Basking Ridge, Mountain Lakes. Millburn/Short Hills, Summit, Harding, Chatham, Madison, Westfield all hopping.

  41. Schrodinger's Cat says:

    Juice,

    Take a look at the following:

    Government Employment in New Jersey (NJGOVT)
    http://research.stlouisfed.org/fred2/graph/?chart_type=line&width=800&height=480&preserve_ratio=true&s1id=NJGOVT#

    It looks like both parties in NJ are responsible for 1 heck of a run up in the size of NJ government. We have a long way to go if we ever see the 1990-2000 level again (we would only need to cut 40,000 people off the government payrolls.)

  42. 250k says:

    grim 42
    If you don’t mind sharing, is there a typical price range that people are looking at in those hopping towns? Are you seeing more high end vs. low end or is everyone looking for the deal between 600-800k?

  43. Schrodinger's Cat says:

    Re 43

    if that chart doesnt work, here is the original series

    http://research.stlouisfed.org/fred2/series/NJGOVT?cid=27312

  44. chicagofinance says:

    Not random…targeted….

    29.Schrodinger’s Cat says:
    January 24, 2011 at 9:41 am
    Chifi, are you really so bored that you must resort to random personal insults?

  45. JJ says:

    Oprah also had a son who died shortly after being born when she was a teenager.

    I am still mourning the Jets loss. Getting beaten by a rapist in Pittsburgh is a tough nut to swallow

    250k says:
    January 24, 2011 at 11:31 am

    Today’s news…
    31 dead in Moscow Airport Terrorist Attach
    2 police officers dead, U.S. Marshall seriously wounded in St. Petersburg, FL standoff
    Shootout in Port Orchard, WA outside a Wal-mart wounds two sheriff’s deputies
    Brazil flood death toll at 809
    Oprah has a half-sister
    DJIA up 60 points
    People still buying homes in Brigadoon

  46. JJ says:

    btw muni bonds way way up today. Someone actually read Ms. Whitney’s research and said it was at best a B paper from a first year MBA student, lots of mumbo jumbo not much facts.

  47. JJ says:

    Jack LaLanne dead

    Well past middle age, LaLanne staged feats of strength to remain in the public eye. At 60, he swam from Alcatraz Island to Fisherman’s Wharf in San Francisco, pulling a 1,000 pound-boat while shackled and handcuffed. At 70, he towed 70 boats with 70 people for 1 1/2 miles in Long Beach Harbor.

    LaLanne’s longevity and vigor into his mid-90s was testimony to what he preached for more than 70 years. His commitment to healthful living began in his teens, when he was inspired by a nutritionist to abandon junk food. As his own fitness improved, he overcame his adolescent turmoil and sought converts to healthy living with a missionary’s fervor.

    He went on to open one of the first modern gyms in an Oakland, California, office building in 1936.

  48. grim (2)-

    Why wouldn’t a judge allow some subprime lender to bury a festering, stinking dead body? Hey, it’s only evidence, right?

  49. Mike says:

    No. 49 I remember taking a tour boat out to Acatraz years ago while staying in San Fran. almost right after Clint’s movie Escape From Alcatraz came out. Just kept thinking to myself while looking at the waves no one could get off that island and swim to shore. Wow he was amazing!

  50. plume (9)-

    Those are “Extra Texture” tortillas, pal. And they will cost you extra, too.

    “Now I have to check my burritos for bones.”

  51. Juice Box says:

    JJ re: Munis – To remain solvent and keep up the bond payments flowing the state and local taxing authority AKA governments are going to need to do a few things soon to keep from going bust. Here is the short list. Mass Layoffs, break the Unions, defund education, eliminate healtcare for the poor.

    Do you think the Obama will have some kind of nifty jobs, jobs, jobs slogan for tomorrow night’s speech? When Obama says jobs about 50 times tomorrow night and then all of a sudden there are another 3+ million government workers who new job will be farting holes in the couch all day while collecting 99 weeks of unemployment do you will think they knew what he meant when they go to the polls in 2012?

    S&P Says More Downgrades Possible In 2011 Muni Bond Markets

    DOW JONES NEWSWIRES

    State and local governments struggling with persistent budget gaps could push up volatility and interest rates in the state and municipal bond market in 2011, according to a report from Standard & Poor’s Ratings Service.

    At the same time, the ratings firm didn’t forecast a significant increase in defaults, predicting the governments will be forced to make “difficult policy choices” to meet their obligations. Some could see their credit ratings downgraded if they are unable to maintain enough liquidity, the report said.

    Many state and local governments are facing record budget deficits after tax revenue dropped off during the recession. Compounding that problem, economic growth during the current recovery has lagged the pace of past economic rebounds, stretching governments’ reserves.

    Some municipal governments will face “outright budget crises.” Despite the risk to some governments, most S&P-rated state and local governments will remain “solidly” medium to high investment grade, the report said.

    “We do not feel that such difficulties will cause any sort of notable increase in defaults among our rated issuers,” credit analyst Gabriel Petek said.

  52. chicagofinance says:

    LaLanne was also the inventor of LaLob used by Dave LaPoint….
    http://www.youtube.com/watch?v=WFvp7kMraAw

  53. Shore Guy says:

    So, Rahm as been tossed off the ballot, huh?

  54. Juice Box says:

    re # 50 – Talk about festering… 6 years and still no trial date set in lawsuits against Fannie and Freddie and their former executives.

    Insult to injury we the tax payer are footing the bill for the lawyers too.

    http://www.nytimes.com/2011/01/24/business/24fees.html?hp

  55. Shore Guy says:

    Juice,

    BO will be all about investing. Tahking your money and investing it into someone else’s pocket. This is also known as tax and spend and income redistribution but, “making investment’s in America’s future” has a nicer ring about it.

  56. Shore Guy says:

    I used to like it when business owners invested in America and government worried about defense and essential infrastructure.

  57. Schrodinger's Cat says:

    One would think that Mr Social Charisma himself would have more tact then to begin throwing around family insults over a petty blog dust up.

    Stay Classy Chifi.

  58. Shore Guy says:

    It is about time. Why on earth does Ocean Grove need a post office, when it is not even its own town and why do Avon and Bradley and Belmar each get one when there are several others a short distance away?

    http://online.wsj.com/article/SB10001424052748704881304576094000352599050.html

    Postal Service Eyes Closing Thousands of Post Offices .

  59. Shore Guy says:

    HOLMES MILL, Ky.—The U.S. Postal Service plays two roles in America: an agency that keeps rural areas linked to the rest of the nation, and one that loses a lot of money.

    Now, with the red ink showing no sign of stopping, the postal service is hoping to ramp up a cost-cutting program that is already eliciting yelps of pain around the country. Beginning in March, the agency will start the process of closing as many as 2,000 post offices, on top of the 491 it said it would close starting at the end of last year. In addition, it is reviewing another 16,000—half of the nation’s existing post offices—that are operating at a deficit, and lobbying Congress to allow it to change the law so it can close the most unprofitable among them. The law currently allows the postal service to close post offices only for maintenance problems, lease expirations or other reasons that don’t include profitability.

    The news is crushing in many remote communities where the post office is often the heart of the town and the closest link to the rest of the country. Shuttering them, critics say, also puts an enormous burden on people, particularly on the elderly, who find it difficult to travel out of town.

    The postal service argues that its network of some 32,000 brick-and-mortar post offices, many built in the horse-and-buggy days, is outmoded in an era when people are more mobile, often pay bills online and text or email rather than put pen to paper. It also wants post offices to be profitable to help it overcome record $8.5 billion in losses in fiscal year 2010.

    snip

  60. still_looking says:

    Debt, 52

    Extra calcium tortillas.

    sl

  61. Juice Box says:

    re: #58 Shore – “I used to like it when business owners invested in America and government worried about defense and essential infrastructure.”

    Wait for the next bait and switch coming down the pipe this year. Rumor has it Obama with be pitching a deal that would in theory repatriate trillions that are currently held offshore by the multi-nationals in the guise of creating jobs here in the Mainland USA. To do this they need to abolish Federal corporate income tax. Not kidding either, abolish it and shut down the offshore tax havens etc. What do you think Jeffrey Immelt is actually up to? Multi-National companies repatriate their earning here open a token factory or two with 5% of the money then do massive stock buybacks and dividend payments with the remaining 95%.

  62. relo says:

    61:
    Bring back the pony express.

    The news is crushing in many remote communities where the post office is often the heart of the town and the closest link to the rest of the country.

  63. relo says:

    Swap bike paths for horse trails.

  64. A.West says:

    Juice Box,
    I think we agree here. Lower the corporate tax rate and many more companies from the US and around the world will locate and hire in the US. Many people don’t realize that almost all of the initial manufacturing plants set up in China in the early 90s were in “Special Economic Zones” with minimal taxes. Initially low wages were not enough because there was too much political risk, regulation, taxes. If Obama wanted to really transcend party lines to stimulate the economy he’d permanently cut corporate tax rates. Instead, I think his style is to promise all sorts of targeted breaks and assistance that can be doled out to favored people/industries and withheld from others.

  65. JJ says:

    Problem is states such as NY actually only have around 3.5 billion in bonds. There are MTA bonds, School Bonds, Port Authority Bonds, Water Bonds etc. Each bond type is it own legal entity with its own board. Many such as water bonds pay bond holders first then left over goes to state. A NYS bankruptcy would not effect them.

    NY State has an extremely small amount of debt vs. revenue. Take my little town, we have school bonds, water bonds, sewer bonds, etc. The state ships in money for schools etc but can cut it anytime. The state can cut off towns from funding and easily meet obligations. NYS even if legally allowed to declare bankruptcy could not. A bankruptcy court would say with the huge tax base you can easily cover your bond payments. Cuomo is a cheapskate at the state level. He is not paying huge amounts of money to Albany employees, it is the dam six figure LI school teachers and LI/NYC Cops and fireman pensions and medical that he is no liable for. That is why many years ago NYC almost went bankrupt. Ford said to NYC Drop Dead and NYS said we can’t afford to help so good luck. The state of NY is not the problem.

    Juice Box says:
    January 24, 2011 at 1:57 pm

    JJ re: Munis – To remain solvent and keep up the bond payments flowing the state and local taxing authority AKA governments are going to need to do a few things soon to keep from going bust. Here is the short list. Mass Layoffs, break the Unions, defund education, eliminate healtcare for the poor.

  66. Comrade Nom Deplume says:

    [60] shore guy

    “Why on earth does Ocean Grove need a post office, when it is not even its own town and why do Avon and Bradley and Belmar each get one when there are several others a short distance away?”

    Because the Congressman from that district probably sat on the Postal Service Subcommittee, which allocated funds for erecting post offices. This was the early equivalent to the “Bridge to Nowhere” since it funded construction and then postal jobs in the area. It was also a carrot to get junior members to sit on those very unsexy committees.

    In his semi-memoir, Sen. Morris Udall wrote about this, which is why every hamlet in AZ. has a post office.

  67. Comrade Nom Deplume says:

    [42] Grim

    “I spend so much time in the brig that I should probably move there.”

    We’d love to have you, but will settle for a Brigadoon area GTG.

  68. make money says:

    http://www.youtube.com/watch?v=BUQPlEr1puI

    This is crazy..dead bodies everywhere…

  69. Schrodinger's Cat says:

    Grim #2 Update

    WILMINGTON, Del., Jan 24 (Reuters) – A U.S. bankruptcy judge temporarily blocked bankrupt subprime lender Mortgage Lenders Network USA from destroying 18,000 boxes of original loan files after federal prosecutors said documents in them may be needed as evidence in more than 50 criminal investigations.

  70. broke says:

    Homeowners and tenants who pay property taxes, either directly or through rent, on their principal residence in New Jersey may qualify for either a deduction or a refundable credit on their New Jersey resident income tax return. Homeowners and tenants may be eligible for a deduction or credit even if they are not eligible for a homestead benefit. Qualified residents may be able to deduct up to 100% of their property taxes due and paid or up to $10,000, whichever is less. The tax benefit varies depending on the amount of the taxpayer’s taxable income, the amount of property taxes or rent paid, and filing status. For tenants, 18% of rent paid during the year is considered property taxes paid. The minimum benefit is a refundable credit of $50.

    http://www.state.nj.us/treasury/taxation/njit35.shtml

  71. broke says:

    Just got audited by NJ state for claiming tax dedection on a second home.$12,000 in property tax on a second home useless!

    No property tax deduction or credit is allowed for a vacation home, a “second home,” or property which the owner rents to someone else. Homeowners You may claim a property tax deduction or credit for the home in New Jersey that you owned and lived in as your principal residence provided it was subject to local property taxes. Both single-family homes and certain multi-family homes qualify. Multi-Unit Properties

    http://www.taxslayer.com/support/article.php?id=824

  72. chicagofinance says:

    nom:
    Did a little trolling for data on NJ munis at 4PM on 1/24…

    Indications:
    (1) Agency bond, but AA3/AAA with FSA backing, Non-callable to 22…about 4.5% YTM;
    (2) GO school bond AA- also FSA backed, remains 10NC2 par at roughly 3% to call and 3.75 YTM

  73. Painhrtz says:

    Make, the Russians have a way to make Chechans pay for these kind of terrorist acts.

  74. relo says:

    74:

    Turbo Tax strikes again?

  75. box (53)-

    The really comforting thing is that the “credit analysts” who say most muni debt will be OK are the same assclowns who said that:

    – MBS comprised of toxic deadbeat sludge is AAA
    – Insuring toxic deadbeat sludge would be a slam-dunk proposition
    – There was no housing bubble

  76. shore (58)-

    That America has gone forever. We are now a fully dysfunctional Third World jerkwater.

  77. sl (62)-

    It’s all fun and games, until the theory of Soylent Green becomes practice here in the banana republic aka the USA.

    14% of the population on food stamps- and no prospects of being able to start a controllable world war- will stimulate some pretty interesting ideas for keeping everyone fed.

    The average Amerikan consumes 10 tons of food a decade.

  78. relo (65)-

    Neutron bomb any town in the US with a population of less than 30,000.

    If they’re feeling generous, drop flyers on those towns and give everybody, say, six or seven hours to get the hell out.

  79. west (66)-

    I expect Bojangles to propose any idea that has a chance of completely impoverishing the middle class. Those ideas should necessarily exclude anything that makes a shred of sense.

  80. JJ says:

    Chifi huge turnaround munis since Thursday. Stuff I bought at 102 Friday morning all at 105. Got 5.6% straight up on a couple of AMT free good quality munis before door slammed shut around lunchtime today.

    Sold some AIG and MI bonds that were now only paying 3% taxable. Imagine dumping 5% AIG bonds at 104 to buy 5.65% tax free bonds at par two years ago.

    chicagofinance says:
    January 24, 2011 at 4:20 pm

    nom:
    Did a little trolling for data on NJ munis at 4PM on 1/24…

    Indications:
    (1) Agency bond, but AA3/AAA with FSA backing, Non-callable to 22…about 4.5% YTM;
    (2) GO school bond AA- also FSA backed, remains 10NC2 par at roughly 3% to call and 3.75 YTM

  81. The doomsday machine is now being fitted with a hair-trigger and a faulty, random timer. It is also simultaneously being packed with nails and shrapnel.

    “Frequent readers may recall that 11 months ago, when the economy was falsely rumored to be doing better, and the Fed was expected to take baby steps in withdrawing liquidity (only to end up having to inject another $900 billion shortly… and probably much more soon), one of the key mechanisms used was the Treasury’s Supplementary Financing Program, whereby the Treasury would issue 56-Day Cash Management Bills each week with a $200 billion ceiling. In addition to funding the Treasury with a $200 billion debt ceiling buffer, the program was supposed to extract a fifth of a trillion in liquidity which would be locked into the rolling of each 56 day bill (each one amounting to $25 billion) up to a total of $200 billion, as disclosed each day in the Treasury’s DTS SFP Table 1 open cash balance. Well, not even 11 full months later, it is now time to unwind the program. The immediate catalyst for the unwind of the SFP is that the Treasury will most certainly breach the debt ceiling by the end of March unless it gets the benefit of the $200 billion buffer, which counts toward the total debt issued by the UST. However, what that also means is that the US stock market is about to become awash with another $25 billion in suddenly free cash every single week, until the entire $200 billion SFP buffer is depleted. In other words, take the liquidity impact of POMO, which is roughly $25-30 billion a week, and double it! We are confident the US Treasury will announce that beginning with the week of February 14, it will no longer roll maturing 56-Day Cash Management Bills, which means that for the ensuing 8 weeks, one on every single Thursday, there will be a total of $200 billion in incremental liquidity flooding the market, and probably sending stocks, commodities, and everything else that is not nailed down into the stratosphere all over again.”

    http://www.zerohedge.com/article/here-comes-another-25-billion-excess-weekly-liquidity-ramp-stocks

  82. relo says:

    84:

    Buy now or be priced out to oblivion.

  83. Anon E. Moose says:

    Pain [76];

    The Chechen Republic … or, informally, Chechnya, sometimes referred to as Chechenistan…

    Islam is the traditional Religion in Chechnya. 94 % of the Chechens are Sunni Muslim…

    Maybe they hate the Russians because they’re too American, with their (small “l”) liberal freedoms. Nothing to see here. Move along. Go about your business.

  84. Anon E. Moose says:

    Con’t [86];

    Italics from Wikipedia (here).

  85. Anon E. Moose says:

    Con’t [87];

    But a very astute to call them “Chechens”. The media will surely pick up on that and follow suit. J6P won’t know or care what the həll a “Chechen” is, but the media can claim they’re informing the public.

  86. 250k says:

    Doom Debt Supernova

    A gift for you:
    “The Day After The Dollar Crashes – A Survival Guide for the Rise of the New World Order ”
    http://www.youtube.com/watch?v=hS2HfjR9oPM

  87. 250 (89)-

    You should know me better than to show me Glenn Beck dumb pills.

  88. 250 (89)-

    The day after this shit happens will be so much worse than what some fat fcuk on TV tells you, you’d crap your pants if you had a clue.

  89. 250K should go out and check spot prices on bars of silver.

  90. Where is BC when I need him?

  91. Schrodinger's Cat says:

    Debt 92, 94

    got AUD or CAD?

  92. Neanderthal Economist says:

    Negative 50 degrees in maine. Ooh boy.

  93. 250k says:

    Debt 90-93

    My sincere apologies. I didn’t realize you had completely lost your sense of humor.

  94. chicagofinance says:

    Good headline in tomorrow’s WSJ

    BUSINESS
    JANUARY 25, 2011
    Churches Find End Is Nigh
    The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging

  95. Laptop Bags says:

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