As the market changes, so do the scams

From the Philly Inquirer:

‘Flopping’ – a new type of scam in the housing market

Although reports of mortgage fraud nationally fell 41 percent in 2010 from 2009, the continuing downturn in the housing market has fostered new ways of perpetrating it, experts say.

Consider “flopping” – the intentional misrepresentation of housing value for purposes of illegal flipping.

Here’s how it works: A real estate agent or broker identifies properties with severely depressed values. These could be properties with mortgages that exceed the present values or they could be short sales or foreclosures.

A property is valued using a “broker price opinion.” The broker’s “opinion” is a low-ball price, because his intention is to profit from a quick resale for a higher price.

A lender, believing the broker’s assessment is legitimate and unaware of any scheming, agrees to the lower sales price.

The broker buys it at the greatly reduced price, arranges for a “straw buyer” to purchase it, then flips it for a higher price than negotiated with the lender. The broker pockets the profits.

The broker pays off any of the participants that enabled the scheme, and then moves to the next target property.

“This is a misrepresentation of value,” said Denise James, coauthor of an annual report on the topic by the LexisNexis Mortgage Asset Research Institute during a teleconference Monday.

She said such schemes could add to problems faced by regions with an abundance of distressed housing, since “lenders will grow concerned with false depreciation of values,” thus making the buying and selling of homes even more difficult in depressed housing markets.

“Flopping increases as desperation to get rid of rising inventory grows,” she said.

One of the fastest-growing ways homeowners are being bilked is by people posing as the new servicers of their mortgages, she said.

“They [the homeowners] get letters saying, ‘I’m your new servicer, send your payments to me,’ ” James said. “Homeowners who are not aware that there is a formal procedure involved in changing servicers” fall victim to this scam.

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107 Responses to As the market changes, so do the scams

  1. grim says:

    From the Record:

    N.J. will aid unemployed homeowners at risk of foreclosure

    New Jersey homeowners who have lost their jobs and are struggling to pay their mortgages can get no-interest loans from the state under a program announced Monday.

    Under the New Jersey HomeKeeper Program, homeowners who are under- or unemployed can get loans totaling up to $48,000 for up to 24 months to make their mortgage payments.

    The loans will be forgiven after 10 years if the homeowner stays in the home.

    “We understand that New Jersey families – like households around the country – continue to face difficult economic realities, and we want to help them keep their homes as they look for work,” said Department of Community Affairs (DCA) Commissioner Lori Grifa.

    The program comes at a time when both foreclosure rates and unemployment rates in the state are running high. Unemployment was at 9.3 percent in the state in March, the most recent figures available, and there were about 65,000 foreclosures in the state last year, triple the number in 2006.

    Homeowners can qualify for the HomeKeeper program if they are at risk of losing their homes as a direct result of unemployment or underemployment. The homes must be one-family or two-family homes, and must be the primary residence. The homeowner must have been current on the loan before becoming unemployed. The applicant will be required to submit documentation such as pay stubs, tax returns, and unemployment benefit information.

    The loan must be repaid if the homeowner sells, refinances, transfers or moves out of the house within 10 years. It will be forgiven at a rate of 20 percent a year after the fifth year, and completely forgiven after 10 years.

  2. Mike says:

    Good Morning New Jersey

  3. Essex says:

    1. Does it come with a pony?

  4. grim says:

    From HousingWire:

    Fiserv reports on the upside to falling home prices

    The good news, according to Fiserv’s report, is the possibility falling home prices combined with gains in the job market will finally put vacant homes and homebuyers on the same playing field.

    “The first step toward restoring confidence in housing markets is an improvement in consumer sentiment, which we expect will increase slowly through 2011 due to stronger job gains and a falling unemployment rate,” said David Stiff, chief economist at Fiserv.

    The company estimates it will take at least until the end of 2012 to stabilize prices in the hardest-hit housing markets, but the data technology firm sees a clear upside to falling prices.

    “The slide in prices, however, has greatly improved home affordability: Relative to household income, affordability is at or close to pre-bubble levels in nearly every metro area across the U.S.,” Fiserv said. “This dynamic, combined with growing economic strength, leads Fiserv and Moody’s Analytics to project that average U.S. home prices will stabilize in the third quarter of this year.”

  5. serenity now says:

    House on the cover of Bergen County Real Estate Book Vol22 No6 is being
    auctioned off,sounds like a short sale……..sign of the times.

  6. Grain alcohol is good.

  7. grim (4)-

    I wouldn’t put much credence in a statement made by a guy named Stiff.

  8. …cue the jj retort…

  9. “Gold today is no longer related to the normal economic cycle of supply and demand, jewelry, Indian wedding seasons, rain in the Middle ast. All those things are passé, forget about them. Gold is driven today by one overriding and I am afraid, at least in my opinion, an irresistible and irreversible trend. A fundamental, global and growing insecurity… A fundamental, global and growing lack of confidence of the world in everything they were brought up to believe. Institutions, insurance companies, banks, issuers of mortgages, ratings agencies, equities, sovereign debt, Federal Reserve Banks. Portugal and Iceland. Greece and Spain. Currencies. What is left? What is left?” – Peter Munk, Chairman, Barrick Gold

    http://www.zerohedge.com/article/things-make-you-go-hmmmm-where-theres-smoke-theres-fire

  10. Painhrtz - Cat of God says:

    hobo let me get him started; This burned out, coked up floor trader and I had just spent a Thursday at the Roxy, walked out with two German supermodels and got into my Jeep for a foursome when……..

  11. Fabius Maximus says:

    #151 Cobb (previous thread)

    The best way to get rid of concrete or large demo materials is to take it to the local transfer station. Your town or county will have a agreement with one for residents. It is a lot cheaper than hiring a dumpster. Rent/borrow a trailer or van. they weight it on the way in and the way out and you pay for the difference. They usually have a 1 ton minimun at about $90. Thats about the weight limit of my trailer anyway. My kitchen demo complete with subfloor and cabinets went in one load with part of a of a concrete retaining wall.

    Here are the details for Bergen Co. I use the one in Hillsdale. You have to show proof of residency and make sure you don’t look like a contrator.
    http://www.bcua.org/SolidWaste_Disposal.htm

  12. 250k says:

    #1 Re: unemployed homeowners aid

    … and renters (losers) who find themselves unemployed will be charged a Renter’s Penalty Tax to help pay for the cost of keeping those brave and deserving homeowners in their homes.

  13. A.West says:

    Essex,
    Everyone is underwater because everyone in the US can be expropriated to pay for everyone else’s uncontrolled borrowing and spending.

  14. I just found me a new way to make some damn money. I’m gonna flip flop.

  15. Some animals are more equal than others.

  16. (15)-

    It’s red-letter day here; Tard has become a grifter.

  17. still_looking says:

    be still my beating heart (((( <3 ))) my reinvestor has returned!

    :P

    sl

  18. still_looking says:

    Thanks Fab!

    I love the look of real concrete planters – The seats are meant for three garden areas on our property… I’m admittedly a novice, but I am having fun with it… I still need to find white portland cement and need whiter sand for the mix to get less gray looking seats.

    I bought plastic molds. they make aluminum but they cost a mint. Heck, a concrete seat alone is over $150 in most places… the concrete planters? on Rte 22, small ones are $75. I want to make about 8 or so of them.

    sl

  19. Shore Guy says:

    http://www.nytimes.com/2011/05/10/nyregion/westchester-towns-take-hit-from-rise-in-tax-appeals.html?_r=1&nl=nyregion&emc=ura1

    GREENBURGH, N.Y. — Local governments here in well-to-do Westchester County are being overwhelmed by property tax appeals, driven by a growing industry of companies seeking reductions in homeowners’ bills in exchange for a share of their savings.

    The record-setting number of tax grievances, which nearly quintupled from 2008 to 2010, are adding fiscal pressure to communities already throttled by economic losses and cuts in state aid.

    Towns are being forced to refund millions of dollars to homeowners who show they have been overcharged. Some, like New Rochelle, have been forced to increase tax rates to make up for the erosion of assessed property values. Others, like Greenburgh, are also exploring costly townwide revaluations — a move that many towns have not made in a half-century or more.

    Westchester has company, too. With property values plummeting in recent years, local governments across the country have been besieged by homeowners questioning their assessments.

    In Maui County, Hawaii, about 3,500 appeals were filed last year; before 2006, the county had seen no more than 500 in a year. Appeals have more than tripled since the housing market peaked in Ocean City, N.J. And a 42 percent jump in appeals in Hernando County, Fla., added $1.5 million to the county’s budget deficit.

    snip

  20. Shore Guy says:

    Gator,

    Read the Times piece, it could point to your new part-time job.

  21. ricky_nu says:

    anyone here have a resource (realtytrac do this?) to look up a single property to see who the note holder is, I think the place in in preforeclosure, late on payments (not not listed for sale any where though)?

  22. Shore Guy says:

    From MSNBC (I wonder what the taxes would be on this if it were in Bergen County):

    The Duchy of Lancaster Estate
    The Queen owns more than 72 square miles of farm and urban land as part of the Duchy of Lancaster Estate. The estate is nearly three times the size of Manhattan and is valued at $570 million.

  23. make money says:

    Shore[23],

    100% tax exempt. This status would have been bought and paid for long ago.

  24. JJ says:

    europe is different than America. Guness Brewery in Dublin way way way way way back, got a one thousand year tax exemption where their RE taxes are fixed at one dollar a year. I think they have at least 700 years left.

  25. Libtard says:

    Most people strip equity from their home. This adult entertainer stripped for her home. The email thread revealed in the subpoena is awesome. read from the bottom.

    http://www.zerohedge.com/article/how-charlotte-stripper-got-credit-suisse-admit-mortgage-fraud-and-someone-should-go-jail

  26. Mike says:

    Don’t worry it’s on me, no really your money is no good here I’ll pick up the tab.

  27. ditto says:

    Even if the Queen wasn’t exempt, she wouldn’t be paying that much. There’s not really a strict equivalent to real estate taxes, she would instead be paying a council tax for local services. And its not that much compared to NY or NJ real estate taxes.

  28. scribe says:

    Grim –

    Round up the men folks from the blog to help … JJ included :)

    He will keep you entertained with stories while you & your crew knock down those trees.

  29. prtraders2000 says:

    How can I find out how many section 8 rentals my town has? A poster on our town Patch blamed the rising crime on an influx of section 8 tennants and I was curious to see how many are in my town. I think I saw somewhere that the NJ amount for a 3 bedroom was around $1,600.

  30. Kettle1^2 says:

    prtrader

    There is a documented correlation from studies done. Of course correlation causation, and you are really seeing an extension of the crime:socioeconomic correlation. Most towns/stats make it very difficult to come by the stats.

  31. reinvestor101 says:

    Yeah I’m back and I’m still unrepentant. I think damn housing market was attacked by real estate terrorists. And I still don’t believe that the damn commie in chief was born here. Anyone can make up a damn birth certificate and get a damn seal placed on it, especially that damn commie. He’s in charge of the damn CIA and some of liberals in that agency are experts at forgery.

    Also, don’t believe this shlt about him just upping and killing bin laden. Those two had a damn deal going. Bin Laden agreed to hide from Bush and wait to get “killed” by Obama when he needed a boost in the damn polls. That’s why they don’t want to show us the stinking body. If necessary, they plan on digging his ass up and killing him again a few days before the election.

    Damn commie, socialist, liberal terrorist.

  32. Kettle1^2 says:

    ….correlation does not equal causation

  33. young buck says:

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms_user=glou&passwd=data&district=2004&adv=0&out_type=2&srch_type=1

    Type the property address in that website to get the owner’s name. Then search the county clerk’s website by name to see all recorded documents (deed, mortgage, lis pendens, etc.)

    22. ricky_nu says:
    May 10, 2011 at 9:12 am
    anyone here have a resource (realtytrac do this?) to look up a single property to see who the note holder is, I think the place in in preforeclosure, late on payments (not not listed for sale any where though)?

  34. young buck says:

    Union County’s website: http://clerk.ucnj.org/UCPA/DocIndex

  35. Painhrtz - Salmon of Doubt says:

    (Poor*lack of opportunity)/basic human needs real or imagined = increased crime rate

    irrespective of race color or creed. no need for study fact of life world over.

  36. JC says:

    Painhrtz #10: That is the funniest thing I have ever read on this blog. I sense a “JJ Reminiscence Story Generator” web site in your future.

  37. Kettle1^2 says:

    Pain,

    It was a huge issue in Memphis when they knocked down the “Gardens” and attempted to assimilate the former residents into suburbia. The project was used as a national template. NYT did a big article on it this past summer.

  38. Painhrtz - Salmon of Doubt says:

    JC I mock because I love, John has some of the best stories real or imagined. It is like they were ripped form the pages of American Psycho

    Ket when the tore down the paterson projects on 80 about ten years back and the margins of Clifton and Totowa became crime infested hellholes as section 8 increased. Since your in the area why do you think the Randolph police spend as much time as they do patrolling the West bound side of 10 and not the east bound side. The residents are not the problem.

  39. Kettle1^2 says:

    Pain,

    In Memphis they found that tearing down the projects and forcing every one out had substantial negative effects they did not expect since it cut off widespread community connections and support structures as well as making employment more difficult since transportation is cheaper in dense urban areas. On top of that the receiving committees were rarely receptive to the new residents regardless of the respective races.

  40. Kettle1^2 says:

    pain 39,

    well, how else do you ship in the hookers and blow??????

  41. Kettle1^2 says:

    Ouch

    Guest Post: $6.5 Trillion Lost, One House At A Time

    American homeowners have lost $6.5 trillion in equity in those 57 months. Here is the data from the Fed Flow of Funds household balance sheet:

    Homeowner’s equity:
    2006: $12.8 trillion
    2011: $6.3 trillion

    Net decline: $6.5 trillion

    http://www.zerohedge.com/article/guest-post-65-trillion-lost-one-house-time

  42. scribe says:

    Kettle,

    A magazine did that story on Memphis a couple of years ago. I think it was the Atlantic.

  43. Shore Guy says:

    BC,

    If you are not otherwise engaged on July 4, Nils in Woodbridge:

    WOODBRIDGE SUMMER CONCERT SERIES
    6:30pm
    PARKER PRESS PARK
    400 Rahway Ave, Wodbridge,NJj
    732-634-4500 ext. 6497
    rain site:
    HUNGARIAN CLUB
    95 Port Reading Avenue
    Woodbridge, NJ 07095-3839
    732-634-9687

  44. Kettle1^2 says:

    Scribe

    Here you go

    American Murder Mystery

    Why is crime rising in so many American cities? The answer implicates one of the most celebrated antipoverty programs of recent decades.

    http://www.theatlantic.com/magazine/archive/2008/07/american-murder-mystery/6872/

    I think a related piece was done by NYT more recently but could be wrong. Memphis is a dying city where most of the money that isnt invested in corruption has left long ago. I have seen it first hand.

  45. Kettle1^2 says:

    Scribe

    From the article:

    If police departments are usually stingy with their information, housing departments are even more so. Getting addresses of Section 8 holders is difficult, because the departments want to protect the residents’ privacy. Betts, however, helps the city track where the former residents of public housing have moved. Over time, she and Janikowski realized that they were doing their fieldwork in the same neighborhoods.

    About six months ago, they decided to put a hunch to the test. Janikowski merged his computer map of crime patterns with Betts’s map of Section8 rentals. Where Janikowski saw a bunny rabbit, Betts saw a sideways horseshoe (“He has a better imagination,” she said). Otherwise, the match was near-perfect. On the merged map, dense violent-crime areas are shaded dark blue, and Section8 addresses are represented by little red dots. All of the dark-blue areas are covered in little red dots, like bursts of gunfire. The rest of the city has almost no dots.

    Betts remembers her discomfort as she looked at the map. The couple had been musing about the connection for months, but they were amazed—and deflated—to see how perfectly the two data sets fit together. She knew right away that this would be a “hard thing to say or write.” Nobody in the antipoverty community and nobody in city leadership was going to welcome the news that the noble experiment that they’d been engaged in for the past decade had been bringing the city down, in ways they’d never expected. But the connection was too obvious to ignore, and Betts and Janikowski figured that the same thing must be happening all around the country. Eventually, they thought, they’d find other researchers who connected the dots the way they had, and then maybe they could get city leaders, and even national leaders, to listen.

  46. A.West says:

    Kettle,
    Interesting read. The conclusion appears to be “you can take people out of the ghetto, but you can’t take the ghetto out of the people”.

    Maybe if we just gave the people of Camden and Newark vouchers to live in Short Hills, Alpine, and Basking Ridge, NJ’s problems would be solved?

  47. Kettle1^2 says:

    A West 47

    While i have my opinions on the matter, i cant add anything to the debate of cause/effect/solution that hasn’t been said by others in more eloquent manners.

    I was only posting the article in reference to scribes and PrTraders comments.

  48. Libtard says:

    “Maybe if we just gave the people of Camden and Newark vouchers to live in Short Hills, Alpine, and Basking Ridge”

    Don’t forget River Edge!!!

  49. Memphis is Detroit with good weather. Many of the areas that are flooded now (either low-lying or adjacent to backed-up tributaries like the Wolf River & Nonconnah Creek) probably should’ve been leveled years ago. Hell, many dead neighborhoods there have already been leveled, as Memphis was one of the first US cities to see the benefit of mass bulldozing in zombie zones.

    I should know; I grew up there.

  50. Kettle1^2 says:

    Green Shoots!!!!

    From the Fannie 10Q

    -We estimate that total originations in the U.S. single-family mortgage market in 2011 will decrease from 2010 levels by approximately one-third, from an estimated $1.5 trillion to an estimated $1.0 trillion, and that the amount of originations in the U.S. single-family mortgage market that are refinancings will decline from approximately $1.1 trillion to approximately $413 billion

    – The decline in home prices has left many homeowners with “negative equity” in their mortgages, which means their principal mortgage balance exceeds the current market value of their home. According to CoreLogic, approximately 11 million, or 23%, of all residential properties with mortgages were in a negative equity position in the fourth quarter of 2010. .

    http://edgar.sec.gov/Archives/edgar/data/310522/000095012311046606/w82561e10vq.htm#W82561120

  51. Painhrtz - Salmon of Doubt says:

    Lib, Brigadoon on Hackensack, BoH for short if you must get it right. ; ) How’s the tendon by the way? After the reonvations are you going to be back on your skates?

  52. It would just go a lot easier and faster if the US went ahead, defaulted, hit the reset button and flipped the middle finger to the rest of the world.

  53. prtraders2000 says:

    45

    Good article. Thanks. Our Patch reporter is working on a related piece for Brick. I fear a similar situation is taking root there.

  54. Hell, Russia defaulted twice, and they’re fine (in a weird, Third World, thugocratic sort of way).

  55. Neanderthal Economist says:

    Worst part of the russia default was the police state/corruption… they didnt even have decent weather or food to numb the pain during the collapse. That and the soccer is mls quality. When you stop to think of it, the default was least of their problems.

  56. Confused In NJ says:

    President Obama will travel to the U.S.-Mexico border on Tuesday to lay out a blueprint for comprehensive immigration reform and attempt to restart the debate on an issue he spoke passionately about as a candidate but has made little headway on during his presidency.

    In a speech in El Paso, Texas, Obama will make the case that his administration has made significant progress on border security over the last two years, answering comprehensive reform opponents’ preliminary objections to tackling reform legislatively.

    The Obama administration has doubled the number of patrol agents along the border and deported nearly 400,000 illegal immigrants last year—facts that the president will argue underscore that the conditions are right for a serious debate on overhauling the nation’s immigration policy, administration officials said. The president will also argue that current immigration laws are keeping innovative thinkers and skilled workers from contributing to the U.S. economy.

    I wonder how “O” will treat the expanding number of Head Hunters from Mexico. If he brings them to the US it should improve Mexico’s Headless Crime Index.

  57. hughesrep says:

    55

    Now they have tiny giraffes.

    What a country!

  58. Libtard says:

    Pain (52):

    Will start skating in June. It still hurts if I stand for more than 3 hours in a day, although my calf is getting stronger. The issue now is less about my Achilles tendon and more about strengthening my left calf as that leg barely got to touch the ground for almost two months. What an absolutely miserable injury and lengthy recovery time. Thanks for asking.

  59. Confused In NJ says:

    I had really sore achilles tendons in both legs back in 2000 which caused charlie horses in both legs mowing the lawn. Turned out that an antibiotic they put me on for bronchitis, “Levaquin”, caused it. Unfortunately, it was a couple of years before the FDA advised about that problem with Levaquin, so I wasted a lot of money on artery, vein and nerve testing, which were all negative. They finally agreed with me in 2004 that Levaquin was the cause. Now I file my own FDA complaints when I hit a drug side effect issue.

  60. Painhrtz - Salmon of Doubt says:

    Lib good to hear, so now you will be even slower? : ) Started playing roller again but with the amount of frozen ponds this winter I’m contemplating getting a pair of ice skates again

  61. Libtard says:

    Confused.

    I’m well aware of the Leviquin/Cypro case and I too was prescribed both about 2 years before the injury. Was my first ever insurance claim. I hate JNJ! Still have never had an auto or home insurance claim!

  62. relo says:

    50: Clot,

    How do you rate the the bike path infrastructure?

  63. Barbara says:

    Re: Section 8.
    Section 8 makes gentrification and a city’s rehab/coming back from the brink pretty much impossible. Section 8 will pay outrageous money for an apt that any working person would never pay out in cash, but that govt money is hella secure, so the RE prices become artificially high, attracting big slumlords with a stomach for it, but scaring the crap out of small timers like me who would actually rehab the properties and add something to the town. Exceptions would be Hoboken, JC and parts of West NY. But the exceptions are very few. Also, if you didn’t know it already…that portion of the rent bill that is supposed to be paid by the sec 8 tenant, almost never is. Every slumlord working the numbers never uses the cash side of the deal when making his offer on a building, just the govt money. The house I bought had a sec 8 family in it for 10 years who never paid a dime in rent. Landlord didn’t care, he just needed a few bodies in there to generate the govt check in his mailbox every month.

  64. Barbara says:

    correction, ideas backwards: Rents are artificially high, attracting slumlords making RE artificially high…

  65. Kettle1^2 says:

    Barb,

    Why do you hate poor people?!

  66. WickedOrange says:

    Big meeting tomorrow night for anyone who cares about beach access.
    http://www.saveasburypark.com/

  67. The Original NJ Expat says:

    #1 Re: unemployed homeowners aid

    LOL, just another way to funnel money to the banks and shove a recourse loan up the unsuspecting arse of the consumer. The way I interpret the vague details of the program:

    1. Targets the non-strategic defaulters as they were current until unemployed.
    2. I’m guessing the max $1000/month for 48 months.

    So now the underwater schlub who can’t sell his house or make his nut (who should just straight out default) takes the $1000 (anybody want to bet it goes straight to the servicer?) and scrapes up the other $1500 from his unemployment check/savings and the bank gets their house maintained for the next two years plus receives their $2500/month x 24 months = $60,000 in cash flow on their loan asset. Year 3 the seller finally does default and the bank probably sells the house into a better market in year 4. The guy who made the payments for years longer than he would have now is followed around for the rest of his life by something akin to a $48,000 college loan that can’t be discharged through bankruptcy. Perfect. If this was a real program to help families, the same loan would be extended to those renting for $2500/month.

  68. Barbara says:

    Kettle,
    ironically sec 8 was said to be the solution to breaking up high concentrations of poverty and helping poor kids get a leg up in better schools, safer communities. Of course it has had the exact opposite effect and sometimes I wonder if that was the original intent and not just an accident.

  69. Barbara says:

    Policy makers became convinced that high rise poverty was far worse than low rise poverty. Its like the policy makers never took a class trip to the barrios of LA. Maybe they did but the good weather distracted them.

  70. Barbara says:

    Also,
    #1 the free 48k? I give up. Sellers, I’ll just pay your price…gotta get out of here and I’ll borrow the max and default if it all goes Road Warrior. #1 was my straw and my back is killing me.

  71. veets (56)-

    Other than CSKA and Rubin Kazan, MLS is better.

  72. vodka (66)-

    barb hates poor people because God hates them too.

  73. relo (63)-

    The bike paths are congested with donkey carts.

  74. Barbara says:

    its true, and I am deeply religious.

  75. Babs (76)-

    Prove your love of God by exterminating a bum.

  76. homeboken says:

    Barb – the scenario you describe is true for S8 voucher holders but you should see the scams that a project based S8 property can pull off. Let’s just say the govt is not to careful when reviewing the rent “comps” that the owner submits.

    Couple that with operating expenses that are 2x the normal and the gov’t checks sky-rocket. A look into the names on the payroll and preferred vendor lists of the S8 property will tell you all you need to know about where the money goes.

  77. Kettle1^2 says:

    Hobo 75

    The bike paths are congested with donkey carts. -and many of those donkey carts are stuffed to the gills with black market weapons coming or going from arkansas. i bet i could acquire an RPG from said donkey carts if i was motivated enough.

    Barb,

    perhaps section 8 is more “out of sight out of mind”. Housing projects are shockingly visible. It also makes perfect sense from certain idealistic points of view if you don’t mind tuning out reality.

  78. Barbara says:

    Hobo,
    I’ll start with family members, otherwise it would be hypocritical.

  79. Kettle1^2 says:

    Boken,

    HUD and affordable housing is a notorious back door for various defense corporations. Sounds strange i know, look it up for yourself.

  80. relo says:

    64:

    Now that timeframe gives the non-mortgage payers something to shoot for.

    sec 8 family in it for 10 years who never paid a dime in rent

  81. Kettle1^2 says:

    Clot,

    You will love this!

    We have a quick question for the Treasury Secretary: according to today’s DTS, as of close yesterday, the Treasury had $14.274 trillion in debt subject to the ceiling of $14.294 trillion, or a $20 billion “buffer.” To the best of our knowledge there were no redemptions today, and certainly none in the non-Bill pipeline this week. So, uh, how exactly did Tim Geithner auction off $32 billion today? (and plans to auction off another $40 billion tomorrow and Thursday)

    http://www.zerohedge.com/article/treasury-math-winning#comments

  82. Barbara says:

    82. relo
    It just takes commitment to see things through. 10 years staying put? That’s longer than most marriages. These people deserve an award….in the form of 48k.

  83. The Original NJ Expat says:

    #1 Re: unemployed homeowners aid

    There’s only $112 million to hand out in NJ. Assuming everybody gets the full $48K, that’s less than 2400 loans. I wonder how many of these loans will go to unemployed children of well-connected state employees to pay down the $1000 mortgage payment on their non-underwater condo that they’ve had the time to buy, lose their job, and default on in the last year. The state got the money last August so that’s plenty of time. If you were really lucky, you bought your $150K condo last year with an FHA for almost nothing down in time to get the tax credit and got laid off 6 months ago and defaulted. So if you know the right people you have a max unemployment check for walking around money and your mortgage will get paid for the next two years by the rest of us idiots.

  84. Barbara says:

    85. expat
    good points

  85. Barbara says:

    It is a small amount but the political will to let the market correct is just nonexistent. That’s why I am giving up and paying up. Why forgive the loan in 10 years? Why not attach the loan to the future sale of the house?

  86. The Original NJ Expat says:

    #87 Barb “Why forgive the loan in 10 years?”

    Obviously, to keep them paying for 10 years. Some properties could still be under water even then. Could very well happen if asset wealth destruction keeps pace with $ printing. You don’t expect banks to realize any losses, do you?

  87. Barbara says:

    yeah it is for sure for the banks

  88. freedy says:

    Went to motor Vehicle commission today in Wayne for a license renewal. Talk about
    a third world broken system. We should outsourse it to the chinese

  89. Al Mossberg says:

    Any good doom today? Ill have some juicy doom for tomorrow. More details on Uncle Sams attempt to confiscate our retirement plans and place them or part of them in US treasuries.

    In the meantime. I have to show some love to my tomato plants.

  90. Al Mossberg says:

    The current situation is not doomy enough for me. We need more and fast. I was hoping some food riots would be happening by now. Perhaps even a COMEX default.

  91. The Original NJ Expat says:

    #91 – Food Riots

    They won’t happen until the middle class *with* jobs can’t obtain food. For now, the status quo rules: Give enough money to the rich to keep them rich, give enough money to the poor to keep them from rioting.

  92. Pat says:

    sl, isn’t there some hotel/motel nearby where you can drive up to the back of and just load up on those concrete parts….I mean they leave them all over the place in the back. Obviously curb alert territory.

  93. Kettle1^2 says:

    Re 83

    So no one finds it interesting that the legal debt limit was apparently exceeded by the US Treasury today?

  94. Juice Box says:

    Ketle1 – just more extend an pretend. There is trillions in non mark to market mortgages hidden along with trillions in unfunded liabilities, don’t for a second think actors aren’t running our country down in DC, it may not be Ronnie Reagan but they all spent time on stage. Bohner will cave too, and by the way who elected a guy named Bohner anyway?

  95. Confused In NJ says:

    62.Libtard says:
    May 10, 2011 at 2:27 pm
    Confused.

    I’m well aware of the Leviquin/Cypro case and I too was prescribed both about 2 years before the injury. Was my first ever insurance claim. I hate JNJ! Still have never had an auto or home insurance claim!

    Filed a claim with the FDA last month for Mrs Confused on Generic Azithromycin. Didn’t realize their is significant differences betweem Generic Manufacturers. She originally took Greenstone last year and was fine. Took Sandoz this year with mega side effects. Turns out Pfizer has the Brand Name and also owns Greenstone for the Generic so they are identical. Meanwhile Sandoz & Teva have a claim against them with the FDA by Pfizer that their active ingredient does not match their label. The FDA is still sitting on that one. Buyer Beware, the Government is Incompetent, or Corrupt, Pick One.

  96. relo says:

    95: Unexpected! (not)

  97. Kettle1^2 says:

    Confused

    Didn’t realize their is significant differences between Generic Manufacturer

    if you only knew what goes on behind the scenes. In short, generics are not EXACT duplicates but analogues, they can have slightly different chemical compositions. There can be a substantial amount of variation between generics, name brand, and even amongst different generics.

  98. Kettle1^2 says:

    Grim,

    I just gave your contact info to a couple who are starting to look at houses and currently want to buy in the fall. I believe they are looking mainly in the hunterdon county area.

  99. Kettle1^2 says:

    Ladies and gentlemen

    Please re-read this piece by grim:

    http://njrereport.com/80sbubble.htm

    anyone still want to call bottom?

  100. 3b says:

    #101 Please be advised this does nto apply to Brigadoon-on-Hackensack.

  101. Kettle1^2 says:

    Confused,

    The FDA is a highly political organization ( shocking, i know) and the same games are played there that are played in every other branch of government. a certain diagnostics company would have been shutdown years ago if the FDA had any integrity but they are the only ones able to produce some of the diagnostic test kits that they make and the FDA has decided that since shutting them down would disrupt the market place that they will “work with” them instead of taking the correct action. This has been habitual at this company and the company knows it, so doesnt take the issues very seriously.

  102. Lone Ranger says:

    “So no one finds it interesting that the legal debt limit was apparently exceeded by the US Treasury today?”

    Kettle,

    I do, as does the Minister of Finance, Bahamas.

  103. Shore Guy says:

    “The bike paths are congested with donkey carts”

    Lacks the poetry of the highways are jammed with broken heros

  104. Can we settle on “my city’s in ruins”?

Comments are closed.