One step closer to settlement, at a price

From HousingWire:

More than 40 states to sign foreclosure settlement

More than 40 states will sign a settlement with the top-five mortgage servicers over alleged foreclosure abuses that arose more than one year ago, Iowa Attorney General Tom Miller said in a statement Monday night.

Last week, Miller extended the deadline to Monday for states wanting to sign the deal with Bank of America ($7.97 0.13%), Wells Fargo ($30.20 -0.43%), Citigroup ($33.30 -0.24%), JPMorgan Chase ($38.14 -0.14%) and Ally Financial ($22.95 0.03%).

“The sign-on deadline for the proposed joint state-federal mortgage servicing settlement passed Monday with more than 40 states signing on,” Miller said “This enables us to move forward into the very final stages of remaining work.Federal and state officials, as well as representatives from the banks, continue to address matters that they must complete before finalizing any settlement.”

Throughout the day, those representing states hardest hit by the foreclosure crisis signaled they are still working on the details of the settlement.

“We’re closer,” a spokesperson for California AG Kamala Harris said.

“My office is continuing to review the intricate draft settlement terms and advocating for improvements to address Nevada’s needs,” said Nevada AG Catherine Cortez Masto in a statement. “Receipt of important state specific information is necessary to make our determination and my office is still in discussions regarding that information.”

Florida AG Pam Bondi said she “remains involved in the settlement discussions in order to reach the best resolution for Floridians and all Americans.” She signed a joint letter with other republican AGs in 2010, saying a settlement that would involve principal reduction creates a moral hazard and lead to more strategic defaults.

An official in one AG office said an announcement is expected at the end of this week at the earliest.

From Bloomberg:

California, N.Y. Are Among Fewer Than 10 Mortgage Deal Holdouts

California and New York’s attorneys general haven’t signed on to a proposed settlement with five banks over foreclosure practices that has won the support of more than 40 states.

California’s Kamala Harris and New York’s Eric Schneiderman, who have been some of the most outspoken in pushing for changes to the deal, are among those who hadn’t joined the agreement as of yesterday’s deadline for states to decide. More than 40 states signed on to the accord, according to Iowa Attorney General Tom Miller, who is helping to lead talks with the banks.

“Adding more numbers probably improves the political dimension of the settlement from the standpoint of the attorneys general,” said Ken Scott, a Stanford University law professor. “If you can say there were only a handful of diehards that didn’t sign on, that gives you some political protection.”

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. made a last-minute demand that New York drop claims filed against them Feb. 3 as a condition of the settlement, a person familiar with the matter said.

The push by the three banks raised a new obstacle in getting Schneiderman’s support for the deal, said the person. New York, along with California, Nevada and Delaware said late yesterday they hadn’t signed on to the settlement.

New York sued Bank of America, JPMorgan and Wells Fargo in state court in Brooklyn, saying their use of a mortgage database known as MERS led to improper foreclosures. Schneiderman said the banks’ use of the Mortgage Electronic Registration Systems database misled homeowners, undermined foreclosure proceedings and created uncertainty about ownership interests in properties.

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

121 Responses to One step closer to settlement, at a price

  1. SX says:

    Foist. Lemme thank ChiFi, for his blind hatred, JJ for his contribution to real men everywhere, and Stu for his earthy goodness and literate wife. Babs you are #1 baaby!

  2. Mike says:

    Good Morning New Jersey

  3. Produce the note, mf’er.

  4. Neanderthal Economist says:

    Homes for a dolla hea, dolla dolla dolla, one dolla…

  5. Proud to be an American where at least I know I'm free HEHEHE says:

    JJ,

    Jets s*ck!!! Come to the parade see a real team.

  6. JJ says:

    I will see the parade. Judging from the crowd on Broadway it will be very crowded. Luckily for me I can see it from my office. I just need to go up three flights.

    Do you have season tickets to Giants. Or are you a Faux Fan? Fans the Mara family were referring to our season ticketholders, not deadbeats.

    Proud to be an American where at least I know I’m free HEHEHE says:
    February 7, 2012 at 8:04 am
    JJ,

    Jets s*ck!!! Come to the parade see a real team

  7. JJ says:

    The parade will continue northbound up the mile-long Canyon of Heroes, where Charles Lindbergh, Dwight D. Eisenhower and the Apollo moon astronauts were feted in years past.

    How sad society is today. In the past to get a ticker tape parade you had to land on the moon, be the first to risk life to fly across atlantic, win WWII. Now a mama boy from New Jersey thows a pass or two down field and he gets a parade. Whats next, a parade for the winner of Americas Next Top Model?

  8. Juice says:

    To all those Pats fans…

    Gronk’s Ankle looks fine right after the game, I gathered ahead of the time the high ankle sprain was all a ruse and it was.

    http://thebiglead.com/index.php/2012/02/07/rob-gronkowski-dancing-wildly-at-a-super-bowl-party-after-the-patriots-lost-to-the-giants-video/

  9. Painhrtz - I ain't dead yet says:

    American taxpayers bend over and take it. The bought and paid for crooks in Washington have yet again sold you down the river. Contract law meh, rule of law who needs that! We will just push through a settlement that absolves our banking friends of wrong doing for a small fee, give them the title to property so they can liquidate it and make their fee back. there have been a small number of winners in this stupid housing bubble fiasco but man if those connected A$$holes didn’t treat us like their collective prison b!tches.

    To quote meat ” Produce the note Motherf*ckers!”

  10. The Original NJ Expat says:

    Money market funds only 95% liquid if people want out?

    “Investors wanting to sell all their holdings at once would be able to get only about 95 percent of their money back immediately, with the remaining 5 percent returned to them after 30 days, the paper said.”

    Wow. All that safety and .00001% interest too! Need to buy more mattresses.

    http://finance.yahoo.com/news/sec-propose-rules-money-market-055548880.html

  11. hoodafa says:

    Banks Paying Cash to Homeowners to Avoid Foreclosures

    Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.

    Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. Now banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices.

    More at http://www.bloomberg.com/news/2012-02-07/banks-paying-homeowners-a-bonus-to-avoid-foreclosures-mortgages.html

  12. Juice says:

    re: #10 – “All that safety and .00001% interest”

    Yup no FDIC so you can bet they want to force the money markets to invest in US Treasury and government agency holdings only.

    How else are we going to fund the 1.5Trillion annual deficits for the next few years?

  13. Anon E. Moose says:

    Juice [12];

    Yup no FDIC so you can bet they want to force the money markets to invest in US Treasury and government agency holdings only.

    Somebody’s got to fund the gubmint’s spending habit once the Chinese stop buying our debt. Just like at a poker table, if you can’t tell who the sucker is…

  14. Dissident HEHEHE says:

    JJ,

    I do not have Giants season tickets, yet I am perfectly comfortable with myself. I do know greatness when I see it and much like your team you lack it and are all bluster. The Jets window has closed. All they have left is a fat loud-mouthed foot fetishist coach to go along with their washed up roster. In another year he’ll get canned and be chasing 20 year olds with you at Houlihans 50-cent wing night telling them all your tall tales of the past and arguing with the bartender when he declines your former employers Amex card.

  15. gary says:

    I’m still in football heaven mode; has the spring season been declared an astounding success by Sue Adler yet?

  16. JJ says:

    Fan is from the word Fanatic. So you are not a Giant fan. You dont have season tickets, most likely dont even pay to go to games, did not go to Superbowl, maybe not even to parade. Guy I work with who is a “Giant fan” does all of that and does not even own a Giants Jersey or hat or anything from Giants. He claims he is a huge Giants fan. WTF, that is not exactly fanatic.

    I have a Giants Shirt, Giants pants, I go every year to see a Giants game. I have been to the 2008 Giants Superbowl Parade and will go watch it today. My wife is a Giants fan and two of my three kids are Giant fans.

    Only reason I don’t get excited about the Giants is it is like rooting for IBM, Microsoft, Apple. It is just a blue chip monoply team that like clock work is in every tenth superbowl.

    Kinda like as exciting as taking a dump watching them winning. They are not underdogs. Plus they are for the rich fold, grey poupon white wine spiter crowds. Not for the working class blue collar lunch box crowd like me. The Giants are for the rich folk. I am part of the 99%. I am sure the CEO of Goldman who was up in the Tisch box during game is happy that he and the other 1% bought another superbowl.

    Dissident HEHEHE says:
    February 7, 2012 at 10:25 am
    JJ,

    I do not have Giants season tickets, yet I am perfectly comfortable with myself. I do know greatness when I see it and much like your team you lack it and are all bluster. The Jets window has closed. All they have left is a fat loud-mouthed foot fetishist coach to go along with their washed up roster. In another year he’ll get canned and be chasing 20 year olds with you at Houlihans 50-cent wing night telling them all your tall tales of the past and arguing with the bartender when he declines your former employers Amex card.

  17. Dissident HEHEHE says:

    JJ = Rex Ryan = loudmouths who never won the big one. It’s okay big guy, it this winter reverts to the norm and we get a cold spell, you’ll always have your bitterness to keep you warm.

  18. The Original NJ Expat says:

    Can anyone explain why crude oil price (top) used to correlate exactly to both heating oil price (middle) and gasoline (bottom), but now it doesn’t? Looks like the correlation ended right around the time of the 2009 March “lows”:

    http://img687.imageshack.us/img687/6234/big3oil.jpg

  19. Anon E. Moose says:

    JJ [17];

    [Ranting about who’s a bigger Giants Fan]

    Next do you whip out your tape measure and while you’re at it show me where its’ tatooed blue?

  20. Dissident HEHEHE says:

    Guy disses Giants and babbles Jets junk for years on here; can’t handle the truth: Giants are a Championship organization; Jets are a wannabe Championship organization.

  21. gary says:

    HEHEHE,

    Yeah, but Eli Manning is no Mark Sanchez! ;)

  22. gary says:

    J-E-T-S Suck! Suck! Suck!

  23. Dissident HEHEHE says:

    Yeah, Eli is E-L-I-T-E!!! Sanchez is a hack. Eli carried a team with no running game through an entire season. Sanchez collapsed under the pressure trying to do the same – just like his loudmouth tubby foot loving coach.

  24. Jill says:

    JJ#7: Thank you. St. Louis had a parade for returning Iraq War veterans last weekend that was organized by just two guys who felt we should do something. Bloomberg’s office was contacted but said no. And yet we throw a parade for a bunch of well-paid guys who win a football game. Something is messed up in our notion of “heroes.”

  25. Dissident HEHEHE says:

    Good for St Louis; what’s that have to do with the Giants; oh yeah – nothing. There’s a Veterans day parade every year, a Memorial Day parade etc. You don’t see Giants fans getting all bent out of shape about that.

  26. gary says:

    Jill [25],

    Understand your point but the NFL has also founded organizations for youth initiatives, the Make-a-Wish-Foundation, Disaster Relief Funds and many local and national fund-raising events. Again, I hear you but players and the league do give something back.

  27. chicagofinance says:

    I hate you!

    SX says:
    February 7, 2012 at 5:13 am
    Foist. Lemme thank ChiFi, for his blind hatred, JJ for his contribution to real men everywhere, and Stu for his earthy goodness and literate wife. Babs you are #1 baaby!

  28. chicagofinance says:

    Fab: An elaborate bluff…..you want to sound as if your “meh” reaction is unbiased and credible, but your observations are very detailed, yet very irrelevant. As an example, on a Hail Mary you rush 3 players, so by definition the QB will get the time for the receivers to get to the end zone. Have you ever seen a sack on a Hail Mary?

    Again, to be clear, a Super Bowl with two evenly matched teams that play well is automatically going to fall in the top quartile. Then throw in limited turnovers and little impact from officiating, and you have the base of a great game decided by the lines and the QB play. If you have watched 30 years of Superbowls (which I am beginning to question), then you know damn well that this one rates.

    Fabius Maximus says:
    February 6, 2012 at 5:10 pm
    #26 Chi I watched my first. Superbowl back in 82 and have watched atmost all since. I haver seen great ones, poor ones and the spectrum in between. Eli and Tom may be going to the hall, but not on the back of that performance. Gary says a 15 round chess match. I think the 15 rounds were fought to get then there. The injuries thoughout the game just compounded the issue. As for the game plan, some nice ideas, but poor execution. Bad routes, dropped passes and I lost count how many low snaps came out of the giants. Gronkowski should not have been on the field. He spent most of the game on 1 for 20 and finished 3 for 26. If he had been fit he probably would have caught the Hail Mary, but also if he had been fit the interception probably would not have happened. As for the Hail Mary it shouldn’t have happened. There was no pressure on Brady, the NT ran a C route anf realised he had to pick himself up and run down Brady as he was still in the pocket and the NT was the only one anywhere near him.
    Again the game gets a big meh! Not the worst SB and nowhere near any of the greats.
    As for your Ad Hominen indictment, go shove it.

  29. JJ says:

    Just got back from Parade, had a great spot by Fidelity and Chase. Right by curb. Went up back way from New street and right in. Got a real good shot of that French Giant with the Blind Dad, PP Paul or something.

  30. gary says:

    RE: Post [29],

    I also might add that the Giants don’t play a base 3 -4 defense thus, there is no nose tackle. JPP was the one circling and he’s a DE. They do run other formations involving down linemen including what’s called the NASCAR package which is four DEs on the line.

  31. JJ says:

    True, mark gets laid a lot more.

    Funny there was some Jet fan in full geat cheering for the Giants. After all Cromertie should get full credit for SB win. His missed tackle on Victor Cruz is what turned the Giants season around

    gary says:
    February 7, 2012 at 11:19 am
    HEHEHE,

    Yeah, but Eli Manning is no Mark Sanchez! ;)

  32. JJ says:

    Chifi, btw the way all my BAC Trups are back at PAR!!!! Hope in October to Jan you bought a few million for your clients.

    chicagofinance says:
    February 7, 2012 at 12:05 pm

  33. gary says:

    JJ,

    I’m sure Mark and his current girlfriend will again witness Manning Hoist another Lombardi trophy in the air sometime in the near future. The only other question is, on which team will Sanchez be the backup QB by that time.

  34. xolepa says:

    I thought this was a forum for adults. I may be wrong, but football as far as I am concerned is still a game. Always will be. I was a multiple sport athlete in my high school and college years and I don’t remember anyone of my fellow athletes get so disturbed/emotional over professional athletes and their organizations. It’s just a game. How many will care in 5 years, 2 years, 6 months? It was common knowledge in my younger days that the ones most vocal about these things were the ones that had the biggest hangups. That’s read – insecurity. And insecurity resulted from knowing that your own athletic skills were, well, lacking. I saw it even in my own wife who had to relive her youthful athletic shortcomings through the rites and passages of her children.
    You see it everywhere, too, in other ways. Fathers who deem themselves experts in a sport because the oldest child did well in that sport in high school. Guess who is the head coach for the younger child on the travel team? No experience required. Just be friends with the president of the club.
    But that all comes to pass. It seems that many on this forum won’t let go, though.
    /rant off –> archived-rants.log

  35. JJ says:

    Chifi, did you buy any of these TRUPs I recommended back when they were 85 to 95?

    MBNA CAP A CAP SECS-A 8.27800% 12/01/2026
    COUNTRYWIDE CAP III SB CAP-B 8.05000% 06/15/2027
    NB CAP TR IV CAP SECS 8.25000% 04/15/2027
    BANKAMERICA CAP II INCME PFD 8.00000% 12/15/2026

  36. NJCoast says:

    JJ says : Plus they are for the rich fold, grey poupon white wine spiter crowds. Not for the working class blue collar lunch box crowd like me.

    He’s right on that point. A friend of mine married one of the Mara’s and they are a pretty boring, stuffy bunch- not JJ’s type at all. John you forgot aspic, they served that at the bridal shower- yuck.

  37. JJ says:

    Football is a game. Only Mountain Climbing, Auto Racing and Bull Fighting are sports. If there is no chance of death it is not a sport, just a game.

    xolepa says:
    February 7, 2012 at 12:21 pm
    I thought this was a forum for adults. I may be wrong, but football as far as I am concerned is still a game. Always will be. I was a multiple sport athlete in my high school and college years and I don’t remember anyone of my fellow athletes get so disturbed/emotional over professional athletes and their organizations. It’s just a game. How many will care in 5 years, 2 years, 6 months? It was common knowledge in my younger days that the ones most vocal about these things were the ones that had the biggest hangups. That’s read – insecurity. And insecurity resulted from knowing that your own athletic skills were, well, lacking. I saw it even in my own wife who had to relive her youthful athletic shortcomings through the rites and passages of her children.
    You see it everywhere, too, in other ways. Fathers who deem themselves experts in a sport because the oldest child did well in that sport in high school. Guess who is the head coach for the younger child on the travel team? No experience required. Just be friends with the president of the club.
    But that all comes to pass. It seems that many on this forum won’t let go, though.
    /rant off –> archived-rants.log

  38. JJ says:

    “head coach”, are you sandusky.

  39. JJ says:

    aspic? that is no way to talk about Victor Cruz.

    NJCoast says:
    February 7, 2012 at 12:22 pm
    JJ says : Plus they are for the rich fold, grey poupon white wine spiter crowds. Not for the working class blue collar lunch box crowd like me.

    He’s right on that point. A friend of mine married one of the Mara’s and they are a pretty boring, stuffy bunch- not JJ’s type at all. John you forgot aspic, they served that at the bridal shower- yuck

  40. Dissident HEHEHE says:

    JJ’s Wannabe Club – him, Tubasaurus Rex, and Throw-It-To-The-Other-Team Sanchez.

  41. gary says:

    xolepa [35],

    I thought this was a forum for adults. I may be wrong, but football as far as I am concerned is still a game.

    Not for nothing, but being an adult is just a game as well. And most adults don’t have the skill set to play that game very well.

  42. Anon E. Moose says:

    xolepa [35];

    Lighten up, Francis.

  43. JJ says:

    Actually in Junior High and HS I never played or watched football, not even superbowl. The jocks were kinda queer and with “glory holes” in toliets, getting naked and showering together and snapping towels on each others butts I was like Really. Swim team was worst, shaving each other down in locker room before big matches while wearing speedos. OMG>

    Now I played sports in College only because I truly am a physical specium of a man. But to be honest the first time I sacked the QB and was laying on top of another man then other men came up and hugged me while we were wearing cute little matching outfits was a little weird.

    Bob Greasey, Dick Butkus. Elie Manning throws to Manningham, tight ends. Sounds more like a bad night at Platos retreat than a sport.

  44. xolepa says:

    This is for the arm-chair quarterbacks. http://www.nj.com/forums/giants/. That’s where the real men gather.

    /sarcasm off > sarcasm.log

  45. xolepa says:

    Speaking of Plato’s retreat. If you paid one of those girls hanging around that place to get in, would you have had your butt thrown out $40 bucks later, or was it legitimate? Keep in mind this was circa late 70s. Please don’t ask for details.

  46. JJ says:

    Oddly on Oct. 17, 1998: Then-Mayor Rudolph Giuliani threw his first ticker-tape parade to honor Sammy Sosa, the Chicago Cubs right fielder who hit 66 home runs that season. But meanwhile Broadway Joe and the 1969 Jets did not get a parade.Why call him Broadway Joe and not give him a parade up Broadway?

  47. JJ says:

    Funniest part is some nights they let single guys in and girls would charge you $40 dollars to play Chess or Checkers your choice, win or lose they threw in the S&X for free.

    Now Walt Fraziers Club Acquinses which was open in 1980s and 1990s on the west side in the upper 20s and 30s was a legit swingers club. You had to bring a girl, couples only, you had to check every bit of clothes and he gave each of you a towel. There were bedrooms all over to use. The rub you get what you give. You had to swap you women. So unless the girl you brought in was putting out you got nothing, also ugly girls trade for ugly girls. I could never get a good looking girl to go to that place with me which ruined the whole concept.

    xolepa says:
    February 7, 2012 at 1:10 pm
    Speaking of Plato’s retreat. If you paid one of those girls hanging around that place to get in, would you have had your butt thrown out $40 bucks later, or was it legitimate? Keep in mind this was circa late 70s. Please don’t ask for details.

  48. All Hype says:

    Football is a game. Only Mountain Climbing, Auto Racing and Bull Fighting are sports. If there is no chance of death it is not a sport, just a game.

    JJ, you truly are an loud-mouthed idiot, just like the Jets coach you worship. Football is only a game??? No chance of death??? Why don’t you go ask Eric Legrand if football is only a sport. If it was not for the world class medical care that football players receive when they suffer severe spinal cord injuries they would all die from their injuries.

    From reading what your posts you have never played any sports, are probably fat as a house and have not seen your d!ck for 20 years.

  49. All Hype says:

    To All:

    When I referenced Eric Legrand, I meant to say if he thought if football was a game, not sport. JJ really, really pissed me off on that statement.

    Thanks,
    All Hype.

  50. Juice says:

    JJ writes like he is about as upset as Greg Jones’s mom that the Giants won. I think she really was rooting for the Pats too.

  51. chicagofinance says:

    JJ says:
    February 7, 2012 at 12:16 pm
    Chifi, btw the way all my BAC Trups are back at PAR!!!! Hope in October to Jan you bought a few million for your clients.

    STRIPPED OUT ALL THE COMPANY SPECIFIC STUFF EXCEPT BAC IR
    Trust Preferred Returns: Dodd-Frank Offers An Interesting Opportunity
    A possibly quite profitable trading opportunity in exchange traded Trust Preferred (TRUP) shares has developed. These TRUPs are subject to a possible early call as a result of the occurrence of a Regulatory Capital Event stemming from the provisions of the Dodd- Frank Wall Street Reform Act which no longer allows these banks to include the funds originating from these securities as Tier 1 capital on their balance sheets. If you follow the banks you know that Tier 1 capital levels are very important to them. The banks have a strong incentive to redeem these TRUP shares early. TRUPS issued before May 19, 2010, by larger banks (over $15 billion in assets) will continue to be treated as Tier 1 capital until January 2013. At that time, the Tier 1 capital treatment will be phased out over a three-year period ending in January 2016.

    A TRUP is a hybrid security possessing characteristics of both equity and debt issues. A bank creates trust-preferred securities by creating a trust issuing debt to the new entity, while the trust issues the TRUP. The security is a hybrid security with characteristics of both subordinated debt and preferred stock. Unlike traditional preferred shares, TRUPs are backed with a debt security. TRUPs issued by a bank-holding company will be treated as capital (equity/own funds) rather than as debt for regulatory purposes. This is why trust preferred securities have been preferred overwhelmingly by bank-holding companies. Since these preferreds derive their dividend from the underlying interest paid on the debenture, the dividends are taxed as interest. When redeemed or “called”, similar to bonds TRUPs are repaid the original face amount. Most TRUPs are issued with a $25 face value and pay dividends quarterly.

    The Trade Strategy

    First one needs to identify TRUPs for banks with over $15 bil in assets that have TRUPs selling below their usual face value of $25. The plan is to collect dividends until they are prematurely called and then receive the difference between the called value (face amount) and the purchase price you paid. One may have to wait until 2016 to get called but it appears there may be incentives to call these TRUPs prior to January 2013, the way FITB and KEY did. Why pay above market interest when Dodd – Frank gives them an out?

    Keep in mind that trust preferred securities issued by bank holding companies can allow for the deferral of interest payments for up to 5 years. Unlike the traditional preferred stock, dividends of the Trust Preferred shares accumulate, so there is not much incentive to defer unless they are very short on cash. They also have restrictions with deferrals that are not comfortable to the banks. Typically, during the deferral or extension period, the Bank Holding Company is not permitted to declare or pay any dividends or distributions on—or redeem, purchase, acquire, or make a liquidation payment with respect to—ANY of its capital stock. In addition, they are not permitted to make any payment of principal, interest, or premium, if any, or repay, repurchase, or redeem any debt securities that rank pari passu with or junior in right of payment to the debentures.

    Recently I wrote BAC’s investor relations department and asked when they may start calling in shares (like they are really going to tell me), and if all the TRUPs they have would be subject to Dodd-Frank. This is the email reply I received;

    Predominantly all of the Bank of America Trust Preferreds securities would be subject to this phase out. There are a number of factors we consider in assessing our funding profile and whether to exercise call options on individual securities. These factors may include the size of an issue, remaining term, capital treatment, asset-liability mix and funding profile, investor base, market conditions, regulatory considerations and economics.

    In my opinion these banks will want to redeem. In most instances they are making interest payments on these issues above where they could currently borrow, and once they are no longer treated as Tier 1 capital they have little use on the balance sheet.

    By 2016 there should only be a few TRUPs still available. In the meantime I believe we will see many opportunities to profit from their early redemptions as suggested by Dodd – Frank.

  52. Juice says:

    re: #53 – Banks cannot robo sign anymore. I gather it might cost them more than $35k in legal fees if the homeowner fights?

  53. BearsFan says:

    blindly calling american football “just a game” is a very ignorant statement.

  54. The Original NJ Expat says:

    If you put nothing down on your house to move in, $30K is a strong incentive to move out.

  55. The Original NJ Expat says:

    And I’m sure you don’t get the $30K until the sale closes, so you have to leave all the fixtures and plumbing in.

  56. JJ says:

    Still in shape. Well good enough shape when on field for Jets game recently when I went near sidelines people tried to get my autograph as I obvious look like I played ball.

    I don’t take Football overly seriously anyhow. My Dad or Mom never watched it and growing up we only had one small black and white TV that seemed to only show Merv Griffin and the ten oclock news. Then in 1980s when Giants and Bills started going to superbowls I started watching it. I was far too hung over any Sunday in September till December to go to games and rarely watched it on TV.

    Believe it or not I actually go to more games each year than I watch on TV, Next game I will watch is the Jets/Giants preseason game. Where the Jets will try to win their second consective Met Life Trophy!

    All Hype says:
    February 7, 2012 at 1:21 pm
    Football is a game. Only Mountain Climbing, Auto Racing and Bull Fighting are sports. If there is no chance of death it is not a sport, just a game.

    JJ, you truly are an loud-mouthed idiot, just like the Jets coach you worship. Football is only a game??? No chance of death??? Why don’t you go ask Eric Legrand if football is only a sport. If it was not for the world class medical care that football players receive when they suffer severe spinal cord injuries they would all die from their injuries.

    From reading what your posts you have never played any sports, are probably fat as a house and have not seen your d!ck for 20 years.

  57. JJ says:

    Chifi boatload of Sov Bank Trusts being offered below par today. Jump on board.

  58. Bocephus says:

    28. Don’t hate the troll hate the game.

  59. JJ says:

    U.S. DECEMBER CONSUMER CREDIT JUMPS $19.3 BILLION, FED SAYS

    Yea, bull market we are all getting into debt. 60 second car loans are back!

  60. schabadoo says:

    xolepa

    Is this someone’s new character they’re trying out? Odd formatting, tired sign-off, etc…

    ReInvestor working a calmer persona?

  61. JJ says:

    Ok I really don’t get realtors or Bank REOs. So realtor tells me the bank list price of the house then tells me she has two offers.

    I go ok what is the highest offer? She goes I can’t tell what offers are. I go ok who flexible is bank. She goes I can’t tell you other they already lowered price and don’t want to go that much lower. Then she says put an offer in as she has two other offers.

    I then go I just don’t get it. It is like Lets Make a Deal and guess the price. I go I have a job, I am busy I have the cash. Tell me the highest offer or tell me lowest price will take and if price is right and wife agrees I go get bank check to you. She is like it does not work like that. I go I bought a house from RTC years ago we bid on house, high bidder won. This make it impossible for me to make an informed bid. So I put in one low ball bid and walked away. Crazy. When I sold my Moms house we had three bids and went back and forth over a few days and high bid we sold house too.

    The bank claims there are two written bids for house, both cash. I would be third. Why not play round robin for like 48 hours and take high bid. I don’t see how none of us will raise offer. The high bid will win but us other two might have topped it.

  62. The Original NJ Expat says:

    Yahoo’s finance page has run 3 separate top stories today alleging SEC is going to make Money Market funds less liquid and the consequential investor outrage. Sounds like more herding of the lemmings out of cash, only I have a feeling this one will work…for a while. If this pisses you off and you are holding 401K assets in MM’s at .0001%, where can you put it? Answer: EVERYwhere else. Looks like a sweet February for stocks and bonds to me. Artificial sweetener, for sure, but most people can’t tell the difference.

  63. JJ says:

    My grandfather is an Ex Old Pa

    schabadoo says:
    February 7, 2012 at 3:34 pm
    xolepa

    Is this someone’s new character they’re trying out? Odd formatting, tired sign-off, etc…

    ReInvestor working a calmer persona?

  64. JJ says:

    Put some Junk in your Trunk is what Big Ben is saying.

    The Original NJ Expat says:
    February 7, 2012 at 3:41 pm
    Yahoo’s finance page has run 3 separate top stories today alleging SEC is going to make Money Market funds less liquid and the consequential investor outrage. Sounds like more herding of the lemmings out of cash, only I have a feeling this one will work…for a while. If this pisses you off and you are holding 401K assets in MM’s at .0001%, where can you put it? Answer: EVERYwhere else. Looks like a sweet February for stocks and bonds to me. Artificial sweetener, for sure, but most people can’t tell the difference.

  65. chicagofinance says:

    How this for bungee jumping you psychotic fcuk!
    JJ says:
    February 7, 2012 at 2:25 pm
    Chifi boatload of Sov Bank Trusts being offered below par today. Jump on board.
    http://finance.yahoo.com/q?s=bpopm

  66. chicagofinance says:

    JJ says:
    February 7, 2012 at 2:25 pm
    Chifi boatload of Sov Bank Trusts being offered below par today. Jump on board.

    I dont see it….

  67. JJ says:

    People who were die hard into money market funds are screwed. They missed a massive stock market rally from march 2009 till today, they missed a huge bond market rally and a huge gold rally. They also appear to be missing the refinancing opportunity and cheap loans as they ain’t borrowing at 4% with money invested at near zero.

    Now they are forced into a world of superlow rates. Their own fault, We are three years into a massive bull market they refused to join.

    Sure one of them will say where are those Citigroup Bonds that pay 16%, Bank of America Bonds that pay 11% and Munis paying 7% you were talking about a year or two ago. When I tell them sorry charlie. they wont be happy

  68. JJ says:

    Sov bonds are gone, a few million of this floating around at a price of 99 for the Clint Eastwood fans

    CHRYSLER GROUP LLC / CG CO-ISS 8.25000% 06/15/2021SR SEC

  69. JJ says:

    I got 50K worth of these TRUPs at a price of 62 already, yield almost 12%. Will get called at par by 2016. Money in the bank. Dont matter about the bounce as long as you get off on right floor.

    POPULAR NA CAP TR I BONDS 6.564% 09/15/2034 MAKE WHOLE
    CUSIP 733186AA8
    chicagofinance says:
    February 7, 2012 at 3:47 pm
    How this for bungee jumping you psychotic fcuk!
    JJ says:
    February 7, 2012 at 2:25 pm
    Chifi boatload of Sov Bank Trusts being offered below par today. Jump on board.
    http://finance.yahoo.com/q?s=bpopm

  70. yo says:

    BPOP:US 1.8000 USD 0.0650 3.75%

  71. A.West says:

    Acquaintances came to visit and told me a weird story about yield investing. Couple said they were all into fixed income – I said there’s no yield out there, where are you finding it? They said we get 8% from municipals. Where? Govt of Puerto Rico and some New York state funky bond. What price are they at now? Oh, we don’t track them that way. We have an account that’s like our savings account. We put all of our money there, and then when we want to withdraw, we need to give 2 week’s notice to our broker, and he sends us some.

    They seemed to have no clue about what specific bond, what specific price, what yield they own. They just send money to some savings account and some ex-lerner-associates broker tells them they make 8% by investing in muni bonds.

    I tell them you can’t get blood from a stone, and there’s no safe way to earn 8% in fixed income today. Further, I said the whole thing sounds like a Madoff scheme. Everything I own, I know how much, and can sell for a price tomorrow if I need cash. No calling up my broker with two weeks notice saying I’d like to please withdraw some money.

    Ever heard of people doing anything like this?

  72. reinvestor101 says:

    >>>The Securities and Exchange Commission reportedly plans to unveil a two-part plan to stabilize money funds, which are short-term investment vehicles used by individual investors and institutions to park cash. According to a report in the Wall Street Journal, the SEC’s goal is to limit losses for shareholders during times of financial stress, such as in 2008 when one fund “broke the buck,” or fell below the steady $1-per-share asset value that investors have come to expect. Investors have also worried about money-market funds’ exposure to the European debt crisis; the current proposal would require fund firms to set aside more capital to boost liquidity, and perhaps put restrictions on how quickly investors can access their money.<<<

    http://finance.yahoo.com/news/the-end-of-money-market-funds-.html

    This is a bunch of damn bullspit. This is what you get when you have a damn liberal in charge of the damn economy. I don't want no stinking restrictions on my damn money and if you do that shlt, WHY IN THE HELL DO I NEED DAMN MONEY MARKET??

    This shlt is pissing me off enough, I'm about ready to say the hell with it and open damn Backyard National.

  73. xolepa says:

    (63)
    If you know a certain foreign language, you could figure it out.

  74. Confused in NJ says:

    Interesting, 22 out of 75 posts are JJ?

  75. scribe says:

    no Google entries for Xolepa …just Xalepa

  76. reinvestor101 says:

    >>>According to a report in the Wall Street Journal, the SEC’s goal is to limit losses for shareholders during times of financial stress, such as in 2008 when one fund “broke the buck,” or fell below the steady $1-per-share asset value that investors have come to expect.<<<<

    Financial stress??? The damn government is causing me to be stressed out. This is why I support cutting the damn taxes to the damn bone. I want a damn government so damn small that I can squeeze it between my damn thumb and forefinger.

  77. HEHEHE says:

    “With a record of 359 wins, 421 losses and eight ties, the New York Jets are a historical example in frustration and mediocrity”

    JJ?

  78. cobbler says:

    eXPat [19]
    Befoe 2009, prices of Brent and WTI crudes had been very close. As WTI is land-locked, the increased production in ND and Canada resulted in storage facility in OK being oversupplied and price depressed. Most gasoline and fuel oil in the world is made from crude other than WTI, so Brent (which is global benchmark) tracks their movement much better. When some time ago there was some noise about reversing a pipeline that can send crude from Houston to Kushing OK, the spread between the two crudes dropped like a rock – as soon as there is an easy way to bring the stuff to the Gulf, it will cost as much as Brent. Right now, the only people who benefit from the cheaper WTI (Nymex) crude are the owners of those refineries that can access it, and then sell the refined product at the global pricing.

  79. xolepa says:

    (78)
    Hmmm. Interesting. That’s what happens when you use colloquialisms.

  80. chicagofinance says:

    Yes….the branch office is here……
    http://ponzios.com/

    A.West says:
    February 7, 2012 at 4:18 pm
    Acquaintances came to visit and told me a weird story about yield investing. Couple said they were all into fixed income – I said there’s no yield out there, where are you finding it? They said we get 8% from municipals. Where? Govt of Puerto Rico and some New York state funky bond. What price are they at now? Oh, we don’t track them that way. We have an account that’s like our savings account. We put all of our money there, and then when we want to withdraw, we need to give 2 week’s notice to our broker, and he sends us some.

    They seemed to have no clue about what specific bond, what specific price, what yield they own. They just send money to some savings account and some ex-lerner-associates broker tells them they make 8% by investing in muni bonds.

    I tell them you can’t get blood from a stone, and there’s no safe way to earn 8% in fixed income today. Further, I said the whole thing sounds like a Madoff scheme. Everything I own, I know how much, and can sell for a price tomorrow if I need cash. No calling up my broker with two weeks notice saying I’d like to please withdraw some money.

    Ever heard of people doing anything like this?

  81. The gubmint is here to help you with your money market funds.

    Soon, the gubmint will extend its “help” to your 401k and IRA.

    They’ve already helped themselves to billions in gubmint pension funds.

    This should all end really well.

  82. cobbler says:

    A.West [74]
    Levered muni closed-end funds pay about 5.5-6%. The payout levels are reasonably reliable as long as ZIRP continues, that is, for a while. However, the NAV and market prices of these funds went way too high in the last year or so; if they drop to historical levels it will cost holders a couple of years of interest.
    Ditto for the preferred stocks of mortgage REITs (like NLY.PR.A, etc.) – they do pay in the 7% range, but trade quite a bit above the call price – so there is a potential 5% or so risk there.

  83. Juice says:

    re # 74 – A. West Sounds like Madoff to me too. “We have an account that’s like our savings account”

    Nicely ask to see a statement. Some don’t do online only mailed statements. Find out if their “broker” is in FINRA database there in no shortage of accountants, lawyers and others claiming to be investment advisers.

    http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm

  84. Juice says:

    A. West almost forgot, have them transfer out of suspected Ponzi before reporting it if it really is a Madoff.

  85. JJ says:

    David Learner on Long Island specializes in overpriced thinly traded munis with high yield. They overcharge, big mark-ups and target wealthy older jewish people. They always have muni junk that Fidelity or Smithbarney would not even sell to retail investors. They also have these totally illuiquid Apple Trusts that are a terrible investment they push on people. They fire the head of compliance regularly.

    A.West says:
    February 7, 2012 at 4:18 pm
    Acquaintances came to visit and told me a weird story about yield investing. Couple said they were all into fixed income – I said there’s no yield out there, where are you finding it? They said we get 8% from municipals. Where? Govt of Puerto Rico and some New York state funky bond. What price are they at now? Oh, we don’t track them that way. We have an account that’s like our savings account. We put all of our money there, and then when we want to withdraw, we need to give 2 week’s notice to our broker, and he sends us some.

    They seemed to have no clue about what specific bond, what specific price, what yield they own. They just send money to some savings account and some ex-lerner-associates broker tells them they make 8% by investing in muni bonds.

    I tell them you can’t get blood from a stone, and there’s no safe way to earn 8% in fixed income today. Further, I said the whole thing sounds like a Madoff scheme. Everything I own, I know how much, and can sell for a price tomorrow if I need cash. No calling up my broker with two weeks notice saying I’d like to please withdraw some money.

    Ever heard of people doing anything like this?

  86. The Original NJ Expat says:

    [76] xolepa = холера = Russian for “Cholera”

  87. JJ says:

    Mortgage REITS such as NLY and IVR face huge refinancing of their mortgages. If people refinance 6% mortgages at 4% it is a huge hit to the funds cause remember they use leverage to amplify returns.
    cobbler says:
    February 7, 2012 at 4:58 pm
    A.West [74]
    Levered muni closed-end funds pay about 5.5-6%. The payout levels are reasonably reliable as long as ZIRP continues, that is, for a while. However, the NAV and market prices of these funds went way too high in the last year or so; if they drop to historical levels it will cost holders a couple of years of interest.
    Ditto for the preferred stocks of mortgage REITs (like NLY.PR.A, etc.) – they do pay in the 7% range, but trade quite a bit above the call price – so there is a potential 5% or so risk there.

  88. xolepa says:

    #90 wins the prize. Not Russian in my case, as several Cyrillic based languages share the spelling. Maybe its time to switch to harsher colloquialisms.

  89. JJ says:

    We all know you are a closet HS VolleyBall fan.

    xolepa says:
    February 7, 2012 at 5:21 pm
    #90 wins the prize. Not Russian in my case, as several Cyrillic based languages share the spelling. Maybe its time to switch to harsher colloquialisms.

  90. ZIRP In a Time of Cholera

  91. 3b says:

    Kudlow tonight says the economy is recovering, nothing to worry about. Its all getting better.

    Remember free market capitalism is the best path to prosperity.

  92. 3b says:

    So stop this nonsense about it all turning to krap.

  93. reinvestor101 says:

    >>>all turning to krap.<<<

    The last damn thing anyone wants to see you do is turn anything into crap.

    That would require a damn clean up—–and everyone knows that you're steadfast in your refusal to buy some damn Charmin.

  94. 3b says:

    #98 Thats right I prefer two ply Scott.

  95. 3b says:

    Economic rebound.

  96. Mikeinwaiting says:

    Not to worry 3b it is all good, Larry says so. LOLROF

  97. reinvestor101 says:

    >>>3b says:
    February 7, 2012 at 8:26 pm

    #98 Thats right I prefer two ply Scott.<<

    Look, we've been having clean damn discussion on this damn blog IN YOUR ABSENCE.

    No one, and I mean no one, wants to talk about your damn festishes and you know good and damn well that this WOULD NEVER come up if indeed you utilized 2 ply. The brutal damn truth is that you're too damn cheap to BUY SOME.

    ….and we don't need to be reminded of your damn "alternative method".

  98. Fabius Maximus says:

    An elaborate Bluff? Do you have a conspiracy theory to go with it?

    Forty six superbowls and you say this one cracks the top 25%. Here is an SI top 10. I’ll put out the 85 Bears out at number 11 for the pure comedic value of that game. Now you can decide which of those games this one displaces.
    http://sportsillustrated.cnn.com/multimedia/photo_gallery/1002/nfl.best.super.bowls.ever/content.1.html

    You seem to have a lot of pent up euro rage, that you seem he1l bent on taking out on me. If you can’t take what I say at face value, that is your problem not mine. Opinions are like a$$holes, everyone has one, I will defer that you have me beat, you are more opinionated and a bigger asshole.

    My opinion, and I’m entitled to it.

  99. dumb money says:

    #98 Thats right I prefer two ply Scott.<<

    That sh1t clogged my sewer main. Cost me 300 dollars to fix. Could have bought a lot of greek bonds with that money. Ah poo

  100. Fabius Maximus says:

    #31 gary,

    I think they do line up a standard 3-4 for some plays with Joseph as NT.

  101. chicagofinance says:

    Fabio: Your SI list is a bunch of shite. Numbers 4, 5, 8 & 10 are in no way superior to this game. Add to the fact that this list is completely biased toward recent games. I saw the SF/Cin Superbowl and it sucked….the only reason it rated is because it was the first close game in a decade at that point. SI thinks it has cred by adding a Montana Superbowl, but it should have included one of the blowouts instead. Using your superfluos SI metric, I would place it as #8, although ahead of #4 & #5 on this list. You had two HOF QB’s at the height of their powers carrying their teams. Evenly matched opponents and a long pass under duress that will go down in history as clutch.

  102. chicagofinance says:

    Fabio: don’t take it personally. You are in the same boat as the Neo-Nazi Essex. You come to NJ and look around and hold your nose. Well guess what? It’s overcrowded as it is. The last thing we need is people who are not helping us move forward and rather putrify the landscape by pointing out what is wrong. Oh really. Then leave New Jersey…..plenty of people to take your place that are happy to be here.

  103. chicagofinance says:

    BTW the country agrees with the assessment…did you see the TV ratings? If it sucked, they would have turned it off….

  104. Fabius Maximus says:

    #13 moose

    A supreme court by its very nature will always meet an activist charge. When you have the Chief justice setting the calander and that is true political power. Look at John Roberts as a perfect example.

    NJ I think has a fairly balanced court. The Governors in the past have made failry non partisan choices. Whitman apointed Dems and Corsine put up a repub. The next big intertesting choice will be if CC goes for a second term and wins, will he re-up Rabner as chief in 2014 when his term expires.

  105. mikey (101)-

    Sounds like Krudlow is back on the marching powder.

  106. cobbler says:

    JJ [92]
    I agree, and wouldn’t touch their common, but they will continue paying the preferred dividend – or will call the preferred stock if they are unable to (that’s what I consider to be the main risk).

  107. NJ Supreme Court? They should rename it the NJ Star Chamber.

    Every justice should be forced to do four years in a high school in Newark, Camden or Paterson. While living in a Mt. Laurel 2 BR, 1 BA crapshack on the wrong side of a luxury PUD.

  108. I thought the Super Bowl was pretty good. I was able to watch most of the game without falling asleep, which is usually what football does to me.

  109. reinvestor101 says:

    >>>dumb money says:
    February 7, 2012 at 10:40 pm

    #98 Thats right I prefer two ply Scott.<<

    That sh1t clogged my sewer main. Cost me 300 dollars to fix. Could have bought a lot of greek bonds with that money. Ah poo<<<

    Nope. What clogged the damn sewer was a bunch of damn corn cobs. We've got a damn joker here who doesn't believe in doing what other normal people do, instead he wants to go "retro" on us and act like we're in the days before we had damn—and I hate to say this in polite company—toilet tissue. The reason for this? Well, originally he came up with this "bright idea" that he'd save some damn money but the fallout from that is every damn farmer in the tri-state area is having to ride shotgun on their damn cornfields as this has become a fetish.

    Most reasonable people are just simply outraged by this sort of behavior. The man is a menace to society and corncobs in general.

  110. Fabius Maximus says:

    #106 Chi

    First close game in a decade is BS. You had Steelers Cowboys a few years earlier.

  111. Fabius Maximus says:

    #107 Chi

    “don’t take it personally” how should i take all this garbage youre throwing at me? How am I putifing the landscape? I see part of the problem is that people don’t take their head out of their ass and look at whats wrong so they can actually work out how to move forward.
    I have critised CC on various points that I think are justified and can be summed up as:

    Don’t pick fights you can’t win in the courts.
    Don’t make the pension fund worse by underfunding your obligations.
    Don’t say you balanced the budget when you underfunded the pension fund.
    You can’t criticise the president on unemployment with NJ’s current numbers.

    Outside of that, show me where I have gone against NJ.

  112. Fabius Maximus says:

    #112 Clot,

    Last NJ pol I knew had a 2bd, 1bth crapshack in Morristown in the same complex as John Delorean after his fall from grace.

  113. NJGator says:

    Rick Santorum people, Really?

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