Thursday Morning Grim

From CNBC (via Business Insider):

New York Housing Market Could Still Collapse: Analyst

There’s been a lot of talk recently about home prices reaching a bottom. Most notably, Bill McBride at Calculated Risk — perhaps the most respected housing market analysts in the blogosphere — says housing starts already bottomed and housing prices are likely to bottom in March.

But not everyone is convinced. Keith Jurow argues that home prices are nowhere near the bottom. In fact, he thinks that one particular market — New York City — is close to collapsing.

From Jurow:

Let’s look at the most misunderstood housing market in the country — the NYC metro. The published median sale price for both NYC and Long Island has seemingly held up better than other major metros — not much less than $400,000 for Queens or Suffolk counties. This has fooled people into thinking that the worst is over in the NYC area. On the contrary, the real collapse in prices is imminent.

In November 2011, Minyanville.com posted my 30-page New York City Housing Market Report. The report included never-seen-before charts, graphs and data that revealed what has been going on there. The banks have not been foreclosing for the past three years. This started well before the robo-signing mess. On February 7, 2012 there were a total of only 242 repossessed properties on the active MLS in Queens according to foreclosure.com. This is a borough with a population of 2.2 million.

Because of this, the number of seriously delinquent properties throughout NYC has been soaring. Based on individual charts for each borough from the NY Federal Reserve Bank which I included in my report, there were roughly 80,000 properties where the mortgage had not been paid in more than 90 days as of June 2011.

That number is considerably higher now. How about this statistic? I received updated numbers from the N.Y. State Department of Banking a few weeks ago. In 2009, the state legislature passed a law requiring all mortgage servicers to send a “pre-foreclosure notice” to all delinquent owner-occupants in danger of losing their home to foreclosure.

As of the end of December 2011, a total of 165,000 pre-foreclosure notices were sent to delinquent owner-occupants just in NYC. This does not include delinquent investors because the law requires that these notices be sent only to owner-occupants.

While not all of these borrowers were more than 90 days delinquent, the vast majority were 60+ days delinquent. What do you think will happen to home prices once the banks finally begin to foreclose on these properties? Prices will collapse in the four outer boroughs and will decline sharply in Manhattan. I am convinced that this will occur although we can’t be sure when the banks will begin to move on this.

The situation is even worse in Long Island — Nassau and Suffolk counties. I wrote a 22-page report on the Long Island housing market which Minyanville posted in December 2011. Just for these two counties — with a total of less than three million people — more than 149,000 pre-foreclosure notices had been sent as of the end of 2011.

As in NYC, the banks have not been foreclosing in Long Island. But they cannot put it off indefinitely. When they begin, prices there will collapse.

This entry was posted in Foreclosures, Housing Bubble, New Jersey Real Estate, Risky Lending. Bookmark the permalink.

171 Responses to Thursday Morning Grim

  1. grim says:

    From Zillow:

    Home Value Declines Pick Up in Fourth Quarter, But Zillow Forecasts Smaller Declines in 2012

    Outlook

    As previously stated, we believe 2012 will be a transitional year for real estate. Positive developments will include markets showing organic growth, and home sales increasing as the year proceeds. However, we maintain our forecast that home values will continue to fall in 2012, with the Zillow Home Value Forecast showing a 3.7 percent decline through December 2012.

    While we forecast only two markets to end the year higher than they started, most will see better trends over the course of the year. Fourteen out of the top 25 markets are expected to show significant further home value depreciation on a year-over-year basis in December 2012, with the Atlanta, Chicago, and Seattle MSAs showing the largest home value declines by the end of the year.

    Negative equity will continue to cast a long shadow over the real estate market, keeping foreclosure rates elevated, and keeping a firm lid on significant home value growth even once values have bottomed in 2013. Negative equity has both demand and supply side implications, sapping demand since homeowners can’t sell their current homes to buy another and increasing supply by significantly increasing the likelihood of foreclosure.

  2. grim says:

    Zillow predicting a 1.7% drop for the NY Metro in 2012.

  3. Mike says:

    Good Morning New Jersey

  4. grim says:

    From CNBC:

    Big states set to make mortgage deal real

    New York and California will join just about all the other states in a settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes, according to a person familiar with the talks.

    A few other states were still on the fence as of late Wednesday, the person said.

    With those two big states, the deal could be worth as much as $25 billion when it is announced, either Thursday or Friday, another person familiar with the talks said.

    Requests for comment to the New York Attorney General’s Office were not returned. A spokesman from the California Attorney General’s Office said the state was still in negotiations.

  5. SX says:

    I like my house well enough to stay here for a while. We seriously considered putting it up this spring, just to make a move — you know — new town maybe Madison, but anyhow….doubtful we could come out ahead at this point. Or even. So we’ll stay put. Another year in the Gulag.

  6. yo says:

    Banks have been holding back foreclosure for years.This homes were never listed for sale,so not to add more to the inventory.Buyers know the shadow inventory will make prices go lower.So,how does the problem gets resolved?Get a bulldozer and take them out of inventory and wipe out the investor.Or rent them out till psych on housing downturn subside.
    For years,we have been talking about shadow inventory.

  7. yo says:

    Clot is right.Cost of $20,000 from the banks to the homeowners contesting procedures on foreclosed properties is a small amount to pay to right the questionable rightful owner of the deed.

  8. Shore Guy says:

    So, what is it that we call the holiday when potential house buyers poke their head up and, if they see shadow inventory, they duck back underground for another six months and count their downpayment money?

  9. reinvestor101 says:

    I don’t know why they just don’t bulldoze these damn houses. The banks aren’t gonna make any damn money if they foreclose anyway, so just bulldoze the damn things and forget about it. That would help people like me and put a fire under the asses of some of these cheapskate buyers who expect you to actually pay them to buy your damn house. That’s bullspit. Tell you what—you’ll rip the damn deed from my cold dead hands before I sell below the price I deserve. I’m not taking any prisoners, so don’t approach me to buy if you’re going to be a damn jerk.

  10. Bocephus says:

    8. Thursday.

  11. Brian says:

    It appears the Mossad are not waiting around for the rest of the world to attack Iran. They are already hard at work:

    http://rockcenter.msnbc.msn.com/_news/2012/02/08/10354553-israel-teams-with-terror-group-to-kill-irans-nuclear-scientists-us-officials-tell-nbc-news

  12. reinvestor101 says:

    >>>So, what is it that we call the holiday when potential house buyers poke their head up and, if they see shadow inventory, they duck back underground for another six months and count their downpayment money?<<<

    Holiday? This is a motherhubbing nightmare for those who want to sell their damn house. These dirtbags need to be dug out of the damn ground and forced to buy. The only thing that will do that is to deplete the damn shadow inventory. Bulldoze is the rallying cry for those who love the housing markets!

  13. Another day in hell.

  14. Brian aka toxic financial garbage says:

    Big states set to make mortgage deal real

    Thats’s great but, I get the feeling none of this matters for me anyway. What if your mortgage is owned by a local financial institution that is not part of the settlement? Also, at this point, I’m probably at or near the break even point with the principal left on my mortgage after having prepaid it and made improvements to the house.

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

    New York housing market like a zombie looking for brains

    We are special, we die last

    Meat I agree. After seeing pictures of Senator Frothy mixture being blessed by Texas Evangelicals an image so panderific that I shudder at the thought of continued rule by the idiocy of the masses. We are all f*cked.

    If that moron is nominated the only good that it will do is put the final nail in the coffin of the Christian right, maybe even the final bullet in the head of the Pachederm party.

  16. yo says:

    The settlement is for homeowners that were not supposed to have gotten the mortgage in the first place but now are saying the banks trick them in believing they can afford the mortgage.They deserve to be paid for their troubles.

  17. Brian aka toxic financial garbage says:

    It’s starting to look more like another failure that will help continue the slow death of the housing market. At this point, they should just get it over with and let the market clear. Sell the REO’s in bulk to investors and bulldoze whatever’s leftover.

    16.yo says:
    February 9, 2012 at 8:19 am
    The settlement is for homeowners that were not supposed to have gotten the mortgage in the first place but now are saying the banks trick them in believing they can afford the mortgage.They deserve to be paid for their troubles.

  18. JJ says:

    Greek Deal, Bull Market means Train Towns will survive. However, article fails to mention Hempstead, Flanders, Freeport etc. have bulk of foreclosures on LI. Subprime second tier neighborhoods. Manhasset, Garden City, type neighborhoods have almost zero foreclosures and when pops up it is snatched up.

  19. gary says:

    This has fooled people into thinking that the worst is over in the NYC area. On the contrary, the real collapse in prices is imminent.

    The half time show is over… get ready for the 2nd half, it’s gonna be a good one.

  20. Shore Guy says:

    Speaking of public pensions, it seems the USG is STILL paying Civil War pensions:

    http://www.usnews.com/news/blogs/washington-whispers/2012/02/09/us-government-still-pays-two-civil-war-pensions?google_editors_picks=true

    U.S. Government Still Pays Two Civil War Pensions

    By Lauren Fox
    February 9, 2012 RSS Feed Print

    Despite the fact that the Civil War ended April 9, 1865 (53,630 days ago, for reference), the government is still paying out veterans’ pensions.

    Records from he Department of Veterans’ Affairs show that two children of Civil War veterans, as of September, are receiving pensions from their fathers’ service.

    snip

  21. gary says:

    JJ [18],

    Greek Deal, Bull Market means Train Towns will survive.

    F*cking survive what? Sell to whom? Tell me, who’s lining up to keep prices stable? There are no jobs, no upward movement, no career stability, crushing debt, crushing taxes, raising prices of tolls, commuting, food, gas, tuitions, f*cking air, f*cking water and on and on. Who and what is surviving?

  22. chicagofinance says:

    There Went Meat says:
    February 9, 2012 at 8:01 am
    Another day in hell.
    http://www.youtube.com/watch?v=qsoa1wHJT2E

  23. JJ says:

    Only people in NJ always complain about high gas prices and tolls. I have never heard any one in NYC or LI complain about such a thing. You guys drive everywhere and have tolls everywhere. That plus high car insurance and fact more you drive the quicker you wear out car. That combined with high property taxes and a limited job base in NJ makes things seem worse than they are.

    When I lived in NYC with no car in a rent stablized apt and gas and heat included I was able to easily afford to live on $45,000 a year and party like it was 1999. Well it was more like Party like it was 1993 to 1998.

    NJ the property tax, mortgage, heating bills, lawn maint, car insurance, home insurance, huge commuting costs are issues. These issue require a huge salary and makes it seem like at 60K you are broke. If I stayed in my rent controlled apt even in 2012 I could live it up on 60K.

    gary says:
    February 9, 2012 at 8:53 am
    JJ [18],
    Greek Deal, Bull Market means Train Towns will survive.

    F*cking survive what? Sell to whom? Tell me, who’s lining up to keep prices stable? There are no jobs, no upward movement, no career stability, crushing debt, crushing taxes, raising prices of tolls, commuting, food, gas, tuitions, f*cking air, f*cking water and on and on. Who and what is surviving?

  24. 3B says:

    #18 JJ You are smoking again?? Comparing the Greek Situation to train towns, please!!!! Wall St layoffs restructuring have nothing to do with Greece or Europe.

  25. grim says:

    Jobless claims at 358k

  26. Confused in NJ says:

    Interesting, I was looking at my old rental house in Brookyn at 157 25th st which sold in 2001 for $102K, and it is currently valued at $700K. I guess the Brooklyn prices went Nova sometime after 2001. That seems to be the reason the average slep in Brooklyn can no longer afford an apartment.

  27. grim says:

    Foreclosure settlement looks like its inked.

  28. Confused in NJ says:

    In January, the Federal Reserve’s Federal Open Market Committee announced it expects to keep federal funds rate at zero to 1/4 percent at least through 2014, saying the housing sector remained depressed. The federal funds rate is the rate at which banks lend to each other overnight.

    Go Bennie Go!

  29. Confused in NJ says:

    ..On Thursday, President Barack Obama will waive 10 states from the No Child Left Behind law, the AP reports. Gleaned from an anonymous White House official, the AP reports that the 10 states will be: Colorado, Florida, Georgia, Indiana, Kentucky, Massachusetts, Minnesota, New Jersey, Oklahoma and Tennessee–New Mexico applied for the waiver but will not see it granted. “The law requires all students to be proficient in reading and math by 2014,” AP explains. Passed during the George W. Bush administration, No Child Left Behind has seen its share of criticisms for the weight it places on standardized test scores, punishments it places on schools, and the possibility of federal underfunding.

    ..

  30. Comrade Nom Deplume says:

    Lots of gloom this morning, making for a fitting return to the board. Things no better at Maison Deplume lately (and not all having to do with a certain game) so, as I previously stated, I wasn’t going to be here for about a week and still won’t be here much. So heap on the taunting while you have the brief open window.

    God, I need x@anax or something.

  31. The Original NJ Expat says:

    Can you calculate delinquency from “Approximate Judgement” amount? This property went back to the lender in a sheriff’s sale last month:

    62 Stephen Place, Rockaway Township

    Approximate Judgement : $386,017
    Original Mortgage Amt: $316,274 – June 2008

    Is the $69,743 difference missed payments + late fees + additional interest or are other costs (legal, etc.) also bundled into the Approximate Judgement amount?

    BTW, this house was purchased on 6/18/2008 with 3.5% down. That would make it an FHA, right? Interestingly the original mortgage was with MERS *directly* and then assigned to US Bank before the Lis Pendens was filed, not the other way around.

  32. Comrade Nom Deplume says:

    [30] confused

    “Colorado, Florida, Georgia, Indiana, Kentucky, Massachusetts, Minnesota, New Jersey, Oklahoma and Tennessee”

    Hard to read much into that. Most of these states are in play, but OK, MA, MN, and NJ are not.

  33. Comrade Nom Deplume says:

    Meat, going to Legends this Sat. to watch Toon at Spurs and meet up with Toon Army NYC.

    You in the shop on Sat.?

  34. Shore Guy says:

    Nom,

    I hope all are healthy.

  35. gary says:

    JJ,

    You guys drive everywhere and have tolls everywhere. That plus high car insurance and fact more you drive the quicker you wear out car. That combined with high property taxes and a limited job base in NJ makes things seem worse than they are.

    Seem worse than they are? You just f*cking explained the reasons why they’re bad and about to get worse. The only thing the masses have control over is the price of houses and guess what… they will continue to slide until tolerance level is reached.

  36. Anon E. Moose says:

    Shore [8];

    Post of the day, and early too. Well done, I’ll be logging off for more productive work now…

  37. Comrade Nom Deplume says:

    [36] shore

    Thanks.

  38. Anon E. Moose says:

    … but before I do that;

    Dolan must be paying his players sh!t if a starter can’t even afford his own place:

    Jeremy Lin starts for the Knicks, lives in his brother’s living room, ‘has his own couch’

  39. The Original NJ Expat says:

    Shore [8] GroundHoarde Day?

  40. Dissident HEHEHE says:

    Pepsico to cut 8,700 jobs; 4Q net rises

    Pepsico will cut 8,700 jobs in cost-cutting move; 4th-quarter net income rises

    http://finance.yahoo.com/news/pepsico-cut-8-700-jobs-121915409.html

  41. gary says:

    Pepsico to cut 8,700 jobs

    The employee previously make $87,000 per year with health insurance and matching 401K will now be replaced by a temp worker at $24 per hour with zero benefits.

  42. JJ says:

    That idiot women is ruining that company. She does not eat meat, junk food or soda now allow any of her kids to touch it. Pepsi, Doritos, investments in KFC Pizza Hut, Taco Bell. How can she run company. I think they should fire her now. She does not believe in her own companies products and tellls people not to eat them.

    The CEO of mcdonalds would never do that. She should be ground up and served in tacos.

    Dissident HEHEHE says:
    February 9, 2012 at 9:54 am
    Pepsico to cut 8,700 jobs; 4Q net rises

    Pepsico will cut 8,700 jobs in cost-cutting move; 4th-quarter net income rises

    http://finance.yahoo.com/news/pepsico-cut-8-700-jobs-121915409.html

  43. The Original NJ Expat says:

    gary [19] I think it’s more like a rain delay in the top of the 4th. Not even an official game yet.

    The game might even get called and we’ll have to wipe the stats and start over.

    The half time show is over… get ready for the 2nd half, it’s gonna be a good one.

  44. Shore Guy says:

    http://www.gpo.gov/fdsys/pkg/​GPO-NARA-JFK-ASSASSINATION-AUDI​O/content-detail.html

    Radio communications between Andrews AFB, Air Force One, the White House, State Department, and other military aircraft carrying high-level government officials right after Kennedy was shot.

  45. Comrade Nom Deplume says:

    Meat, I know you have Monday, March 12 circled on your calendar. I think we should kidnap Fabius and force him to drink Brown Ale and watch with us.

  46. WlH6C6 Somewhere in the Internet I have already read almost the same selection of information, but anyway thanks!!….

  47. Brian aka toxic financial garbage says:

    5.25%? WTF? I practically got that rate myself. I didn’t need the government’s help with that. A year of irritating the credit union with phone calls got me from 6.5 to 5.5. What a waste of time and money.

    You suck Obama.

    — $3 billion would to help homeowners refinance at 5.25 percent.”

    Read more: http://www.businessinsider.com/here-are-the-official-terms-of-the-mortgage-deal-as-we-know-them-right-now-2012-2#ixzz1ltkTz1vT

    46.freedy says:
    February 9, 2012 at 10:05 am
    http://www.businessinsider.com/here-are-the-official-terms-of-the-mortgage-deal-as-we-know-them-right-now-2012-2

  48. The Original NJ Expat says:

    I predict the next leg down in the NY metro area will come from the blue ribbon towns when there’s a sudden run to the exits. The market will experience a top down crush from Baby Boomers racing to exit with their equity. Let’s call it a SUPER-prime crisis. Let me illustrate, go here:

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=glou&passwd=data&district=0801&mode=11

    Now put in any blue ribbony train town street you know, just the street name, preferably where all the houses are well north of $500K. Now click down through each house’s record and observe 1.) The taxes, 2.) The year of purchase. Most of the really nice Bergen County streets I know are filled with owners who bought their houses in the 90’s or earlier. These are mostly Wall Streeters or successful businessmen who have significant equity in their houses. They’ve watched a couple hundred grand of that equity disappear already(while their tax bills continue skyward) and it’s just a matter of time before they give up waiting for the market to turn around. Grab some popcorn and watch what happens next.

  49. Dissident HEHEHE says:

    Hahaha mortgage settlement,

    “Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years.”

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

    HEHE buying off future lawsuits for beads and trinkets. Bend over and take it b!tches. People in this country are really f*cking dumb

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

    best part

    $3 billion would to help homeowners refinance at 5.25 percent.

    My mortgage is already lower than that

    Like I stated above bend over and take it

  52. Shore Guy says:

    “lost their homes to foreclosure ”

    If they could be foreclosed upon, they were not their homes to begin with. One owns something when one pays for it, not before.

  53. JJ says:

    My biggest govt consipercy every is Kennedy made up men landed on the moon so he can organize a ticker tape parade in January 1970 the week the Jets were to get a Superbowl parade just so the Jets would not get one.

  54. Nicholas says:

    Everyone doesn’t have outstanding credit like the people here on the blog. I was able to attain 5.25% in 2004, no points because of outstanding credit. I have a brother who is sitting somewhere at 8% on his house note because of his poor credit.

    Yes, I believe that this is more help for people who shouldn’t have been in homes in the first place but it is better than nothing from the banks.

  55. The Original NJ Expat says:

    Kennedy had money on the Colts.

  56. The Original NJ Expat says:

    Everyone occupying a home with no equity ownership is merely a Super-Lessor. They have a Super-Lease that affords them many benefits and protections. Even rent is optional.

  57. Dissident HEHEHE says:

    JJ,

    Kennedy likely new that Broadway Joe would be too much competition when chasing the skirts.

  58. Shore Guy says:

    I don’t think that either JFK or RFK were chasing any skirts around the time of the Jets-Colts game.

  59. The Original NJ Expat says:

    [57] Agreed. 5.25% is a fantastic rate for an unsecured loan to someone with poor credit.

  60. Dissident HEHEHE says:

    Shore,

    They saw Broadway Joe on Rivals.com and knew what was coming their way.

  61. Anon E. Moose says:

    Brian [50];

    I guess that Hopey-Changey stuff isn’t doing much for you. Welcome to the club, and vote accordingly.

    Speaking objectively (using completely hypothetical numbers that I created as I know nothing about the details of your situation), if the collateral is worth $250k and the note is $400k, the market rates secured to 80% by the collateral are just under 4%. If you borrowed $200k at 4% and the other $200k on what amounts to an unsecured credit card for 6.5%, your blended average rate is 5.25% AND you get to deduct the interest on the unsecured credit card portion, making the effective rate even lower. Assuming the household that took out the $400k note had $100k gross income, where else can someone borrow up to twice their annual gross unsecured at 6.5%? That would not be possible without a government backstop, and its STILL going to cost huge tax dollars.

  62. The Original NJ Expat says:

    Shore [47] Kennedy tapes, link no worky, can listen here instead:

    http://www.raabcollection.com/kennedy-air-force-one-tape/

  63. plume (35)-

    In the store Saturday after 1:30. Also got a lot of the wine you mentioned in Dec.

    If England hires Redknapp, maybe Spurs will be distracted for the game. If not, I do not have good feeling at all.

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

    JJ not to split hairs Kennedy dead 63, Jets super bowl January 69, Moon landing July 69

    Your logic does not compute

  65. jj (44)-

    News flash: the most successful smack dealers don’t dabble in their own product, either.

    “That idiot women is ruining that company. She does not eat meat, junk food or soda now allow any of her kids to touch it. Pepsi, Doritos, investments in KFC Pizza Hut, Taco Bell. How can she run company. I think they should fire her now. She does not believe in her own companies products and tellls people not to eat them.heir own product, either.”

  66. plume (48)-

    Only one thing to say to Gluteus:

    4-4

  67. Brian (50)-

    Dolt, you think the fraudclosure settlement was meant to benefit you???

  68. he (52)-

    I’ll see that $2,000 check and raise you one Louima and one plunger handle.

  69. Dissident HEHEHE says:

    You people need to stop letting facts get in the way of a good theory. Haven’t you ever watched Ancient Aliens?

  70. #65 is the first intelligent post ever made by Moose.

  71. Shore Guy says:

    “JJ… Your logic does not compute”

    This is not quite man-bites-dog news.

  72. Because of the effect of economic crisis, housing has been a problem by many. As a matter of fact, there are some unsolved issues for this problem, but we still manage to handle everything. Just like when it comes to traveling, our travel would be easy with the help ofgarmin 1490t so we could easily track our location no matter where we go.

  73. evensteven says:

    Brian (50) Anon (65)

    Why aren’t you blaming Christie? The State Attorney General, appointed by Christie, must sign on to the deal. NJ could have opted out.

  74. Nicholas says:

    http://www.zerohedge.com/news/dick-bove-foreclosure-settlement-there-no-sanctity-contracts-only-fools-meet-their-financial-co

    This is from Bove quote from ZH. I encourage you to read the article.

    There is no sanctity of contracts in the United States. Only fools meet their financial commitments. The non-payers are the truly enlightened

    I think that what he says resonates with my heart but the logical side of my brain says that something is missing or not being calculated. After reading this article and thinking about it some I have come to the conclusion that he is very, very one sided and does a poor job being objective. The banks were not respecting the sanctity of contracts and in many cases were producing and submitting false statements to the court to foreclose on the properties. This isn’t about previous homeowners not paying the mortgage and now are getting rewarded, this is about banks f**king over 750,000 by cheating their way through an established process.

    If there was anyone that wasn’t respecting the sanctity of contract law then it would be the banks who participated in this fraudclosure.

  75. nicholas (79)-

    I think Moose is Dick Bove.

  76. Shore Guy says:

    This just in from E-Street (forwarded to me from a facebook post, I have no link):

    Bruce Springsteen Announces Additional Musicians for 2012 ‘Wrecking Ball’ World Tour

    The expanded line up for this Bruce Springsteen and the E Street Band tour features singers Cindy Mizelle and Curtis King, trombonist Clark Gayton and trumpeter Curt Ramm, all of whom have toured with Bruce Springsteen in the past along with newcomer Barry Danielian on trumpet. E Street stalwart Eddie Manion and first time tour member Jake Clemons, will share the saxophone role.

  77. Brian aka toxic financial garbage says:

    I never really believe anything that comes out of a politicians mouth no matter if they have a “D” or an “R” next to their name. When I vote in November it will be for who sucks less (as usual).

    What I had “hoped” to see was aid in the form of refinance for responsible borrowers who bought houses they could afford with their current paychecks. People who have good credit, are current on their mortgage, but would benefit from a few hundred extra dollars in their pocket. Their timing of the purchase of their home just sucks (2006).

    When I bought, I knew I could not afford what was sold in the Bergen, Morris, Hudson county areas. I didn’t understand how people could. The home I own now was to be a starter home as I opted for something where I thought I would just suffer through the commute from Sussex County for a while in the hopes of moving to something closer to work in the future. The house appraised at $225,000 in June 2011. I did some work to it since then (new siding and new full bath added) because my family is growing. There’s $233,000 left on the mortgage now and I can still afford the mortgage payment. I’m certian comps in my area are much lower than they were in June so, I may be at the breakeven point now. So, the loan would be “secured” by the property albeit not with 20% equity, however. I just don’t ever seem to be able to get there…it’s a bit like running up a down escalator. I also have no other debts, I’ve paid off my Harley, and our two car loans.

    I imagine there are other people in my situation, that would continue to pay hundreds of thousands of dollars in interest, and given that I have good credit and my loan is in good standing, a much lowered risk of default.

    Why doesn’t any program offered by the government target this type of borrower? Lowered risk, and even the chance of turning a profit? It’s pretty much a stealth way of stimulating the economy.

    By the way, you think like a banker. You are totally overthinking things. If a person needs to get that creative with their financing, they’re doing something wrong. That’s probably why most government programs suck. They’re way too overcomplicated.

    65.Anon E. Moose says:
    February 9, 2012 at 11:01 am
    Brian [50];

    I guess that Hopey-Changey stuff isn’t doing much for you. Welcome to the club, and vote accordingly.

    Speaking objectively (using completely hypothetical numbers that I created as I know nothing about the details of your situation), if the collateral is worth $250k and the note is $400k, the market rates secured to 80% by the collateral are just under 4%. If you borrowed $200k at 4% and the other $200k on what amounts to an unsecured credit card for 6.5%, your blended average rate is 5.25% AND you get to deduct the interest on the unsecured credit card portion, making the effective rate even lower. Assuming the household that took out the $400k note had $100k gross income, where else can someone borrow up to twice their annual gross unsecured at 6.5%? That would not be possible without a government backstop, and its STILL going to cost huge tax dollars.

  78. Dissident HEHEHE says:

    “There is no sanctity of contracts in the United States. Only fools meet their financial commitments. The non-payers are the truly enlightened”

    Depends if you have the politicians in your back pocket.

  79. he (84)-

    Deadbeat lowlifes have the Dems in their pocket. Have for years.

  80. Comrade Nom Deplume says:

    [67] meat,

    Agreed. Beating the spurs would be huge and Toon hasn’t played very well as of late.

    Plan to see you after the game. Wish I knew you had the juice before; I would have been in sooner.

  81. evensteven says:

    Seriously, what are you guys talking about Dems. It is all the politicians.

    Chris Christie’s former chief of staff and, now, Attorney General on the settelement:

    “This settlement is important because it will bring much-needed relief to New Jersey borrowers, and significant reform to the mortgage servicing industry,” said Chiesa. “Through the changes required by this settlement, we are putting a stop to the conduct that has harmed borrowers in the past and contributed to the mortgage problems in our state and across the country.”

    Christ Christie’s Commissioner of Banking and Insurance:
    “Today’s announcement about the multi-state mortgage servicing settlement is a step forward for consumers as they work hard to recover from the last recession,” said Commissioner of Banking and Insurance Tom Considine. “It is also a key step for mortgage servicers as improved performance helps them turn the corner toward a healthier marketplace.”

    http://www.politickernj.com/54680/chiesa-nj-joins-25-billion-joint-state-federal-settlement-resolving-foreclosure-abuses

  82. Anon E. Moose says:

    Shore [82];

    I prefer the converted missile silo in the Catskills with its own private runway.

  83. Comrade Nom Deplume says:

    [88] moose,

    agreed. And its a lot cheaper.

  84. Brian aka toxic financial garbage says:

    Yeah what a knuclehead. I thought public officials worked for me.

    71.There Went Meat says:
    February 9, 2012 at 11:24 am
    Brian (50)-

    Dolt, you think the fraudclosure settlement was meant to benefit you???

  85. Dissident HEHEHE says:

    “I thought public officials worked for me.”

    Ha, you probably pay taxes too:)

  86. daddyo says:

    Spurs look really strong right now. Bale is a machine.

  87. Anon E. Moose says:

    Brian [83];

    If a person needs to get that creative with their financing, they’re doing something wrong.

    If only that view had prevailed when “Pick-your-Payment” (I’ll pick $0, like all the other deadbeats — guess the banks didn’t see that option in the Option ARM menu) negative amortization NINJA loans for $600k were given to transient workers making $45k a year (undocumentable, nach) in order to buy a $600k ramshacle POS cape that hadn’t been renovated since Roosevelt was president (guess which one).

    Alas, water under the bridge.

  88. Brian aka toxic financial garbage says:

    I think I am going to take meat’s advice and start building a hard perimeter.

    It’s only a matter of time before google becomes self aware.

  89. JJ says:

    Kennedy guaranteed a moon landing by end of decade. BTW Kennedy was famous for splitting hairs, mainly pubic in nature.

    Painhrtz – I ain’t dead yet says:
    February 9, 2012 at 11:21 am
    JJ not to split hairs Kennedy dead 63, Jets super bowl January 69, Moon landing July 69

    Your logic does not compute

  90. Anon E. Moose says:

    Nicholas [79];

    If there was anyone that wasn’t respecting the sanctity of contract law then it would be the banks who participated in this fraudclosure.

    You say that as if the deadbeats were making their monthly payments regularly and timely, just innocently ensnared by the machine of big money and Wall Street… How they just — oops! — tripped over the closing table and ended up borrowing $500k with nothing down on a house that — even if it had been properly market priced at pre-bubble levels — they had no hope of affording. $2k to each of them is nuisance money if they would just pack up already and get the hell out of my house.

  91. JJ says:

    They should have for underwater people allowed tax free withdrawls from 401Ks and IRAs for paying down principal in order to reach a point where they can refinance.

  92. Shore Guy says:

    Kettle,

    If you are lurking (From CNN e-mail):

    Regulators approve two new nuclear reactors, first for U.S. in over 30 years.

  93. jj (97)-

    I’d like to see the percentage of people who are underwater on their mortgages who even have 401k or IRAs.

  94. 3B says:

    #99I’d like to see the percentage of people who are underwater on their mortgages who even have 401k or IRAs.

    You can’t, becasue they don’t!!

  95. Brian aka toxic financial garbage says:

    I thought you were in the food and wine biz or something. You don’t drink?

    69.There Went Meat says:
    February 9, 2012 at 11:22 am
    jj (44)-

    News flash: the most successful smack dealers don’t dabble in their own product, either.

    “That idiot women is ruining that company. She does not eat meat, junk food or soda now allow any of her kids to touch it. Pepsi, Doritos, investments in KFC Pizza Hut, Taco Bell. How can she run company. I think they should fire her now. She does not believe in her own companies products and tellls people not to eat them.heir own product, either.”

  96. The Original NJ Expat says:

    You half right. Meat doesn’t eat. Ironic, isn’t it?

  97. Dissident HEHEHE says:

    “I’d like to see the percentage of people who are underwater on their mortgages who even have 401k or IRAs.”

    They probably borrowed against them to get the downpayment.

  98. Brian (101)-

    There is drinking, and then there is drinking to excess.

  99. The product I sell is not intentionally designed to make you sick and kill you. Pepsi and Doritos are.

  100. Anyway, I’m not worried. The gubmint is going to kill me faster than booze, smack, Pepsi or Doritos.

  101. 3B says:

    #03They probably borrowed against them to get the downpayment.
    No need to, no money down mtg.

  102. goonsquad says:

    Hey all, what your your thoughts on refinancing now vs. waiting a bit longer. If rates are expected to stay at historic lows for the next year or two, is there a good chance they could dip lower than they are now? I bought my house @ 4.5% last year and am trying to figure out the best point to re-fi. I never thought I’d be re-financing this soon, but it seems to good to pass up. I can do a no-cost closing where I lower my monthly nut by a couple hundred bucks. My only hesitation is whether now is the right time.

    Any thoughts?

  103. The Original NJ Expat says:

    Over the next 2 weeks, I will call upon Congress to take action on more than 35 pieces of proposed legislation on which action was not completed last year.

    The most important is banking reform.

    The present banking system has become a monstrous, consuming outrage–an outrage against the community, against the taxpayer, and particularly against the citizens it is supposed to help.

    We may honestly disagree, as we do, on what to do about it. But we can all agree that we must meet the challenge, not by pouring more money into a bad program, but by abolishing the present banking system and adopting a new one.

    From Richard Nixon’s 1971 SOTU Address

    http://www.creditwritedowns.com/2012/02/richard-nixon-1971-annual-message-to-the-congress-on-the-state-of-the-union.html

    BTW, I might have replaced “welfare” with “banking” in the above quote. It’s really a distinction without a difference.

  104. chicagofinance says:

    Philip Morris reaches an all-time high this morning….

    Went Meat says:
    February 9, 2012 at 1:27 pm
    The product I sell is not intentionally designed to make you sick and kill you. Pepsi and Doritos are.

  105. Brian aka toxic financial garbage says:

    Cash out all of your equity to build a hard perimeter. Then default. There will be a government takeover of google soon and google will become self aware dominating the earth. You will need to protect yourself.

    I am in such a foul mood today.

    108.goonsquad says:
    February 9, 2012 at 1:35 pm
    Hey all, what your your thoughts on refinancing now vs. waiting a bit longer. If rates are expected to stay at historic lows for the next year or two, is there a good chance they could dip lower than they are now? I bought my house @ 4.5% last year and am trying to figure out the best point to re-fi. I never thought I’d be re-financing this soon, but it seems to good to pass up. I can do a no-cost closing where I lower my monthly nut by a couple hundred bucks. My only hesitation is whether now is the right time.

    Any thoughts?

  106. chicagofinance says:

    unmod

  107. Brian aka toxic financial garbage says:

    Phillip Morris used to be a tenant in one of the buildings I used to work in. They were always smoking up there. You could smell it in the hallways. They must have had great parties too. I always saw delivery people bringing cases of beer and wine up there.

    110.chicagofinance says:
    February 9, 2012 at 1:46 pm
    Philip Morris reaches an all-time high this morning….

    Went Meat says:
    February 9, 2012 at 1:27 pm
    The product I sell is not intentionally designed to make you sick and kill you. Pepsi and Doritos are.

  108. Death of the Squatter Economy:

    “Think today’s action will do anything to help the housing market? Think again – if anything it will simply see the number of foreclosed properties explode. Rather, what it will do, is finally redirect discretionary spending from all the squatters who have lived mortgage free in their houses for years back into mandatory spending such as rent and mortgage bills. For those unclear, recall this post quantifying the benefit of the squatter economy (i.e., non paid rental/mortgage payments going into discretionary spending) – kiss that $50 billion inflow into GDP goodbye. Paradoxically, by trying to fix housing, Obama may have just popped the consumer discretionary bubble, of which the biggest beneficiary is that one certain fruit-shaped company…”

    http://www.zerohedge.com/news/biggest-obstacle-record-shadow-housing-inventory-and-how-obama-may-have-just-popped-consumer-sp

  109. PGtips says:

    First there is no greek deal. If you follow closely the situation, nothing will be resolved in the next 10 years.

    Second, I believe 20% decrease in NYC in the next 3-4 years is given. Let’s see how much more prices will fall in trains towns and around due to this decrease.

  110. Nicholas says:

    You say that as if the deadbeats were making their monthly payments regularly and timely, just innocently ensnared by the machine of big money and Wall Street… How they just — oops! — tripped over the closing table and ended up borrowing $500k with nothing down on a house that — even if it had been properly market priced at pre-bubble levels — they had no hope of affording. $2k to each of them is nuisance money if they would just pack up already and get the hell out of my house.

    #96 Anon E. Moose ,

    Look, I’m not saying that these people should get to stay in their homes. The homes should be taken and sold to repay the debt that they owe but it should be done above board and legally. The problem comes in when banks don’t have the opportunity to do that legally because they f**ked up the notes and thinking that they can just railroad over established rights.

    What happens is that banks think that because they were “wronged” by homeowners that they can make it right by “wronging” everyone. Someone mouths off to you so you mouth off to someone else. Someone steals your car so you steal someone elses car.

    What this settlement proves is that you cannot right a wrong by committing another wrong. Eventually civility has to resume and this should be the first step in the process.

    Homeowners signed a contract and when they didn’t follow through the contract stipulated what the other party is legally able to do. When banks were executing on that they went dirty and flouted the law. They got punished. Just because someone doesn’t do something you like doesn’t mean you can break the law to make them suffer. That only occurs in vigilante movies produced by hollywood. In the real world you get fines and/or jail time for that type of bullsh!t.

  111. Comrade Nom Deplume says:

    [97] JJ

    “They should have for underwater people allowed tax free withdrawls from 401Ks and IRAs for paying down principal in order to reach a point where they can refinance.”

    The smart ones will know that the money in qualified plans is safe from creditors. Better to strategically default and let that money go into a hide on your nompound.

    Off to the salt mines. Appreciate that no one took shots at my tattered ego. Not here anyway.

  112. Anon E. Moose says:

    $26B Mortgage Settlement: Good for Banks, Not So Good for Homeowners

    >The settlement is being hailed as the biggest multi-state settlement since the 1998 tobacco agreement.<

    HOOCOODANODE?!? It's tough being so right, so often.

  113. JJ says:

    It helps to have a real CEO

    chicagofinance says:
    February 9, 2012 at 1:46 pm
    Philip Morris reaches an all-time high this morning….

    Went Meat says:
    February 9, 2012 at 1:27 pm
    The product I sell is not intentionally designed to make you sick and kill you. Pepsi and Doritos are.

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

    Brian why not refinance now and then again in two years when they are at historic lows again the trick is to keep prepaying principal at your original loan value.

    Remember when 6% were historic lows. other than us loons here were saying 5% now we are sub 4 on 10-15 year notes. Sh!t you may see 1.5% on those same mortgages in two years.

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

    Sory goons squad Brian forget my advice it wasn’t for you : ) your already prepaid

  116. Nicholas (116)-

    Gee, could this be that moral hazard thingy that Bernank and Paulson set loose?

    Funny how we talked here back then about how it wouldn’t be possible to stuff all that bad juju back into the Pandora’s Box they opened…

    It’s all ok, I guess. Rule of law and all that other stuff is so overrated.

  117. Nicholas says:

    Yep, I do see this is as a sad consequence of moral hazard becomming an issue.

    The other issue that I see as being a huge problem is that we have elected leaders espousing class warfare: Eat the rich, Unions are the problem, Illegal Aliens taking up all the jobs, People on foodstamps are locusts, Government employees cooshie pensions. I put these all in the same category of nonsense, class warfare. What we have is a serious lack of any ability to focus on the real issues and instead we are focusing on class warfare as if it will actually get us anywhere.

    I liken this problem to trying to figure out how to divide up an ever shrinking pie among ever hungry groups. What we should be focusing on is how to make the pie larger so that every one gets enough. When our elected leaders keep deciding to focus on the former instead of the latter it makes me want to fire them all. I have only heard very few voices on the latter subject.

  118. The Original NJ Expat says:

    Heh, heh, heh. He said cooshie.

  119. cobbler says:

    PGTips [115]
    Talking about NYC as a single market makes as much sense as talking about Short Hills and Camden as one market. There are at least 8 totally different markets in the city (assuming you include the outer boroughs) with their own dynamics, and only a couple of them in any way competes with NJ train towns – and these two have the least number of foreclosures and pre-foreclosures in the country. The reasons for this are many, but the main ones are predominance of co-ops (with very picky boards) in the purchase market, huge proportion of rentals among the overall RE and historical absence of stigma related to renting unlike other places which makes buying purely discretional, and substantial participation of foreigners in the market. There is fairly little linkage with NJ train towns RE as most NJ buyers can’t afford the UWS 2- or 3-bedroom and still won’t be able to afford it if it drops in price by 20%.

  120. JJ says:

    America is a nation of imigrants. Can’t we just deport the deadbeats back to their country of orgin. I dont care if they came over in the potato famine. Send them back. Well except for the young cute girls. 18-28. We should hand them out as a bonus for anyone in tax brackets above 40%

  121. Nicholas says:

    122. There Went Meat,

    I won’t go as far to say that so-and-so are responsible for moral hazard as it seems to me that this is part of a very large culture shift for the US. I do believe that the 700B bank bailout was a moment where you couldn’t deny any longer that moral hazard went out the window and was a big eye opener for many sleepers. If we look back in the years before the 700B then we can definitely see that the tapestry was becomming unraveled before then.

  122. Nicholas (127)-

    I agree. However, I think the date the wheels started coming off was 1913.

  123. cobbler says:

    nicholas [123]
    I liken this problem to trying to figure out how to divide up an ever shrinking pie among ever hungry groups. What we should be focusing on is how to make the pie larger so that every one gets enough.
    The problem is that for the last 20 years the pie had been made bigger by reducing the amount of cheese and adding instead of some flour double amount of sawdust. When company fires 10K people and uses the savings to buy back stock it substitutes production and real purchasing power of its employees by the hot air and deposits earning 0.1% interest. This is no way to grow the pie…

  124. If we could abolish and/or burn down the Federal Reserve in 2013, it would be a nice way to celebrate the end of 100 years in hell.

  125. I think I hear some kind of whooshing rotor noise outside…

  126. cobbler (129)-

    The pie will not grow again during our lifetimes. Best now to learn how to do without pie and how to stretch the scraps.

  127. The Original NJ Expat says:

    JJ [126] No, no, no, no. Every deadbeat (even the Irish ones), will quickly learn to say they are from Mexico, they just walk back the next day. I think we should deport anyone we don’t want to Afghanistan, we have flights going there all the time. Illegal Mexicans aren’t afraid of being deported, it’s no worse than getting kicked out of a bar at closing time, you can just come back tomorrow. OTOH, Imagine how long it would take someone with no means to make their way back from Afghanistan?

    America is a nation of imigrants. Can’t we just deport the deadbeats back to their country of orgin.

  128. Brian aka toxic financial garbage says:

    I prefer Pepsi and tacos anyway.

    132.There Went Meat says:
    February 9, 2012 at 2:50 pm
    cobbler (129)-

    The pie will not grow again during our lifetimes. Best now to learn how to do without pie and how to stretch the scraps.

  129. Brian aka toxic financial garbage says:

    Hola. Como estas? Me llamo Brian. Quiero cervesas por favor.

    133.The Original NJ Expat says:
    February 9, 2012 at 2:52 pm
    JJ [126] No, no, no, no. Every deadbeat (even the Irish ones), will quickly learn to say they are from Mexico, they just walk back the next day. I think we should deport anyone we don’t want to Afghanistan, we have flights going there all the time. Illegal Mexicans aren’t afraid of being deported, it’s no worse than getting kicked out of a bar at closing time, you can just come back tomorrow. OTOH, Imagine how long it would take someone with no means to make their way back from Afghanistan?

    America is a nation of imigrants. Can’t we just deport the deadbeats back to their country of orgin.

  130. JJ says:

    you are right, what we should have done was in cash for clunkers throw the deadbeats in the trunk and crush them with their clunkers. winning duh

    Brian aka toxic financial garbage says:
    February 9, 2012 at 3:00 pm
    Hola. Como estas? Me llamo Brian. Quiero cervesas por favor.

    133.The Original NJ Expat says:
    February 9, 2012 at 2:52 pm
    JJ [126] No, no, no, no. Every deadbeat (even the Irish ones), will quickly learn to say they are from Mexico, they just walk back the next day. I think we should deport anyone we don’t want to Afghanistan, we have flights going there all the time. Illegal Mexicans aren’t afraid of being deported, it’s no worse than getting kicked out of a bar at closing time, you can just come back tomorrow. OTOH, Imagine how long it would take someone with no means to make their way back from Afghanistan?

    America is a nation of imigrants. Can’t we just deport the deadbeats back to their country of orgin.

  131. PGtips says:

    cobber 125

    I am not sure what you argue here. It sounds the ol’ “all re is local”. If all 2-3 bedrooms go 800K-1mil in Manhattan consider NJ dead. Who is going to buy the overpriced, high tax, high maintenace, 2 hours+ commuting 1mil houses in the bergen-morris-westfield boons. Consider that segment dead. Those would need to go down to 700K, the 700K to 500K etc and then we go back to mid 90s pricing. This if the decrease is not more than 20% but the 20% is GIVEN just by fundamentals. A further 10%-20% would not be a surprise.

    Manhattan had gone a long way. Nowadays elem schools in Manhattan are equal if not better than the NJ ones. Same for crime. More people would choose NYC than NJ than 10-20-30 years ago.

  132. Brian aka toxic financial garbage says:

    I fall into both categories. I should be CEO of Inbev (Budweiser)

    104.There Went Meat says:
    February 9, 2012 at 1:26 pm
    Brian (101)-

    There is drinking, and then there is drinking to excess.

  133. PGtips says:

    Hahaha little linkage bet train towns and NYC!
    Like one could justify NJ prices with NJ incomes. People commute to the city from Monmouth to afford their houses.

  134. Nicholas says:

    132. There Went Meat,

    I have a different opinion because I as a researcher I have a firm belief that some smart person will figure out how to produce cheaper energy or get more out of fewer resources. We have been doing it for many years before this and I’m not convinced that we are just going to sit on our a$$es while everything falls apart.

    I’m pretty sure that the pie will grow but not because we sat around and argued about how to divide it up.

  135. PGtips says:

    I know people commuting from princeton to LES. 2h each way. I don’t think that you need more evidence than that to understand that this pricing is unsustainable and the collapse is imminent.

  136. Brian aka toxic financial garbage says:

    Somebody at work just told me a story of one of his neighbors. The guy defaulted on his $3000 plus a month mortgage years ago. Still living there, pays the property taxes, his kids get to go to a good school in town. Seems to have it all figured out. Also has a nice new porche parked in the driveway. Must be nice saving $3000 a month and living rent free.

  137. PGtips says:

    That Foreign nationals will buy Manhattan real estate and keep prices up is an old argument from the 80s employed continuously by realtors. Don’t you think that it is somewhat ridiculous especially now? I don’t think that you need more evidence than that to understand that this pricing is unsustainable and the collapse is imminent.

  138. PGtips says:

    People who hope that re prices have stabilized in NYC and environs are the same ones who complain about high taxes, bailouts, gov, fed and bankers. I say you are worth it–whatever comes to you.

  139. yo says:

    This is what is happenning in Vancouver.Give the Asians an opportunity to get a green card when they buy a house in Manhattan.They will be sending little Ling ling to school here too.

    PGtips says:
    February 9, 2012 at 3:29 pm
    That Foreign nationals will buy Manhattan real estate and keep prices up is an old argument from the 80s employed continuously by realtors. Don’t you think that it is somewhat ridiculous especially now? I don’t think that you need more evidence than that to understand that this pricing is unsustainable and the collapse is imminent.

  140. Nicholas says:

    http://news.yahoo.com/nrc-approves-first-nuclear-plant-3-decades-182337706.html

    WASHINGTON (AP) — The nation’s first new nuclear power plant in a generation won approval Thursday as federal regulators voted to grant a license for two new reactors in Georgia.

    Wasn’t there some discussion a while back about nuclear power and how no new plants have been built in the last three decades and how no new plants will ever be built. I think this totally breaks that non-sense and proves that America is getting serious about domestic energy production.

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

    Nick wait until the NIMBY folks start suing.

    I’ll believe it when I see steam coming from their cooling towers

  142. Juice says:

    re # 146 – Nicolas – Marble Hill, Bellefonte, Shoreham nuclear just a few of the unfinished nuke plants in the USA from the 1970s-1980s because of the three mile island incident.

    Biggest problem really is the aging plants we have now and how to basically replace all of them in place on the same sites.

  143. xolepa says:

    Won’t be anyone suing in Georgia unless it’s from outsiders pretending to act in the people’s better interest. The folks down there, unlike the more enlightened ones up north, actually want jobs.

  144. Juice says:

    re # 146 – Also they should switch to thorium for reactors, and build a few hundred pebble bed versions that cannot melt down, but that would mean no more weapons grade stuff. The MIC would not be happy.

    Nope we will keep the tried and true in Georgia. There is nothing modern about the approved reactors in Georgia. Boiling water to create steam from uranium fuel just like Fukushima.

    http://www.ap1000.westinghousenuclear.com/exploreap1000.html

  145. yo says:

    AND HOW MUCH WILL THIS COST THE BANKS?

    Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter.

    The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said.

    It isn’t clear which firms will receive the formal Securities and Exchange Commission enforcement warnings, known as “Wells notices.”

    http://online.wsj.com/article/SB10001424052970203315804577211470167644182.html?mod=WSJ_hp_LEFTWhatsNewsCollection

  146. Juice says:

    re # 1 51- Yo It’s lost cause the statue of limitations expires after 5 yrs on this stuff will they even find anything from 07 and 08?

  147. still_looking says:

    Nom,

    Hope all is okay. If it’s anything I can help with, let me know.

    I am also willing to share my scotch if you need. :/

    Keep well,

    sl

  148. still_looking says:

    Meat!

    I am looking for a particular brand/vintage.

    Can you help?

    sl

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  151. HSTNN-LB09 says:

    Shout out to MO JEFFERSON, ALEXIS JONES, and JORDAN JONES for make n the ladies MCDONALD’S All American game!! Rep the PLEX ladies!!!!!

  152. sl (154)-

    What’s your pleasure?

  153. No one will be spared.

    No one.

  154. still_looking says:

    Meat,

    new email? Emailed you – got rejected!

    sl

  155. 3b says:

    Kud low says todays 358K claims number, is really, really low!!! So there.

  156. SX says:

    Embrace the chaos. Hold your loved ones tight. It’s gonna be a bumpy ride, so find someone to love alright.

  157. Juice Box says:

    3B – Full employment of say 5% is how many years off? Scary thought at this rate. Talking head on Bloomberg this AM does a half way decent job of saying the declining labor participation rate is really just the boomers retiring. Ofcoure that is somewhat true but does not tell the whole story as poeple here know.

    My FIL who is 62 in and out of work 3 times in the last 3 years after a 30 yr career landed a part time job in his industry with no bennies. He wants to work till 70 and maintain the lifestyle and won’t downsize. I don’t think he will ever have a full time job in his industry ever again.

    I also have a cousin in her 40s who after two job losses in the last three years is now walking away from her underwater condo in Conn and moving in with her 70+ year old parents. Lucky for her they are healthy, but unluckily live nowhere near jobs in upstate NY. I have a few more teetering on oblivion too.

    It’s a long slow burn, once the election passes hopefully we can fix capitalism…

  158. sl (160)-

    reeveshughes at yahoodotcom

  159. No one will be spared.

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