Governor keeps state out of the real estate business

From the Courier Times:

Christie conditionally vetoes bill to create state program to buy foreclosed properties

A controversial housing bill intended to help reduce New Jersey’s glut of foreclosed homes was vetoed by Gov. Chris Christie for a third time.

Christie wasted little time in blocking the Residential Foreclosure Transformation Act as he conditionally vetoed the measure Thursday, the same day the Democratic-controlled Senate and Assembly voted to send it to him for consideration.

The bill would have directed the New Jersey Housing and Mortgage Finance Agency to create a program to purchase foreclosed properties for resale or rent as affordable housing. The bill also sought to extend a moratorium on a state fee on nonresidential development until January 2018.

The fee, which was enacted in 2008 when Democrat Jon S. Corzine was governor, would require developers to set aside 2.5 percent of the cost of any nonresidential project to help towns meet their affordable housing obligations.

Lawmakers, including Christie, froze the fee with a two-year moratorium in July 2009 after the housing market collapsed and sparked a national recession. It was extended another two years in 2011.

In his conditional veto, Christie recommended that the Legislature extend the moratorium again, but he eliminated all language related to the proposed foreclosure program, pointing out that the state already has programs to assist homeowners in danger of foreclosure and that the proposed program requires spending outside the budget.
Christie cited similar reasons when he vetoed bills in January and in June last year.

“The state is committed to helping its citizens avoid foreclosure through the New Jersey Housing and Mortgage Finance Agency’s mortgage foreclosure prevention programs,” Christie said in his latest veto message. “Sending the New Jersey Residential Foreclosure Transformation Act to me for a third time is not the charm.”

The Foreclosure Transformation Act has been steadfastly opposed by the Steve Lonegan-led conservative group Americans for Prosperity-New Jersey, which has called the measure a bailout for banks and lenders that would damage communities by turning market-rate homes into affordable housing.

Kevin Walsh, associate director of the Cherry Hill-based Fair Share Housing Center, said Christie was being short-sighted with his veto.

“The governor doesn’t care about New Jersey’s foreclosure problem. He would rather people lose their homes than sign a sensible bill that would cost the state nothing,” Walsh said.

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

40 Responses to Governor keeps state out of the real estate business

  1. WickedOrange says:

    In a zip code of $650,000 trailer homes (seriously), a battle is on between building sea walls or saving the beach.

    http://www.nytimes.com/2013/06/28/nyregion/as-a-beach-erodes-in-the-hamptons-community-tensions-swell.html?_r=0

  2. grim says:

    I’d wager a guess and say most of those trailers aren’t worth much of anything at all. But being part of a condo association with beachfront property near the Hamptons? That’s where the $650k comes in, that pays for some dirt close to some water, which is apparently very desirable.

    I can sum up most of the article as “Wah wah, someone else needs to pay to fix my beach, but preserve my views and sand. It’s my god given right to enjoy the beach on your dollar. Mother Nature didn’t apply for this variance, so it’s not my problem.”

  3. Final doom approaches.

  4. grim says:

    From Bloomberg:

    Manhattan Home Prices Climb in Busiest Spring Since 2007

    Manhattan apartment prices climbed in the second quarter as buyers competed for a tight supply of properties in the busiest spring selling season since 2007.
    The median price of all co-ops and condominiums that changed hands in the three months through June rose 4.3 percent from a year earlier to $865,000, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report today.

    Purchases climbed 19 percent to 3,144, the most for a second quarter in six years, as buyers snapped up apartments faster than new units became available. The number of properties for sale plunged 31 percent to 4,795, the second lowest in more than 12 years of record keeping.

    There’s a chronic lack of supply — no meat left on the bone,” Jonathan Miller, president of New York-based Miller Samuel, said in an interview. “We’re expecting price appreciation for the foreseeable future until there’s a meaningful relief in inventory.”

    Prospective buyers are competing for a shrinking pool of homes, spurred by rising apartment rents and the fear that they’ll miss out on historically low mortgage rates. Owners who bought during the boom are waiting to list their properties until their equity climbs high enough to justify a sale, Miller said. The supply of newly constructed units is also thin, after builders halted projects following the credit crisis.

    In the second quarter, 36 percent of all deals were at or higher than the asking price, compared with 17 percent a year earlier, Miller said.

  5. JJ says:

    Home prices rise by most in seven years in May: CoreLogic
    REUTERS — 1 MINUTE AGO

    NEW YORK (Reuters) – Home prices racked up their biggest annual gain in more than seven years in May, with more increases expected through the summer months as the sector continues to mend, data analysis firm CoreLogic said on Tuesday.

    Prices rose 2.6 percent from April and were up 12.2 percent compared to May last year, the biggest year-over-year increase since February 2006, CoreLogic said.

    Excluding distressed sales, prices were up 11.6 percent on a yearly basis. Distressed sales include properties that have been seized by lenders and short sales, where the struggling homeowner is allowed to sell the property for less than the outstanding mortgage.

    The recovery in the housing sector has gained momentum this year, with tight inventory pushing prices higher. Still, prices nationally remain cheap compared to during the housing boom, which has spurred demand from investors and homeowners.

    The acceleration in prices compared to a year ago was in line with the closely watched S&P-Case/Shiller report which showed prices rose more than 12 percent on an annual basis in April.

    “Across the country, pent up demand and continued low interest rates are fueling strong demand for a limited inventory of properties,” Anand Nallathambi, CoreLogic’s chief executive officer, said in a statement.

    “We expect that trend to continue to drive up prices throughout the balance of the summer months.”

    The report forecast prices will rise by another 2.9 percent in June for a yearly gain of 13.2 percent.

    Nevada saw the biggest price increases, followed by California, Arizona, Hawaii and Oregon.

    (Reporting by Leah Schnurr; Editing by Chizu Nomiyama)

  6. JJ says:

    there are also some trailor parks in Hampton Bays Westhampton etc. Years ago I considered buying one when they were 15k. Not a bad deal, no maint, and 99% of time you are outside. Summer rentals are like 30K for a dump.

    There are also a few dumpy motels converted to coops during 1980′s boom out there still cheap.

    These oddball things built out there in the 1960s till around 1988 like trailer parks, condos, coops, old B&Bs that sold cabins in a summer only coop thing are still dirt cheap. Totally illiquid with almost no chance of price appreciation, but if you go there every summer who cares. You are saving like 35k a summer in rent and if you even just lose 10% on the sale, you are way ahead.

    Folks think Hamptons are all glitz, but even East Hampton has a section called Springs

    grim says:
    July 2, 2013 at 7:44 am

    I’d wager a guess and say most of those trailers aren’t worth much of anything at all. But being part of a condo association with beachfront property near the Hamptons? That’s where the $650k comes in, that pays for some dirt close to some water, which is apparently very desirable.

  7. Lobotomized Schabadoo says:

    http://www.philly.com/philly/classifieds/real_estate/Homeowners_spending_cautiously_as_values_surge.html

    Dean Schefrin bought a home at just the right time. He and his then-fiancee purchased their four-bedroom Thousand Oaks, Calif., home last August, catching the rising wave of Southern California home prices. Less than a year later, he estimates his home is worth about 25 percent more than he paid.

    “It is just a really nice feeling,” the 45-year-old said. “It’s sort of peace of mind.”

    The last time housing prices rose this quickly, homeowners rushed to tap their home equity to spend on renovations, cars, vacations, even second homes. The economy soared – until it crashed in a heap of debt. Five years after the financial crisis, a new sobriety among homeowners and lenders has taken hold, tempering economic growth as consumers keep more money in their pockets.

    Schefrin is putting off getting a pool he wants in his backyard until he saves enough cash.
    “It’s going to be based on the work income and not the value of the house,” he said.

    Many other homeowners are feeling the same way, economists say. Historically, surges in home prices have resulted in what economists call a wealth effect – increased spending based on individual perceptions of growing affluence. But the hangover from the housing crash has blunted that phenomenon, economists say.

    Historically, every dollar increase in home prices has generated 8 cents in consumer spending over the following 18 to 24 months, said Mark Zandi, chief economist at Moody’s Analytics. That figure has been cut in half during this recovery, he estimated.

    “They are spending a bit more,” he said. “But it’s nothing like it was pre-bust.”

    The recovery will need to draw on other sources of economic growth, said Amir Sufi, an economist at University of Chicago’s Booth School of Business.
    “My bottom line is that we need to temper our optimism on what a housing recovery can do for the U.S. economy,” Sufi wrote in a recent paper.

    That’s a good thing, in the long term, he said. During the boom, homeowners with low credit scores were much more likely than others to borrow against their home equity, he said. Today, many of those people either can’t qualify for a loan or have lost their home to foreclosure.

    “Any time you rely too much on housing or house price growth for economic growth, it usually ends badly,” Sufi said in an interview.

    The gains in wealth since the economy hit bottom are nonetheless startling. Household wealth rose to a record $70.3 trillion at the end of the first quarter, according to the Federal Reserve, with rising home values accounting for one-fourth of a $3 trillion increase from the prior quarter.

    Last year, 1.7 million homeowners escaped negative equity positions, according to CoreLogic. An additional 850,000 homes entered positive territory in the first quarter of this year.

    The Standard & Poor’s/Case-Shiller 20-city index of home prices rose 2.5 percent in April, the largest monthly growth on record. The data go back to 2000. Compared to the year before, prices were up 12.1 percent.

    That has banks more willing to allow people to tap their homes’ equity. Wells Fargo & Co., the nation’s largest mortgage lender, has seen more demand for home equity products, especially in regions with steep home price increases, said Kelly Kockos, a senior vice president at Wells Fargo.

    But the mind-set has changed. The inquiries are more focused on much-needed home improvements or debt consolidation, Kockos said.

    “It used to be more desire-driven – a fancier car or vacation,” she said. “I think people have learned from the past.”

    Gaby Halcovich endured that painful lesson.

    He borrowed $100,000 against the equity in his Los Angeles home in 2006 to invest in his lighting fixture business. The firm moved to a bigger warehouse, purchased equipment and hired employees, Halcovich said. When the bubble popped, he lost his business and watched his home plummet in value. The property’s value has since risen, and Halcovich and his wife saved money by refinancing. Now, he estimates, they have about $60,000 in equity in the house.

    Does he feel wealthier?

    “Not at all.”

  8. Painhrtz - Disobey! says:

    I’ll know the worm has turned if Robert Kiosaki is back in business and that douche house flipper from Texas starts hawking his methods earnestly. Grim honestly how much of this is people who sat out the last bubble and just feel comfortable buying in now? If so that is going to end at 6% 30 year when all the pant up demand is burned through.

    Everyone repeat after me if the bank owns the note it is not your house!

  9. grim says:

    Grim honestly how much of this is people who sat out the last bubble and just feel comfortable buying in now?

    You are the 1 percent.

    I’m going to go out on a limb here, this is anecdotal but readily apparent to me based on what I’ve seen over the last few years.

    In around 50% of the sales that take place in a given year, the buyers do not know, or do not care, about the state of the housing market. It is irrelevant to them. It’s like going to the grocery store and not buying canned corn because it’s not on sale. Doesn’t make sense, they need the corn. They want or need to move/buy, so they do so, that simple. This is easily half the buyer pool, if not more (I could be convinced to push this up to 60% or higher).

    Of the remaining, 49% they have a vague idea of market conditions, shaped exclusively by media. This is the herd. By the media I do not mean Bloomberg or the Economist, I mean the Star Ledger and Fox 5.

    The last 1% are folks similar to the ones who read this blog, and have a more than pedestrian understanding of the market. You would be making a huge mistake if you think that the average buyer has an understanding of the market that is similar to the average blog reader here.

  10. Juice Box says:

    Speed for the Boomers, this will end well perhaps they will all jump on the Adderall bandwagon?

    http://www.phillymag.com/articles/adderall-adhd-boomers-millennials/

  11. 1987 Condo says:

    #10…I am running a sales demo with help from my 20 years my junior “sales engineer”…not only does he bring Red Bull to the table, but offers up an extra can to the prospect participants. Must be ok, we got the deal.

  12. Juice Box says:

    re # 11 – I say turn all of the boomers in to wack jobs like Lindsay Lohan and our underfunded Social Security program will be solved in under 5 years, Adderall is 75% dextroamphetamine. If the heart attack does not get you the stroke will.

  13. Lobotomized Schabadoo says:

    If I have 20 years left on the planet, and 10 of them healthy, I want to own a home at least one time before I forget how to find it.

  14. Comrade Nom Deplume, Halfwit dumbass says:

    [12] new and improved schabadoo

    Good one!

  15. JJ says:

    I just had to tell my broker I was cheating on him. Sad.

  16. Richard says:

    He asked the cash buyers — a couple from Belgium seeking a place for a daughter who recently graduated college — to meet his asking price of $2.5 million, and offered in exchange to remove the listing from the market immediately. They agreed, and completed the purchase in May.

    WTF

  17. JJ says:

    Manhattan is smoking hot. Two folks I work with traded up coops recently. One bought a three bedroom coop (pretty rare) that needed a bit of work back in Feb. So she waited a few months to list her two bedroom till it was all set up. She ended up getting another 200k on her two bedroom in June then she would have got in Feb.

    Other guy same thing, getting married bought new place that was slightly better than old place, had a few weeks delay and in that time his old place was now worth as much as new place so it was a wash to trade up.

    Long Island City which got some sandy damage between December 2012 and June 2013 huge price jump. If you got in right after sandy your are up 20%.

    Overpriced, overtaxed houses in NJ and LI in non train towns are still a sinking ship. Junky waterfront towns in SI and Queens are still a wreck.

    Oddly the sales prices will be all messed up next year as folks are seeking out aggressively in NYC estate sales and fixer uppers condos and coops paying cash and renovating them and reselling them to folks with a mortgage along with Jersey Shore and Long Beach homes that sold crazy cheap being fully redone or raised now slowly hitting the market.

    Hard to tell is prices are truly rising. Someone buying a trainwreck of a three bedroom coop from a horder or a bungalow in long beach that took on five feet of water and then completely redoing them and putting them back on the market a year later gives case schller the shits as he prices same home transactions and in this case only address is the same. .

    Richard says:
    July 2, 2013 at 10:41 am

    He asked the cash buyers — a couple from Belgium seeking a place for a daughter who recently graduated college — to meet his asking price of $2.5 million, and offered in exchange to remove the listing from the market immediately. They agreed, and completed the purchase in May.

    WTF

  18. grim says:

    Oddly the sales prices will be all messed up next year as folks are seeking out aggressively in NYC estate sales and fixer uppers condos and coops paying cash and renovating them and reselling them to folks with a mortgage along with Jersey Shore and Long Beach homes that sold crazy cheap being fully redone or raised now slowly hitting the market.

    There are ZERO deals on Long Beach Island. What hurricane? Sandy who?

    The big joke is that the “new” vacant lots are priced for perfection too. Huh?

    The old rule of thumb on LBI was that you bought the oldest house you could find. Why? Because if it hadn’t washed away in 110 years, it would probably be OK for a couple more years. New houses? Probably built where the old house was washed away. Sure, past performance is no indicator or future results, but when has living in a place where the ocean can touch the bay ever a good idea?

    If you didn’t get a chance to snatch up a deal cash during the Sandy panic, you are out of luck. Bring your check book, hell, bring two, 6 figures doesn’t buy much down there anymore.

  19. JJ says:

    How long was the sale in LBI? A few weeks. I am sure if you have cash in November/December 2012 you could have got at least 10% off. a non damaged house and a lot more on a damaged house.

    grim says:
    July 2, 2013 at 12:18 pm

    Oddly the sales prices will be all messed up next year as folks are seeking out aggressively in NYC estate sales and fixer uppers condos and coops paying cash and renovating them and reselling them to folks with a mortgage along with Jersey Shore and Long Beach homes that sold crazy cheap being fully redone or raised now slowly hitting the market.

  20. No one will need to own RE in the future world of roving packs of marauders.

  21. Juice Box says:

    No deals down the shore since the pulled the V zones back
    To the shoreline.

  22. chicagofinance says:

    I finally understand why FlabMax is such a demented idiot….
    http://www.nypost.com/r/nypost/2013/07/02/news/web_photos/HugeDamageAward091844–525×350.jpg

  23. JJ says:

    Funny, I bet there are some cases of seller’s remorse. Sold a slightly damaged Shore house that was in the tentative V zone, new seller got it 200K off, plopped 40K in for a quick fix and is sitting pretty.

    The dividing line between have and have nots are insane. The just pick a line in the sand and say no soup for you and soup for you.

    Even the whole concept of jacking up prems on vacation homes is a little crazy in how they did it and grandfathering is too.

    Lets go back to the trailor park condo? You certainly can no longer get a flood policy on a trailer home and if you had one when you sold trailer new owner would not get it. Also vacation home owners are getting jacked. In the case of that trailor park condo, the condo has a master policy that goes uninterrupted till the dawn of time. Since condo has main policy and not owners it is grandfathered forever. Granted any new condo like this can’t pass and there is a three strike you are out rule in flood claims and I guarantee Sandy is their second as that place got slammed in Gloria it still means the cheap policy rolls along.

    Juice Box says:
    July 2, 2013 at 1:11 pm

    No deals down the shore since the pulled the V zones back
    To the shoreline.

  24. Lobotomized Schabadoo says:

    http://bostonherald.com/business/real_estate/2013/06/student_debt_flunking_many_first_time_home_buyers

    WASHINGTON — They’re not yet an endangered species, but their steadily diminishing presence has some real estate analysts worried: First-time buyers are missing in action in housing markets across the country.Traditionally first-timers have accounted for around 40 percent of purchases in the resale market. But in May, according to the National Association of Realtors, they were just 28 percent, down from 29 percent in April and 34 percent a year ago.Big deal? Yes. If predominantly young, first-time purchasers are not entering the home ownership pipeline at anywhere near their traditional rate, at some point the system begins to choke. Owners of modest-priced starter homes find it more difficult to sell and move up. They in turn can’t buy the larger homes they crave, reducing demand for houses in the more expensive categories. A shortage of first-time buyers at the intake level eventually triggers problems all the way up.

    Where are these previously dependable first-time homebuyers in their late 20s and early 30s? A new national study released last week offers important clues: A lot of them are carrying such heavy debts from student loans that they’re postponing buying houses.Researchers for the One Wisconsin Institute found that the rate of homeownership among individuals who are paying off student loans is 36 percent lower than their peers who have no student debt. The disparity can be seen at all income levels. Among individuals who earn $50,000 to $75,000 a year, those who are still paying down student loans have a 28 percent lower rate of home ownership compared with others in the same income group.Bulging student-loan balances aren’t short term issues, either. The institute’s study found that the average payoff time is 21 years, ranging from 17 years for those who attended college but did not get a degree to 23 years for those with graduate degrees.Worse yet, student loans are exhibiting high default rates — currently about
13.4 percent. That depresses credit scores and makes it more difficult to qualify for a mortgage under today’s toughened underwriting standards, where average FICO scores for buyers using conventional mortgages top 760.Even financial regulators are now acknowledging the troubling linkage between student-debt loads and declining home purchases.Total outstanding student debt now exceeds $1.1 trillion. Debt loads for recent graduates average just under $27,000, but an estimated 13 percent of outstanding balances range from $54,000 to $100,000.Student debt troubles are hardly the only barrier keeping first timers out of the market, however. Stan Humphries, chief economist for Zillow, the online real estate site, says there are three additional important reasons behind the trend:
    High down payment requirements for conventional loans — averaging just below 20 percent. The Federal Housing Administration’s lower down payment options are attractive, but recent premium hikes can make FHA loans more expensive than competing conventional mortgages.
    Persistent negative 
equity problems among the owners and potential sellers of the lower-priced start-up homes that first-time buyers traditionally could afford are keeping those properties off the market because owners don’t want to take a loss at settlement. Roughly 43 percent of owners in the 35 to 39 age bracket are still underwater on their mortgages — nearly double the rate for homeowners overall.
    Cash-rich investor competition. For those affordable homes that do come on the market, first-time buyers frequently are losing out to investors who can pay hard cash.Problems like these aren’t likely to go away anytime soon, Humphries believes, but they could improve gradually. Financing terms could loosen up as interest rates rise and lenders are forced to reach out to purchasers — including first timers — with more favorable deals. Similarly, as home prices rise, investors are likely to cut back on their purchases of starter homes they turn into rentals, thereby opening new doors for first-time buyers.

  25. JJ says:

    It is not a new thing cash buyers edging out young couples. When we sold my Moms house 9 years ago only one nice young couple showed up and bidded, they loved house and all its original features. Even lived nearby and drove by it even before it was on sale and liked it.

    Anyhow one sibling wanted it to go to a nice family. So we said the couple could have it as long as it was within 5k of flipper offer. Even though I did not really care.

    So couples final bid was 50K less than highest bid, contingent upon a mortgage contingent upon and inspection vs. a 50K higher bid non-contingent upon anything. Goodbye kids.

    When you watch auction shows etc they always show up with cash, cash on barrel, nice crisp brand new bills. People are irrational. They like cash.

    A lot of people have student loans. Part that amazes me is people with high loans marry folks with high loans. Years ago that would never happen.

  26. chicagofinance says:

    Fab Max Investment Service….
    Former N.J. Broker Sentenced To 15 Years For Client Fraud

    July 2, 2013 • FA Staff

    A former New Jersey broker has been sentenced to 15 years in prison for using $9.8 million in his elderly clients’ savings to pay for his mortgage, home renovations and vacations to France.

    Maxwell B. Smith III, 73, of Fair Haven, N.J., was sentenced yesterday in state Superior Court in Trenton, N.J., after he pleaded guilty to first-degree money laundering, New Jersey Acting Attorney General John J. Hoffman announced.

    Smith operated a Ponzi scheme for 17 years, victimizing a dozen elderly clients through several bank accounts he controlled, Hoffman said.

    Clients thought they were giving Smith money to invest in health-care facilities, but he instead used the money to pay for his personal expenses, including yearly trips to Gordes, France, for several weeks each summer, according to the attorney general. Smith described the fictitious investments as safe and free from federal income tax, and he promised semi-annual interest payments of 7.5 percent to 9 percent.

    Smith began marketing the fraudulent investments in 1992 and continued the scheme through 2009 as a registered representative at various brokerage firms, according to the attorney general’s office.

    In June, Smith was sentenced to seven years in prison after pleading guilty in U.S. District Court to federal mail fraud charges stemming from the fraud. He will serve both sentences concurrently.

    Smith must pay restitution to his victims of $7,847,823, which represents the amount taken from investors minus what he returned to clients as fake interest payments.

    Smith also entered into an administrative consent order with the New Jersey Bureau of Securities that permanently bars him from working in the securities industry in the state.

    Smith marketed investments he called “Health Care Financial Partnership Direct Municipal Loans.” He told clients that his firm, Health Care Financial, made investments involving the financing and refinancing of health care facilities, such as nursing homes and continuing care retirement centers for the elderly.

  27. JSMC says:

    #26
    Where are these previously dependable first-time homebuyers in their late 20s and early 30s?

    If they didn’t get an inheritance or their parents didn’t gift them the down payment, they are saving up for it. Of course, student loans and a ‘meh’ economy are going to impact it. Once this “recovery fervor” slows down as summer ends, realtors will be patting themselves on the back for a good season, prep for next spring, only to discover that the “recovery” was just 5 years of pent up buyers, who are all in their new homes. Next spring, people will put their houses up thinking that the recovery is back, only to find no one is looking, because no one on the starter home scale can afford to buy.

    I can say this with 100% certainty, b/c I am living it right now (and I’m better off than a lot of other people my age). Only friends I know of who bought houses got inheritance or their parent’s had 50k+ put aside just for this purpose. I’m still scrounging.

  28. xolepa says:

    (27) Case in point: My daughter’s college raised the overall cost of yearly schooling to $61k. The president even write letter stating the increase was so low…blah, blah, blah. You got to be kidding me. The problem is a significant proportion of students get a free/almost free ride. The rich pay the full bill. Athletes (cough, cough) get some special dispensation. No in-betweens. Plenty of the Darien Ct/Far-Hills NJ crowd. If they did away with all the freebies you good go to school there for around $25k. Average award is over $30k.

    Such a numbers game and its again a total redistribution based upon wealth.

  29. JJ says:

    If you daughter’s marry while in college they are independent and eligible for full financial aid. They can divorce Senior year.

    This move will save the boy also 61K a year, I would say find a Dad and offer him a deal, you should get a dowry as you are the girls Dad of at least 100k as you are saving other Dad 244k. Have your daughter repeat this for next 20 years with multiple young men. This could be a great income stream.

    xolepa says:
    July 2, 2013 at 4:36 pm

    (27) Case in point: My daughter’s college raised the overall cost of yearly schooling to $61k. The president even write letter stating the increase was so low…blah, blah, blah. You got to be kidding me. The problem is a significant proportion of students get a free/almost free ride. The rich pay the full bill. Athletes (cough, cough) get some special dispensation. No in-betweens. Plenty of the Darien Ct/Far-Hills NJ crowd. If they did away with all the freebies you good go to school there for around $25k. Average award is over $30k.

    Such a numbers game and its again a total redistribution based upon wealth

  30. chicagofinance says:

    No…..the administrators are too many and overpaid….the facilities are gilded with 24K gold….the students are needlessly pampered…..lots of bureaucratic waste….but why not, there is no cost controls….

    xolepa says:

    July 2, 2013 at 4:36 pm

    (27) Case in point: My daughter’s college raised the overall cost of yearly schooling to $61k. The president even write letter stating the increase was so low…blah, blah, blah. You got to be kidding me. The problem is a significant proportion of students get a free/almost free ride. The rich pay the full bill. Athletes (cough, cough) get some special dispensation. No in-betweens. Plenty of the Darien Ct/Far-Hills NJ crowd. If they did away with all the freebies you good go to school there for around $25k. Average award is over $30k.

    Such a numbers game and its again a total redistribution based upon wealth.

  31. Juice Box says:

    Massive storm here in Middletown.

  32. Anon E. Moose says:

    Nom [35];

    Rule of law? What’s that?

    What a banana republic we’ve descended to.

  33. Brian says:

    Grim, FYI……

    LG supporters looking for Gov. Christie’s help in fight over high-rise HQ on the Palisades

    http://www.nj.com/bergen/index.ssf/2013/07/lg_supporters_looking_for_gov_christies_help_in_fight_over_high-rise_hq_on_the_palisades.html

  34. Comrade Nom Deplume, Halfwit dumbass says:

    [35] redux

    “I do solemnly swear that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States, if I feel like it.”

    Hey, we’ve reinterpreted so much, why not Article 2?

  35. Comrade Nom Deplume, Halfwit dumbass says:

    From CNN:

    ” . . . Many allies of Obama, including major labor unions, did not immediately weigh in on the delay. A spokesman for Senate Majority Leader Harry Reid said in response to the decision, “Flexibility is a good thing.”

    “Both the administration and Senate Democrats have shown – and continue to show – a willingness to be flexible and work with all interested parties to make sure that implementation of the Affordable Care Act is as beneficial as possible to all involved. It is better to do this right than fast,” Adam Jentleson continued.

    Yet even some Democrats have voiced concern about the roll-out of the health law – Sen. Max Baucus, a key Democrat who helped craft the legislation, expressed serious anxiety in April about its implementation.

    “The administration’s public information campaign on the benefits of the Affordable Care Act deserves a failing grade. You need to fix this,” Baucus told Health and Human Services Secretary Kathleen Sebelius at a hearing.

    “I just see a huge train wreck coming down,” he added later.”

  36. has been a holiday season treasure for the purpose of our niece.pretty much all i had produced has been the woman’s cheap firefall gold measurements.are considered a fabulous ideal compliment.this girl was in fact pretty energized.