Living Downtown

From the Record:

Bergen County’s suburbs embrace a touch of the city 

Robert Weiner, co-owner of the Bruce the Bed King mattress and furniture store on Hackensack’s Main Street, last week took his 96-year-old father to see a first in the 60 years since his family opened its store — a 222-unit apartment building rising on State Street, a block from downtown.

That project and two others that will put an additional 700 apartments on Main Street are the result of zoning revisions that Hackensack put in place two years ago and the first signs of a policy shift that could produce the biggest transformation of North Jersey’s downtowns since the arrival of the malls pulled shoppers away from town centers in the 1960s and 1970s.

A growing number of North Jersey municipalities, like Hackensack, believe that adding rental apartments in their downtowns is the key to revitalizing their Main Streets. Not everyone, though, is convinced that downtowns and residential apartments are a perfect fit.

North Jersey, and particularly Bergen County, was an example of suburban prosperity in the latter part of the 20th century, typified by single-family homes and shopping centers along highways. But now North Jersey’s suburbs are responding to a 21st-century sensibility of millennials — those between the ages of 18 and 33 — who want to live in urban environments such as Hoboken or Brooklyn, as well as aging suburbanites who want to downsize without leaving their hometowns.

Demand for rental apartments, especially near train stations, is driving the change. “People want to live in places where they have that downtown, where they can live close to things that they’re going to eat and things that they’re going to buy, and the market is following,” said Maggie Peters, director of the Bergen County Economic Development Corp. Developers, she said, have known this already “and now municipalities are starting to react.”

James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy, and co-author of “New Jersey’s Postsuburban Economy,” which includes those findings, said North Jersey’s downtowns in a sense are getting back to their roots by adding residential.

“In the very early downtowns, in the early part of the 20th century, the second and third floor above the retail normally was some kind of residential,” he said “That lost favor after World War II. They were converted to offices or left vacant.”

“Now,” Hughes said, “most planners would have no disagreement that it’s a good thing, because a lot of the retailing that takes place in those downtowns is local population oriented” — restaurants, dry cleaners and stores that draw from residents in the immediate area.

“To keep the retail happy, you grow the buying power by adding residential downtown,” Hughes said.

New Jersey towns such as New Brunswick, Rahway and Morristown have brought new residential units into their downtowns and seen stores and restaurants follow.

“There’s been a big movement toward developing downtowns and people moving back into downtowns, and it’s not something that’s happened just in North Jersey or just recently,” said Francis Reiner, Hackensack’s redevelopment consultant, and a senior urban designer at Hasbrouck Heights architectural firm DMR.

Since the 1970s, most North Jersey municipalities have restricted their downtowns to commercial uses. Now, municipalities as varied as Hackensack, Bergen County’s largest city, with a diverse population of 43,000 and a 39-block downtown that used to be the county’s shopping hub, to Ridgewood, a village of 25,000 with a downtown that strives to maintain a small-town feel, are rethinking their zoning.

This entry was posted in Demographics, Economics, New Development, New Jersey Real Estate. Bookmark the permalink.

84 Responses to Living Downtown

  1. Mike says:

    Good Morning New Jersey

  2. Liquor Luge says:

    Driving like a fool out to Hackensack
    Drinking his dinner from a paper sack
    He says I gotta see a joker
    And I’ll be right back

    Steely Dan

  3. grim says:

    Is that all you get for your money?

  4. Comrade Nom Deplume, at Peace With The Trolls says:

    mama, if that’s moving up, then I’m moving out.

  5. grim says:

    Need some real Jersey lyrics on this dark and dingy November morning…

    Been with Guidos from Clifton
    Preppies from Princeton
    Rich kids from Ridgewood
    Real hoods from Linden
    They court me in Fort Lee
    They rock me in Moonachie
    They like their shortys portly Plus sized busts and stocky
    Big bonin in Bayonne In parking lots after dark
    Park Ridge, Glen Ridge, Englewood Cliffs and Cliffside Park
    I’m mammoth in Monmouth Tom’s River and Montclair
    The goomah of Dumont ooh god they love me there
    Players of Passaic I drive’m all bananas
    goo goo g’joob I am the Walnuts Paulie in Paramus
    I do work in Newark Their Camden fantasy
    They like to keep the lights off When they Wyckoff to me
    Sweet talkin’ in Weehawken Kissin’ in Parsippany
    I’m representin Trenton From now until infinity

  6. anon (the good one) says:

    I said this a month ago

    @njdotcom: Tom Coughlin should retire and leave the Giants on his terms

  7. Comrade Nom Deplume, at Peace With The Trolls says:

    Clot, where are you? anon’s served up a softball. Meat on the table, buddy.

  8. jj says:

    To Quote Tom Couglin “it is hard to throw five interception and win the game”.

    The Manning Brothers threw 7 interceptions yesterday.

    anon (the good one) says:

    November 17, 2014 at 7:54 am

    I said this a month ago

    @njdotcom: Tom Coughlin should retire and leave the Giants on his terms

  9. jj says:

    Giants/Cowboys game coming up will have an OCEAN of COWBOY fans at the game just like the Jets/Steelers game.

    The Giants/Redskins game ticket prices are tanking big time.

    Giant fans now you know what it is like to be a Jet fan when Season is over before you sit down for Thanksgiving each year.

  10. Comrade Nom Deplume, at Peace With The Trolls says:

    [9] JJ

    An ocean of Cowboys fans went to see Jets/Steelers?

    FWIW, I thought the Jets looked good yesterday.

  11. chicagofinance says:

    The End Is Nigh (Gangnam Style Edition):

    It really kicks in with the chorus at 0:58.
    http://www.youtube.com/watch?v=mxzgwJ8tSE0

  12. jj says:

    Sanchez sure played like a Jet yesterday.

    Comrade Nom Deplume, at Peace With The Trolls says:

    November 17, 2014 at 8:51 am

    [9] JJ

    An ocean of Cowboys fans went to see Jets/Steelers?

    FWIW, I thought the Jets looked good yesterday.

  13. chicagofinance says:

    The Eagles will get used to the Sanchez Pick-6……Julius Peppers the latest recipient…..

  14. jj says:

    When he is unemployed NY Lotto will use in for their Pick 6 commericals.

    chicagofinance says:

    November 17, 2014 at 9:38 am

    The Eagles will get used to the Sanchez Pick-6……Julius Peppers the latest recipient…..

  15. Comrade Nom Deplume, at Peace With The Trolls says:

    HAL and BHI announce merger.

    Expert on CNBC says no antitrust issues. I disagree; I think that this one is gonna get @nal probing by the DoJ. The only reason the feds won’t go hard on them is that any units they sell will be sold to foreign companies, and by letting them merge, they are less likely to be acquired by a foreign suitor.

  16. Comrade Nom Deplume, at Peace With The Trolls says:

    Japan slips into recession after Japan hikes taxes.

    In other news, anon’s, fabian’s and ottoman’s heads explode because they were raised to believe that tax hikes help economies grow.

  17. Anon E. Moose says:

    I liked it when I got my soccer talk here with a side of real estate. :-D

    And JJ for spice. Speaking of, how about Qatar’s dress code for the 2022 WC? Second from the right: No muffin tops. http://www.vox.com/2014/5/25/5750034/qatar-hands-out-fliers-with-national-dress-code-for-foreigners

  18. Comrade Nom Deplume, at Peace With The Trolls says:

    [17] moose

    Thank god for that. I remember being at NYU and seeing muffin tops everywhere. I never saw so many Glamour Don’ts in my life.

  19. Libturd in Union says:

    Speaking of soccer talk. Gator Jr.’s u10 flight one team finished in 4th after losing to Elizabeth 2-0. Our c0ach got thrown out arguing a call. Pretty immature if you ask me, but what do you expect from a Paterson cop?

    Gator Jr.’s D flight Glen Ridge team (admittedly in too easy of a table) won their table handily without a loss and one draw. In 5 seasons of soccer, they have a combined 3 losses. Hopefully they get moved up to B flight, but Northern Counties gives them little respect. We’ll see. They could use the humility.

    In hockey, the kid is lined up to make A team during his second year of squirt hockey, though he pinches too much on defense and give up to easily when someone steals the puck from him.

    I know the other kids will eventually catch up, but it’s nice to see how much he is valued at least in the short term.

  20. Ragnar says:

    Comrade,
    To be fair, lefties like steep income taxes, while Japan hiked sales taxes. I cannot think of anyone who thought Japan needed higher sales taxes. Dump money from helicopters then vacuum it back at the store. Japan needs a US general running their country again, apparently.

  21. Michael says:

    Oil prices firmly below $80 a barrel are rattling nerves within the Organization of the Petroleum Exporting Countries (OPEC) and calls are mounting for concrete action at the group’s crucial next meeting this month.

    Over the weekend oil-producing countries Kuwait and Iran raised concerns about oil’s worrying lows and what OPEC should be doing to help protect its members’ economies.

    http://finance.yahoo.com/news/cracks-widen-opec-oil-prices-102211719.html

  22. Michael says:

    Brent crude fell by more than $1 towards $78 a barrel on Monday after Japan, the world’s fourth-biggest crude importer, slipped into recession and as Saudi Arabia reiterated the oil price should be left to supply and demand.

    The market is waiting to see whether the Organization of Petroleum Exporting Countries will cut production at its meeting at the end of November. The Atlantic Basin is still awash with unsold barrels partly due to the continued growth in U.S. shale oil production, whilst demand growth remains weak.

    Brent crude was down 91 cents to $78.50 a barrel in mid-morning trade. The contract for January delivery closed $1.92 higher on Friday.

    U.S. crude for December delivery was 71 cents lower at $75.11 a barrel, after settling $1.61 higher on Friday.

    http://www.cnbc.com/id/102189175?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102190295

  23. Libturd in Union says:

    OPEC nations never cuts production. Though they like to make believe they do.

  24. Michael says:

    Lower gas prices might help create demand, but these idiots are going to ruin it by getting the cartel to screw with the supply and demand cycle. It’s ok for them to price gouge, but they won’t take a loss when the economy needs it and the cycle dictates it. F them.

  25. Michael says:

    “It will be interesting to see if they actually cut… Venezuela is the loudest when it comes to seeking a cut – but they of course want others to cut – they (because of their pure ineptitude) have seen lower production levels for years. In the end, even if they cut, won’t make much difference as the USA and Canada will just produce more. The one thing that OPEC miscalculated significantly was the break even price point for US shale oil and Canadian tar sands… it is actually much lower then previously discussed and much below what OPEC nations need to meet their budgets… so it’s a lose lose for OPEC… YES! and about time! Hit them in the “ba***” and hit them hard as they loved doing that to us for decades. What goes around comes around.”

  26. Michael says:

    “The realities of a diversified energy market are starting to catch up – major industrialized nations have been moving into the hybrid market for years, people drive less, electric vehicles are starting to make inroads, and oil production in countries affected by war (Libya and Iraq) have been rising over the past few months. I would not be surprised if the drop is also construed to put pressure on Russia to stop playing dirty in eastern Europe. Supply and demand is all it is … supply and demand.”

  27. Michael says:

    Very interesting thought.

    “Oil prices caused the entire global Recessions that was delivered to every nation in 2006, 2008. Oil prices peaked at $147.00 and every nation went reeling into recessions and depressions. Today those OPEC nations are having to spend back the money they stolen from us into food prices are inflated because oil prices caused every nation food and living prices to increase. Many more nations will fall economically if Oil prices stays up for too much longer. Oil prices are still too high for nations to recover. Many nations are heading into deflationary situations which will further aggravate nations recoveries.”

  28. Michael says:

    “Keystone doesn’t make the Americans any money. Canada and Oil Companies make the money, average people get nothing. Also all the oil that goes through the pipeline is to be sold on the global market. Another thing is that oil won’t be consider domestic oil which should be a red flag for anyone in the US”

  29. 1987 Condo says:

    #29..good ole Brad!

  30. A Home Buyer says:

    I know Ebola is so ten minutes ago, but perhaps Quarantines are not a bad idea when false negative tests are possible even while in the early stages of symptoms.

    http://www.usatoday.com/story/news/nation/2014/11/17/ebola-death-martin-salia/19162043/

    Tim Shenk, spokesman for Doctors Without Borders, said “false negative” test results are possible in the first days of symptoms when the viral load is relatively low. Salia was retested Nov. 10; that test was positive.

  31. 1987 Condo says:

    #31…I am sure that nurse would have that false positive covered…seemed she knew everything….

  32. Michael says:

    Nom, thanks for the laugh. This is too funny.

    “If we thought of farming like we do global finance: Joe and Ronald each own a cow. Instead of milking the cows and selling dairy, they use each other’s cow as collateral for a structured note sold to an Icelandic pension fund, use the funds to buy credit default swaps on their neighbor’s farm, start a rumor that causes a run on its assets and sends the farm into bankruptcy, collect the payout, funnel the proceeds through a Luxembourg shell company, and sell hypothetical milk futures to a widow in Arizona. The cows just stand in a field and moo. Joe and Ronald make $34.9 million a year.”

  33. Toxic Crayons says:

    US Refineries on the gulf coast would make money no?

    Michael says:
    November 17, 2014 at 11:34 am
    “Keystone doesn’t make the Americans any money. Canada and Oil Companies make the money, average people get nothing. Also all the oil that goes through the pipeline is to be sold on the global market. Another thing is that oil won’t be consider domestic oil which should be a red flag for anyone in the US”

  34. daddyo says:

    Speaking of soccer talk.
    ———
    Flighting is brutal for the younger teams. Given how much impact an individual can have on a game at a U12 and under level, you can see why the powers that be have so much trouble getting flights right.

    My older sons U11 team made it to the fourth round of state cup, is winning their MAPS games by more than 5 goals regularly, and somehow they manage to struggle against some really soft teams in MidNJYS.

  35. Toxic Crayons says:

    The State Department said in a Jan. 31 report that the 1,179-mile project would not significantly boost carbon emissions because the oil was likely to find its way to market by other means. It added that transporting it by rail or truck would cause greater environmental problems than if the pipeline were built.

    The debate in Congress is centered on the pipeline’s proposed northern leg, which would run from Alberta, Canada, through Montana and South Dakota to Nebraska, where it would connect with existing pipelines to carry more than 800,000 barrels of crude oil a day.

    The Gulf Coast segment of the project began carrying oil earlier this year from the northern Oklahoma town of Cushing. A study commissioned by the Consumer Energy Alliance shows the Gulf Coast project, which began in 2012 and became operational in January, pumped $2.1 billion into Oklahoma’s economy, including more than $1 billion in wages and $72 million in total taxes.

  36. Libturd in Union says:

    I don’t think my son has the time to play MAPS. Not with hockey. Nor do I want to spend that kind of cash. Plus, he has no ball skills. He is pure muscle and speed. He’s got an extremely hard shot for his age which is why he does so well. He would never pass a tryout. We’ve tried. The kid just doesn’t have magnet feet. But he can kick the ball ahead into open space and outrun everyone.

  37. Libturd in Union says:

    The pipeline is a no-brainer. Unfortunately, so are our lobbyist dollar sucking Democrats who oppose it. Fcuk what’s best for the people! Meanwhile, six years later, Gitmo is still open.

  38. Libturd in Union says:

    I forgot. Baa. Baa.

  39. Libturd in Union says:

    JFK could put a man on the moon, yet Obama can’t close a prison in Cuba. IN COMMUNIST CUBA!

  40. Libturd in Union says:

    Oh yeah, go ACA.

    http://finance.yahoo.com/echarts?s=UNH#{%22range%22%3A%222y%22%2C%22scale%22%3A%22linear%22}

  41. Michael says:

    36- I’m not for or against it. But you can’t be naive to think many little people won’t be screwed by this. Like everyone else would say, it’s not in my backyard, what do I care. That’s the only way to get people to care about the environment, when they have a foot in the game. So have every town create some space for a garbage dump. Make sure every town has a pipeline going through it…..why transport by rail or truck, just pipe it to every town. Make it illegal to bottle water. Force everyone to drink tap water. This would change many people’s view of the environment.

  42. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    [37] libturd

    “But he can kick the ball ahead into open space and outrun everyone.”

    That only gets him so far. We ran into that wall. But gator jr. does have a cannon for a leg as I can attest.

    [33] michael

    Yeah, I liked that one too.

  43. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    Graphic of the Day:

    http://www.zillow.com/ferguson-mo/

    What’s that about becoming Detroit? Yikes!

  44. Libturd in Union says:

    I’m still thinking field goal kicker or punter is our safest route to the college discount. We’ll see. What the heck do I know about teaching him to kick the long ball?

  45. Libturd in Union says:

    Nom,

    Wow. You could loot more than your home was worth?

  46. jj says:

    Guy with one hand and half a foot set NFL field goal record. True story

    Libturd in Union says:

    November 17, 2014 at 1:38 pm

    I’m still thinking field goal kicker or punter is our safest route to the college discount. We’ll see. What the heck do I know about teaching him to kick the long ball?

  47. Libturd in Union says:

    I always felt that half a foot thing was unfair. It’s got to be much easier to kick a bill when the front of your foot resembles the end of a 2 x 4 than when you have to kick it with five ugly toes.

  48. Liquor Luge says:

    Stu (37)-

    Your kid has maybe 1-2 years left in real soccer. Might as well go all-in on the hockey. Gotta have some feet by the time U11 rolls around, or it’s town team at best.

  49. Liquor Luge says:

    Woops moderated

  50. Libturd in Union says:

    “Your kid has maybe 1-2 years left in real soccer. Might as well go all-in on the hockey. Gotta have some feet by the time U11 rolls around, or it’s town team at best”

    He is actually spending half of his time in goal where his goal kick is a major asset. The other half he plays striker since he has no ball skills but still manages to score a lot of goals. Honestly, he does whatever the heck he wants to. I’d personally be upset if he gave up hockey for soccer, but that’s his decision to make, not mine. Right now, hockey is first in his pecking order. I hope it stays this way. Our last born gets on the ice in January so it all starts over again.

  51. Ron Jermany says:

    51: Lib,

    Ah, yes, back on the parental treadmill. Enjoy it while it lasts, however long it lasts.

  52. jj says:

    Hockey actually scares me. I like to keep my blood inside my own body.

  53. Xolepa says:

    (51) Same here. Those years went fast. Sports, especially high school varsity never hurts in finding an easier gateway to a better college. Jeez, they’re just about to give scholarships for Div 1 Horseshoe throwing. Title IX requirement, of course.

  54. Michael says:

    LONDON (AP) — The global economy’s problems seem to be multiplying.

    Hours after the leaders of the world’s 20 most developed economies sought to boost confidence by promising to increase global output by $2 trillion over five years, Japan said it had fallen into recession.

    That leaves the country — the world’s third-largest economy — on a long and growing list of troubled economies. China is slowing as well, and Europe can’t seem to take off.

    Among major economies, only the United States and Britain are growing at decent rates, and how long that lasts depends on how much trouble their trading partners are in.

    British Prime Minister David Cameron warned in an opinion piece in the Guardian newspaper on Monday that the “red warning lights are flashing” for the world economy.

    Here’s a look at the problems in key economies.

    http://finance.yahoo.com/news/red-warning-lights-flashing-global-174528105.html

  55. chicagofinance says:

    New England Journal of Medicine (jj Edition):

    O, come on! Woman suffers 90 0rgasms an hour
    By David K. Li

    Sometimes there really can be too much of a good thing.

    An Arizona woman says she suffers from Persistent Gen!ital Arousal Disorder, a rare condition that renders her s3xually stimulated for hours at a time — and makes her constantly have 0rgasms.

    “It is ruining my life, because it messes with your head,” said stay-at-home mom Cara Anaya, 30. “Your body is running on a high, on an up and down, so it really affects your moods.”

    She also said it makes it difficult to look for work.

    “You can’t say to your future boss, ‘I may not be able to come in today because I suffer from 0rgasms,’ he would think you were making it up,” Anaya told Barcroft Media. “But it isn’t just the embarrassment — it’s needing a change of clothes, it’s that moment if you have a bad one and your knees give way and you hurt yourself.”

    When Anaya feels an 0rgasm coming on, she says, the best she can do is keep a straight face and breathe through it: “It will build and build and build inside me and it’s overwhelming. It makes me giggle because of the momentary high and outwardly I look OK, but inwardly it’s a torture.”

    On bad days, she can have more than 180 0rgasms in two hours. Unsurprisingly, she’s constantly fatigued.

  56. jj says:

    I dated Cara Anaya around ten years ago and usually they wear off by now.

  57. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    [57] JJ

    They did. I dated her 8 years ago, so they came back

  58. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
  59. chicagofinance says:

    Back to real estate…..

    An Australian grandma was left “humiliated” after a real estate agent’s drone snapped her sunbathing t0pless in her own backyard — and the image was then plastered across a billboard.

    Mandy Lingard, 50, was reportedly stunned to see the saucy snap of her lying face down in just a G-string splashed on an advertisement for her neighbor’s property.

    The mom-of-three said she remembered hearing the drone buzzing high above her Mt Martha home, south-east of Melbourne, several weeks ago, reports Perth Now.

    But she claimed she was left “shocked” when she walked out of her front door and saw her naked body on the hoarding.

    “You could see it’s our backyard and quite clearly it was me,” Lingard told Perth Now.

    “It’s in the real estate magazine, it’s on the internet and on the board and I’m really embarrassed. My son has noticed it and he’s embarrassed his mom is there,” she added.

    Eview real estate agency boss Steve Walsh said he “hadn’t realized” that Lingard was featured in the shot, and took down the advertisement on Monday.

    But he defended the use of drone photography to promote the properties he is selling.

    “It’s something that Google does and people use that every day,” he told the Herald Sun.

    “It’s quick, cost effective and captures a range of images that showcase the property at its best,” he added.

  60. Ragnar says:

    The images associated with Cara Anaya and Mandy Lingard are real turn-offs.
    Good thing Anaya can reach climax without a guy around because I don’t think I could keep it up near her. Maybe JJ has lower standards. Would be really embarrassing for a guy if he couldn’t even get her to climax once, then leave the room and suddenly there she goes again.

  61. jj says:

    After ten years straight of coming 90 times a day you look pretty horrific your self.

    Ragnar says:

    November 17, 2014 at 3:59 pm

    The images associated with Cara Anaya and Mandy Lingard are real turn-offs.
    Good thing Anaya can reach climax without a guy around because I don’t think I could keep it up near her. Maybe JJ has lower standards. Would be really embarrassing for a guy if he couldn’t even get her to climax once, then leave the room and suddenly there she goes again.

  62. The Original NJ ExPat says:

    Did anybody read in between the lines here? That’s 8 years living in your house with no payments.

    “The loans that are seriously delinquent are primarily loans that were made prior to the downturn: 74 percent of them were originated in 2007 or earlier.

  63. The Original NJ ExPat says:

    I think I just had an epiphany. Don’t a lot of bankers live in NJ and own homes? Short term solution to the banker’s problem: Don’t foreclose in any nice, or adjacent-to-nice, towns. Keeps the prices up for a while. Besides, you’ll have advance notice when the hammer is coming down, so you can still be first to the exits before the fire consumes the Michael types who live close to nice towns.

  64. grim says:

    64 – So figure the average PITI is $4000 in a haughty town, 8 years, 96 months, $384,000 banked. Damn it must feel good to be a gangster.

  65. The Original NJ ExPat says:

    [57] & [58] Nom & JJ – don’t blame yourselves. I think Anaya accidentally brushed up against me on the 7 train, August 1996. Summer dresses, lightweight Summer suits; accidents happen.

  66. Comrade Nom Deplume, Guardian of the Realm says:

    [66] expat

    You kno, I think your drycleaner can get that accident out of your suit pants.

  67. grim says:

    Err … bankster?

  68. The Original NJ ExPat says:

    [67] Nom – You’re right, she certainly can. She has a different nickname for it though, but I get your euphemism; she’s left laying on the floor as if she’s just suffered some sort of trauma, tape measure still in hand.

    [66] expat

    You kno, I think your drycleaner can get that accident out of your suit pants.

  69. The Original NJ ExPat says:

    [68] grim – I wasn’t even thinking about BoA, Chase, etc. employees not making their own payments. I was just thinking that if you own a home in a BC haughty town, doesn’t it do nothing but help you personally if no foreclosures occur in your town? Maybe even certain favors are granted you as a quid pro quo from the others that are banking their PITI?

    Err … bankster?

  70. The Original NJ ExPat says:

    Or…carry it a step further. Maybe, as gary would testify, your neighbors are making their payments, some underwater, some not. Doesn’t it help you also if lower tier towns around you are not being foreclosed on. Maybe that works better still? Values drop in the marginal town because everybody knows that their are ton of delinquencies with no foreclosures, yet it makes a nice little hardly changing barrier around your haughty town, right?

  71. Grim says:

    30yr can chime in, but it would be the servicers that have the control, not wall st bankers. Those guys just sell the shit, they don’t have anything to do with polishing the turd afterwards.

  72. The Original NJ ExPat says:

    Exactly. Chase, BofA, etc. Remember, servicers only make the first 3 months worth of delinquent payments, after that it is losses to the holders of the debt (even as the servicers are supposed to be trying to cure the loans). In the old days the servicers always made out, but so did the holders of the debt as the home occupiers used to have 20% skin in the game and it was their equity that got divvied between the servicers and the loan holders. Now there is no occupier’s equity to divide and if you come down on all of the delinquencies simultaneously you crash the local market. My premise is that they are choosing which markets to crash, and it isn’t NNJ…yet.

    30yr can chime in, but it would be the servicers that have the control, not wall st bankers. Those guys just sell the shit, they don’t have anything to do with polishing the turd afterwards.

  73. The Original NJ ExPat says:

    And, also in the old days, the servicers got their three months of payments to the loan holders back through fees and attorneys costs in the foreclosure process. The loan holders got their principal back plus whatever equity was left after the servicers took their fees from the occupier’s equity. The loan holders often let the servicers rack up the fees because in the grand scheme of things they still got their principal and unpaid interest back plus some of the occupier equity, so they were fine with it. Since the bubble pop the loan holders are not too fine with the servicers fees because it now cuts into their principal, which is why the loan holders are not green-lighting a flood of REO coming onto their books. Plus they have to REALIZE the loss at this point.

  74. chicagofinance says:

    Information Age

    What a Tangled Web Obama Weaves

    Al Gore didn’t invent the Internet, but Bill Clinton deserves credit for the most important Internet policy: a bipartisan consensus reached during his administration in the mid-1990s to keep the Internet free of regulation. The Web would be permissionless, so that innovators could start sites and other digital offerings without waiting for regulatory approval.

    In a surprise speech last week, President Obama demanded the end of the unregulated Internet, ratcheting up his campaign to subject the Internet to century-old regulations written to micromanage public utilities. Mr. Obama pressured the Federal Communications Commission to reclassify the Internet under Title II of the Communications Act of 1934, which was based on railroad regulations from the 1880s and used to oversee AT&T when it was a telephone monopoly. Regulators set prices, terms and conditions and must approve new products.

    Mr. Obama says Internet service providers will “limit your access to a website” without Title II oversight. Pro-regulation lobbyists have made this argument from the beginning of the Web—and every year are proven more wrong. The Internet boomed precisely because it wasn’t regulated. In 1999 the FCC published a paper titled “The FCC and the Unregulation of the Internet.” The study contrasted the dramatic growth of the open Internet with that of the sluggish industries subject to Title II’s more than 1,000 regulations.

    Amazing as it seems, under these regulations federal bureaucrats in the 1970s decided whether AT&T could move beyond standard black telephones to offer Princess phones in pink, blue and white. A Title II Internet would give regulators similar authority to approve, prioritize and set “just and reasonable” prices for broadband, the lifeblood of the Internet.

    When Apple first offered Internet access on the iPhone, Steve Jobs didn’t have to ask regulators for permission. Instead of network operators prioritizing traffic based on technical optimization, as they do today, under Title II regulators would prioritize streaming video from Netflix , p0rnographers or church services. Title II would invalidate “nonneutral” practices such as T-Mobile offering mobile phones with free music. Surgeons operating remotely via robotic systems may no longer have access to a latency-free (no lag time) connection to the Internet.

    Title II regulation would also be a hidden tax increase: Broadband consumers would pay the 16.1% tax on interstate revenues under the Universal Service Fund. State utility commissioners would also get oversight of the Internet.

    Mr. Obama claims that regulators can always “forbear” from the more onerous regulations of Title II. But the nature of regulators is to regulate, not to forbear. And as FCC Commissioner Michael O’Rielly explained at a Free State Foundation policy seminar last week, regulators can’t forbear even if they want to. The law, he said, sets the “bar so high for forbearance that it is nearly impossible to meet, especially when the Commission deals with core common carrier provisions on a nationwide basis,” as with the Internet.

    Title II wouldn’t even get net-neutrality advocates what they say they want. They object to “paid prioritization” by Netflix and YouTube, which at peak times account for more than half the broadband capacity in the U.S. These bandwidth hogs couldn’t function without fast lanes on the Internet. They invest in huge networks of computer servers in many data centers to ensure smooth delivery of their content. Title II would bless these different tiers of service.

    Everyone agrees that broadband providers should not discriminate based on the content of a website or other digital service, but broadband providers already pledge to their users that they won’t discriminate. If they did, regulators can enforce this version of “neutrality” without the draconian Title II by prohibiting “commercially unreasonable” network management practices.

    FCC Chairman Tom Wheeler, who was appointed by Mr. Obama last year, knows that Title II would be a disaster for the Internet. He has never supported it. The New York Times reported that the pressure from Mr. Obama last week made Mr. Wheeler “testy, defensive and a bit angry that he might be seen as a political pawn.” He deserves to be angry: The president is making him choose either to run his independent agency independently or to become a political lackey for the White House.

    Last week, Senate Republicans warned the FCC that Title II is “last century’s rules” and they would fight it. Some Democrats went further, with the Progressive Policy Institute, run by policy advisers from the Clinton administration, questioning Mr. Obama’s motives. They warned that the “likely rationale for imposing Title II is to pursue an aggressive regulatory agenda unrelated to net neutrality.”

    The last time net neutrality became a big political issue was in the 2010 midterm elections, when all 95 congressional candidates who campaigned for net neutrality were defeated. Americans like their unregulated Internet, and they want to keep it.

  75. joyce says:

    “century-old regulations written to micromanage public utilities.”

    You can’t grant monopoly status to some entity without problems down the road.

  76. The Original NJ ExPat says:

    joyce – I think mode corrupt thinking might counter your statement with, “True enough, but it won’t be the problem of the original grantor or grantee.”

    You can’t grant monopoly status to some entity without problems down the road.

  77. The Original NJ ExPat says:

    It’s kind of ironic that Bush/Cheney were all about restoring/adding power to the Executive branch and now Obama is going to nagger-r1g use it.

  78. Comrade Nom Deplume, at Peace With The Trolls says:

    [78] expat,

    I seem to recall the democrats bitterly opposed what they decried as the imperial presidency.

  79. Comrade Nom Deplume, at Peace With The Trolls says:
  80. Fabius Maximus says:

    #75 Chi

    Haven’t read an article that bad in a long time. Then again this is the guy that thinks Xerox invented the Internet.

    Lib, is this guy still on your employers payroll?

  81. Fabius Maximus says:

    #78 ExPat

    Unnecessary.

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