From the Record:
Lenders gearing up to enforce changing flood insurance requirements
With flood map revisions under way, many North Jersey homeowners in 2014 may be deemed by the government for the first time to be living in areas with a high risk of flooding, defined by the Federal Emergency Management Agency as having a 26 percent chance of being flooded during the term of a 30-year mortgage.
And their lenders will demand that they get flood insurance, the price of which is on the rise.
“It will be required in places where it hasn’t been before, and unfortunately the cost of insurance is going to go up dramatically,” said Lydia Bashwiner, general counsel and claims manager for Otterstedt Insurance Agency in Englewood Cliffs.
In addition, some homeowners who now live in a Special Flood Hazard Area may find their risk level has increased and their premium may also rise.
Homeowners are not required to take flood insurance, unless they have a mortgage on the property. Then they have no choice. Mortgage lenders and their loan servicing providers are the enforcers of National Flood Insurance Program requirements, and of recent changes in the program under the Biggert-Waters Flood Insurance Reform Act, which are expected to double the cost of coverage over the next several years.
If a homeowner has a mortgage from a bank, credit union, a government agency such as the Federal Housing Administration or Veterans Administration, or if the mortgage has been purchased by a government-sponsored enterprise such as Freddie Mac or Fannie Mae, and if they live in a community that participates in the National Flood Insurance Program, the lender or its loan servicer must notify the borrower of the need to buy flood insurance. According to FEMA, a policy costs about $625 per year on average. But it can cost more than $3,000 a year for maximum coverage in the highest-risk areas.
…
When the official maps are out in 2014, lenders will be identifying loans they hold that are collateralized by homes in the revised flood zones and they will be sending notices to homeowners if flood insurance is required. Once notified by the lender, borrowers have 45 days to buy the insurance and avoid a costly forced placement.
…
In areas newly designated as flood-hazard areas, new policies issued will begin at subsidized rates and the premiums will increase by 20 percent a year for five years.
From HousingWire:
RE/MAX: Home sales jump 15.7% over November 2011
Home sales last month jumped 15.7% over year-ago figures — the second-highest year-over-year increase in 2012 after the 17.8% increase in October. November was the 17th consecutive month of higher year-over-year sales, according to the November RE/MAX National Housing Report.
The report collects data in 52 metropolitan areas. RE/MAX said 49 of the 52 reported higher sales than November 2011. The three metros reporting a decrease in sales were Las Vegas; Little Rock, Ark.; and Phoenix. There were 37 metros that claimed double-digit increases.
“2012 has been a great turn-around year for housing, with prices and sales moving beyond where we were last year,” said Margaret Kelly, RE/MAX CEO.
Home prices rose 6.9% higher than last November. These numbers are unusually high for a typical fall season, due mostly to low housing inventory nationwide. The average number of homes for sale dropped 29.1% from last year, the 29th consecutive month-to-month drop.
Herb Tousley, director of the master of science real estate program at the University of St. Thomas in St. Paul, Minn., believes the inventory shortage is temporary and should turn around in 2013.
“I think we’re going to be living with these chronic shortages of inventory at least through the winter and into spring,” Tousley told HousingWire. “As we go into the summer, I think we will see the market become more balanced and more homes for sale. People that are underwater and people who have lost a large portion of their equity are going to start to see their equity positions improve. That gives them the equity they need to move to another home, so they will put their houses up for sale.”
The median sale price in November increased 6.9% since November 2011 to $163,750. This is the 10th consecutive month the median sale price increased.
Fun stuff from the NY Fed:
To Buy or Not to Buy? The Changing Relationship between Manhattan Rents and Home Prices
Some inventory data from the NAR:
October 2012 Real Estate Data
October 2012 Inventory Change (year over year)
Middlesex-Somerset-Hunterdon, NJ -19.8%
New York, NY -8.36%
Newark, NJ -17.81%
I’ve been consumed by the new job – probably the best company I’ve ever worked for after seeing the culture this week alone.
My 2 cents on this disaster: train and arm teachers as if they were going to become semi special forces. If you want to be a teacher, you have to become somewhat of a soldier. It’s part of the job. No exceptions. Anyone who even attempts to deploy any weapon that can potentially be of any harm to anyone, gets blasted. End of Story.
I’m going to work… not that anyone really gives a f.uck. ;)
From the Daily Record:
NJ office buildings could become obsolete, Rutgers report says
The Garden State’s office complexes that helped make it an economic hub in the late 20th century are at risk in the 21st century of becoming obsolete, according to a report released Tuesday by Rutgers University economists.
It threatens to return the balance of business power from New Jersey to Manhattan – and take all of the skilled labor and wealth that goes with it, James W. Hughes and Joseph J. Seneca said.
“Information umbilical cords are being severed by sustained advances in communications technology,” they wrote. Children of baby boomers “are untethered from fixed-in-place information-technology systems.”
The report comes as New Jersey, rebuilding both from the end of the housing bubble and superstorm Sandy, appears to be adrift.
The state’s employment, 13 percent higher than New York City’s as recently as 2003, now is just 2 percent higher, the economists noted.
And the giant office buildings that housed economic powerhouses such as Bell Labs in Holmdel and Exxon-Mobil’s researchers in Florham Park and once were envied seem to be out of place in an economy that rewards fast-moving, nimble companies.
…
Hughes and Seneca said planners and developers need to rethink how suburban office buildings can offer features that the new generation of workers, known as the echo-boomers, find appealing.
At stake, they said, is whether New Jersey can attract the nation’s top talent, like it did when Lucent Technologies Inc. and big pharmaceutical companies dominated their industries at the end of the last century.
“The ability of New Jersey’s current office inventory to adapt to a changing economic world will also be instrumental in determining the future competitiveness of the state,” they wrote.
From MarketWatch:
Fringe 15-year mortgage becomes hot property
Thanks to low interest rates, many borrowers are opting for the deal that allows them to pay off their mortgages in half as much time as the traditional 30-year mortgage.
Nearly 16% of the fixed-rate mortgages that lenders sold to Freddie Mac during the third quarter were 15-year loans, up from almost 10% a year prior, according to the agency’s data. (That data doesn’t include refinancings.) And 15-year mortgages accounted for nearly a third of refinanced loans during the first seven months of this year, according to the latest data by CoreLogic . The figure has been climbing since 2007, when they made up just 8.5% of refinancings.
The 30-year mortgage became the standard in lending because its lower monthly payments made real estate affordable to more Americans. While the 30-year remains king, the gap between the two loans’ popularity is shrinking. “The 15-year loan has gone from really being almost a non-issue item to a new trend,” says Stu Feldstein, president at SMR Research, which tracks mortgage data.
…
For instance, a couple who signed up for a 30-year $300,000 mortgage in January 2004 with a 5.75% fixed rate would have a roughly $1,751 monthly payment. By refinancing the remaining balance of about $255,828 into a 15-year fixed rate loan at 2.81%, the new monthly payment would be slightly lower at almost $1,744.
Longer term, the benefits add up even more. By reducing the repayment period, the couple would save just over $127,300 in interest over the life of the loan. In addition, they are building equity into their home faster than borrowers with longer-term mortgages. That means they could be more likely to get approved for home-equity loans and borrow a larger amount against their home.
Almost wonder if some of these sweetheart loans will push the median length of homeownership upwards in the case of rising interest rates. Would think many of these people would consider renovation or addition if they are facing a higher interest rate on a new purchase. Anyone want to try to name this new trend? What do you call it when your current loan is so much lower than market that you can’t bear to take out a new loan?
Re #4; as if your delusion about buying the perfect NW Bergen County house for under $600k wasn’t enough…
(9)
First of all, go f.uck yourself. You always post with a different handle when you want to remain anonymous. Second of all, I have more money than you and will probably wind up buying for well above this imaginary benchmark of yours. Again I know comprehension is a difficult but when I find a house, I will buy it.
Good Morning New Jersey
Good morning Mike another day in the assault mines?
Oops sorry about number 12 that came in an email to me this morning.
A great market for cash buyers.
” What do you call it when your current loan is so much lower than market that you can’t bear to take out a new loan?”
[5] eddie,
Of course we give a f.uc. Work hard, do well, pay your taxes.
Love,
The 47%.
Homeowners are not required to take flood insurance, unless they have a mortgage on the property.
That is not exactly a true statement. For many reasons.
First only conforming mortgages have this requirement. Private mortgage etc. may or may not require it.
Second. Fema only pays on on a property once. Once I took that $31,900 check from Fema the catch was I buy flood insurance. Which I did. However, it also states that I have a legal requirement to tell next homeowner property is required to have flood insurance regardless if they have a mortgage as my house by law can only be paid out once in a flood if it does not have flood insurance. Meaning if new owner pays cash, does not have flood and gets flooded and has a lot of damage to home he cant even get a nickle from FEMA. I used up the lifetime amount on my house in one shot.
In one way I had a put option on my house although I carried no flood insurance the first 31,900 of damage was covered. Considering the house is almost 60 years old and never had any water in it most people might think if first 31,900 is covered for free what are odds I get hit with massive wave. Of course I was wrong.
Next person will need flood. BTW my flood policy is only $420 a year for 250K/100K coverage. FEMA cut rates in many flood areas and for houses newly flood as they want you to get flood insurance. In parts of Far Rockaway they took $600 out of your payout and gave you 3 years worth of flood for $600 bucks.
Fema guy told me raising flood rates does not work. They learned that in Katrina. People only have so much money. When they tried to jack rates to 4k a year in parts of new orleans he said folks would buy a policy in July and cancel it in November. That way they cover the whole hurricane season buy only pay 5/12s of the flood policy. He told me if Fema is stupid and does that again just do that. But Fema learned its lesson so they sold me flood at $420 a year.
Also homes with 3+ hits gets thrown into high risk and out of flood program. They get sky high rates. My house is listed as one hit. I have neigbors south of me who got hit in Irene and are at two strikes. Next hurricane if house gets hit they will get paid out but homes loosed pref flood rates and could shoot to 6k. Homeowners who buy a house with 2 strikes already and cheap flood may be shocked if they put in a claim and see their insurance skyrocket.
JJ,
Since your post doesn’t address the issue of how to guarantee there’s no chance a crazy person will kill children, it’s just not relevant anymore. That’s the only important issue for America to consider for the next year. If rich people paid more taxes, those kids would still be alive, Captain Hindsight said. Hope you got all the help you needed for that flooded house, because that issue is so last month. Sorry!
Hurray chairman O times person of the year. Should give him another Nobel peace prize, super bowl MVP and a green jacket from Augusta.
Interest rates will start going up below 6.7% UE.
I cashed out on my primary to buy my second home in 2005. I took $280,000 at 5.6% 30 years $1657/month.HARP the loan a few months agohan 15 years 3% $250,000 at $1746 month. Less than $100 more I cut 10 years on the life of the loan.That is almost $200,000 in saved payments
We still talking about Newton, I thought that was a few days ago. Flood Insurance still is interesting, not the flood. Because in 2014 some folks are going to be shocked.
Taxes in 2013 will be very shocking. Folks are getting hosed big time. Plus under GAAP most folks have three vesting on restricted stock and IFRS two years vesting.
In Jan/Feb 2013, 2014 and 2015 folks are going to get manhandled when their stock vests. And no way to fix it or undo it. Companies often in 2009, 2010 and 2011 were short cash. So taker the poor banker at Bank of America or Citi who normally got a 500k bonus, 250k cash, 250K stock. Instead in 2009, 2010 and 2011 they gave them the 250K stock but no cash. It really killed spending those years as you can spend unvested stock.
Now those poor guys their 2010 or 2011 stock grants are vesting often for triple. So now the poor guys are paying tax on a 800K stock vest at much higher rates.
They are screwed, forget Sandy damage or gun control. Those folks are being pickpocketed each for like 500K.
Ragnar says:
December 19, 2012 at 10:07 am
JJ,
Since your post doesn’t address the issue of how to guarantee there’s no chance a crazy person will kill children, it’s just not relevant anymore. That’s the only important issue for America to consider for the next year. If rich people paid more taxes, those kids would still be alive, Captain Hindsight said. Hope you got all the help you needed for that flooded house, because that issue is so last month. Sorry!
Obama must be serious about gun control if he put Biden on the job.
There’s no more deficit problem since Biden knocked that out last year, right? Right?
http://www.huffingtonpost.com/2011/06/17/joe-biden-deficit-group-harry-reid-quit-taking-breaks_n_879622.html
Comrade,
I did not follow your comment at all.
84.Comrade Nom Deplume says:
December 19, 2012 at 7:18 am
[82] joyce,
If the government is going to disarm me, and take all my money, then I want this. At least my tax dollars will be spent on me.
JJ I live on top of a mountain with the nearest stream being in a valley .5 miles below my house. I find your flood insurance discussion pendantic. Now if you want to regal us with how you dented your Mercedes or how much better we all were at being young then the current barbarians at the gate. Please feel free.
Nah really John, insurance talk is never fun.
http://bcdcnewark.org/newark-new-jersey/living-in-newark-nj/
[23] Joyce,
I want 24/7 police protection.
You have that now.
allegedly
Sadly my Mercedes is no more. The salt water was six inches above the roof, so it was completely surbmerged in salt water for a few hours. Anyhow John Gottis niece will be happy as the dent on mercedes hood from her doing it on my mercedes to get back at me for cheating on her cousin is no more. Mob people love to get rid of cars that can incriminate them. I am happy as I got paid out 19k on that car on my collectors policy and I barely drove it since 2008 maybe a mile or two in four years.
Salt is a bear. I had a brand new part in trunk of car I was going to install. I kept it when car was towed away as figured I sell it on ebay. On sunday I was in what left of garage and saw part is totally rusted, looked like new a few days after but now it is garbage.
I now have a super mint Caddie CTS black on black that replaced my BMW and Mercedes. I actually like it more than my BMW 5 Series, but then again I only have it two days. I also like no more german repair bills. GM stock is up 8% since I am driving the caddie I should have bought it sooner.
Painhrtz – Not like you can dust for vomit says:
December 19, 2012 at 11:44 am
JJ I live on top of a mountain with the nearest stream being in a valley .5 miles below my house. I find your flood insurance discussion pendantic. Now if you want to regal us with how you dented your Mercedes o
29 – A friend of mine has the hopped up version of the CTS (CTS-V?). Anyhow, he had a lot of stuff break on him after the warranty was up. Now that I think of it, the car looks pretty rough for it’s age too. Anyhow, repairs might be cheaper, but things break more frequently (why buys a first generation car anyway?).
My X3 sunroof was quoted at least $2000 to fix. What?? I just pulled out the fuse so nobody can accidentally open it (as it’ll never close). I never use it anyway, so 2 g in my pocket.
I did finally change the headlight bulbs (which requires removal of the front grill and bumper, some subframe/radiator supports, and both headlights. The headlights actually need to be disassembled to replace the bulbs.
I realize why BMW wanted like $800 to change the headlight bulbs. But really, does it need to be this complicated? I can change the bulbs on my Subaru in all of 5 minutes, not the 2 days it took me.
JJ 16 – FEMA is giving you a deal. We are low risk and are paying the same rates as you.
Grim I rue the day when we have to change the HID in the audi. If it were up to me we would get rid of it for a more family friendly hauler, but it is not my car and that decision will solebe my wifes. Though I think after the upcoming 1500 tune up and brake job she may come around. : )
(very similar to HSBC)
“Today, the Justice Department is filing a criminal information charging UBS Securities Japan – a subsidiary of the multinational financial institution UBS AG – with felony wire fraud for engaging in a scheme to manipulate the London Interbank Offered Rate, or LIBOR – a key benchmark for financial products and transactions around the world. The company has agreed to plead guilty to this charge, to admit to its criminal conduct, and to pay a $100 million fine.”
http://www.justice.gov/iso/opa/ag/speeches/2012/ag-speech-121219.html
Wow man. That sounds like a lot of money. Is it?
According to Yahoo Finance, they have 916+ billion in cash.
To put this in perspective if you had $10,000 to your name and got fined an equivalent amount for doing something really heinous, let’s say, you robbed a bank, or you screwed an old lady out of her life savings, or you swindled the entire damned world on an interest rate deal you would be fined….. $1.09
Are you f*cking kidding me… speeding tickets can run someone two hundred times that much money!!
Sounds like UBS made a fairly standard and PROFITABLE business decision to me. Plus, I’m sure no individuals were involved with this ADMITTED criminal activity… it was just some piece of paper known as a Company or Corporate that committed all the crimes. Carry on, nothing to see here.
I’m glad we have a representative government in this country, or so the slaves claim. Can any sane and rational person not EASILY predict that the action will (continue) to happen again and again when the government does nothing but basically cover their tracks (a.k.a. conspire with as an accomplice) after the crime is committed?
http://market-ticker.org/akcs-www?post=215098
Why is this not being tried as treason?
Lawyers, please, chime in.
Grim, Range Rover is the same way, light module needs to be removed with a bunch of other stuff to get at it, then it is sealed and needs to be disassembled. Europeans love to over engineer their cars for dubious gain.
I am perf rate low risk. FEMA has not updated its flood maps. In three years when rates get jacked up I will just buy policy every july and cancel it every december.
Honestly I think I am overpaying. I wanted to pay 200 a year. If I am in a one in hundred year flood zone as FEMA claims and I just had a flood I am good for 99 years.
NJGator says:
December 19, 2012 at 12:24 pm
JJ 16 – FEMA is giving you a deal. We are low risk and are paying the same rates as you.
I got the base model CTS under warranty used with 5k miles.
Banksters pay a fine of 1% of the loot they stole, but at least this madman got what he deserved:
http://www.telegraph.co.uk/news/celebritynews/9751998/Scarlett-Johansson-Hollywood-hacker-sentenced-to-10-years.html
“A computer hacker who broke into the email accounts of more than 50 people in the entertainment industry has been jailed for 10 years.”
Of course that is a crime and of course he should be punished… but can we at least feign the appearance of equality under the law?
Joyce, UBS does not have 916+ billion in cash. Their total equity on Balance Sheet is $52 Billion. Manipulating libor is not even a criminal offense, most of the press is just BS. The banking industry has done somethings to profit that weren’t above board, but this is blown out of proportion, its just lawyers looking for someone to sue and people looking for someone to blame.
Richard,
I copied all that from the Market Ticker; I’m going to look up their balance sheet.
Can you explain to me how manipulating the LIBOR is not criminal activity?
40 – They are taking the cash component of the balance sheet out of context for journalistic effect.
Anyone have any experience with the Hyundai Veracruz? It’s getting close to D-day for a new car purchase and have narrowed it down to the Mazda 5 vs. the new extended wheelbase Hyundai Santa Fe. Unfortunately, it comes out in two weeks and the price will most likely be absurdly high for the first couple of months and we might not want to wait that long. Since I’ve been looking, I’ve read that the new Santa Fe is replacing the Veracruz and the VC won’t be sold in the US any longer. Dealers are really pushing to get the old VCs off the floor before the Santa Fes arrive because quite frankly, the Veracruz is much more luxurious of a SUV than the Santa Fe, but the Santa Fe will be way marked up at the start potentially upsetting informed customers. Reading on Hyundai forums, some people are landing them for almost 10K under sticker (mid 20s).
If we go the Mazda route, we’ll keep the Xterra to haul stuff. If we go the Hyundai route, we’re trading in the Xterra.
And for those who aren’t aware, you can save $500 no questions asked on a Hyundai through Motozuma. Hope they extend it into 2013.
> Can you explain to me how manipulating the LIBOR is not criminal activity?
what law do you think it breaks?
Booze funds the boards, what a partnership!
From the APP:
Point Pleasant will end midnight bar closing law in exchange for money to fix boardwalk
Bars in Point Pleasant will be allowed to stay open past midnight following an agreement between Jenkinson’s and the borough council, according to a report on APP.com.
In exchange, the owners of Jenkinson’s have agreed to pay up to $1 million over 20 years toward boardwalk repairs, which are expected to cost between $2 and $4 million. FEMA is also expected to pay for a portion of the repairs.
Jenkinson’s will also drop its two lawsuits fighting the early bar closing. Jenkinson’s and Martell’s Tiki Bar sued the borough to stop a midnight closing time and and later filed a second suit seeking damages.
Mayor Vincent Barrella said Tuesday he would support repealing the law requiring bars to close at midnight.
Lib [42];
Does the Veracruz have a 3d row of seats?
42 – If you see one and like it, let me know, anything to keep us out of a minivan. I have a feeling it’s going to be too small in the cargo area (for the dogs) in comparison to the Odyssey. Finding that even with the 3rd row down, most of the 3-row SUVs have pitiful space in the rear.
None. The banks trading desks that set LIBOR made it lower than it should be to juice their profit at that trading desk. However, banks make loans based on LIBOR, billions and billions of loans and many many are to individual homeowners, home equity and helocs.
In the end banks and bank shareholders screwed themselves and John Q Public with home equity tied to Libor made out like a bandit.
So who is pressing charges? Sounds like a waste of tax payer dollars.
Richard says:
December 19, 2012 at 1:56 pm
> Can you explain to me how manipulating the LIBOR is not criminal activity?
what law do you think it breaks?
When you say pitful space do you measure cars by how many pittbulls you can fit in them?
grim says:
December 19, 2012 at 2:07 pm
42 – If you see one and like it, let me know, anything to keep us out of a minivan. I have a feeling it’s going to be too small in the cargo area (for the dogs) in comparison to the Odyssey. Finding that even with the 3rd row down, most of the 3-row SUVs have pitiful space in the rear.
I can understand the demand around the new Santa Fe, from the side the thing is a spitting image of the new body style BMW X3 for $20k less (It’s almost a joke how similar in appearance they are).
48 – Great Danes
https://njrereport.com/blog/wp-content/uploads/2012/12/lexi.jpg
Yes, the VC has a third row. Hoping to find one that’s got an AWD.
The issues I’ve found so far with the Mazda 5 is that you need to replace the shocks around 60K. Really not a big deal to install a couple Monroe shock absorbers, especially when the car can be had for 18K. Though it might just be too small. The Santa Fe is supposed to be fantastic all around, but the third row version won’t be worth the price they’ll be charging initially. Apparently, Hyndai’s and Honda’s are being confused. Might have something to do with reliability.
Librard, I dont believe in new car deals. Honestly I had flood relief bonus, end of year specials etc. The new car with all the hidden charges, destinations fees jacked in is outrageous.
For instance I could have got a 2012 CTS left over with all rebates for like 36k, but I bought a 2011 with 5k miles for 26k. A 2013 is 41k. The new car you are out 10-12K in first ten minutes.
I did not have time to find a good used car from a private owner like I usually do. But in that case most folk gift you the car so no sales tax. I saw a 2011 CTS on autotrader I just missed for 24k from a private party with 8k miles mint no sales tax. That would have been compared to 41k for a new one, plus with tax and charges a new 45k. That is crazy, same car is 24k. My friend who makes like 900K a year likes to say only rich people buy new cars. At 900K he thinks spending 10-20k extra for a wiff of new car smell for a few minutes is crazy money.
I dont get it, but I am always amazed at the amount of used 2011-2012 cars with under 10k miles for sale. Some rich folk love to throw money away.
Grim,
Hyundai has been copying the appearance of popular cars for almost a decade now. Unfortunately, they do not have the power or speed of their counterparts. But I don’t buy cars based on what they look like (for the most part). If it looks like an Aztec, I might have to draw the line.
If I could find what I wanted used at a fair price, I would. Good luck finding any of the three cars I’m looking at. The Veracruz discount isn’t advertised BTW. Trust me. And no advertised dealer special is worth the medium it’s displayed on. Ultimately, you must know your price and stick to it. It’s an annoying time-consuming game, but can easily save the consumer thousands. One thing I learned a long time ago. Stay away from ghetto located dealers. They are so used to ripping off ill-informed and undereducated buyers that they won’t even sell you a car at a fair price, let a lone a bargain price. Most likely, I will not be purchasing the car in Essex County.
Grim [50];
What race is he running? ;-)
Speaking of tight inventory, HyundaiUSA website inventory search says no 2012 Veracruz in NNJ. Range unspecified, but I’ve tried all the various zip codes I’ve lived in, and the closest I can find is one in Bawlm’r.
The issues I’ve found so far with the Mazda 5 is that you need to replace the shocks around 60K.
In reality, most cars are gone by 75k. Nobody tends to notice because the deterioration in handling is so gradual. It’s not that the car becomes undrivable, it’s really that the handling starts going to shit. Might be something specific to the 5’s suspension geometry that makes the lack of damping more noticeable.
Actually, from what I’ve read, it actually starts to make a clunking noise on sharp turns. The problem is so widespread that a recall might occur, but I don’t think it’s a safety hazard. More of an audible annoyance issue.
Moose…Check out Tom’s River (but don’t buy that none awd one they have listed). Also, never trust prices anywhere (but you knew that already).
Speaking of used car bargains, someone had told me too keep an eye out for a used VW Phaeton, W12. Apparently, resale value has plummeted, and if you can find a nice example, they are screaming bargains.
I believe the chassis is similar to the big Audi A8L, and the motor is the same as you’d get in a Bentley. (was wrong, both the chassis and the motor are shared with the Bentley continental)
Just looking on ebay, I see a 2005 with 80k miles for $15k. Sticker price on it would have been somewhere around $105,000.
Lib [54];
Stay away from ghetto located dealers. They are so used to ripping off ill-informed and undereducated buyers that they won’t even sell you a car at a fair price, let a lone a bargain price.
When I eventually got my CR-V in ’07, I looked at the Mazda6 wagon. It was the last year of them, and any dealer with one on the lot had a boat anchor to sell. I found one place in Queens that had one, went to look at it, told him I was a cash sale, no down payment, not monthly payment, no trade in — he had only one dial to turn. So he pitches me MSRP. I walked out.
Present day, on a lark I checked inventory for used 2012 Mazda5’s. I’ve seen them with mileages from 7k to 40k. I don’t know if they are repos, or program cars or what, but they are advertizing them at prices that are at or above what I KNOW a new one could be had.
Looking at that dog, you need a truck, not a minivan. Want to buy my X?
Grim [58];
I owned a ’99 Passat 2.0T. I won’t own another VW unless I move to Germany. I can’t deal with trying to get a VW serviced. Esp. something that is 7 years old?
41
grim,
Yes, that’s correct. They also do that when they beat the drums of “trillions of dollars on balance sheets waiting to be invested.” They’re not quoting the net equity there either.
I looked at marketwatch, forbes, and others to see their Balance Sheet. Their equity is in the $50’s billions. So 100M/55B = still less than 0.2%.
(43)
Richard
Manipulating the benchmark interest rate which many consumer financial products (credit cards, student loans, and mortgages) are frequently based defrauds the users of those products (and other company counterparties) of millions of dollars and billions (maybe trillions) across the industry as a whole.
What laws… I don’t know, fraud, theft, conspiracy, racketeering
61 – You would hope that VW would have built its halo car with a bit higher build quality than the high volume cars, especially one that had a $96k base price. No idea where they were built in comparison.
On the other hand, it’s a VW, you’d probably be better off selling it for parts when you came to your first major repair.
Grim you could probably pick up an S8 with the same motor that year for a few bucks more. The Phaeton was a great car but missed the mark in that no one is paying six figs for a V-dub. Well that and awful c- Pilars. If can get a low mileage example for that price snap it up A8 and Bentley Luxury at v-dub pricing.
Lib I if you can find one for a great deal excellent. Veracruz is a little underpowered for my tastes but for most you probably would not even notice it. You may also want to look for leftover Pathfinders. with the new model out you can probably get an upscale 2012 for a song all bugs were finally worked out just in time to release a new model which will have more. Yeah the mileage sucks but it is going to be the last real Pathy, has a true 3rd row with actual storage behind it, 2nd row is 40 20 40 and some guys with R51s are taking out the middle 20 so you have two rows of Captains chairs and easier acces to the 3rd row. Plus it has a real 4WD system.
So “juicing profits by distributing knowingly false information” and “screwing themselves (shareholders) and those with home equity”
Yup, nothing to see here.
Who is pressing charges? Of course no one, but not because there was no unlawful behavior… but because they own the govt.
47.JJ’s B.Se says:
December 19, 2012 at 2:09 pm
None. The banks trading desks that set LIBOR made it lower than it should be to juice their profit at that trading desk. However, banks make loans based on LIBOR, billions and billions of loans and many many are to individual homeowners, home equity and helocs.
In the end banks and bank shareholders screwed themselves and John Q Public with home equity tied to Libor made out like a bandit.
So who is pressing charges? Sounds like a waste of tax payer dollars.
Richard says:
December 19, 2012 at 1:56 pm
> Can you explain to me how manipulating the LIBOR is not criminal activity?
what law do you think it breaks?
63 – I thought the net impact of the LIBOR rigging was actually net beneficial to consumers as banks were reporting interbank lending rates that were actually LESS than market (lower libor = financial strength, gaming it upwards would have been counterintuitive for banks, as it would be sending a signal of weakness).
“Who is pressing charges? Of course no one, but not because there was no unlawful behavior… but because they own the govt.”
Bingo!
Driving back to Boston either my kids or wife, or both, had to go to the bathroom as we were approaching Sandy Hook/Newtown a while back. I found it slightly humorous that there’s a Sandy Hook in CT as we got off of 84. There’s a big Diner right near the exit but not much else so I drove down the steep hill into the little downtown area, but didn’t see anyplace that looked bathroom-friendly (think antique stores) but I turned into this shopper’s parking lot on the right and way in the back of the parking lot there was probably one of the nicest, cleanest, well decorated laundromats I’ve ever seen. Inside the laundromat was a very big, very clean bathroom that my wife could take the two girls into at the same time and lock the door, so it’s been a set bathroom stop for my family for a while now. The times we’ve stopped there I’ve taken notice of the crowd, definitely an upscale town. The last time I was there there was a Mom and her kids still dressed in horse riding outfits. I guess they had some stable stuff they didn’t want to wash in their own washer at home. I just checked a map and Sandy Hook Elementary is about 1000 feet behind PJ’s laundromat if you cut through a couple yards. I bet some reporters have figured that out by now.
65 – A8 W12? Thought those were even rarer. S8 (and the S6) I thought only came with the V10 that is shared with the Lambo. Last time I looked at the S6-V10 it was still in the high 30s for a car with 40-50k miles.
The 2013 GMC Acadia came out this week and I know a few people who have it on order. As far as three row vehicles go it is the newest redesigned model out there.
Woh Grim your right just looked it up thought they were produced in higher numbers guess you’ll have to get the phaeton. ; ) Even though the I’ll take an s8 with v10.
Re Fast Eddie @ # 10. You’re the one with the imaginary benchmark. At least we know that you can comprehend the term, now apply it to your fruitless search. Further, belligerence and bragging about how much money you have will always leave you the small fish in the big pond in this area.
Regarding the first stupid comment you made today, arming teachers is shortsighted and puts even more of a burden on an already stressed to the max profession. They signed on to be educators, not prison guards. Should we arm bank tellers too?
Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined…
Delays in processing the loans add to the expenses borne by investors because maintenance, property taxes and other costs add up. While rising prices may make the mortgage-backed securities more valuable, servicers can be forced to come up with cash to cover interest payments from the delinquent loans and modifications become more difficult to accomplish as the borrower’s unpaid debt grows.
74 – Don’t give BoA the credit, we all know it was the tan man that did the heavy lifting.
Looks like a win for consumers isn’t a win for the GSEs
From Bloomberg:
Fannie Mae, Freddie Mac Libor Loss Tops $3 Billion, Auditor Says
Fannie Mae and Freddie Mac (FMCC) may have lost more than $3 billion tied to the rigging of a key interest rate, according to internal memos by the auditor of the Federal Housing Finance Agency.
Inspector General Steve A. Linick urged FHFA Acting Director Edward J. DeMarco in a Nov. 3 memo that has not been made public to investigate the potential losses tied to manipulation of the London Interbank Offered Rate.
“We conducted a preliminary analysis of potential Libor- related losses at Fannie and Freddie and shared that with FHFA, recommending that they conduct a thorough review of the issue,” Kristine Belisle, a spokeswoman for the Inspector General, said in an e-mail. “FHFA agreed to study the matter further.”
Tiny Something;
Dude, get a hobby.
The UBS fine was for mostly manipulating Japanese Yen LIBOR by a few basis points on some days. As grim said Barclays was trying to lower the rate on those days. Even if they were successful in manipulating the rates the impact for individual consumers is miniscule. Fannie Mae and Freddie Mac are just looking for excuses and have lawyers looking for fees, $3B my ass.
Someone just sent me this link, if you are paranoid or are in the market for bulletproof kids backpacks:
http://bulletblocker.com/bulletblocker-nij-iiia-bulletproof-child-safety-backpack.html
I never knew these things existed, they even do custom panels to fit existing bags.
Why don’t we just put children in locked ballistic lexan gerbil balls with micro holes smaller than .17 HMR so they get air. That should keep them safe, plus a herd of them can run over the would be assailant.
Regarding the first stupid comment you made today, arming teachers is shortsighted and puts even more of a burden on an already stressed to the max profession. They signed on to be educators, not prison guards.
…please provide some more info on why it is shortsighted, and leave out the part where it “violates your view of the world”. Thanks.
78
Richard,
If I steal just a little bit of money from someone, than that makes it ok?
Grim 79 – Sales are up. Way up.
http://abcnews.go.com/US/body-armor-kids-sales-surge-sandy-hook-massacre/story?id=18015944#.UNJdCqxfaSo
Re 81. I never said it violates my world view. Teachers have all they can handle with teaching cirrculum, nurturing students and observing them on a daily basis to monitor their academic development and age appropriate behavior. Combining these requirements with the expectation that they train to carry a fire arms and act on the threat of a shooter in the classroom is just not realistic.
85.Tiny Violin says:
December 19, 2012 at 7:50 pm
Re 81. I never said it violates my world view. Teachers have all they can handle with teaching cirrculum, nurturing students and observing them on a daily basis to monitor their academic development and age appropriate behavior. Combining these requirements with the expectation that they train to carry a fire arms and act on the threat of a shooter in the classroom is just not realistic.
Laws were changed after 9/11 to provide drop bars on airplane cockpit doors and allow pilot crew to carry guns. It was also not part of the pilots job, but after so many had their throats cut by razor, they thought it necessary.
Necessity is the mother of invention.
Get past the picture in your head of a teacher with a 9MM on their hip. It’s very realistic to ask for 3 volunteers in the building to be trained to retrieve the weapon from a safe place and use it in a lock-down scenario. Since I’m married to a teacher and have a dozen friends who teach, I’m not going to hesitate to say that this is far from an overwhelming task for most of them. I’m sure there are 3 men in each building, who in a scenario like this, would rather have access to a weapon and act instead of hiding under a desk. And if not, give them each a $1000 bonus, lot of hands will go up then.
I don’t say this as an either/or with legislation. Go right ahead, write and pass whatever laws you want. It changes nothing at the point of attack. The legislation just let’s people falsely feel like they did the “responsible thing” and “addressed it as best they could”. that’s b*llshit.
It’s very realistic to ask for 3 volunteers in the building to be trained to retrieve the weapon from a safe place and use it in a lock-down scenario.
I don’t like this scenario as you do not have a single responsible and accountable person for the weapon. If 3 people are responsible for a weapon, nobody is responsible.
Instead, I’d propose those 3 individuals undergo firearms training as provided by the local PD, in addition, they should qualify in the exact same manner as the PD, in addition, they should be granted concealed carry and individually responsible for their firearms, like the PD are.
Plenty of men and women in our communities find the time to be volunteer firemen/women or work the local rescue squads. Why not think of this as an extension of a volunteer PD/deputization?
Plenty of men and women in our communities find the time to be volunteer firemen/women or work the local rescue squads. Why not think of this as an extension of a volunteer PD/deputization?
exactly.
Re:82 – there was criminal charges filed against two UBS employees in the LIBOR fixing “conspiracy”
http://news.yahoo.com/ubs-set-1-5-billion-fine-rigging-libor-000236306–sector.html
Not quite the pound of flesh some want.
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grim (34)-
That’s easy: treason is the new patriotism.
“Why is this not being tried as treason?”
jj (47)-
You should know better. Banks manipulated LIBOR during the crisis to make themselves seem much more solid than the near-death state they were actually in.
Fact is, it really didn’t work. These banks- were they forced at that time to MTM- were flatliners. Nowdays, they are flatliners, in the same fashion as the last five years of Phyllis Diller’s life.
joyce (63)-
Hey, lighten up. At least the UK thinks LIBOR manipulation is a crime.
Here in Amerika, they probably teach how to do this at Wharton and Harvard.
Then again, Amerika is terminally fuct.
grim (67)-
Technically, you are absolutely correct. However, it could also be argued that the artificially-low LIBOR of that time led to fraudulent inducements that duped consumers into financed purchases based on rates that were illegally manipulated.
Damn, it’s gonna be a byatch when rates start going up.
Especially when the rate surge will resemble Zimbabwe’s.
tiny (84)-
Most of the teechurs in US public skools are ignorant union sycophants. The reason we shouldn’t arm them is that they are barely able to perform their primary task of rendering the next generation stoopid, much less handle a weapon in the defense of the children they are rendering into drones.
Hey, here’s a funny one:
My wife is an elementary school secretary. Now, they want to extend her hours and hire a second secretary to sit next to her every hour of every day, so that the loony who eventually walks through the door with a gun can turn not one, but two, well-paid human targets into a human cheese grater.
Let’s all start talking about skool shootings again when one happens in Texas.
As if.
Re 97, precisely the reason why they should not be armed. I have no problem with volunteer patrols who are armed. Gives new meaning to hall monitors.
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