Edison NJ Mortgage Lender Subpoenaed By HUD

Edison-based lender Security Atlantic Mortgage was subpoenaed by the HUD Office of the Inspector General today. Security Atlantic and 14 other lenders nationwide are being investigated by the U.S. Department of Housing and Urban Development for having significantly high default rates on FHA loans they’ve issued.

Security Atlantic Mortgage (http://www.fhaok.com) is a large FHA wholesale shop. According to their website, they’ve got 30% of the FHA market in New Jersey. According to the HUD Neighborhood Watch Early Warning System (Hat tip Calculated Risk) 15.48% of Security Atlantic’s FHA loan originations were in default or claim terminated compared to the 5.05% nationwide average.

From HUD:


U.S. Department of Housing and Urban Development (HUD) Inspector General Kenneth M. Donohue and Federal Housing Administration (FHA) Commissioner David H. Stevens announced today an initiative focusing on mortgage companies with significant claim rates against the Federal Housing Administration mortgage insurance program.

Inspector General Donohue said, “The goal of this initiative is to determine why there is such a high rate of defaults and claims with these companies and whether there is wrongdoing involved. We aren’t making any accusations at this time, we have no evidence of wrongdoing, but we will aggressively pursue indicators of fraud. We are members of the President’s Financial Fraud Enforcement Task Force and today’s activities reflect our commitment to seeking information on red flags that may arise from data analysis.

“This initiative was prompted, in part, by the FHA Commissioner, David Stevens, who was alarmed by the incidence of claims against the FHA insurance fund by a number of poor performing companies and reached out to the HUD OIG for assistance.

FHA is the new subprime. It’s amazing how many subprime shops have morphed into FHA lenders following the subprime collapse. As the securitization market shut down, FHA went from being a rarely used homeownership tool to being a cesspool for subprime loans. Too little too late Inspector Donahue, we’re all on the hook already.

“The FHA market share has skyrocketed,” Inspector General Donohue further said. “Our job is oversight. We work for the American taxpayer. Each loan on this list will be thoroughly examined and we will track down the reasons why it failed. Once we determine the causes, we will look to see whether there is a need for further review or remedial action. We want to send a message to the industry that as the mortgage landscape has shifted we are watching very carefully and that we are poised to take action against bad performers.”

“Skyrocketed” is code-word for get your wallets out taxpayers, you’re on the hook for one hell of a bailout.

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169 Responses to Edison NJ Mortgage Lender Subpoenaed By HUD

  1. grim says:

    From the WSJ:

    U.S. Subpoenas 15 Mortgage Firms

    The U.S. Housing and Urban Development announced Tuesday that its inspector general has issued subpoenas to 15 mortgage companies seeking information about failed home loans that resulted in claims against the federal mortgage insurance program.

    HUD Inspector General Kenneth Donohue and Federal Housing Commissioner David Stevens announced the crackdown at a news conference and vowed scrutiny of why the companies have high default rates on home mortgage loans.

  2. grim says:

    From MarketWatch:

    Fifteen mortgage companies subpoenaed by HUD

    The U.S. Department of Housing and Urban Development said Tuesday it’s taking a closer look at 15 mortgage companies to determine why they had such high rates of problems with FHA-insured mortgages.

    Those 15 companies were served subpoenas Tuesday, demanding documents and data related to failed loans that resulted in claims paid out by the Federal Housing Administration’s mortgage insurance fund, HUD Inspector General Kenneth M. Donohue and FHA Commissioner David H. Stevens said.

    As the financial crisis crippled conventional lending, the FHA has expanded its role in the mortgage market. Where three years ago it held only about 3% of the market, it now accounts for as much as 25% of all mortgage activity.

  3. grim says:

    From Bloomberg:

    NYC Office Space for Rent Increases 38%, Cushman Says

    Manhattan has 38 percent more office space for rent than a year ago as Wall Street job cuts and a weak economy reduced demand, Cushman & Wakefield Inc. said. The vacancy rate in the fourth quarter was unchanged from the third.

    Available space totaled 43.8 million square feet at the end of 2009, compared with 31.8 million a year earlier, the New York-based brokerage said today in a report. That’s equivalent to 11.1 percent of Manhattan’s office space, the same as at the end of September, according to Cushman.

    “We’re calling this close to the bottom,” said Joseph Harbert, Cushman’s chief operating officer for the New York region. “Rents will go down a bit from here, vacancies will go up a bit, but you won’t see any dramatic movements on either of those fronts in the next nine months.”

    New York has lost about 40,000 financial services jobs in the past two years, according to the city’s Independent Budget Office. Earnings for the top 10 largest U.S. banks recovered in 2009 after the companies lost a total of $27 billion in the fourth quarter of 2008. Analysts estimate they will report a combined $3.84 billion profit for the fourth quarter of 2009.

  4. grim says:

    From the Star Ledger:

    N.Y. man pleads not guilty in $4.5M HUD mortgage scheme in N.J.

    A New York man pleaded not guilty today to stealing $4.5 million from mortgage lenders by falsifying information on applications for 14 federally-subsidized loans in Newark, Paterson and East Orange.

    Seth Gendel, 35, of Long Island, his father, Martin Gendel, 64, a disbarred attorney from Montville, and three of their firms, Casey Properties LLC, Lee Alan LLP, and Andrea Management LLC, all of Totowa, were indicted Dec. 15 by a state grand jury.

    The defendants are each charged with conspiracy and theft-by-deception and two counts of money-laundering. They allegedly falsified information on mortgage applications and forms submitted to the federal Department of Housing and Urban Development, so unqualified buyers would qualify for loans.

    The bogus information included employment and earnings on loan applications and HUD settlement forms, rental agreements and income from properties, savings accounts and occupancy, and listing on HUD forms repair expenses that never were done, authorities said. There were six applications each for properties in Newark and Paterson and two for properties in East Orange.

    “The loans drove a scheme in which the defendants recruited investors to buy overpriced urban properties, then diverted loan funds for their own enrichment, leaving behind run-down homes and investors facing foreclosure,” state Attorney General Anne Milgram has said.

  5. Anon E. Moose says:

    Re [4];

    I’m sure never stole a dime — it was all given to them of the donors’ own volition. ‘Heh’.

  6. Shore Guy says:


    All the Government needs to do is send everyone a penny and they can claim over 300,000,000 jobs saved. Dont laugh:


    By BRETT J. BLACKLEDGE, Associated Press Writer Brett J. Blackledge, Associated Press Writer – 52 mins ago
    WASHINGTON – The White House has abandoned its controversial method of counting jobs under President Barack Obama’s economic stimulus, making it impossible to track the number of jobs saved or created with the $787 billion in recovery money.

    Despite mounting a vigorous defense of its earlier count of more than 640,000 jobs credited to the stimulus, even after numerous errors were identified, the Obama administration now is making it easier to give the stimulus credit for hiring. It’s no longer about counting a job as saved or created; now it’s a matter of counting jobs funded by the stimulus.

    That means that any stimulus money used to cover payroll will be included in the jobs credited to the program, including pay raises for existing employees and pay for people who never were in jeopardy of losing their positions.


  7. grim says:

    From MarketWatch:

    Fed must let mortgage market stand on own, Plosser says

    The Federal Reserve must cede control of the mortgage market back to the private sector or risk delaying the return of normal markets, a policy maker of the central bank said Tuesday.

    What’s more, the Fed should begin to raise interest rates as the economy improves, and not wait for the unemployment rate to come down, according to Charles Plosser, president of the Federal Reserve Bank of Philadelphia.

    “This increase in rates must occur well before the unemployment rate or other measures of resource slack have diminished to acceptable levels,” he said. “If we fail to do so, we run the risk of keeping real interest rates too low for too long, and injecting liquidity into a growing economy at a pace that will create inflation above desirable levels later in the business cycle. That could potentially distort asset prices and sow the seeds of another crisis.”

    Plosser is one of a minority of Fed officials who are arguing for the Fed to quickly begin withdrawing the extraordinary monetary stimulus and support for credit markets. The majority of the FOMC seems inclined to keep interest rates low for an “extended period,” as the economy slowly recovers from the worst downturn in generations.

  8. PGC says:

    #180 Nom (previous thread)

    Do you want a poll were 12% of the respondents are convinced the Rapture is coming in 2012. It’s statistically significant.

    I would maintain that at the moment the political climate has little effect on hiring. If McCain had won you would still see the same results. There is no hiring due to the economic climate, plain and simple. You may have some companies going from the 49 to 50th worker that will look closely, but for the majority it will not be an issue. In This climate hiring is actually easier as you have a big pool to choose from, you can hire on contract and for the most part terminate new hires at will.

    As discussed earlier with bank bonuses. Companies are going to look at hiring from a pure dollars and cents perspective. The cost of carry and the cost of credit will have more relevance than political change. You can tax the banks bonuses and profits at 80%, the number just gets rolled into the equation. You argued last time that companies would hold off hiring if there is the possibility of tax breaks for new hires. Again it comes down to running the numbers and with temporary staff, they can just fire and rehire.

    As for what number I would have to see for that source to be credible, the answer is none. That association is HQed in TN, sponsored by United Healthcare and is lobbying health reform. Not exactly an impartial source.

  9. PGC says:


    From one of the discussions we had at the Hoboken GTG

    Four men have appeared in court in the first crown court criminal trial to be held without a jury in England and Wales for more than 350 years.

  10. grim says:

    From CNBC:

    Walkaways, Pay Option ARMS Hit Banks Bad

    A lot of reports out today collectively gave me a very bad feeling about the state of our current housing recovery.

    Needless to say, the big banks, while perhaps trying their darndest to modify as many loans as they can, are looking at potentially millions of borrowers who either can’t be modified due to insufficient income or don’t want to be modified due to insufficient interest in throwing their money into a bottomless pit.

  11. grim says:

    From CNBC:

    More Homeowners Struggling As Option ARMs Reset Higher

    Thousands of American homeowners are starting to see their monthly mortgage payments skyrocket, dealing a fresh blow to the already shaky housing recovery.

    The widely feared reset of thousands of option adjustable-rate mortgages—where both interest and principal payments rise sharply—is already leaving many homeowners struggling to keep a roof over their head.

    “Option ARMs have been a disaster from day one and a lot of them have already defaulted,” says Greg McBride, senior financial analyst with Bankrate.com. “This is a very big issue because interest rates are rising.”

    “I don’t see how the option ARM problem is not a huge issue,” says Sylvia Alayon, vice president and director of operations for the Consumer Mortgage Audit Center, which provides auditing services to advocacy groups. “This is a major hit for housing. It will continue to feed the excess supply of housing with more foreclosures.”

    “It’s more of a bump in the road,” Zandi says. “Many of these loans defaulted before they even got to higher payments. “I think the jobless situation is hurting more and the increase in interest rates. Add that with the coming ending of the home buyer tax credit and those are the bigger problems facing housing.”

  12. d2b says:

    Seems like twice a week someone from the Federal Reserve Bank is making a statement that contradicts their own policy.

  13. Stu says:

    Most people attribute the housing bubble to interest rates being held artificially low for too long. It looks like equities, especially financials, might be next.

  14. gary says:

    Thousands of American homeowners are starting to see their monthly mortgage payments skyrocket, dealing a fresh blow to the already shaky housing recovery.

    The widely feared reset of thousands of option adjustable-rate mortgages—where both interest and principal payments rise sharply—is already leaving many homeowners struggling to keep a roof over their head.

    Hey Otteau, can you understand this concept, you f*cking dolt.

  15. gary says:

    Some 88 percent of Option ARMs originated between 2004 and 2007 are going to adjust higher between now and 2012. Those option ARM borrowers could see their housing bills go up as much as 63 percent, according to Fitch ratings.

    And there’s more misery. If the Fed increases rates in the months ahead to fight inflation, rates tied to option ARM indexes will rise further—causing more payments to adjust up even sooner. And while Option ARM borrowers might want to re-finance, they often can’t because of falling home values and tighter credit restrictions.

    Fuck1ng devastating… and the vulture motherfuck*rs in the industry keep spouting the mantra while families get steamrolled into oblivion.

  16. Practic-Al says:

    Still not a bad time to refinance…move over to a fixed rate…say 15 years. Good rates around 4.5%.

  17. crossroads says:

    14 gary

    this is from CalculatedRisk

    “This impact is still being debated, but the Option ARM fallout will hit the mid-to-high end bubble areas because it was used as an affordability product.”

    hmmm I wonder id NNJ is high end?

  18. gary says:


    The tidal wave is approaching.

  19. Welcome to your FHA atomic airburst, folks.

    Ten megatons of economic killpower, thanks to your pals at FHA/Ginnie. What could possibly go wrong with a giant chopshop in Edison full of subprime washouts originating 30% of all the taxpayer-insured loans in NJ?

    We are so fcuking fcuked.

  20. Bet that dump in Edison was a one-stop shopping hub of fraud. Probably had their own cut & paste crews, phony verification-of-employment phone banks and forgery specialists.

    Probably also another five scurvy outfits within 20 miles of Edison waiting to fill the void now, too.

  21. dreamtheaterr says:

    Welcome to your FHA atomic airburst, folks.

    #18 Clot, gotta hand it to you…you nailed this one a long time back.

  22. dream (20)-

    Thanks, but it’s cold comfort.

    Unfortunately, when they start peeling the onion of the FHA scam, it will make the subprime hijinks look upstanding by comparison.

    And this time, you and I are the insurers of this garbage.

  23. brewcrew says:

    TCCR, 21


  24. Barbara aka B-Cat says:

    1999, here we come.

  25. RayC says:

    I wasted too much time at work on these (from previous thread) to NOT re-post. :)

    Someone asked for Comp Killers.

    Westfield Comp Killers

    738 CASTLEMAN DR 01/05 $730,260
    738 CASTLEMAN DR 12/09 $730,000
    Same price as January 2005.

    642 SUMMIT AVE 07/04 $650,000
    642 SUMMIT AVE 12/09 $675,000
    $25k appreciation from July 2004. Its TRUE, RE always increases!

    824 COOLIDGE ST 09/03 $599,900
    824 COOLIDGE ST 12/09 $590,900
    $9k less than Sept 2003 – I might be ready to buy at those prices.

    All of them were held for 4.5 years or longer, all before the peak, and all lost money on the transaction.

  26. syncmaster says:

    Does it make sense to call New Jersey a “Rust Belt basket case” like Michigan and Ohio?

    I’m reading this article, and they do precisely that. Otherwise, a good read..highly recommended.

  27. Al "The Thermostat" Gore says:

    Marc Faber, “We are Doomed” 1/12/10

    Interest rates will go up, prompting the US government to monetize the Dollar to deal w/ the iceberg of debt. Expect new wars to preoccupy Americans from the impending economic collapse.


    Time to board up the windows and fill sandbags.

  28. House Whine says:

    Princeton housing prices are just silly.
    I am looking at an ad this a.m. for a “quaint, stylish 2 bd.room, 1.5 bath cottage in desirable neighborhood. Recently renovated family room & eat-in kitchen”. All for $739,000. Are people still willing to buy such pricey homes so that they can live in that town? I have to wonder how much they would have asked a few years ago.

  29. Dissident HEHEHE says:

    One way to kill the TBTF banks-MOVE YOUR MONEY!


  30. renter says:

    Prices have barely changed in Princeton. I was talking to one Princeton mom and when I said Princeton was beyond our means but we were moving(rent or buy) this summer she said “Princeton housing is like holding gold.” I smiled politely and told her I’m she was right.

  31. renter says:

    Prices have barely changed in Princeton. I was talking to one Princeton mom and when I said Princeton was beyond our means but we were moving(rent or buy) this summer she said “Princeton housing is like holding gold.” I smiled politely and told her I’m sure she was right.

  32. nw says:

    The Condition-Code Red says:
    January 12, 2010 at 10:52 pm
    dream (20)-

    Thanks, but it’s cold comfort.

    Unfortunately, when they start peeling the onion of the FHA scam, it will make the subprime hijinks look upstanding by comparison.

    And this time, you and I are the insurers of this garbage.

    Got stuck with the bill last time too.

  33. House Whine says:

    29- So are you looking to buy in Princeton? Are the houses actually selling at such high prices? Some of the streets in Princeton are lovely,but I took a brief drive around there last month and was amazed at the lack of care homeowners displayed. Siding was coming off,landscaping non-existent. It felt like I was in my old neighborhood in Piscataway, not Princton.(nothing wrong with that, but not worth big bucks)

  34. freedy says:

    how far can they carry this scam. the
    whole housing market is imploding.

    but ,, get out for the spring selling
    season. lot’s of bargins.

    btw:1 in 38 americans is receving food stamps.

    But Barry and the washington crowd want us to believe all is well.

  35. yikes says:

    more dirty:

    -the bankers that run this country
    -Lane Kiffin
    -John’s pecker

  36. yikes says:

    which is more dirty:

    -the bankers that run this country
    -Lane Kiffin
    -John’s pecker

  37. yikes says:

    sorry for the double post.

    in somewhat-related dirty news: might want to check out this book. more ammo for the revolt: dirty, dirty politicians.


  38. freedy says:

    the wall street gang telling us how it is this am . lloyd , jamie, brian etc all have our best in mind. just try to do a deal with them,,,

  39. freedy says:

    so how much is NJ sending to Haiti?

  40. John says:

    Only catch is mortgage interest deduction goes away and you end up paying off the mortgage in two years.

    Practic-Al says:
    January 12, 2010 at 9:28 pm
    Still not a bad time to refinance…move over to a fixed rate…say 15 years. Good rates around 4.5%.

  41. njescapee says:

    and don’t forget elimination of 500k capital gain exclusion. not that there are many of those anymore

  42. John says:

    cap on mortgage interest deduction combined with no real estate deduction will hurt high end homes. BAB bonds are killing muni bond deductions and raising cap gain rate is a nightmare. Better sell your pool cleaning and maid services business in Southampton asap

  43. John says:

    We are sending something better than money, NJ can send John Corzion to solve all their problems, he is unemployed now.

    freedy says:
    January 13, 2010 at 9:22 am
    so how much is NJ sending to Haiti?

  44. John says:


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  45. Shore Guy says:


    The Other Plot to Wreck America

    THERE may not be a person in America without a strong opinion about what coulda, shoulda been done to prevent the underwear bomber from boarding that Christmas flight to Detroit. In the years since 9/11, we’ve all become counterterrorists. But in the 16 months since that other calamity in downtown New York — the crash precipitated by the 9/15 failure of Lehman Brothers — most of us are still ignorant about what Warren Buffett called the “financial weapons of mass destruction” that wrecked our economy. Fluent as we are in Al Qaeda and body scanners, when it comes to synthetic C.D.O.’s and credit-default swaps, not so much.

    What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

    The window for change is rapidly closing. Health care, Afghanistan and the terrorism panic may have exhausted Washington’s already limited capacity for heavy lifting, especially in an election year. The White House’s chief economic hand, Lawrence Summers, has repeatedly announced that “everybody agrees that the recession is over” — which is technically true from an economist’s perspective and certainly true on Wall Street, where bailed-out banks are reporting record profits and bonuses. The contrary voices of Americans who have lost pay, jobs, homes and savings are either patronized or drowned out entirely by a political system where the banking lobby rules in both parties and the revolving door between finance and government never stops spinning.


  46. Shore Guy says:

    Also from the Times Column:

    Phil Angelides, the former California treasurer who is the [FCIC’s]chairman, told me in interviews late last year that he has been busy deploying a tough investigative staff and will not allow the proceedings to devolve into a typical blue-ribbon Beltway exercise in toothless bloviation.

    He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room….He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

    Angelides gets it. But he has a tough act to follow: Ferdinand Pecora, the legendary prosecutor who served as chief counsel to the Senate committee that investigated the 1929 crash as F.D.R. took office. Pecora was a master of detail and drama. He riveted America even without the aid of television. His investigation led to indictments, jail sentences and, ultimately, key New Deal reforms — the creation of the Securities and Exchange Commission and the Glass-Steagall Act, designed to prevent the formation of banks too big to fail.

    As it happened, a major Pecora target was the chief executive of National City Bank, the institution that would grow up to be Citigroup. Among other transgressions, National City had repackaged bad Latin American debt as new securities that it then sold to easily suckered investors during the frenzied 1920s boom. Once disaster struck, the bank’s executives helped themselves to millions of dollars in interest-free loans. Yet their own employees had to keep ponying up salary deductions for decimated National City stock purchased at a heady precrash price.

    Trade bad Latin American debt for bad mortgage debt, and you have a partial portrait of Citigroup at the height of the housing bubble. The reckless Citi executives of our day may not have given themselves interest-free loans, but they often walked away with the short-term, illusionary profits while their employees were left with shredded jobs and 401(k)’s. Among those Citi executives was Robert Rubin, who, as the Clinton Treasury secretary, helped repeal the last vestiges of Glass-Steagall after years of Wall Street assault. Somewhere Pecora is turning in his grave

    Rubin has never apologized, let alone been held accountable. But he’s hardly alone. Even after all the country has gone through, the titans who fueled the bubble are heedless. In last Sunday’s Times, Sandy Weill, the former chief executive who built Citigroup (and recruited Rubin to its ranks), gave a remarkable interview to Katrina Brooker blaming his own hand-picked successor, Charles Prince, for his bank’s implosion. Weill said he preferred to be remembered for his philanthropy. Good luck with that.

    Among his causes is Carnegie Hall, where he is chairman of the board. To see how far American capitalism has fallen, contrast Weill with the giant who built Carnegie Hall. Not only is Andrew Carnegie remembered for far more epic and generous philanthropy than Weill’s — some 1,600 public libraries, just for starters — but also for creating a steel empire that actually helped build America’s industrial infrastructure in the late 19th century. At Citi, Weill built little more than a bloated gambling casino. As Paul Volcker, the regrettably powerless chairman of Obama’s Economic Recovery Advisory Board, said recently, there is not “one shred of neutral evidence” that any financial innovation of the past 20 years has led to economic growth. Citi, that “innovative” banking supermarket, destroyed far more wealth than Weill can or will ever give away.

    Even now — despite its near-death experience, despite the departures of Weill, Prince and Rubin — Citi remains as imperious as it was before 9/15. Its current chairman, Richard Parsons, was one of three executives (along with Lloyd Blankfein of Goldman Sachs and John Mack of Morgan Stanley) who failed to show up at the mid-December White House meeting where President Obama implored bankers to increase lending. (The trio blamed fog for forcing them to participate by speakerphone, but the weather hadn’t grounded their peers or Amtrak.) Last week, ABC World News was also stiffed by Citi, which refused to answer questions about its latest round of outrageous credit card rate increases and instead e-mailed a statement blaming its customers for “not paying back their loans.” This from a bank that still owes taxpayers $25 billion of its $45 billion handout!

    If Citi, among the most egregious of Wall Street reprobates, feels it can get away with business as usual, it’s because it fears no retribution. And it got more good news last week. Now that Chris Dodd is vacating the Senate, his chairmanship of the Banking Committee may fall next year to Tim Johnson of South Dakota, home to Citi’s credit card operation. Johnson was the only Senate Democrat to vote against Congress’s recent bill policing credit card abuses.

    Though bad history shows every sign of repeating itself on Wall Street, it will take a near-miracle for Angelides to repeat Pecora’s triumph. Our zoo of financial skullduggery is far more complex, with many more moving pieces, than that of the 1920s. The new inquiry does have subpoena power, but its entire budget, a mere $8 million, doesn’t even match the lobbying expenditures for just three banks (Citi, Morgan Stanley, Bank of America) in the first nine months of 2009. The firms under scrutiny can pay for as many lawyers as they need to stall between now and Dec. 15, deadline day for the commission’s report.

    More daunting still is the inquiry’s duty to reach into high places in the public sector as well as the private. The mystery of exactly what happened as TARP fell into place in the fateful fall of 2008 thickens by the day — especially the behind-closed-door machinations surrounding the government rescue of A.I.G. and its counterparties. Last week, a Republican congressman, Darrell Issa of California, released e-mail showing that officials at the New York Fed, then led by Timothy Geithner, pressured A.I.G. to delay disclosing to the S.E.C. and the public the details on the billions of bailout dollars it was funneling to its trading partners. In this backdoor rescue, taxpayers unknowingly awarded banks like Goldman 100 cents on the dollar for their bets on mortgage-backed securities.

    Why was our money used to make these high-flying gamblers whole while ordinary Americans received no such beneficence? Nothing less than complete transparency will connect the dots. Among the big-name witnesses that the Angelides commission has called for next week is Goldman’s Blankfein. Geithner, Henry Paulson and Ben Bernanke should be next.

    If they all skate away yet again by deflecting blame or mouthing pro forma mea culpas, it will be a sign that this inquiry, like so many other promises of reform since 9/15, is likely to leave Wall Street’s status quo largely intact. That’s the ticking-bomb scenario that truly imperils us all.

  47. John says:

    so what if people don’t understand synthetic CDOs, how can they. My friend was a head hunter from Merril and standing orders was to get the four most recent PhD with the highest GPAs from top four Quantitive Analysis programs each year to interview. They did not even want number 2 from top four or number one from fifth best school.

    I said down to interview the head of this department back in the hey day 99-01 and it was pretty cool stuff. I brought my own PhD to the meeting and former head of Risk Mgt at Wamu to do battle. Oh what a battle it was. Unfortantly I felt like I accidentally walked into the Latin Mass. Yea I kinda knew what was going on but not really. So the egg heads right up their anaylsis and the Partner looks at it and goes, I have a CPA, MBA and an Ivy league degree and 30 years Financial Services experience and I have no clue what the heck you are talking about. Can you write this in English, the egg-head PhD says “I will not dumb down my work for the masses” Ha, now times wants you folks to understand it, Chifi and me can’t understand it.

  48. ricky_nu says:

    Some distressed activity in a “blue ribbon” town, in the luxury price range:

    mls 1001474 – not finished by builder
    mls 1001480 – not finished by builder
    mls 2838538 – finished by spec builder

    mls 2925620 – finished by spec builder, original ask over $3m

    Comp Killers same town:
    mls 1000700 – Jay Feely’s house for sale, 2.1 ask, bought for 2.4mm in 2005

    There are many others just waiting to be puked up.

    Maybe Mr Otteau is correct, the luxury market may never recover….

  49. Outofstater says:

    I’m wondering if the next war will be fought in cyberspace. Territory is so 20th century.

  50. RayC says:

    ricky_nu says:
    January 13, 2010 at 10:21 am

    Maybe Mr Otteau is correct, the luxury market may never recover….

    It would be nice if he was right about something. Anybody ever seen him and David Lereah in the same room?

  51. d2b says:

    Any thoughts on someone playing a game of chicken with the cc companies to see if they will write down his balances. This person does not care about his credit score and has plenty of equity in his house. He wants to stop paying his balances because he is unemployed.

    Does anyone think that Chase or Bank of America will come after his house?

  52. Shore Guy says:

    Well, duh! But it is refreshing to see the media picking up on themes long-ago posited here. From the WSJ:

    Even when the U.S. labor market finally starts adding more workers than it loses, many of the unemployed will find that the types of jobs they once had simply don’t exist anymore.

    The downturn that started in December 2007 delivered a body blow to U.S. workers. In two years, the economy shed 7.2 million jobs, pushing the jobless rate from 5% to 10%, according to the Labor Department. The severity of the recession is reshaping the labor market. Some lost jobs will come back. But some are gone forever, going the way of typewriter repairmen and streetcar operators.

    Many of the jobs created by the booms in the housing and credit markets, for example, have likely been permanently erased by the subsequent bust.

    “The tremendous amount of economic activity associated with housing, I can’t see that coming back,” says Harvard University economist Lawrence Katz. “That was a very unhealthy part of the economy.”



  53. safeashouses says:

    Looks like the DC bedroom communities have gotten obliterated. Lots of houses listed as bank owned or short sales. Seems like prices are back to 2002/3 down there. When are we going to get 2002 prices in good old NNJ?

  54. Shore Guy says:

    The RE equivalant of John’s 45% junk bonds:


    If anyone knows the area, this is in a spot where the beach is all of 10′ deep and the houses East of the main highway are stscked up like dominos and all sit at somethink like 4 or so feet above sea level.

  55. skep-tic says:

    funny thing is that the feds actually gave a big green light to FHA replacing subprime by increasing the loan limit and effectively reducing downpayments to zero through homebuyer tax credit. now they are saying, wow, jeez, things are out of control. seems like a familiar series of events and has much less credibility ex post this time around.

  56. freedy says:

    they will not come after his house on the credit card . this is unsecured debt.

    you can negotiate a settlement with them .

  57. Mr Hyde says:


    if you want a home on the shore, you need this:

    A reinforced concrete monolithic dome structure can take a direct hit from a hurricane with only cosmetic damage. The particular home in the like has taken a few direct hits with cosmetic damage only.

  58. Mr Hyde says:


    if you want a home on the shore, you need this:

    A reinforced concrete monolithic dome structure can take a direct hit from a hurricane with only cosmetic damage. The particular home in the link has taken a few direct hits with cosmetic damage only.

  59. leftwing says:

    This skewering of the financial class will curtail the average citizen’s financial liberty as much, if not more, as the reponse to terrorism will curtail our civil rights.

    It is amazing to me that some of the most independent people on this board – beat’em up, shoot ’em up, and fend for yourself types – buy into the ‘banksters’ theme.

    If you want to see the cause of the current financial mess look at everyone who bought things they could not afford with other peoples’ money. Most of these people are different than you and me.

    If you want to see the same animal spirits and independence you profess here step on the trading floor or in the M&A or banking department of any investment bank. Most of these people are just like you and me.

    One day we will all wake up as financial wards of the state under the guise of protecting the public from big bad institutions. Once we are taxed and regulated into financial servitude, with civil rights curtailed in the name of security and PC, the circle will be complete.

    It always starts with demonizing the target first. Make no mistake about it, the target longer than you think has been the independent thinker and earner. It is class warfare, pure and simple. The target is YOU.

    Are they going to run directly at you? Of course not. It will be insidious and dirty, like the AMT. They will make you complicit in your own suffocation. Pitchforks in hand, we cry ‘get the banksters’ while those seeking to control your lives smile. They know once the banksters, the front line, are gone you are standing there exposed. You will be the front line. You will be the demons. Fertile ground is being prepared – remember, you are part of the rich parasite class now at $150k.

    We are at the point where one half of our population lives entirely off the productive efforts of the other half. As in nature, no state of such disequilibrium can exist for long.

    Here, there will be only two outcomes – a top down revolution or servitude.

  60. "Bones" Deplume says:

    [59] leftwing

    A terrific excursis.

    I think you need to change your handle.

  61. leftwing says:


    Handle is hockey, not politics.

  62. Shore Guy says:


    A blouse we can all believe in. I have no idea who she is, but, does it matter?


  63. Mr Hyde says:


    You leave out some key parts. The banksters own the current government from top to bottom. However, it is not the banksters that are the root problem, they are only a symptom.

    The root problem is the lack of ideals, the lack of morals, and the lack of participation throughout society as a whole. When the majority of the population either willing overlooks criminal and unethical behavior, or simply fails to participate in the political process in an educated manner, then the system is doomed.

    The saying “in a democracy, the people get the government they deserve” – de Tocqueville, is the core issue at hand.
    We as a nation have tolerated favoritism, cronyism, corruption, and general malfeasance, so long as we the people believed we might someday use the same act or results thereof to benefit ourselves.
    The american republic has seen death by a thousand cuts. It wasnt any one act that can be blamed just as no one act will solve out problem.
    Just as the path downward was the culmination of a thousand acts, the solution is the same.

    In the end the solution starts with each of us. Until each of us regularly take part in the political process in an educated manner, and each of us demands of ourselves the same behavior we expect in our leaders, we will see no change.

    Until the average American gets a fire in their belly and is willing to risk their personal and/or financial well being there will be no change.

    History shows that few nations or empires have stepped back from the path of societal decay, and historically Americans do not act until their back is pressed against the wall.

    The question this time around is will their be enough will left in american society to right the ship of the american republic by the time our backs are finally pressed against the wall. Will we still be able to walk on our own after having success assumed and handed to us for the last several generations.

  64. "Bones" Deplume says:

    Tax Tip of the Day:

    For some time, while large corporations are dumping defined benefit plans, I have been pushing the idea of small businesses adopting them.

    It is a perfectly legal way to equity-strip a business, get asset protection from creditors, and lower your current taxes, all in one fell swoop.

    For whatever reason, I haven’t gotten much traction with this idea (heck, the Nompound is better received). But I am now not the only one suggesting that the DB plan (and the cash balance plan in particular) is worth a look for small biz:


  65. "Bones" Deplume says:


    I usually played defense.

    If I ever slashed you, or slammed you into the boards, I’m sorry.

  66. Shore Guy says:


    Just gimme some bread, as I am off to the circus.

  67. "Bones" Deplume says:

    [66] redux

    In fact, if we have to go to hockey nicknames in the future, I put dibs on “Goon Squad”

  68. Mr Hyde says:

    … hands shoreguy a foodstamp debit card and a free (tax payer funded) set of football tickets

  69. Shore Guy says:

    HAve you ever seen a woman pay LESS attention to the state of her nails?


  70. Mr Hyde says:


    My personal opinion is that a rapid crash scenario would be our best bet for avoiding an Argentinian future. It might actually wake the sheeple up.

    Anyone see the news lately? Argentinian central bank president fired for not following in bergabe’s footsteps

  71. Mr Hyde says:

    Shore 70

    are you trying to get me fired????

    a little NSFW or warning plz

  72. Shore Guy says:


    Didn’t B.O. tell you, I am to be milked, not given milk. I am productive, therefore unworthy. Mine ust be tsaken and redistributed.

  73. "Bones" Deplume says:

    Harold Ford makes John Kerry look decisive.


    After reading this, I have no idea what he stands for. But then again, neither does he.

  74. Mikeinwaiting "Bicep" says:

    Shore those John stories got you on the make or what? Not that I’m complaining about the content.

  75. Shore Guy says:

    Nothing was showing, I thought it was safe. Sorry.

  76. Shore Guy says:


    Just kind of stumbled on them and, on a cold day, thoughtI would share.

    Now, wht ws it Burt the cop said in It’s a Wonderful Life? Something like, “I better go home and see what the wife is up to.”

    Or, as Mr. Potato Head said in the Second Toy Story movie, “I’m a married spud. I’m a married spud.”

  77. Mikeinwaiting "Bicep" says:

    So is Goggle really going to get out of the China market or is it all posturing?
    Don’t try to get into my sh*t again or I will take my marbles & go home.

  78. Shore Guy says:

    Like the Chinese government cares.

  79. jcer says:

    I’m sorry, I blame the banks in a big way. We all know the little people by and large cannot be trusted, and do not understand finance. Yes they were motivated by greed but also enabled by banks with a willingness to lend in an imprudent manor.

  80. Mikeinwaiting "Bicep" says:

    Shore you can still look! Married spud also, & yes those nails were terrible.

  81. Shore Guy says:

    Is it any wonder the nation is in trouble? While we are here discussing economics and fiscal policy, most of the country is focused on things like this:


  82. Painhrtz says:

    Hyde – Leftwing astute posts both.

    In the end any kind of debt is slavery whether it be personnel or public. Until the general populace sees otherwise greed malfeasence and graft will continue unabated as they feed the machine.

    Stu if we can find a goalie we can have an nj report hockey team.

    Painhrtz – defense/center

  83. Shore Guy says:


    You know how people can tell we are married? We noticed the nails.

  84. A.West says:

    People here need to look at the big picture.
    I blame central banking, paper money, and a welfare statism that tought people that it’s wrong to hold people accountable for their decisions (both borrowers and lenders).
    To blame the bankers is to give them way too much credit. They are the tail on the dog.
    The problem is the distorted financial system, and the incentives created.

  85. Mikeinwaiting "Bicep" says:

    j 80 “We all know the little people by and large cannot be trusted, and do not understand finance.”
    That will certainly be the cry for more gov control over our lives. You made your bed now sleep in it. Then you learn.

  86. Shore Guy says:


    When we were kids, if we touched something hot, we got burned, and we learned not to do that again. Now, it is like the government has found a way to transfer the burn to someone who had the sense not to touch.

    Rub your hand on a sharp knife Johnny? Don’t worry, Uncle Barack will find a way to make Susie bleed instead.

  87. Mikeinwaiting "Bicep" says:

    Shore 81 Sad but so true.
    Shore 82 I must be doing something right I have no idea who that girl is. Catchy song title never the less.

  88. Mikeinwaiting "Bicep" says:

    Shore 87 Yes, that will work out well.
    Clot where the hell did you say you were going. This country is screwed.

  89. Mr Hyde says:

    Shore 82

    that poor girls needs some meat on her bones. Get her in the gym for a little muscle tone and feed her more the 3 carrots and a line of blow.

  90. Mr Hyde says:


    I believe the clotpound is currently slated for chile

    A west, pain

    what gets me is that all these debt slaves seem to think that aspiring to nothing greater then being a cube jockey and driving a German car. At that level no sentience is required.

    What seperates us from the average labrat? The will to grow beyond our current boundaries. I would argue that prbably NLT 1-2% of the human race is sentient.

    Someone once sad that the greatest victory one can have is the victory over ones own desires. In this sense we as a species are utter failures at this point

  91. still_looking aka Tan-Less says:

    Mike, 89

    I’m thinking Haiti is gonna need some rebuilding. If we get a few hundred thousand to set up “American ghettos” we can overtake a chunk of the island and rebuild.


  92. Shore Guy says:


    Same island as the DR (which has not denuded the forrests, and where people live reasonably well), but a wretchedly-bad government that plunged and has kept people in poverty. It is a cautionary tale for us.

  93. Mikeinwaiting "Bicep" says:

    still 92 We will need plenty of ammo around there. Standard njrereport thinking more ammo solves everything , not that there is anything wrong with that.

  94. stu says:

    My team is always looking for some more talent. Our problem is that our goalie is terrible. I play center exclusively and you’ll never beat me on a faceoff. Unfortunately, I’ve been told that I accelerate like a turtle.


    If any of you players are interested, please let me know.

  95. vr says:

    Can anyone recommend a good bank to use for a fixed 30-year loan?

  96. Mikeinwaiting "Bicep" says:

    Shore in the past parents hit DR a lot , loved it. Now Mom in FLA for winters, minus Dad no go for her.

  97. Shore Guy says:

    “Unfortunately, I’ve been told that I accelerate like a turtle.”

    Tell Gator to be nice.

  98. danzud aka D-Train says:

    Sound familiar?

    “In California, by contrast, more and more spending consists of either transfer payments to government dependents (as in welfare, health, housing, and community development programs) or generous payments to government employees and contractors (reflected in administrative costs, pensions, and general expenditures). Both kinds of spending weaken California’s appeal to consumer-voters, the first because redistributive transfer payments are the least publicly beneficial type of public good, and the second because the dues paid to Club California purchase benefits that, increasingly, are enjoyed by the staff instead of the members.”

  99. Mr Hyde says:


    The home of dirt cookies…..

    It is amazing the level of suffering humans will tolerate without rising up

  100. danzud aka D-Train says:


    The only people who will be able to afford houses in 20 years in NJ are the cops, firemen and teachers and they’ll be buying foreclosed houses like they’re 6-packs (assuming they stay in NJ and don’t move out).

  101. stu says:


    Use whoever is the cheapest. The quality of the bank means absolutely nothing. The mortgage will be sold to the lowest bidder. I recommend Mortgage Masters in Wayne. They did us right and there was no BS whatsoever. Tell them Stu sent you. The price and closing costs quoted at our initial meeting were what we paid to the penny at the close. I referred one other friend since then and they were happy as well. Either way, call about 10 brokers and see what is the best they offer. Ask for closing costs up front and make sure there are no points in the quote. It’s an easy process.

  102. Shore Guy says:


    I hear Charlie Rangle is wiling to cut a deal, for cash rental fees of course.

  103. Mr Hyde says:

    One wonders how LNG it will be before another napolean, gangue khan, Shaka Zulu, William Wallace etc shows up. The world wold appear to be ripe

  104. Mr Hyde says:

    iPhone autocorrect sucks!

  105. Shore Guy says:

    An observation on Coastal NC:

    Last year at this point, I noticed few sf-homes available in the sub $400,000 range. Now there are scores and scores.

  106. Mikeinwaiting "Bicep" says:

    Ket 100 Unfortunately we may see what level of suffering will be tolerated here. ( once they print are way to oblivion) In my mind more than most would think. And the sheeple say bah bah bah.

  107. Mikeinwaiting "Bicep" says:

    Shore 106 give it 1 more year & it will double.

  108. Mr Hyde says:

    another fun rant for the day…

    what does Zero Tolerance policies in schools teach children except for the fact that only big brother can stand up for you and you dare not respond on your own.

  109. Mikeinwaiting "Bicep" says:

    Ket 104 I agree, ripe is not the word. Unfortunately I think we are the # 1 suspect to produce him/her.

  110. Shore Guy says:


    We had intended to buy this spring but now, fuggedaboudit. We may Next year. In the meantime, we have no debt, and growing net worth.

  111. Mikeinwaiting "Bicep" says:

    Shore 111 you will remember this song.
    “Time.. is on my side, Oh yes it is”

  112. Painhrtz says:

    hyde 1-2% sentient, wow your more pessimistic than I am I always used the 5% rule.

    Stu – unfortunately I haven’t been on ice in a few years, strictly roller. less chance of catching an edge on choppy ice and blowing a knee.

  113. Comrade Nom Deplume, a.k.a. "The Goon Squad" says:

    [95] stu

    Thinking about it. Are fighting skills required?

  114. Mikeinwaiting "Bicep" says:

    Anyone reading beige book summary.

  115. NJGator says:

    Anyone have some good ideas to help me win the big prize?


  116. Mr Hyde says:


    1%, 5%. Not that big of a difference, it’s still 100 – 300 million sentients Vs 6 billion non-sentients

  117. NJGator says:

    Nom 74 – Did you see the Gawker take on the article?

    New York Times Allows Harold Ford to Destroy Himself

    Remember how the New York Times’ uncomfortable interview with Caroline Kennedy pretty much sank her Senate campaign? Hello, Harold Ford, welcome to New York! First question: Jets or Giants?

    A. I had breakfast about every morning when I am in town, or I should say, several mornings, at the Regency. I see my friends the Tisches. Steve Tisch is my close personal friend. I have been to more Giants games. I spent the holidays, I had lunch over the holidays with Woody Johnson. We met for the first time. I am happy for his team.

    Right. So, just so we’re clear, Harold Ford: you want to run for office in New York. You want people in New York to vote for you. Democrats in New York are the people you are trying to appeal to. And, when asked if you prefer the Giants or the Jets, your answer is that you’re better friends with the Tisches than with Woody Johnson, so Giants…? That is an insane answer. That is the answer of a man who has not left his bubble of town cars-to-MSNBC and billionaire Democratic donor friends for six years. Harold: name the quarterbacks, not the owners.

    Wait, let’s ask another question!

    Q. Have you been to Staten Island?

    A. I landed there in the helicopter, so I can say yes.


  118. Juice Springsteen HEHEHE says:

    Fed Beige Book:

    Construction and Real Estate
    Commercial real estate markets in the District were mixed but, on balance, softer since the last report. Manhattan’s office vacancy rate leveled off in the final quarter of 2009, but asking rents on Class A properties reportedly tumbled by 15 percent and were down 26 percent from a year earlier. Office markets surrounding New York City were mixed: asking rents declined moderately, while vacancy rates were little changed overall–up slightly in Westchester and Fairfield Counties but down slightly in northern New Jersey and Long Island. Office markets in upstate New York were generally stable, on balance, with faint signs of improvement in the Buffalo and Albany areas but modest softening in metropolitan Rochester. Sales transactions of office properties were exceptionally low throughout the District in the fourth quarter, and, in most cases, down from both the third quarter and a year earlier.

    Housing markets have been mixed but, on balance, steady since the last report. Home sales reportedly slowed considerably in the Buffalo area in November and early December, though prices remained higher than a year ago; this slowing is partly attributed to the expiration of the [now extended] homebuyer tax credit. Contacts in northern New Jersey report that resale activity and prices have picked up modestly, though both remain at fairly depressed levels; the uptick in prices may be partly due to fewer distress sales. New home construction in northern New Jersey remains stable at an exceptionally low level, with a modest pickup in multi-family development offsetting further weakening in the single-family sector. New York City’s housing market has shown some signs of stabilizing. Co-op and condo prices continued to decline in the fourth quarter but at a more moderate pace than earlier in the year–in both Manhattan and the outer boroughs. Moreover, the number of transactions picked up, both from the third quarter and from a year earlier, and the inventory of unsold units, though still fairly high, fell 25 percent from late-2008 levels. Manhattan’s apartment rental market also showed signs of stabilizing in December, as both rents and inventories were virtually unchanged from November. Still, rents remain well below year-earlier levels, especially when landlord concessions (fee waivers and free rent for 1-2 months) are factored in, though some of the more aggressive incentives are reportedly being scaled back.


  119. stu says:


    League is non-hitting as most of the players are in their 40s. Fighting will take you out for the next two games, although it still happens on occasion. Some of the players are in their late 50s and some are in their 20s and 30s like me. It’s a very well run league. Email me if you are seriously considering it. It’s a great bunch of guys.

  120. Painhrtz says:

    Gator whiskey wednesdays. Start drinking on the job

    Hyde – true. but 300 million with there eyes open provides me with some form of hope. 100 million not so much.

  121. John says:

    shore guy, nice shots, was busy today, eating steaks and having a three martini lunch while watching Jaimie Dimon complain on TV.

  122. Mr Hyde says:


    just happened to snuggle in with jr last night and catch a piece on the apollo program. Got to start early!

  123. John says:

    By the way watch Kodak next few days something is bout to happen, don’t know if good or bad. But options, bonds and stock have been moving around more than Michael J. Fox in a bathtub.

  124. Painhrtz says:

    hyde – my love of science began with the accomplishments of apollo. Basically went to the moon on guts and contracts awarded to the lowest bidder. Most folks do not comprehend the ammount of technology that arose from the program. Now we waste trillions on wall street. Sad truly sad

  125. stu says:


    Stock on EK is hovering around 4. Maybe a delisting notice? Ha ha? Reverse split? Maybe they can petition the SEC to become a commercial bank.

  126. stu says:

    Sam’s Club closing 10 stores
    Store Closings

    Sam’s Club closing 10 stores

    Walmart announced the closing of 10 Sam’s Club retail locations. The new closures are located in Nampa, ID; La Quinta, CA; Louisville, CO; Vista, CA; Rolling Meadows, IL; Clay, NY; Irvine, CA; and one Club in the Houston, TX, Phoenix, AZ, and Sacramento, CA markets. The selections were made based on individual store performance.

  127. Nicholas says:

    Kodak didn’t seem to make it away from photographic film the way they should have. They are getting killed by the digital camera revolution with their major base of income eroding year by year.

    They still had a fairly healthy market in large reproduction prints and movie film but I’m guessing that digital cameras are eventually going to erode that buisness too.

    I would expect that if there is some action on Kodak it is either going to be bad or very bad.

  128. Nicholas says:

    On the topic of defaulting on credit card debt…

    I am pretty sure that if you do not pay your credit card debt the only recourse that a credit card company has is to take you to court and get a judge to order a structured repayment which may include garnishing wages no matter where they may come from.

    If you disobey the structured repayment then you have disobeyed the law and that can result in a whole host of other problems.

    My sister-in-law stopped paying her cc bills and it took them 12-15 months before the debt hit credit collection services. If you treat the credit collection services right it may make it another 3-6 months before it goes to court. Another 30-60 days before you actually have to appear before the judge to negotiate the debt.

    Because you owe the money you will have to pay back interest, lawyers costs, and court costs which can be quite a bit more than just paying the debt outright.

    I successfully championed a court case involving my sister-in-law where I threw documentation and valid arguments at the judge at the same time that I negotiated a 50% reduction in debt from the debt collection/cc company at the same time. The cc company eventually dropped the lawsuit and took the offered loot and ran.

    Either way, stick to your guns, point out any inconsistencies in billing practices, statements that don’t make sense, and calculate your own interest (don’t let the cc company do it for you).

    I was able to argue that the prevailing rate of interest (29.99%) in her case was excessive and that another cc that she had at the time was only charging 10% so in fact she was being overcharged in interest. I argued that the lawyers fees were excessive given that no lawyers had signed any documents and paralegals had signed and submitted all documentation. I also argued that late and over the limit fees asking that they be removed in light that they were over levied on the disputed amount of money owed.

    The best thing that you have going for you in debt court (if that is where you think that this is where your headed) is that the recent cc practices that are being instituded in the US are IN GENERAL practices that should be in place now. Unethical practices even though legal are generally frowned upon in courts and you are likely will be able to seek protection retroactively.

    In total I feel it was a well argued campaign which yielded thousands in debt reduction.

  129. sas says:

    Old Navy announced closing of 30 stores after Jan 26th.

    not sure if any in NJ.


  130. fly-over says:

    iPhone Auto-correct. If you don’t like it, turn it off in settings general keyboard.

  131. Nicholas says:

    Tomorrow we are looking at 45-50 degree weather in DC. I’m sure that a balmy winter in DC is really going to help all that excess oil reserve that is sitting off-shore to the US.

  132. Mr Hyde says:


    oil tankers vent the volitiles. I wonder if storing crude in those tankers too long shifts the fractionation % at all when it’s finally processed?

  133. Mr Hyde says:

    What’s up with the new spambots?

  134. Al "The Thermostat" Gore says:

    Jan. 13 (Bloomberg) — California’s hopes are fading for federal help in closing a projected $19.9 billion deficit that has caused the lowest-rated state’s borrowing costs to rise 24 percent since September.

    “We recognize they have enormous problems,” David Axelrod, senior adviser to President Barack Obama, said in an interview. “But we can’t solve all of those problems from Washington.”

    Investors are growing more concerned that California, whose debt rating was cut today by Standard & Poor’s, will repeat last year’s fiscal crisis that forced it to use IOUs to pay bills. With Governor Arnold Schwarzenegger seeking $6.9 billion in federal assistance to narrow the deficit, the extra yield paid on the state’s 10-year bonds over AAA-rated municipal securities rose to 1.31 percentage points yesterday from 1.06 points on Sept. 11, according to Bloomberg fair market value index data.

    The terminator is headed to DC for a bailout. We need to make sure Chris “The Fat Guy” Christie drops the axe on just about every government POS agency and employee possible.

  135. make money says:


    I was teh keeper in HS. When are the games?

  136. Al "The Thermostat" Gore says:

    This is what happens when you tell George HW Bush to F#ck off!

    Video of secret service paying a home visit. Be not afraid.

  137. freedy says:

    corzine sends 120 million , on way out the door , to where else? patterson,trenton, camden, etc ,, the looting continues

    breast feeding at its best

  138. freedy says:

    corzine : 120 million to cities on way out the door amazing

  139. stu says:

    make money,

    The schedule fluctuates but most of our games are on Sunday night between 8 pm and 10:45 pm. About 2 or 3 games per season are on a Tuesday, Wednesday or Thursday. It’s a 20-game season plus playoffs that starts the 2nd week in October and ends in March or early April. Top team in each division plays for free in the North American finals in Toronto, but you gotta pay for room and travel. 2 refs per game and strict uniform rules. We play at various arenas around North Jersey. Mostly Mennen, South Mountain (West Orange), Ice House (Hackensack). Occasional games in Bayonne, Woodbridge and Montclair. It is recreational hockey, but much more organized then any house league. Teams can’t just add players willy nilly. They must be evaluated to determine their skill level and players can not play for more than one team. If you win your division, you move up next year. If you lose your division, you move down. There is great parity. We could really use a goalie. Even though we have a very strong defense that lets up the second lowest number of shots of any team in NJ, our goalie’s 2nd worst save percentage in the state has us at 3-4-1-1 midway through the season. All the info you could ever want is at HNA.com

  140. NJGator says:

    One more reason Stu and I need to get out of Montclair?

    Potty Training in Public

    Story submitted by Johan Svenson, Kristen’s husband:

    Say you’re picking up your parents at Newark airport and your 2-year-old says, “Need go pee pee potty, Daddy.” Do you drive around the loop again and go into short-term parking, then run him in and seat him on a nasty toilet? Or do you plop down a plastic potty at “arrivals” and let him do his business? (Not in freezing weather of course. Well, maybe not.) You can tell by the picture which option we chose.

    What if you’re at Edgmont Park playground with three kids, and the little guy needs to go? Is it in poor taste to plop a potty down near the slides and let him sit? I was raised by Swedish parents, so I take no issue with public nakedness (not that I run around flashing my junk). But I got weird looks when I whipped out the red Ikea potty in the late fall. Some parents and nannies were laughing, others made sure I saw their frowns. Should I have taken my three kids away from their playing to find a bathroom?

    Truth is, I wouldn’t change anything. Our last child is 29-months-old, and he’s out of Pull-Ups. It’s underwear only for my big boy now–and the occasional roadside potty stop.


  141. leftwing says:


    I’ve played mostly in rink programs for convenience. Plus my knees, back, and rotator aren’t what they used to be.

    I’m not the best hands or skater but I have a silly quick release on a helluva wrist shot and if the puck goes into the corner or behind the net I WILL win that battle and get it to you in the crease.

    I think we would have remembered if we had run across eachother. I was never the biggest on the ice but no one screwed with me twice.

    Or as my 7 year old said after he did a beautiful (but very illegal check at that age) in the third: ‘He slashed me hard in the first, dad. But you just need to take a number. There’s three periods you know.’

    Stu, what level are you guys? I’m at Mennen probably four/five days a week. Actually cutting out to go there now (for my kid, not me).

    GTG at the next Devs/Rangers game at the Pru?

  142. Stu says:

    Perhaps…Are there tickets still available?

  143. Barbara aka B-Cat says:

    what won’t parents get competitive about? Enjoy your little serial killers to be!

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