Fed out of bullets?

From HousingWire:

Bernanke calls for more housing help from Washington

Federal Reserve Chairman Ben Bernanke delivered a speech Tuesday afternoon on emerging market economies, but it was his remarks about the state of the still-ailing U.S. economy in a Q&A after the speech that garnered the most attention.

The Fed Chairman also called on Congress to do more to help boost a U.S. housing market that remains, at best, in the doldrums. Bernanke said “strong housing policies to help the housing market recover” were needed to advance a tepid U.S. economy, along with a focus on jobs and solving budget imbalances.

More than 6.3 million U.S. homes are 30 days or more behind on mortgage payments or in foreclosure, according to mortgage services firm Lender Processing Services (LPS: 14.59 0.00%). And while housing prices are improving month-over-month, prices remain well below year-ago levels — the most recent Standard & Poor’s/Case-Shiller housing price index found home prices down 4.1% in July across 20 of the nation’s largest metropolitan areas.

Mortgage rates have touched historic lows in recent weeks, after the Fed introduced plans on Sept. 21 to buy $400 billion of Treasury bonds in an effort to lower long-term borrowing costs. The Fed also said it would invest reinvest principal payments from agency debt into additional agency mortgage-backed securities investments. But with jobs a looming concern, questions remain as to just how many borrowers will be able to take advantage of lower rates.

Eric Rosengren, president of the Federal Reserve Bank of Boston, hinted Wednesday in his own remarks at what sort of policy options might best for housing — arguing that new policies were needed to allow underwater homeowners to refinance their loans.

“Clearly getting more money into the hands of homeowners who spend it could help to fuel GDP growth,” he said. “This would reduce one of the impediments to a more significant effect from the monetary policy actions taken to date.”

This entry was posted in Economics, Housing Recovery, Mortgages, National Real Estate, Risky Lending. Bookmark the permalink.

148 Responses to Fed out of bullets?

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From the Worcester Telegram:

    Surprising numbers on equity

    Negative equity and underwater homeowners are frequently in the headlines, but what about positive equity in Americans’ homes?

    Is there much of it left after the wealth-killing recession and real estate bust? Where is it? Who’s got equity? You might be surprised.

    A new study, conducted by mortgage and real estate data firm CoreLogic for this column, found that there are substantial reserves of positive equity across the country. CoreLogic maintains the largest database on home loans — 42 million active accounts, more than 80 percent of all existing mortgages — with information supplied regularly by lenders and servicers.

    First some basics on equity. The Federal Reserve estimates that at the end of June, Americans held $6.2 trillion in equity in their homes. This was down sharply from its high mark of $13.2 trillion in 2005. Roughly one of every three homes is mortgage-free, according to federal and industry estimates.

    Among owners who have mortgages, according to CoreLogic, 48.5 percent of them have at least 25 percent equity stakes in their properties. Roughly a quarter of owners with mortgages — 24.6 percent — have more than 50 percent equity.

    At the other end of the spectrum, 22.5 percent of owners are in negative equity positions, burdened with houses worth less than their mortgage balances.

    Where do owners have the highest equity holdings? Two states with very different economic profiles top the list — New York, where 48.8 percent of owners have greater than 50 percent equity positions, and Hawaii (43.7 percent). Both states also have exceptionally low incidences of negative equity.

    Connecticut, Massachusetts, Pennsylvania, the District of Columbia and New Jersey all have equity positions far above the national average. In the District, for example, 35.1 percent of all owners have 50 percent equity in their homes or more. In Connecticut, it’s 37 percent, Massachusetts 36 percent and New Jersey 34.6 percent.

    Sam Khater, senior economist for CoreLogic, says that states with high equity levels tend to be relatively affluent — or at least have sizable pockets of affluence — plus relatively low levels of mobility and in-migration. They also did not experience rampant construction booms on suburban land tracts during the years 2003-07, or heavy use of zany financing. They saw appreciation in real estate values, but not double digits a month as occurred in some parts of the country.

  3. yo says:

    “Clearly getting more money into the hands of who spend it could help to fuel GDP growth,” he said. “This would reduce one of the impediments to a more significant effect from the monetary policy actions taken to date.”

    This is the key.
    Austerity=no growth= no jobs

  4. yo says:

    Mr. Obama has set a goal of doubling the nation’s exports over five years. But his administration has done little to achieve that goal, which is inadequate to begin with. For one thing, the focus should not be the level of exports but the overall deficit — the difference between what we import from abroad and what we sell overseas.

    This will of course require us to get our house in order: balancing the budget over time; investing in education, infrastructure and scientific research; and making taxation and regulation more efficient. But there are three steps we can take that would pay off more quickly.

    First, the United States must, in effect, weaken the dollar by 10 to 20 percent. This step alone would produce one million to three million jobs. It’s been done before: In 1971, President Richard M. Nixon ended the dollar’s convertibility in gold, and in 1985, Treasury Secretary James A. Baker III reached an agreement with foreign countries to devalue the dollar relative to the yen and the Deutsche mark.


  5. yo (4)-

    Note that this is also the path that such world superpowers as Argentina and Cambodia have taken.


  6. The damage is done.

    All the world’s necronomies are flat-line.

    Monetary policies are frauds, covering the stench of death.

    Fiscal policies are frauds, covering the stench of death.

    Banksters are still robbing corpses and digging up graves.

    The only diversion left is war.


  7. grim says:

    Clot – we can’t even do war right anymore

  8. Mikeinwaiting says:

    Grim how are floors proceeding, did you switch to water base?

  9. speedkillsu says:

    Great news New Jersey’s 34.6 percent of homeowners have equity of 50% or more ,means that towns can feel free to raise property taxes with so much unused money sloshing around in homeowners pockets ……Town Hallwill be knocking at your door

  10. grim says:

    Happy new year!

  11. 30 year realtor says:

    When I started out in the real estate biz listings were sent in to MLS via regular mail. There was no MLS computer. MLS books came out once a week. With all the delays in the system it would take at least 2 weeks from the time the listing was signed until the first showing from a cooperating broker.

    By the time the market began to firm up again in the early 90’s technology had hit the real estate biz. No more mailing listings, brokers loaded the listings directly into the MLS via computer. MLS updates were available daily. The business moved at a much faster pace. A well priced listing would have showings the same day it was listed.

    Now, even with current technology the pace of the real estate biz is more like the early 80’s before the MLS computer. The entire process has slowed. The technology is still there and the transaction can fly as quickly as at anytime during the boom (bubble) years. The reason for the slower speed is related to the level of motivation of buyers and sellers. Yes, there are transactions in the marketplace but few people are smiling about them!

  12. yo says:

    What did 3 decades of strong dollar policy bring us?
    1.Cheap goods from abroad=we stopped manufacturing those goods,lost jobs
    2.High trade deficits=Higher foreign debt,countries buying our debt(treasuries) to bring down value of dollar
    3 Low inflation=no salary growth.Salary increase are usually less than inflation.Increase in value of services.Everybody needs growth except our salaries don’t grow.

  13. yo says:

    Happy new year to our Jewish friends celebrating the holiday!

  14. 3B says:

    #2 grim: They should break it down into age groups as well. Most of the people on my block are old timers, 65 all the way up into their 90’s, lived in the same house for forty years or more, houses paid for years ago. Same with my parents, in laws, and other family members. Compare those numbers with say people who have purchased in the last 20 years. I think that would give a better picture, of just who has positive equity and who does not.

  15. 3B says:

    #11 30 year: I can understand why the sellers may not be smiling, how about the buyers?

  16. yo says:

    It will probably be safe to say,people that bought mid to below the 90’s and did not take equity loans have positive equities

  17. 3B says:

    Job claims fall to 391k, but government official says number may be suspect.


  18. 30 year realtor says:

    3b #15 – The buyer’s are not happy either. You are a potential buyer. I don’t have to tell you why they aren’t happy.

    The excitement and optimism of buying a home has a different flavor than in the past!

  19. make money says:

    Edumucation Bubble we talked about is hitting home here in NJ.

    Seton Hall University is offering a $21,000 discount off of tuition rates to students who are in the top 10 percent of their high school classes, have standardized test scores that exceed 27 on the ACT or 1200 on the critical reading and mathematics portions of the SAT, and apply by December 15. With the discount, Seton Hall officials say that the full cost will be comparable to that of Rutgers University, the flagship public in New Jersey.


  20. 3B says:

    #18 30 Year: yes you have a point, I do not have any enthusiasm, my spouse even less. We don’t even really know where we want to move to either. I just thought some of the first time home buyers might be a little happier, the whole romantic notion of buying your first home and all of that.

  21. chicagofinance says:

    No OUT OF POCKET cost…

    250k says:
    September 28, 2011 at 8:57 pm
    Libtard, NO cost? What bank…..they paid appraisal fees, title, etc?

  22. yo says:

    Prior Consensus Consensus Range Actual
    Real GDP – Q/Q change – SAAR 1.0 % 1.2 % 0.9 % to 1.4 % 1.3 %
    GDP price index – Q/Q change – SAAR 2.4 % 2.4 % 2.4 % to 2.5 % 2.5 %

    Prior Consensus Consensus Range Actual
    New Claims – Level 423 K 420 K 410 K to 425 K 391 K
    4-week Moving Average – Level 421.00 K 417.00 K
    New Claims – Change -9 K -37 K

    Corporate Profits
    Prior Actual
    After-tax Profits – Y/Y change 0.0 % 0.3 %


    RALLY ON!!

  23. Great article. I really enjoy share for my friends and post on my blog. This article is very remarkable. Well Done!!!

  24. JC says:

    Mike #8: Can you tell me why water based is better? I’m trying to get up the guts to pull up the horrible carpet and see what shape the floors are in underneath, but I can’t move out of the house for days on end. Is water-based less painful? And if the floors are OK, do you think we need to do the whole saning thing or would a good cleaning/polishing with Bona products do it?

    3b: That ugly trailer-looking house on Fern St. went for $400K:


  25. 3B says:

    #19 Make: Looks like the Iona, Fordham, Manhattan, St John’s, and all the other local Catholic U’s on the tri-state area will have to follow suit.

  26. 3B says:

    #24 JC No way would I pay 400K for that thing. I would not pay 300k for it. Can’t believe somebody would pay that for that house, when there are other much better houses in WT at the same or lower LISTING prices!!! We are on hold for now. No real strong urge to buy now, if we see something than we may go for it. Still not even sure where we want to go. Choices would be WT, Oradell, or Hillsdale with no particular order of preference at the moment. I might even consider staying in the land of Unicorns if the price was rght, been here a long time. Who knows!!!

  27. JJ says:

    Fed may be out of bullets but Germans are never out of bullets!!!

    BTW SJU awhile back was offering FREE tuition for A students with above a certain SAT score. It is how you move very quickly up the ratings in the college rankings where students class rank, GPA and SAT scores are important factors.

  28. homeboken says:

    18 – Buying a home in today’s market is like putting money behind your Pass Line bet in craps. Sure, you are getting better odds, but you are still gambling.

    b #15 – The buyer’s are not happy either. You are a potential buyer. I don’t have to tell you why they aren’t happy.

  29. danxp says:

    got some eye-opening news today…

    i bid (and lost out on) an reo property a couple of months ago…

    first listed for $235k… i bid $240k with all my prequalifications (big down payment and 800+ fico, no mort contingency, flex close date)… then they said “there’s a multiple offer situation, so give your final and best and give full proof of funds and account info”… so i upped my bid to $248k and exposed all my sensitive data… they came back in a couple of days and curtly said “offer not accepted”…

    lo and behold i find out the property closes for $240k…

    wtf!! i knew this business was shady, but that’s just so messed up…

  30. gary says:

    danxp [29],

    When they say, ““there’s a multiple offer situation, so give your final and best and give full proof of funds and account info” do not walk, but run in the opposite direction as quickly as you can. It’s a ruse, a con, a sting and an effort to bilk you. When you see a house you want and have done the research required, make a best and final offer with a definitive window for a response. If the deal is not accepted based on YOUR terms, move on to the next house. Period.

  31. danxp says:

    i knew the deal was too good to be true as that price was lower than the price they paid back in 1995…

    it was a 3br townhouse saddled with a 10k tax bill and $540/mo maint charge so i’m actually a little relieved… it was just priced much much lower than anything else…

    oh well… i wonder how much the “buyer” had to grease the insiders to ignore the other offers…

  32. danxp says:


    wow, 400k for that? is wt that great a town?

  33. 30 year realtor says:

    danxp/Gary #29/31 – All of my REO clients require a multi-offer situation/highest & best anytime there is more than 1 offer. This is a policy that must be followed!

    danxp, more than likely $240,000 cash was accepted ahead of your financed offer.

    When trying to buy REO property it is always best to use the listing agent as your agent. The listing agent knows everything about every offer being presented and will often not have an offer from a buyer they are representing as part of a multi-offer situation. More often than not a listing agent in this situation will offer his buyer an unofficial right of first refusal in such a situation as they will earn twice the commission.

    In danxp’s case this would not have helped if my theory is correct about the seller choosing a lower offer due to it being cash.

  34. 3B says:

    #33 It is a nice town, but not blue ribbony (for those who care about such silliness), and not a train town. Compare that house to listings in WT on njmls at far lower asking prices. Talk about buyers remorse!!!

  35. JCer says:

    danxp, it is some shady crap, your offer probably didn’t even make it. The question is what other payments besides the 240k were made. The other thing is banks are stubborn/stupid, the condo I bought, the original owner paid 675k in late 2006 or early 2007 and wanted to flip it. Can’t flip it and quickly stops making any payments, goes for the short sale, broker brings a 560k offer in late 2007, bank turns it down. Eventually after a series of offers all trending downward the bank finally accepts 365k in 2010, the buyer after waiting 8 months backs out and I came in and bought it for 375k(370k to the bank) after waiting 3 months for them to do the whole short sale process again.(And reaching settlement with the condo board on the arrears) So here it is the banks are very dumb and very bad at this, so they often accept a lower offer months later.

  36. jamil says:

    I knew it!

    “SNIP His attorney, P. Scott Bratton, did, however, tell the Herald that Obama, who has been living illegally in the United States for nearly 20 years, has returned to work at Conti Liquors in Framingham”


  37. Mikeinwaiting says:

    JC 24 I answered you the other day when you asked, maybe you missed it so…..
    Oil is better but will not dry due to lower VOC ‘S (solids) mandated by state. You have a floor that has been covered for years, 98% chance it is oil. You have to use oil to spruce up or sand to bare wood & use water base. Water will not go over oil, oil will not go over water. You can burnish ( med to high grit buffering dif machine not sanding I can do a room in no time) & try oil if you want the least evasive fix. If it doesn’t dry right (most likely) which is what happen to Grim then you must sand or live with it. Also water base dries FAST & with no smell so you do not have to leave for days.

  38. danxp says:


    if they wanted all cash i could have accomodated them as well and i told them that… i bet you’re right… the listing agent probably made up his (and her) mind well before i even made my initial offer… prolly wouldn’t have won even if i bid 20k more…

    i’m expecting to see this property pop up on mls in a month or so for $350+k… and i bet it would sell pretty quickly too…

    ho hum… you live and learn…

  39. Mikeinwaiting says:

    evasive = invasive

  40. gary says:

    WASHINGTON (AP) — The number of Americans who signed contracts to buy homes fell in August, after a weaker-than-expected peak buying season.

    The Realtors group said a growing number of buyers have canceled contracts after appraisals showed the homes were worth less than the buyers had bid. A sale isn’t final until a mortgage is closed.

    tick… tick… tick… tick…

  41. 30 year realtor says:

    #39 danxp – Not that difficult to find out if your offer had been presented. REO seller’s take this stuff seriously. Any REO broker caught not presenting offers will lose their client, NO QUESTIONS ASKED! In addition, NJREC rules require all written offers to be presented! Proof that this rule has been violated will result in a fine, suspension of license or both.

    Just curious, was this a husband and wife REO team? Operating out of Bergen County?

  42. 3B says:

    #41 gary The NAR are attributing the decline in the Northeast to Hurrican Irene. Of course!!!

  43. 3B says:

    #41 gary You could have bought that house in WT for 400K!!!! Your loss!!!

  44. danxp says:


    can’t say definitively but they have the same last name… oh and my agent said the listing agent submitted their offer…

    do you know this husband and wife team?

  45. danxp says:


    typo… i meant my agent said the listing agent submitted MY offer and they said they have proof…

  46. 3B says:

    The article goes on to talk about higher down payments required etc. What about FHA?

  47. 30 year realtor says:

    danxp – More than likely your offer was presented and it went down as I described with the seller choosing cash over finance.

    Pretty likely that I know the listing agent team.

  48. gary says:

    Mortgage rates can go to f*cking 0%. The bottom line: money talks, bullsh1t walks. If you don’t have the income, don’t have at least 20% down and can’t hack the monthly nut, it’s all noise.

  49. danxp says:


    i double checked and my offer was cash… i shoulda played the game…

  50. yo says:

    Unemployment benefits may actually create jobs by sustaining consumer spending. Jobless people are far more likely to spend their benefits than recipients of tax cuts or credits, which means their payouts are quickly funneled to mortgage lenders, healthcare providers, and grocery stores. The Congressional Budget Office has said that $1 of unemployment benefits generates as much as $1.90 in economic growth, making it a far more effective form of stimulus than payroll or income tax cuts. Wayne Vroman, an economist at the Urban Institute, recently found that, between 2008 and 2010, extended benefits raised GDP by an average of $57 billion per quarter.

    The elimination of emergency aid could send a shock-wave to the economy, according to Heather Boushey, an economist at the left-leaning Center for American Progress. “Individuals will be more likely to foreclose. Renters will stop paying their rent. And it will be bad for business–they will quite simply see fewer customers,” she said.


  51. 3b (25)-

    Race to the bottom. Way overdue in tuitions, IMO.

  52. Take your deflated diploma and get a deflated job at today’s deflated wages.

    Of course a 6-pack of Bud will be $17 before long.

  53. Confused in NJ says:

    Seems like Unemployment Benefits, with No End Date, is really Welfare?

  54. 3B says:

    #53 There: Agreed. I would have thought it wouled have happened a few years ago.

  55. Anon E. Moose says:

    3b [20];

    the whole romantic notion of buying your first home and all of that.

    I think the cat is out of the bag now that this was nothing more than the used house sales guild blowing smoke up buyers’ a$$es to the tune of 5% per transaction.

  56. Anon E. Moose says:

    JC [24];

    3b: That ugly trailer-looking house on Fern St. went for $400K:

    Double wide!

  57. Anon E. Moose says:

    ‘boken [28];

    The 1-2 knockout combination! Post of the day!

  58. JC says:

    Mike, are you a floor guy? Do you do Bergen County? How hard is sanding/refinishing for a DIY’er, anyway? At least I can deal with keeping my cats out of the room where a pro can’t.

  59. Anon E. Moose says:

    30-yr [34];

    The listing agent knows everything about every offer being presented and will often not have an offer from a buyer they are representing as part of a multi-offer situation. More often than not a listing agent in this situation will offer his buyer an unofficial right of first refusal in such a situation as they will earn twice the commission.

    Thanks for that. I thought my supply of ‘yet another way the used house salesmen screw the principals’ stories from the horse’s mouth ran out when Clot went to wine.

  60. jamil says:

    yo (is this Sastry?)
    “Unemployment benefits may actually create jobs by sustaining consumer spending
    ..according to Heather Boushey, an economist at the left-leaning Center for American Progress.”

    war is peace!
    freedom is slavery!
    ignorance is strength!

  61. joyce says:

    Heather Boushey was in front of a Congressional Committee a week or so ago. It was a panel of 5 “economists.” One of the others was Peter Schiff. I think he made her look very bad.

    But that’s just my opinion anyway. Plus we all already have drawn conclusions in our head that cannot be swayed or changed by anyone else’s facts or arguments.

  62. Juice Box says:

    NYPD is going to have it’s hands full now, and are going to have to take the gloves

    Occupy Wall Street has been picking up some decent support from unions


  63. jamil says:

    64 Tea Parties?
    I knew they are violent thugs and that’s why State Media has been covering it up. Not fitting the Narrative..

    Had they been some left-wing Obama activists, CNN/PBS/NYSlimes would be all over this..


  64. jamil says:

    Go South, young man.

    “I’m a Jersey boy. I was born there, went to high school and college there, and assumed I’d spend the rest of my life there. But though I loved the people and food, the Jersey Shore summers, and short rides through the Lincoln Tunnel to Broadway shows and Madison Square Garden, I gave it all up and moved south. Very far south. I’m not alone.
    Have you lost your mind?” is the refrain I heard over and over from friends up north when I told them the news. It was as if I’d just told them I was moving to Madagascar.

    I then explained the move. I started with some humor. I explained that we have electricity in Mississippi. And indoor plumbing. We even have dentists. I told them we have the internet in Mississippi. And cable TV. I told them I travel a lot, and Memphis airport has planes, too.

    I then told them about the quality of life in Oxford, and how far a dollar stretches. And the ease of doing business. When I show them pictures of my house, and get around to my property taxes, things get positively somber. On a home valued at $400,000, my tax tab is $2,000. My parents in New Jersey pay $12,000. And for a whole lot less house. On no land. When I remind friends about the pension liabilities they’ll be inheriting from the state unions, things get downright gloomy.

    I then explain that my work is mostly done by the phone or internet.

    Instead, I saw blacks and whites interacting in day-to-day life in ways I never saw up north…

    Like me, businesses around the world liked what they saw in the South, too. Companies like Boeing, Nissan, BMW, and Toyota could have chosen anywhere in the world to locate their most modern plants, but chose to locate them in the South.
    What caused this migration of capital — the human, industrial, and political varieties? Ask transplanted business owners and they’ll tell you they like investing in states where union bosses and trial lawyers don’t run the show, and where tax burdens are low. They also want a work force that is affordable and well-trained. And that doesn’t see them as the enemy.

    In short, policy matters. So, too, does culture.

    It’s quite a story, actually. Americans, black and white alike, are moving in record numbers to a part of the country where taxes are low, unions are irrelevant, and people love their guns and their faith”


  65. make money says:


    Why attend a blue ribbon town HS and graduate in top 15% when you can attend an urban HS and same student graduates in the top 1%-3%. Both students go to SHU and one pays and extra $85K for the same worthless degree. Not to mention the added property tax bill.

  66. prtraders2000 says:

    Education Rant

    So my wife goes in for a conference at the school regarding my 4 yr old special ed son. He’s super bright, but has both receptive and expressive language delay. Anyway, my wife wants more feedback from the school like a daily or weekly note reviewing the skills that he worked on. Took over 20 minutes for the teacher, case manager, and school psychologist to figure out some possible way to do this. Wife is a special ed teacher and swears that by law they must provide adequate updates to parents. There are only 6 kids in his class with a teacher and 2 aides. Kicker is the psychologist suggests, “Why don’t you just ask him what he did?” Duh! That doesn’t even work with a regular kid in high school let alone a 4 yr old with language delay.

  67. Kitty Litter says:

    68. Ah, your little spawn should be given every advantage. He’s already costing about 4x what a normal kid costs. Maybe you want concierge service? A mint on his desk?

    Is he your anchor baby btw?

  68. yo says:

    Extending 99 weeks.Maximum benefit is still 99 weeks.No help for the 99’ers

    Confused in NJ says:
    September 29, 2011 at 11:29 am
    Seems like Unemployment Benefits, with No End Date, is really Welfare?

  69. joyce says:

    so almost 2 years of free money is not welfare then

  70. Comrade Nom Deplume says:

    (69) used litter,

    Where does that number come from? Those labor costs are sunken costs, and unless the town has hired a paraprofessional, they’re incremental outlay is minimal.

  71. yo says:


    joyce says:
    September 29, 2011 at 12:53 pm
    so almost 2 years of free money is not welfare then

  72. Juice Box says:

    Jamil – FYI the occupy wall st folks are anti Obama. Why don’t you head down there and take a couple of billy club hits in the noggin for the cause?

  73. Comrade Nom Deplume says:

    (71) Joyce,

    Depends on extent. UI is insurance, and we pay in for that. When it gets extended, that’s welfare. But I will take it, especially if I subsidized everyone else’s to that point.

    I want my tax dollars spent on me to the extent possible.

  74. Juice Box says:

    Kitty – your claws are needed down on Wall St too. I suggest heading down there and find yourself a nice slab of concrete to stretch out on. Don’t worry if it rains you can go home, they won’t make you stay.

  75. Comrade Nom Deplume says:


    I am going to visit a couple of friends there Friday night. They drove from Mass to join protesters. Mini gtg opp for anyone in lower Manhattan.

  76. yo says:

    #75 Nom
    Well said! Give it to who needs and spend it,than giving it as Aid to Pakistan or something and they start shooting us.At least it helps the economy

  77. prtraders2000 says:

    Kitty 69

    What a thoughtful comment. It is no easy task raising a special needs child and luckily it appears that my son will be able to overcome his delay. I did not create the system, but am determined to be the best advocate for my child. I agree that it seems like there may be overstaffing in his classroom. But given that, wouldn’t it make sense that it would not tax their resources to provide some communication back to the parents so they can continue to reinforce the skills that are being worked on at the school?

    BTW – I’ve got lineage going back to the civil war. So why don’t you go cough up that hairball before you post another idiotic comment.

  78. Libtard at home says:


    Correct. No out of pocket costs. Closing took 45 minutes. Only annoying thing that occurred is that they closed our 50K HELOC rather than subordinated it. This cost us $400 since there was a prepayment penalty. This didn’t show up on any of the disclosures prior to the closing. Not a big deal though. I’m heading down to TD Bank to open a replacement HELOC. I’ll try to negotiate the $400 penalty back. We don’t plan to use the HELOC this time, but if one of us gets laid off, might as well do as the majority and spend other people’s money before we spend ours. It really make cents to embrace the moral hazard!

  79. Juice Box says:

    Nom – going to watch Bloomberg go all fascist on the protesters? NYPD is under orders to keep them in the park, and off the streets coming in and going out, there are barricades everywhere. There are going to be allot of Union people there Friday, they won’t all fit into the park aka the fenced in “free speech zone.” They even have the Bull bronze sculpture fenced off, and all walkways in and out.

  80. joyce says:

    I agree
    But it only takes I think 6mo of working to qualify for Unemployment which can now last 99 weeks. Of course, you’d take it. So would I. People generally don’t turn down “free” money; it’s what separates us from the animals. But seriously, it’s not the people- it’s the system.

  81. chicagofinance says:

    There is a cost, it is just buried…..

    Libtard at home says:
    September 29, 2011 at 1:15 pm
    Chi: Correct. No out of pocket costs.

  82. JJ says:

    Cool linage back to civil war. Always wondered who owned that Orange 69 Charger with the Confederate flag on it with the car seat on back.

    prtraders2000 says:
    September 29, 2011 at 1:08 pm
    Kitty 69

    What a thoughtful comment. It is no easy task raising a special needs child and luckily it appears that my son will be able to overcome his delay. I did not create the system, but am determined to be the best advocate for my child. I agree that it seems like there may be overstaffing in his classroom. But given that, wouldn’t it make sense that it would not tax their resources to provide some communication back to the parents so they can continue to reinforce the skills that are being worked on at the school?

    BTW – I’ve got lineage going back to the civil war. So why don’t you go cough up that hairball before you post another idiotic comment.

  83. grim says:

    Mike – Traffic

  84. Shore Guy says:

    Here are some Shore house alternatives:


  85. Shore Guy says:

    House and Nompound in one.

  86. Comrade Nom Deplume says:

    [82] joyce

    Meat is right, it will all end in tears. I cannot prevent that, the trenches are too well established. So I take what I can, give as little as I can back, and hunker down with what I got.

  87. Shore Guy says:

    “I’ve got lineage going back to the civil war.”

    Freaking newcomers everywhere.

  88. Comrade Nom Deplume says:

    [87] shore

    True, but you have to trade a lot of fish for food and fuel.

  89. joyce says:

    no qualms with that

  90. make money says:


    He’s not asking for more funds, or complaing he’s child is not getting enough. He’s just ranting and specifically stating that these education folks have ton of resources and won’t do their job.

    Either you can’t read or you’re just an idiot tea bagger.

  91. JJ says:

    I don’t understand this positive vs. negaive equity comment. Let say me and my neighbor have identical homes both work 600K in 2006 and now worth 400K in 2011. I have no mortgage and he had a 405K mortgage. So today he is 5k underwater. We are both out 200K.

    Plus what about a cash buyer at peak vs. a zero down buyer where homes fell 50%. The 50% underwater guy can walk away. The cash buyer is out the money.

    Also I never get this moving down south thing to save money. My house only costs me like 10K a year in NY. If I move down south yes I could pay 2k in taxes. My house won’t be any cheaper down south as I most likely would roll money into a bigger house. Quality of life would go up as I would have a big new house. However, my salary would drop like a brick. Plus I would be flying family back and forth to NY and gas bills and electricity and home maint bills would skyrocket. My friend just moved down south and showed me pictures of his 600K castle he got for same price he sold his 600K 50 x 100 house in a blue ribbon nieghborhood. Buddy used to mow own lawn, shovel own walk do own home repairs, good luck doing those things youself in a 5,000 square foot house on an acre. You are paying a lot for maint of that house.

  92. RayC says:


    No, unemployment is not free money, not welfare. You only get it if you have worked and contributed your tax dollars and got laid off, not fired with cause.

    Mortgage interest deduction is free money. Anyone giving that back?

  93. yo says:

    It is not free money.Taxpayers pay their federal taxes,state taxes to run government and help citizens when they are in need.You know what is charity?FEMA you can get help with no money being contributed to it.Why do we hate our fellow citizen that much?And yet we do not complain about the billions of dollars we give as USAID that usually goes to the wrong persons.
    Let us seee who really gets the real help from UI.
    A person making $100K a year makes about $2000 a week his maximum benefit is $600 a week.Are you telling me he is not going to look for a job because he gets $600 when most probably this will be the person that will have a big debt burden.This guy is toast.
    The guy that makes $30k have $570 a week.UI is about $350.This guy is hardly making it at $570 a week now he gets even less.He will not look for a job because he receives UI? This is the guy that really needs all the help he can get.The guy that makes $100k probably has savings,401k to turn to.This guy has nothing.Lost his job because of the incompetence of our leaders.

    joyce says:
    September 29, 2011 at 1:21 pm
    I agree
    But it only takes I think 6mo of working to qualify for Unemployment which can now last 99 weeks. Of course, you’d take it. So would I. People generally don’t turn down “free” money; it’s what separates us from the animals. But seriously, it’s not the people- it’s the system.

  94. Shore Guy says:

    “Mr. Obama has set a goal of doubling the nation’s exports over five years. ”

    His insipid pronouncements are as based in reality as any Soviet Five-Year Plan.

  95. JJ says:

    If it was the 1960s and there were not prima donna nancy boy helocopter parents micromanaging teachers a few good smacks with the belt would straighten him out.

  96. Happy Renter says:

    [57] “I think the cat is out of the bag now that this was nothing more than the used house sales guild blowing smoke up buyers’ a$$es to the tune of 5% per transaction.”

    Come on, man. This listing is special.

  97. joyce says:

    yo (95)

    Well like I kind of alluded to earlier, we just have a difference that will never be settled.

    “Taxpayers pay their federal taxes,state taxes to run government and help citizens when they are in need.”

    The only thing the government can do is take resources from one individual or group of individuals and give it to another(s). So for the government to help someone, it has to steal something from another. A lot of people want to be charitable or generous, but only if everyone is forced to do so also. And make no mistake, the government and its monopoly on the use of force is the only way it gets things done (threats of fines/imprisonment). No one should be able to use force or violence on another. If individuals cannot do something and have it considered lawful, then they can’t grant that authority (to use force) to other individuals representing them as the “govt.”

    “Why do we hate our fellow citizen that much?”

    I don’t hate anyone really. Well, I definitely do not hate strangers. I place a higher amount of importance on individual rights, rather than the collective. We can never have enough freedom.

    “And yet we do not complain about the billions of dollars we give as USAID that usually goes to the wrong persons.”

    I am 100% against all foreign aid. We give aid to China, our biggest creditor.. wtf? We give aid to dictators, while supposedly promoting peace/freedom around the world (by killing innocents btw). We give aid to countries and then give aid to countries who are their enemies. End all of it.

  98. yo says:

    99 Joyce

    I remember during Katrina,you and others,against big government complaining about how slow the response was.There is no difference between the unemployed and the victims of katrina,they both need help and need government assistance.

    As you said this will never be settled.I enjoyed the very inteligent debate.

  99. Comrade Nom Deplume says:

    Huge drug bust outside the illadel at Boeing plant that makes the osprey. No wonder those things are crashing all the time.

  100. Comrade Nom Deplume says:

    Just heard story on pelosi connection to DOE sweetheart loan deals. Jamil was right.

  101. Juice Box says:

    Jamil I signed you up for the Obama Dinner lottery. Make sure you comb your hair
    and put on a clean shirt.

    On paper, it looks like President Obama may be turning into a cheap date. His re-election campaign is shifting downward the already-low contribution threshold for small donors seeking a chance to have dinner with the president.

    The Obama campaign has been offering donors of $5 or more a chance to win a dinner with the president. But today, the campaign sent supporters a message from First Lady Michele Obama lowering the price to donations of $3 or more.

    “These dinners mean a lot to Barack. They’re a chance for him to talk with a few of the people who are driving the campaign–and a chance for him to say thank you,” Michele Obama’s email reads. “So come prepared to tell your story, and say whatever’s on your mind. Don’t miss the opportunity to be there. Donate $3 or more today, before the Sept. 30th deadline.”


  102. Comrade Nom Deplume says:

    (99) Joyce

    Assuming a 40 hour week, UI pays me 15 an hour to sit on my ass, save money on projects, and build my practice. I could do doc reviews for 30 an hour, but after taxes, fares, and aftercare, I’d be working for nothing.

  103. joyce says:

    I never made any such statements. Not on this blog (didn’t know it existed in 05/06), and nowhere else for that matter.

    Their incompetent response is just an example of why they shouldn’t be involved with EVERYTHING. All the graft and corruption that ensued during the aftermath was atrocious. Katrina was a natural disaster. Something that happens very infrequently. Of course the people needed help, but others should be robbed for that purpose.

    “Government assistance” Why do some people think “the govt” is some supernatural body that can do almost anything? The government (like a “corporation”) is just a group of individuals, and they are not geniuses. They do not have the answer for everything. There usual solution is just to throw (more) money at the problem. The federal govt made the situation worse. I’m not aware of many who would dispute that position. So the gov assistance in that case, hurt the people. How Katrina being a good example for anything you advocate escapes me.

  104. gary says:

    Nom [102],

    Are we talking any potential illegalities?

  105. 3b says:

    #74 Juice: And for the most part they are all well behaved. There was one lone guy ther yesterday with an anti-Semitic sign, and they all gethered around him, and shouted that he was not with them, nor did he represent their views.

  106. 3b says:

    One more comment on that piece of shite double wide in WT that sold for 400K. When I see dumb @ss stupid , moronic S!!it like that. I say why even bother. With all the krap and nonsense that has gone on the last few years, to think that there are still idiots out there in this environment that would pay that kind of money for that shack is just unbelieveable!!!

    Ah WTF do I care, I am going put drinking tonight!!!

  107. Juice Box says:

    re # 107 – 3B To to discredit them they need a reason to crack down. The NYPD will send in a few undercovers to start trouble intentionally, the guy with the sign is nothing. Wait until the undercover goon squads start riots intentionally.

    Bloomberg will not let this grow.

  108. JC says:

    3b #108: I don’t blame you, and I live in WT. That sale makes no sense. That house was better inside than out, but still — no way is it worth $400K. In fact, all the sales listed there for those 2 weeks seem completely out of whack. That tiny ranch going for $500K? WTF? The comps for my 4BR/2BA POS cape came in at $350k. This makes no sense at all and makes me wonder what’s up.

  109. Juice Box says:

    3B – gonna be allot of head knocking going on real soon.

    The Occupy Wall Street movement was planning on Friday an unauthorized demonstration on the streets outside the New York City police center of operations.


  110. JJ says:

    I agree 100%. However, only yielding like 7.5%, last week I got some Abbey National Bonds which are really Banco Standando bonds (STD) at 9% as I thought I need a least 9% if I am taking risk. Plus some BAC callable bonds are out there at a 8% coupon at par so why do countrywide at 7.5%. I am like 50K long BAC and MBNA 8% plus bonds so did not want to do any more.

    chicagofinance says:
    September 29, 2011 at 3:33 pm

  111. Young Buck says:

    I can’t flip this house’

    Les Christie September 29, 2011: 05:32 AM EDT

    NEW YORK (CNNMoney) – Buy a home on the cheap and flip it for big profits? That dream is all but dead.

    Sales of homes to investors have dropped by more than half over the past five years.

    Plus, the number of those investors who quickly sell off those homes — the flippers — has fallen even faster.

    This July, investors flipped only 50% of their purchases, down from 75% a year earlier, according to Tom Popik, research director for Campbell Surveys, which tracks housing trends for major banks and government agencies. They held onto the rest to rent out.

    David Hicks, president of HomeVestors, the “We Buy Ugly Homes” company, says his clients are now much more likely to buy rentals than to flip — 57% more likely than two years ago, according to a recent survey the company conducted.

    In Phoenix, according to Tanya Marchiol of Team Investments, which buys homes for individual investors, “Everything is buy and hold — I tell my clients ‘You have to look at this as a five-year hold, at least.'”

    In the Boston area, “The rental economics make more sense than flipping,” said Matthew Martinez, a real estate investor and founder of Beacon Hill Property Group.

    The demand for rentals there has been on the rise, with rents up about 25% from a couple of years ago. Investors can buy and rent out the homes and start earning good returns immediately.

    There are limited exceptions. In San Diego, according to real estate investor Tom Tarrant, the current pickings are good. Prices in some San Diego area neighborhoods are rebounding and that makes flipping viable there. “Some of these guys are killing it,” Tarrant said.

    In most cities, however, just the opposite is true. Prices continue to founder, down more than 4% from a year ago, and sales volume has remained about 40% lower than during the boom.

    And that could continue to hurt prospects for a full housing recovery.

    Most real estate investors are individuals and small partnerships who tap their own assets. They use savings, retirement accounts and home equity lines of credit for the cash they need.

    Flippers can turn that capital over several times a year, but if they buy and hold, they deplete their cash and can make no new purchases.

    “Cash buyers are driving the market these days,” said Anthony Sanders, a professor of real estate at George Mason University. “Eventually, they’ll run out of cash.”

    When that happens, they’ll stop buying, reducing demand for homes, especially the distressed properties that are such a burden on the market these days.

  112. moose (61)-

    Why don’t you do us all a favor and go screw yourself?

  113. yo says:

    The Obama administration told the United Nations that too few of its 10,307 workers are being cut and average salaries, currently $119,000 a year, have risen “dramatically.”

    The U.S. ambassador for UN management and reform, Joseph M. Torsella, said today that the proposed $5.2 billion UN budget for the next two years would scrap only 44 jobs, a 0.4 percent reduction. After an “onslaught” of add-ons, the 2012-13 budget would rise more than 2 percent to $5.5 billion, he said.


  114. Comrade Nom Deplume says:

    (96) shore

    That was from the Onion, right?

  115. Comrade Nom Deplume says:

    (106) gary,

    Hard to say. But want to know if criteria “tailored” to game the outcome. This happens (sole source and noncomp bids). Don’t expect DoJ to do anything. Issa might.

  116. yo (95)-

    If you are stupid enough to live in a flood zone, you deserve whatever happens to you.

    No goddam FEMA money. Maybe- at most- they should insure you for one flood event.

    Second event? Fix your house yourself, or it gets bulldozered.

  117. joyce (105)-

    Don’t let it throw you. You just have to keep reminding yourself you’re conversing with a total retard.

  118. 3b (108)-

    Are you drinking Bernanke puts, or aged Greenspan puts?

    “Ah WTF do I care, I am going put drinking tonight!!!”

  119. Mikeinwaiting says:

    JC 60 Yes I was & no you do not want to try & sand it yourself. I know some top shelf guys but for one room they ain’t coming out to play. But then again that depends on what you want to spend. My advice pull back rug in corner & take a look. If it looks like new just hit it with vinegar & water your done. If not just get a new rug. By the way folks always vinegar & water, no quick shine oils.

  120. yo says:

    Meat, I agree.FEMA is charity.Gov’t buying their homes after making a decision to live near a river is charity.
    We need the govt to be involved when we need help.14 million job losses is a calamity

  121. Juice Box says:

    JC for DIY you can scuff sand it with a buffer and do two coats of water poly. If there is damage, stains or a color change is desired hire a pro.

  122. jamil says:

    102 comrade.
    Do you remember that Friend of the People, Nancy something, who was railing against Washington corruption few years ago. Haven’t heard from her for a while, wonder what happened to her..


    “Thugs in suits, I was thinking. What did they do with over half a billion bucks of taxpayer money?

    With that kind of score, why would some dumb criminal even think of robbing a liquor store, a drug store, or even a bank? The real money is in white-collar capers, with special treatment and little chance of arrest.

    All you’ve got to do is send a team of grifters to the offices of Obama administration adviser Valerie Jarrett and the bucks will be delivered to your bank account with thanks from a grateful administration.

    True to form, Solyndra CEO Brian Harrison and chief financial officer W.G. Stover Jr. hid behind the Fifth Amendment in declining to answer questions from a congressional hearing committee on the disposition of taxpayer funds in the Solyndra bankruptcy. ”

    But the real scandal is of course the Fast & Furious. DOJ used tax-payer money and sent thousands of automatic weapons to Mexican cartels (resulting in thousands of murders, including murder of few US border officials). All this so they can use push their anti-gun agenda in the US.
    Holder and O are accessories to murder. I expect Pres Cain/Palin will hand them out to Mexico or ICC.

  123. ludqdyzrb says:

    ILZq5w osddjpkceoef, [url=http://dugyicomrjsm.com/]dugyicomrjsm[/url], [link=http://fxbdfvuatgsn.com/]fxbdfvuatgsn[/link], http://xvuhlkvbqzzj.com/

  124. Fabius Maximus says:

    I need Don back to rewite his comment.

    ” I don’t think ANYONE will be able to top that.”

  125. Fabius Maximus says:

    #Jamil II

    I miss the old Jamil, this new one is like “New Coke”, just doesn’t taste quite right. I hope he comes back from secondment and we can get him back here. I miss the little troll.

    Say what you will about O and Green Energy at least there is a tangible and acheivable goal at the end. Anything that falls out of Solyndra and the like can’t come close to the costs of Ronnie and SDI?

  126. jamil says:

    129 “tangible and acheivable goal ”

    So handing out billions and billions to campaign donors and cronies is great, but creating national security defense is not? Tangible ?

    SDI works, despite the sabotage from your side.

    In the energy sector, amazing innovations are being made every day and without any Gov subsidy. Oil shales, drilling etc. Peak oil fools have been proven wrong every time.
    Plenty of companies innovating.

    Green jobs is nothing more than stash for campaign donors or PR for fools like you. If there is energy breakthrough in unicorn area, I guarantee that it will not come from O campaign donor with Taj Mahal like HQ, nor will it come from gov-sponsored Nancy Pelosi’s Klan. All it does, is kill real jobs and green energy companies trying to make it without Gov support.

  127. gary says:

    I guess that $4,000,000,000,000 down the toilet the last two years is an accounting error as well.

  128. gary says:

    You thought Mondale took a beating? What’ll you see what November 6th, 2012 is gonna look like.

  129. jamil says:

    It’s not the votes that matter. It’s the who counts them that matters.

    DOJ is working day and night supporting the “right” to vote without IDs, vote multiple times and dead people have rights too. Supporting ACORN is another priority.

  130. Fabius Maximus says:

    SDI works? Show some examples

    When that satellite fell out of orbit last week, was 007 bouncing a shuttle of the atmosphere to get a clear shot with his laser?

  131. Fabius Maximus says:

    #131 Gary,

    You want to run the numbers. Here’s an interesting post


    2012 may be another 84 or 96 given this GOP field.

  132. Fabius Maximus says:

    #133 Jamil II

    “It’s not the votes that matter. It’s the who counts them that matters.”

    So true.

  133. gary says:

    November 6th, 2012.

    And no doubt the mope will read his concession speech from a teleprompter.

    Good Night.

  134. Juice Box says:

    FAB – Navy’s Ageis system is deployed over 100 missile boats. Last time it was used to shoot down a sattelite was 2008 to kill USA-193 A DOD top secret that was going to shower us with hydrazine. Biggest problem is the debris it leaves behond can orbit for decades. We almost scuttled the ISS recently because of a bolt off a russian bird that sailed by at mach 30 with only 1k ft clearance.

  135. Fabius Maximus says:


    And you say sellers are delusional. You been huffin the Drudge too much.

    The GOP have a good shot at congress, but no chance for the top job with this field.,

  136. Fabius Maximus says:

    #138 Juice

    40 years on they still can’t get it right.

  137. Fabius Maximus says:


    When you talk to the SCOTUS Oracle, up the number to 5 picks in play. This looks to have traction.


  138. Funny. An argument about SDI during a time in which people may not be able to defend their pantries if things get much worse.

  139. Confused in NJ says:

    Friendly’s Ice Cream reportedly close to bankruptcy
    By Herald Staff
    Thursday, September 29, 2011 – Updated 9 hours ago

    Friendly’s, the chain of ice cream shops born 76 years ago in Western Massachusetts, is reportedly on the verge of bankruptcy.

    The company, based in Wilbraham, is preparing for a possible Chapter 11 bankruptcy filing and sale, the Wall Street Journal is reporting today.

    Friendly Ice Cream Corp. has reportedly hired a turnaround advisory firm and is working with Wells Fargo & Co. on a financing deal to keep operating during bankruptcy proceedings.

  140. yo says:

    and that government of the people, by the people, for the people, shall not perish from the earth.

  141. yo says:

    Deflation back on the table

    Reuters) – St. Louis Federal Reserve Bank President James Bullard said he is troubled by a drop in inflation expectations but does not see deflation as likely and still sees a high bar to further quantitative easing, the Wall Street Journal reported on Thursday.

    “That is making me a little bit worried,” Bullard told the Wall Street Journal, referring to recent declines in market-based measures of inflation expectations.

    Bullard said that if economic activity continued to weaken or if the economy were to be hit by another shock, then inflation expectations could decline substantially below the Fed’s objectives, raising the risk of deflation.

    Fed Chairman Ben Bernanke said on Wednesday the central bank would have to ease policy further if inflation or inflation expectation fell too low. “That would be something we have to respond to because we do not want deflation,” he said.

    The gap between yields on 10-year Treasury notes and their inflation-protected counterparts fell to 1.70 percent last week, the lowest since September 2010, although it has edged up since then.

    Last week, the Fed, which aims to keep inflation close to 2 percent, warned the U.S. economy faced “significant” downside risks and it launched a new program to shift assets on its balance sheet to try to drive long-term borrowing costs lower.

  142. Barbara says:

    Oil based poly nightmare follow up. I was advised to buff the floors down with mineral spirits and clean cotton rags. It’s working well, getting rid of the cloudy smudging from foot traffic and keeping it completely smudge free thereafter. I was really going to call in a resand today if this didn’t work. I still have spot sanding and repairs to do but so long as this stuff behaves normally Fter it dries, I think I can save this DIY disaster. Still, I will never use this stuff again on wood floors.

  143. Barbara says:

    Stu /gator I refi-ing my recent. Appraisal and comps are 1 month old, will I be able to use these along with the title insurance and termite inspection?

  144. Nancy says:

    Thanks for the share!

Comments are closed.