From the Asbury Park Press:
N.J. foreclosure inventoryspikes; 2nd most in nation
New Jersey’s percentage of home mortgage loans in foreclosure continues to rise, even as rates nationally have fallen to the lowest level since 2008, a report released Wednesday showed.
New Jersey now has the second-highest percentage of mortgage loans in foreclosure — at 8.4 percent — behind only Florida, at 14.3 percent, according to the report by the Mortgage Bankers Association.
The results come even as other states that were hard-hit victims of the mortgage meltdown that began in 2008 have moved off excessive inventory.
In Michigan, for example, only 3 percent of all home loans are in foreclosure, and in California, that rate is down to 3.29 percent. Both states had been among the leaders during the housing bust.
Jeffrey Otteau, an appraiser and New Jersey real estate market analyst from East Brunswick, said the problem for the Garden State is only going to get worse.
A 2010 court-ordered moratorium on foreclosure filings — issued because banks and mortgage companies often did not have proper documentation — helped build New Jersey’s backlog, Otteau said in an interview.
Meanwhile, New Jersey has a lengthy court process that stretches out the foreclosure process for more than a year.
“The housing market had benefited from it. It lowered the tide, and reduced the number of short sales,” Otteau said. “But now is the time to deal with it, to clear this out at a point where the market can digest it and get to the other side.”
More foreclosures are on the way, Otteau said, but banks just haven’t bothered to file for them yet, even though the moratorium was lifted last August.
“The number is really larger,” Otteau said. “We’re just not clearing the backlog. All the results are putting New Jersey at or near the top.”
From Bloomberg:
Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages
Foreclosure filings in the U.S. fell to a five-year low last month as lenders sought to avoid seizing property and a housing recovery showed signs of taking hold.
The number of default, auction and seizure notices sent to homeowners in April totaled 188,780, down 14 percent from a year earlier and 5 percent from the previous month, according to RealtyTrac Inc. It was the lowest tally since July 2007, before the onset of the biggest housing crash in seven decades, the Irvine, California-based data seller said today in a report.
The “gradually rising foreclosure tide” forecast by RealtyTrac after a February settlement by the nation’s biggest mortgage servicers over faulty practices has yet to materialize, limiting the number of properties on the market and propping up prices. Banks are finding alternatives to home seizures, selling distressed property for less than the amount owed on the mortgage, known as a short sale, or modifying loans for borrowers struggling to keep up payments while an improving economy is helping to ease defaults.
“Things are getting better and the number of vulnerable households is going down,” Paul Willen, senior economist at the Federal Reserve Bank of Boston, said in a telephone interview. “The pool of borrowers is much more stable than it was two or three years ago.”
The U.S. mortgage delinquency rate fell in the first quarter to 7.4 percent, the lowest level in more than three years, the Mortgage Bankers Association said yesterday. The rate peaked at 10.1 percent in the first quarter of 2010 and was last lower in the third quarter of 2008, when it was 6.99 percent.
Ah, there we go. Mourning Grim, all.
Bloomberg is citing a different set of numbers, which aren’t so … grim:
Mortgage Delinquency Rate in U.S. Fall to 2008 Levels
“Delinquencies are clearly continuing to improve,” Michael Fratantoni, the group’s vice president of research and economics, said in a statement. “Newer delinquencies, loans one payment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future.”
…
Florida accounted for 24.1 percent of the loans awaiting foreclosure, followed by California with 9.8 percent, Illinois with 6.6 percent, New York with 6.5 percent and New Jersey with 5.5 percent, the report showed. Except for California, those states all require judicial review of foreclosures, which prolongs the time line for repossessing homes.
Good Morning New Jersey
Bank run in Spain? http://www.guardian.co.uk/business/2012/may/17/eurozone-crisis-cameron-greece-euro-exit
Christie And Booker http://www.youtube.com/watch?v=wHN0ZeS5c-4
Seventh!
I think contract cancels are going to rise this month as those great 401kto statements in Q1 are looking pretty awful in Q2.
Came across this yesterday: http://nomoreharvarddebt.com/
“Jeffrey Otteau, an appraiser and New Jersey real estate market analyst from East Brunswick, said the problem for the Garden State is only going to get worse.”
Wasn’t there a post of few weeks ago of him saying that we were at the bottom, recovery this year, blah, blah, blah…?
[10] Does Otteau have multiple personality disorder? IIRC, a couple years ago he seemed like a voice of reason, then it seemed like he turned into an NAR shill, now h’e turning back?
We’re number two. We’re number two. Perhaps we have a new new motto for NJ — The Avis of home foreclosures.
Just a great piece. And this guy isn’t a raving lunatic.
“Overall derivatives, especially interest-rate-linked derivatives, have increased by over $100 trillion since the crisis began. As JPM just evidenced, and as hinted at by the interminable hand-wringing over allowing Greece’s paltry $78 billion in credit-default swaps to be triggered, real dangers lurk here.
I wish I could analyze the situation better than the rest of the crowd that either screams catastrophe looms or coos that everything is safe, but I cannot. The situation is too opaque, too convoluted, and too complex to tease apart. I simply don’t know what the true nature of the risk really is — and the truth is, nobody really does. You might as well ask these analysts to tell you the exact size and shape of the first ten waves that will hit Laguna Beach exactly one year from now beginning at 12:05 p.m.
Instead, what I can offer to you is the idea that instead of reducing (let alone eliminating) risk, all that derivatives have done is mask risk. This means that whatever losses are resident in a system with four decades of debt-fueled malinvestment and overconsumption are still there just waiting to be realized.
It is this certainty that the losses remain, the risk is masked, and the bets have only grown larger that makes me very nervous these days as I contemplate the possible implications and repercussions of a Greek exit from the euro.”
http://www.zerohedge.com/news/chris-martenson-we-are-about-have-another-2008-style-crisis
wanna feel richer today? check this out.
http://www.globalrichlist.com
8 – buyer cant really break a contract because they didn’t like their 401k returns.
Contracts are pretty clear on the allowable reasons to break, and most sellers aren’t entirely unreasonable, so im not sayinh there arent outs.
Jill: Thanks for your comments from yesterday re: the house on Howard.
Short sale eerily proceeding at a good pace, something is bound to hit the fan.
Maybe the lighting of candles & chicken sacrifice worked.
Ah yes urber inspector next week, that should throw a monkey wrench into things.
http://ideas.time.com/2012/05/17/student-loans-is-there-really-a-crisis/
Future buyers of that 15k tax shack in River Edge?
Brian,
To answer your question from yesterday, that Linux and Windows server is on a cloud host. BTW, I was just about sealed on landing this position but last night, I received a phone call from the recruiter. At the last minute, management decided to outsource 3 of the hires they had planned here to be in NJ. The reason? It’s cheaper. Great economy! F*cking go figure. The hiring manager also sent me an email to apologize. I spent 15 hours over the weekend configuring all this sh1t for nothing. Back to square one.
Gary 20 That really bites.
Apparently no bank run in Spain now. Seems to me someone is spreading rumors to make a killing shorting the banks.
bum out Gary. that sux ballz.
Mikeinwaiting [21],
I’m beside myself. I have no idea where the growth is going to come from. If anyone thinks we’re not going to see a continuing slide in house prices, they’re smoking f*cking diesel. The economy is bad… a lot worse than the talking heads want you to believe. And look at Europe…. yet more fun to come here at home.
Grim,
I understand. Just think that market exuberence caused many to feel rich again. I think the uncertainty will cause many to weasel out.
seif,
This is why I say we’re still in the middle innings. Wait.
Short sales will only increase and drive market down further.
House I looked at to buy was bought in 2005 for 550K, now can be had for 299K. Original owner put down 550K and financed 500K. New owner if puts down 50K is only financing 249K. First owner should thank his lucky stars he only put down 50K. If he put down 275K he would have lost 275K.
I know some of you on here are traders…March 15th I bought the AAPL 540 PUTS. They expire tomorrow and were worthless 2 days ago. Hello 537 and counting! Welcome to dollar for dollar territory.
Sorry gary. That bl*ws. I sent my resume to 7 hedge funds last night. I tried to do 15 but every other fund on my list was out of business. Not holding my breath. I am even slumming it with UBS and RBS which are worse than my current IB. Just want a change or even some interview experience. It has been 6 years.
Hang in there Gary. I know job searching sucks.
Gary,
You might want to consider learning Hindi. Keep on digging, you’ll find the right job eventually. And if you don’t, you can blame it all on Obama. :P
If anything, it felt good to dive deep into Linux and configure both application and database side. I was beginning to think I had nothing in the tank compared to this gig I’m currently doing. This stuff here is f*cking monkey work.
Ok, back to real estate! I plan to tour some homes this weekend… and not at open houses. I’m going to tour private showings and still plan to make an offer if I find what I’m looking for.
Libtard,
Oblama is a utopian Walter Mitty. And as far as Hindi goes, sure, I’ll learn it but don’t ask me to eat that cuisine. Nothing against it, but when you grow up with authentic Italian cooking, it’s hard to go in another direction.
Gary – real sorry to hear that. Keep pluggin.
Gary 24 “I have no idea where the growth is going to come from.” Me either, I just do not see a catalyst for growth. Demographics, indebtedness of both gov and population, housing in the sh*t for the foreseeable future, Europe well they make us look good.
If you Captain Sunshine types have a list that you fell will brighten my outlook I’m all ears. American Exceptional-ism not accepted because it doesn’t exist anymore if it ever did.
Gary 33 “Nothing against it, but when you grow up with authentic Italian cooking, it’s hard to go in another direction.” Made stuffed artichokes with Mom this Monday, fu*ken awesome. I do however eat Indian, Thai, middle eastern or just about any food from any culture. In my book there are families that make delicious food from their various parts of the world without exception. The hard part is getting it over the counter so to speak.
Nom, et al –
Another update in the ex-pat tax war, Facebook chapter…
“Still Smiling, Eduardo? Senators Schumer, Casey Want to Collect Your $67M in Facebook Taxes Anyway”
http://techcrunch.com/2012/05/17/still-smiling-eduardo-senators-schumer-casey-want-to-collect-your-67m-in-facebook-taxes-anyway/
By the way.
Thursday, May 17, 8:31 AM Initial Jobless Claims: 370K vs. 365K consensus (prior week revised to 370K from 367K). Continuing claims +18K to 3.24M.
Good Italian food being crapped out the ass of a smelly fat Italian tastes better than indian food
Mikeinwaiting says:
May 17, 2012 at 10:20 am
Gary 33 “Nothing against it, but when you grow up with authentic Italian cooking, it’s hard to go in another direction.” Made stuffed artichokes with Mom this Monday, fu*ken awesome. I do however eat Indian, Thai, middle eastern or just about any food from any culture. In my book there are families that make delicious food from their various parts of the world without exception. The hard part is getting it over the counter so to speak.
Participation rate well never mind the man behind the curtain folks.
#20 gary: Sorry to hear that. You are a good man, smoenthing shoucl break for you!
Whatever floats your boat JJ.
/bit.ly/JxBqzE Corzine continues to raise Cash . As soon as Chase and the boyz
come up with the right donations investigations go away.
BklynHawk 37, yes heard that on the radio this morn thought of Nom’s reaction immediately. Just gonna love this one.
JJ [39],
On second thought, I tend to agree. I mean… like I said, I have nothing against whatever someone enjoys but, for me personally, the smell of Indian food actually makes me gag.
Trouble is I know a lot of people who dont want to work. Under 25 year olds, recent college graduates sponging off mom and hitting their old HS bars. Guys over 55 with working wives who busted their butts working 30 years and kinda milking it while wife works. Guys over 62 who are using it as an excuse for early retirement, women with kids whose husbands forced them to work to pay for all the extras now are at home with kids and letting hubbie for once act like a grown up and actually support the family instead of having wife do it. These groups when laid off and told there is 99 weeks unemployment go for it. Only way we know who is truly unemployed is to cut off their checks and then see who is still actively looking. Women with three kids in day car and an expensive commute on unemployment benefits are not “actively” looking.
Gary [20];
Sorry that you got that bad news. What is the likelikhood that they had a larger project that could be readily broken down into discrete tasks, which could then be assigned to candidates as ‘auditions’ for the position? Is it possible that there weren’t any other candidates at all, and your ‘audition’ was the entire task to be accomplished? If the “audition” left the company with tangible output, then you should have been paid — You weren’t auditioning, you were slave labor. It’s possible they didn’t even pay the recruiter anything — they usually work on spec. Maybe they got all their ‘candidates’ from that one recruiter, and he did get paid, kind of like a temp staffing outfit would, but between him and/or them, they figured out a way to reduce their labor costs. You might want to talk to a labor lawyer (and I’m not one).
I know the economy is bad, but you really have to think about whether working for free makes it better. I’d rather have no client than a client who won’t pay. If I have no client, I can spend my time finding a paying client. Working for a non-paying client takes away my ability to get paying clients, and leaves me with no more than I started. Sorry again.
Moose [47],
It’s plausible but I don’t believe that it was the case. The recruiter is with one the biggest Tech recruiting firms and I researched the company that was hiring. I don’t completely get your second paragraph. That was part of my interview… not actually work. Care to expand? Did I miss the sarcasm? :) lol!
Brklyn and mike,
We will see the reaction in the quarterly reports. I figured that there would be a reaction. Now we see if this gets any traction. I expect that schumer will get some blowback from quarters he isn’t expecting.
Btw, anyone at the NJ accounting, business and tech conf today, stop by the IRS booth.
Moose interesting premise very sinister if so.
http://boston.cbslocal.com/2012/05/16/yankee-candle-now-selling-man-candles/
Mike and Brklyn,
Presently discussing this issue with the Local Taxpayer Advocate.
Gary [58];
You know your business much better than I do. Just judging by the hours necessary to complete the task you undertook, I’d hope it would take much less time than 15 hours to demonstrate adequate knowledge of the tasks required of the position.
On the other hand, if they needed someone to perform a discrete task: like migrate certain database files to a remote server and confirm they are accessible after the migration; well then, you just did that for them. My sense is that is more than would be necessary to demonstrate your ability to do it; and after going that extra mile, they are left with a completed project and you got a hearty handshake.
Plus, their excuse doesn’t follow from the results of the audition. They knew it would be cheaper to offshore from day 1 – long before they interviewed you. What could they have possibly learned after you you doing 15 hours of work for them that changed their mind? I’d be far less sangune about the situation than you seem to be.
Ok, I will be serious for a moment. SEC, FINRA, CFTC, Fed, FDIC etc. All the regulatory agencies that regulate banks and BD have a huge need for IT folks, old timers there have no IT experience. They are really beefing it up. Any thing will do, great benefits, no age discrimination good pension. Although salary is lower. If you are over 50 IT savy you are crazy not to apply, plug in your last 10-15 years there and leave with a nice pension and maybe free medical for life. For instance NYC Insurance dept which regulates the likes of AIG and has ten year vesting. Leave before ten you get nothing but stay more than ten free medical for life and a small pension. How can you go wrong if you are 55 and want to retire at 65, just plop your butt there for ten years.
I find all of these headlines along the lines of “Spain Denies Bank Run Reports” to be eerily similar to that Iraqi Minister of Information guy from a few years back.
“Clients can be absolutely calm about the security of the the savings they have deposited.”
“I triple guarantee you, there are no American soldiers in Baghdad.”
http://www.welovetheiraqiinformationminister.com
3b #16: I drove by last night. It’s cute. Go take a look.
Gary #20: I am so sorry this happened. My DH went through a similar experience in his last job hunt. I think they do this just so they can have someone smart and competent fix their cr@p before they ship the job overseas. I know you and I don’t agree on much, but this is a very real problem. Here’s the thing, though: If anyone thinks Mittens gives a rat’s @ss about you or anyone else who needs a job, guess again. Greed is causing the 1% to be perfectly willing to throw the 99% in the garbage, and no one has a plan to address it.
I don’t know what happened in this country…when I was a kid no one felt they had to have billions of dollars, and those who did paid a lot more taxes than they do now. And most people didn’t have this delusion that the corporate titans had any interest in letting them into the club if they Just Worked Hard Enough™.
By the time the people rise up, the drones and militarized police will be massacring them in the streets.
Happy Renter 56, the checks in the mail, I’ll respect you in the morning, well you know the rest…………….. OOPS
you post is very well elaborated, it interested me a lot, thanks for it.http://www.listasegmentada.com
Moose [54],
It all crossed my mind. I could try and logon to the servers since I still have the root ID and passwords but even if I can’t, it just could mean that the rackserver space was rented for a short period of time. Either way, I can’t do anything about it… I need to move on.
Jill 57
“By the time the people rise up, the drones and militarized police will be massacring them in the streets.”
Could not agree more.
JJ 52 it’s a wonder where you find this stuff.
#57 Jill: I may do that, but as you know not having a train is a problem for me. The one I have been following in Hillsdale (Magnolia) is still way over priced (they did drop it a measly 14K from the original listing price). I am hoping they drop it again at month’s end, and then I will put my bid in. We shall see.
Gary 60 Good attitude , you took a shot what’s done is done.
Jill [57],
I hear you… I do. No one has the answer and I certainly don’t expect things to change with an administration change. I don’t know what to think any more. Just keep hammering.
#53, Nom – Anything interesting out of that conversation? Senator Schumer doesn’t live to far from me. I’ve seen him on his bike a couple of times. We always know it’s Sunday night when we see him making an announcement on television.
Hey JJ your the big cheese hook Gary up.
Ugly data today even chief CNBC cheerleader Steve Liesman was negative.
Thursday, May 17, 10:08 AM May Philly Fed Business Outlook: Business activity -5.8 vs. 10.0 expected and 8.5 in April. New orders -1.2 vs. 2.7 prior.
3B or Jill,
Do you know if there is a waiting list for a parking permit at the Hillsdale train station if you are a resident? Thanks.
Jill I am not expecting anything from Mit and the repugs either, lessor of two evils. IMHO
Not that we didn’t know this about B.S. numbers, Err I mean BLS numbers.
Thursday, May 17, 8:56 AM Today’s upward revision in last week’s jobless claims makes the BLS a perfect 20 for 20 this year in needing to revise higher the previous week’s print. Jobless claims have declined 101K this year if one bases their calculations on the announced headline each week. With the revisions, they’ve hardly budged.
I”ll have a double dip recession with colored sprinkles.
Remind me when we got out of the first one please.
Mary Richardson Kennedy, the estranged wife of Robert F. Kennedy Jr., died of asphyxiation due to hanging, the Westchester County medical examiner in upstate New York said.
Kennedy, 52, was found dead yesterday in an outbuilding in her home in Bedford, New York.
Other than Liberace”s Piano Candles I never actually hear of Man Candles.
Mikeinwaiting says:
May 17, 2012 at 11:44 am
JJ 52 it’s a wonder where you find this stuff.
#69 Pete: From what I understand there is not a waiting list. Price is $125 a year for residents. You need to present valid drivers license, and proof of Hillsdale address.
I believe they also have parking for non-residents that costs more.
Another hidden NJ tax.
B says:
May 17, 2012 at 12:05 pm
#69 Pete: From what I understand there is not a waiting list. Price is $125 a year for residents. You need to present valid drivers license, and proof of Hillsdale address.
I believe they also have parking for non-residents that costs more.
Jill,
The solutions to offshoring and outsourcing are simple. Import tariffs. Federal revenue prior to the income tax was generated through tariffs. How about this trade. Elimination of income tax and impose import tariffs. You cant compete with slave labor.
Of course, none of these things will happen. We will drive right off the cliff instead and suffer all the social upheaval and war that inevitablly follows these cyclical historic events.
(77)
AG,
You’re correct. People (some) freak out when talk of tariffs and duties are mentioned. “you’ll start a trade war!” As if we are not already in one trying to compete with totalitarian governments with slave labor.
JJ,
I was about to comment on how cheap $125 is for NJ.
There’s also long term plans to privatize NJ Transit parking lots which would assuredly increase rates.
Donna Summer “Last Dance” RIP
(79)
Pete,
Rates MAY increase… but privatization will work when the state sells (whatever) to the highest bidder in an (honest) auction as well as lowers/eliminates the taxes that were supposedly going to fund that service.
As we all know, the auction will not be open, honest, and transparent… and the taxes will never go away.
“The tolls on the parkway will be removed once the initial construction is paid for.” HAHA always a good one
$125 per year?
Anyone want to guess what it costs for residents to park at any one of the 6 NJ transit rail stations in Montklair?
Gary;
http://management.fortune.cnn.com/2012/03/14/job-interview-free-work/
Mike #70: How is Mittens “lesser of two evils?”
Jill,
I’m not sure if he’s the lesser of two evils or not but it sure is going to be a bad year to be an incumbent politician. Many incumbents including the prez, will probably have people voting against them, and not exactly for their opponent…
84.Jill says:
May 17, 2012 at 12:36 pm
Mike #70: How is Mittens “lesser of two evils?”
I give up. I pay $3 dollars a year to park at my station. For my $3 bucks I get plenty of spots, well maintained. well lit. Always shoveled, heated waiting room, bathroom. In spite of my cheapness I think $3 bucks is cheap. I would be willing to spend up to $10 bucks a year.
Libtard in the City says:
May 17, 2012 at 12:25 pm
$125 per year?
Anyone want to guess what it costs for residents to park at any one of the 6 NJ transit rail stations in Montklair?
PulteGroup Inc. PHM -6.24% fell 6.2%, as pessimism persisted about housing demand in the U.S. even in the wake of data showing a faster pickup in housing starts for April.
https://catalog.scpauctions.com/LotDetail.aspx?lotid=20039
I love it that LT is hocking his SB ring same week Giants get their SB rings. He is like that drunk loser uncle you have to invite to your wedding. Hopefully he will marry a kennedy one day and end up dead.
Moose [83],
Enough said. All signs point to the decline of a once great nation.
$720 per year.
Nom – I suppose you will need one of these under every bed in your compound.
http://www.apocalypsepak.com/
Meat – when is your birthday? I will get you one.
isn’t the lesser of two evils still evil and magic pajamas!
47 – Doubtful – I interviewed at Citi a while back and the position required a similar demonstration of capabilities. I was requested to complete a work packet successfully as a prerequisite to the first interview. The first interview was a brief one on one, followed by a similar capabilities exercise, although this one was in real time with 2 reviewers standing over my shoulders. It was fun, they were impressed that I could crank out Excel macros at 125 words a minute.
That is crazy. Can you use the flex spending for parking, it is tax deductable? $60 bucks a month is nuts. Why do you folks pay it? Just ride a bike or something, skateboard, have kids drop you off. If people in mass refused to pay it would work. You annual parking fee is 240 times my annual parking fee.
Libtard in the City says:
May 17, 2012 at 1:06 pm
$720 per year.
HEWLETT-PACKARD SAID TO CONSIDER CUTTING AS MANY AS 25,000 JOBS
You can use flex spending. We spend $50 per month parking in a commercial contractors parking lot at a station a little further down the line which saves us time and gives us more train options. How can this little guy maintain his little lot for less than it costs Montclair to maintain their huge lots???
I still don’t understand what the heck you do for a living :P
93.grim says:
May 17, 2012 at 1:26 pm
47 – Doubtful – I interviewed at Citi a while back and the position required a similar demonstration of capabilities. I was requested to complete a work packet successfully as a prerequisite to the first interview. The first interview was a brief one on one, followed by a similar capabilities exercise, although this one was in real time with 2 reviewers standing over my shoulders. It was fun, they were impressed that I could crank out Excel macros at 125 words a minute.
[91] seif
A bug out bag is for getting to the nompound.
[66] hawk,
Nothing of note.
98 – gotcha. so that would be good to have for fighting the zombies, chaos, etc in the streets while making your way to the fully-secured fortress.
Jill 84 we are screwed either way, I would venture that Mit has more than just a bit more business acumen than “O”. “O” is a better politician granted but now take your position based on this premise , you own a company all your eggs are in that basket which guy would you chose to run it. Keep in mind you only have two choices, isn’t democracy grand!?
We used to use their business services and the majority of desktop employees were actually HP contractors. We since let half of them go in 2008 and “in-sourced” the rest which means they are now full time employees. It’s not like there’s any less work, just half as many people. The strategy now is, if there’s way more work then the desktop guys can handle, they bring in temporary contractors as the work ramps up, then let them go when the project is over.
Also, we were an all HP shop until 2010. It’s all IBM stuff now. All the HP stuff is being phased out of the datacenters. Datacenter OPS guys all fought to have IBM hardware because they said most of the contractors they were hiring were all used to working on IBM stuff.
95.JJ says:
May 17, 2012 at 1:53 pm
HEWLETT-PACKARD SAID TO CONSIDER CUTTING AS MANY AS 25,000 JOBS
Still buying HP desktops though….
101 – Mitt’s “business acumen” has been the ability to slide everything into his pockets, regardless of the cost to others. How is that good for running a country? It is great for partners and shareholders but that’s about it.
seif 104 are you not a share holder in these here United States? Regardless of the cost to our competitors Mit will get the loot. Let us say it’s China and you have a problem with that, he may be a son of a “B” but he is our son of a “B”.
Wonder how many plants & jobs will be effected in this state? http://finance.yahoo.com/news/postal-plants-shrink-28-000-165700786.html
More good news: Hostess to shed 563 jobs in July at these locations Wayne, Pleasantville, Westville, Neptune, Bellmawr, Carlstadt, Hamilton & Somerset
Gary, Can I please have a “_ _ _ _ _ _ _ _ _?
Yields on the benchmark security dropped to as low as 1.7022 percent, getting close to QE3
Mitt is going to be the best president ever, going to lower my tax rates, improve economy and let me have as many wives as I want. However, I will not have more than six wifes. I need one night off.
http://dealbook.nytimes.com/2012/05/17/where-prosecutors-might-focus-in-their-jpmorgan-inquiries/?smid=tw-nytimesdealbook&seid=auto
Jon Corzine please call your office. You have a call waiting from Jamie Dimon
So long Eduardo…
Schumer: Eduardo Saverin Can Never Set Foot in U.S.
http://www.bloomberg.com/video/92889601/
Mike [108],
I owe it all to BC Bob. He coined the phrase:
“Sell? Sell to Whom?”
Ten Year Treasury Yields dropped as low as 1.7022 percent, the lowest ever on record.
Is that the sound of a NAR Marketing person typing with rates at an all time low there has never been a better time to buy a home
JJ 113 who cares buying cash.
Gary112 thought you would go with”Tick,Tick,Tick.
Gary,
I’m don’t know who you were seeking a job with but that is some seriously messed up action. Who the F**k pulls you in for end-game interviews and then decides later that they are going to outsource. I would be making some complaint calls to the BBB immediately.
The last time I interviewed was in 2007.
Once place asked me to submit code samples of things I had written. I told them that because the work that I had done belonged to my old company that I couldn’t provide them anything from my previous jobs. All the code that I had written is for previous jobs. I asked them to create a false problem which I could code out quickly. I could tell that the problem was BS right from the begining and I coded out some BS answer to satisfy them. They asked some questions like “why didn’t you use inheritance on instance objects” and I countered with some response like, “I’m an engineer not a computer scientist, it works doesn’t it?”. They offered me a job. I declined because someone offered me better pay.
The ones who offered me the better pay instead picked me up in a limo, had me shake hands with the team, talk about papers I had written, took me out to dinner. When they got to the serious questions they asked one simple question, “When reading from a bit stream, how do you know you are at the end of the stream?” to which I replied, “it depends, but most bit streams are null terminated.” That was it. No further tests or questions.
Under no circumstances would I have done any work that looked like it could be commercialized and indicated that unless they wanted to hire me that it wouldn’t get done. You can call my old boss, you can ask me all the questions you want but it isn’t going to happen for free.
When I was in the throes of interviews one job called me and had the audacity to say that they were not going to hire me but they really really really wanted to know how much the going rate was for someone like me. Essentially a “what $$ would it have taken if I really tried”. I paused on the phone for a second before responding, “if you wanted to see the show you should have bought a ticket.”
In all the companies that I have worked for, end-game interviews are reserved only after they have decided that you are the one and they are just making sure that you are not full of fluff or BS. They don’t go back and then decide that outsourcing is a better option. The recruiter would have told them up front the cost for your services so it would have been a no-brainer as to outsourcing vs. in house.
If I ever go after a new job I will make sure to verbally punch a few companies in the nuts for you if they get stupid on me like this.
Mike 107
so you work for a company that manufactures junk food with high union costs in a society that is going decidedly more healthy in its food choices
what could possibly go wrong?
I consider those 563 the luckiest of the bunch as they are the first rats off of a sinking ship.
RIP Donna Summer. I sexed way too many underage hotties in the seventies to that woman’s Tunes.
Dow – Net Change -157.65
Never ends this down cycle.
I saw her in concert in 1979. Just happened to be playing at place I went to. I think only disco band I saw in the actual 70s. She could really belt it out. When she sang bad girls in 1979 wow, seeing her in person was cool.
JJ’s Weiner says:
May 17, 2012 at 3:59 pm
RIP Donna Summer. I sexed way too many underage hotties in the seventies to that woman’s Tunes.
Super Low rates may cause home prices to rise screwing even cash buyers. It also screws cash buyers as cash is earning zero right now.
Mikeinwaiting says:
May 17, 2012 at 3:40 pm
JJ 113 who cares buying cash.
Gary112 thought you would go with”Tick,Tick,Tick.
Brian [111];
Schumer is a media whore. The most dangerous place to stand is between him and a TV camera.
Once place asked me to submit code samples of things I had written.
This is one of my usual interview screening questions. I will either ask for either code samples, or writing samples. You’d be surprised how often a candidate would submit a confidential work product or document as a sample.
10-Year Treasury Yield 1.699%, WOW first time in our lifetime under 1.7% on a ten year treasury.
Facebook is laying a big fat egg in morning. SB/MS at 3pm upped allocation per retail customer from 500 shares to 5,000 shares. At a price of 38 that is almost 200K. But get this. Standard account agreement at SB/MS is margin. Broker calls you at 340pm today says look you got the 500 shares you can get up to 5,000 shares tell me now I got more calls to make. You blurt out give me the whole 5,000. If it tanks on T=3 settlement date yikes. You still owe 200K on a stock that might be worth 100K. You are also locked in and puts to protect yourself are not trading yet. I mean I think Facebook will POP. It may pop up it may pop down. Who knows. But a two second phone call with no time to decide to buy 10x shares. That is gambling straight up.
3.79% 30 year? Wow!
re # 111 – Seems Schumer wins, Eduardo Saverin caved and will pay the tax. I gather he realized that a large portion of stop overs are in the US which would make it a real bitch getting from Asia to Brazil even if you have your own Jet.
I wonder what all the folks with ARM loans are paying right now. Was Greenspan right?
Grim that is one of my interview tactics as well but I deal with company R&D information which is just as proprietary. Dumb candidates who like to spill the beans on their current employer are folks I never want working for me.
Thirty-year bond treasury are now, 3.45% and Thirty year mortgages are 3.79%
If fannie/freddie was not involved mortgages would be 5.45%, When I worked in banking we kept a lot of mortgages on our books and we needed 200 bps to adjust for risk. Who in their right mind would borrow at 3.45 and lend at 3.79 to a homeowner and call that a business model. Oh wait that is fannies business model.
.
grim says:
May 17, 2012 at 4:24 pm
3.79% 30 year? Wow!
Pain 116 Junk food? Momma put Twinkies in my lunch box.
Is twinkies in your lunch box code for something?
Mike says:
May 17, 2012 at 4:31 pm
Pain 116 Junk food? Momma put Twinkies in my lunch box.
[125] juice,
Looked but saw nothing indicating he will pay voluntary taxes. Got a link?
FWIW, I don’t think transiting US same as seeking entry.
Finally, Schumer to Wealthy: GTFO now.
Anyone who took an ARM over a 30 year mortgage since 2000 is a winner. Some ARMS reset like every 1.2,3,4 or 5 years.
If April 2000 you took out a 30 year mortgage rates were 8%. You would have spent a fortune re-financing. If you had an ARM that resets every three years, they usually can move no more than 2% at a time, you would have rest April, 2003, April 2006, April 2009, April 2012. A Five year April 2005, April 2010, even a one year would be a big winner.
Every single person who has ever taken out a 30 year mortgage today is screwed, you all are paying too much. Falling home prices, high RE taxes and being locked in at above average mortgage rates has made it a nightmare for every home purchased in last ten years. Ouch. .
Nom CNN tweet
According to CNN’s Dana Bash, Saverin might pay those taxes after all. “He intends to pay all taxes he owes on us investments, despite renouncing us citizenship,”
and Reuters…
http://www.reuters.com/article/2012/05/17/us-usa-tax-saverin-statement-idUSBRE84G18020120517
One year ARM was 3.24% when Greenspan spoke in 2004. It is 2.24% now. Only issue is Greenspan said “alternative mortgage products” in his speech, and we all know how well that went, the banks when out and extended credit where no credit was due.
re # 131 – Nom – Saverin still needs to enter US to go see all of the start-ups he has invested in.
Greenspan was saying it was a good deal for borrowers. It was not a good deal for lenders.
Juice Box says:
May 17, 2012 at 4:50 pm
One year ARM was 3.24% when Greenspan spoke in 2004. It is 2.24% now. Only issue is Greenspan said “alternative mortgage products” in his speech, and we all know how well that went, the banks when out and extended credit where no credit was due.
Juice [125];
Singapore (SIS) to Rio (GIG) great circle route is about 9800 nm, and goes right around the southern tip of Africa. If he was a baller with a 747- or 777-VIP, he could make it non-stop. If he was more pedestrian in a G-650 (intercontinental range ~7,000 nm) would have to stop in Johannesburg; but US stopover is not required.
Nicholas [115],
Thank you for the words of insight… much appreciated. :)
JJ [132];
Anyone who took an ARM over a 30 year mortgage since 2000 is a winner.
Anyone who bought in 2000 was a winner no matter what kind of mortgage they took, if and only if they resisted the urge to pull phantom equity out of their homes. If they did, I have no sympathy. If they didn’t, then they’re laughing all the way to the bank.
[133] juice,
Saw that. I don’t read that as an admission that he will pay any more than he owes. It isn’t as if he owes nothing.
Con’t [137];
Funny thing playing with BBJ range maps… There’s place in the world that you can’t fly to non-stop on a 747, 777, or 787 from Riyadh.
great site.http://www.palletsplasticos.net
105 – MIW…we are not shareholders in the U.S.ofA., unfortunately. We are the workers grinding it out on the floor in the factory, theoretically speaking. Do you really think Mitt will try to kick China’s a**, or will he make sure that his buddies can keep getting their cheap labor there and racking up the profits in the executive suite?
[100] seif,
Yeah, pretty much. But I don’t recommend that for you.
[100] seif
Contents of the apocalypsepak reminded me of my backpack when I went camping.
Except for the firepower and the weird looking edged weapons.
Though there were a couple of camping trips when I would have liked them along.
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