From the WSJ:
U.S. Home Prices Climb at Fastest Clip in 7 Years
U.S. home prices rose by their fastest pace in more than seven years during July, according to an index released Tuesday, though more recent data suggest price gains could soon moderate.
Prices in 20 major U.S. cities increased 12.4% in July compared to the same month last year, according to the Standard & Poor’s/Case-Shiller index.
Home-price inflation accelerated sharply over the past year as more buyers have chased a shrinking supply of homes for sale. Fewer properties are selling out of foreclosure and until May, mortgage rates had hovered near record lows, letting buyers qualify for slightly more debt without increasing their monthly payment much.
Rising mortgage rates, which are up nearly a percentage point since May, could ultimately test buyers’ willingness to pay more. That may have accelerated some purchases from buyers who had initially planned to buy later this year, but it has made other buyers more hesitant.
…
Tuesday’s report hinted at a possible slowdown in the rate at which prices are going up. While all 20 cities tracked by the Case-Shiller index gained in July, the pace at which prices rose slowed in 15 cities.“The slowing in monthly gains is not a nail in the recovery’s coffin,” said Bill Banfield, director of capital markets at Quicken Loans. “In fact it shows a normalizing of the market and that this growth can be sustained.”
Home prices rose 1.8% in July from June. While that was slower than the month-over-month increases in the previous three months, prices tend to rise fastest in the spring, and they typically peak in June. July’s gain was still the largest for that month since the Case-Shiller index began its count in 2000.
So, what’s the impact of replacing all our reservoirs with cement tanks? I think rain water run off, besides aesthetics would be a problem…cost??
http://www.northjersey.com/news/environment/Foes_of_replacing_Garret_Mountain_reservoirs_urge_Passaic_County_officials_to_fight_the_project.html
@KeithOlbermann: And @TheRichardLewis on his teenaged hoops rival Larry David, drinking with Mickey Mantle, and Babe Ruth naked
http://t.co/O9ECezjtXO
I’m sure a handful of construction and engineering firms stand to profit quite well from these jobs. Unnecessary.
@billmaher: EPA issued new, tough rules on capping carbon. If Mitt had won, we’d be talking about abolishing the EPA. Elections matter, #PayAttention
Abolishing OSHA and the EPA might not be such a bad idea from an economics perspective.
how so?
grim says:
September 25, 2013 at 7:33 am
Abolishing OSHA and the EPA might not be such a bad idea from an economics perspective.
Great. Now anon is a fluffer for Olbermann.
#3…pretty expensive solution, doesn’t seem well thought out from a cost benefit perspective. But, I guess, only those that use water will have to pay.
Won’t need no stinking Case-Shiller when we revert to nomadic wandering.
A 50-foot-long barge that broke loose from its mooring and drifted for nearly a mile Sunday has…- 5:51 pm The state Thruway Authority is hoping to know within 30 to 60 days if it will land a federal loan…- 6:08 pm Accusations of racism were injected into the Westchester County executive race over the weekend,nfl clothing for women…- 6:10 pm Yankees starter Ivan Nova threw a bullpen on Thursday, and despite some lingering concern about…- 12:05 am The Yankees won another big one on Thursda
“The slowing in monthly gains is not a nail in the recovery’s coffin,” said Bill Banfield, director of capital markets at Quicken Loans. “In fact it shows a normalizing of the market and that this growth can be sustained.”
The fact that such a banal statement such as this even gets printed is embarassing.
Thanks to everyone for all the advice yesterday (even sarcasticly).
Last night was fairly painless, but that was aided by the fact that the Realtor’s office didn’t have internet last night, so we just spent the time talking about what the wife and I need/want as opposed to looking at a few places….that might be better in the long run.
Wife arrived early and mentioned property taxes (knew I married her for a reason, lol), only to see me mention it again when I got there…Realtor didn’t run from it. She changed the question about taxes into a monthly payment kind of thing and addressed that towns are different, etc, but didn’t run from it. That impressed me. I think any NJ Realtor would be insane not to consider property taxes when talking to clients, it’s just the reality of the situation here.
She did suggest we look into short sales, mostly b/c of our tight budget and our liberal timeframe (month to month lease where we rent now). Does anyone have any experience with short sales? I always thought considered they were like foreclosures in that the former owners would gut the house, but I was told last night that it’s really just a longer process b/c the bank has to approve the sale, which can take up to year.
Other than that, I was gauging the Realtor’s face everytime we mentioned a need/want to see what her reaction would be. She is either really good at poker or there wasn’t much we said that surprised her. She did give me an odd look when I asked about how common problems with underground oil tanks are, but said she personally doesn’t like them there. I think she was just surprised that that was a concern of mine….it probably isn’t a common question.
I also asked her about the market, and got answers that for the most part were in line with reality (rates are climbing, but historically low; prices are good, but not as good as last year, etc), but I was surprised when she said that inventory, which was/is tight for a while, is starting to improve.
Either way, got to get pre-approved then to start looking at places.
Home-price inflation accelerated sharply over the past year as more buyers have chased a shrinking supply of homes for sale.
Why is it shrinking? It’s a sellers market! Why aren’t the fence sitters listing their house?
JSMC,
I was just going to ask for you! Thanks for the thorough details!
The End Is Nigh (NJ Virility Edition):
Cousin of testicle-biting fish hooked in NJ
By Associated Press
PASSAIC, NJ — A fisherman got a surprise when he hooked a fish in a northern New Jersey lake.
His 10-inch catch turned out to be a pacu, which is a gentler cousin of piranhas found in South America’s Amazon River.
The fish Tom Boylan landed in Passaic’s Third Ward Veterans Memorial Park had rounded teeth, and an orange belly and fins.
He turned to an aquarium supply store for answers.
Absolutely Fish manager Pat Egan tells The Record someone most likely had the pacu in their fish tank and dumped it when it became too big.
Egan says the store doesn’t sell the fish because they can grow up to 4 feet long. Pacus eat vegetation and nuts unlike piranhas, which will feed on flesh.
Eddie [13];
In the margin of people who are barely (or just less than barely) treading water; it always occurred to me that banks have considerable leverage in how hard they push the person.
One family I know had slipped to ~4 mo. behind on their mortgage, but were making payments as they could. The servicer pockets late fees very month; in exchange for advancing payments to the note holder as agreed until the loan gets put into non-performing status. They weren’t far enough behind or underwater that the servicer would consider foreclosing (yet). It was the servicer that was keeping that house off the market. If the servicer took a hard line, that property and many like it come to market under duress and push things down.
I thought they were perfect candidates for a simple forebearance to get back current, or a HARP refi, but the breadwinner just wanted out of the house and to stop feeding the alligator. In the end, they sold the place, paid off the arrears at the closing table, and walked away from a house that was in their family for 35 years with barely five figures.
chicagofinance (the good one) says:
September 24, 2013 at 11:07 pm
GTG dedicated to JJ:
http://www.eatatvidalia.com/
#12, we found our short sale though zillow, but we had to bid on auction.com to get it. open house was in mid may, auction early june, we closed in late august
The EPA and Carbon Meh….A few more Fukushima and Chernobyls and the whole planet won’t even be inhabitable.
chi and JB – I closed on Friday. Been MIA on here for obvious reasons, but I’ll crawl back after I’m settled and holla at you. Hope everyone on here is doing well.
re# 16 – Moose “house that was in their family for 35 years” Seems to me they took more than one vacation on the house.
Congrats Bears now all you need is to have another kid or two.
Hey CHIFI
Have you noticed that nearly all inventory of GMAC bonds have disappeared in last year?.
Seriously when you ran that bond last year it was pages and pages and pages of inventory. Today I got a handful. It is as if folks are holding, no selling, GMAC called a ton and or GMAC secretly has been putting in buy orders on all the bonds below 97 and killing the debt. Never seen such a huge amount of bonds disappear in such a short time
BTW I only do onion restaurants in NYC.
Moose [16],
We all know the reason there’s no inventory. It’s the same reason why m0rons pay $12 for french fries at the stadium. The housing market thrives on dystopian tactics and the industry knows it all too well.
Space: Urban Tax Abatements Prevent Property Tax Relief for All New Jerseyans
Assemblyman Parker Space
Tuesday, September 24, 2013 • 12:02pm
http://thealternativepress.com/columns/guest-column/articles/space-urban-tax-abatements-prevent-property-tax
Mendham: The Borough Tops Our List of New Jersey Towns
It’s not unusual for folks in Mendham Borough to lend their neighbors a hand. But more than the Morris County town’s strong sense of community makes it number one in New Jersey Monthly’s 2013 Top Towns survey.
Warren: Top Town, Central Jersey
Volunteerism is a way of life in Warren, and the people of the top Central Jersey town make it what it is. From the coaches in the recreation department to emergency services personnel to Warren’s various boards and commissions, the vast majority of hours are put in by volunteers.
Moorestown: Top Town, South Jersey
Moorestown, our top South Jersey town, fancies itself a town of winners. In 2013, the girls’ high school lacrosse team ranked number 1 nationwide. But their achievement is more than symbolic.
Hoboken: Best for Singles
Hoboken simply buzzes with life. With easy access to public transportation and a plethora of restaurants and bars, Hoboken has been transformed from a blue-collar town to a bedroom community for young, professional singles.
Monroe: Best for Empty Nesters
Empty nesters flock to Monroe. The town has more active-adult developments than any municipality in the state, comprising 50 percent of the local housing stock. As a result, almost half the population is 55-plus.
Oakland: Best for Young Families
Located on the western edge of Bergen County, Oakland is woodsy and a bit remote, but its midsize homes, good schools and low crime rate make it popular with young families.
Upper Saddle River: New Jersey’s Most Affluent Town
Situated just south of the New York border, Upper Saddle River is a five-square-mile town whose residents—many of whom are doctors, Wall Street professionals and successful entrepreneurs—are the most affluent in New Jersey, with a median household income of $180,429.
http://www.cnn.com/2013/09/17/opinion/sutter-rich-villains/index.html?hpt=us_midvillains/index.html?hpt=us_mid
“The rich would be better off with a smaller share of a rapidly growing economy,” he told me, “than they (are) now with a large share of an economy that is anemic — that is basically not growing at all, largely because you don’t have many people with much money to be able to sustain the economy and buy enough.”
“In the doc, Hanauer talks about how he has tons of money to spend, and he does buy nice things, but he doesn’t spend that much more than a middle-class person.
“I have the nicest Audi you can get,” he says, “but it’s still only one Audi.”
If dozens of middle-class people had his money, they’d buy dozens of cars, and dozens of everything, which would create more industry and more jobs.”
Mike,
If you made all that money on your own and was already made and in your bank account/pockets, how do you suggest to re-distribute that money out and how would you propose the way a person/family is chosen to receive such re-distribution of wealth.
I guess the biggest question is would you give it away?
There is no doubt that having a larger middle class would be beneficial for the economy, but that doesn’t necessarily decrease poverty (directly anyway), yes it would create more jobs to please the now larger middle class needs, and the rich would stay rich (though not as rich as they used to or could be) and how is that a sustainable solution? How can a strong middle class maintain in an economy? Is it really possible to not have a rich and poor? and is it possible to have these classes while having everyone be happy with what they have?
Just throwing wood on the fire…
Grim, can you allow my last comment. It wouldn’t let me post for some reason. I was posting a response to my friends comment above. Thought it would spark some conversation for a debate.
http://www.kcra.com/news/controversial-mercy-rule-has-football-parents-angry/-/11797728/22052912/-/14q2rc4z/-/index.html
If a team in the league, which has players between the ages of 7 and 13, wins by 35 points or more, the coach gets a one-week suspension and the team gets fined $200
Homeowner Hell Update:
I bought a backpack blower yesterday. Anybody have any wind tunnel experiments they want to try?
Joyce,
In Gator Junior’s Soccer conference, if a team wins by more than seven goals, the coach faces a potential fine. I have an issue with the need to fine the coach, but forcing your own team to have to pass the ball around while avoiding scoring definitely has its benefits. Keep in mind, this is U9 soccer and most of the kids do nothing but boot the ball forwards.
Personally, my take on this is that one should not need an incentive for a coach to act humanely. I would expect parents on the winning side of a lopsided victory should have the wherewithal to talk to the coach after the game about the error of his ways. Likewise, the losing team’s coach should definitely say something to the a-hole as well.
As for protecting the kids, a 7-0 drubbing is enough of a message that perhaps your coach stinks or that you stink. Running it up to 14-0 does not change this message.
Yes you can buy your way out of jail.
J.P. Morgan Chase & Co. has offered to pay about $3 billion as it seeks to settle criminal and civil investigations by federal and state prosecutors into its mortgage-backed-securities activities, according to a person familiar with the discussions.
http://www.marketwatch.com/story/jp-morgan-offers-3-bln-to-end-mortgage-probes-2013-09-25?dist=lcountdown
Oh…Gator Junior had 6 goals in his team’s first two official games. Once again, this is more than half of his teams goals. And trust me, he passes more than anyone on the pitch. If he doesn’t, I let him know that he’s being selfish. He simply can finish better than any of his teammates and knows where to go. In both games, the coach smartly moved him away from offense once the score started getting out of hand.
I couldn’t agree more that no incentive should be needed. I’m wondering where the problem originates from. Is it that some of the parents of the team that runs it up doesn’t care because they’re on the winning side? That’s my only guess.
The concept of a mercy rule has been around a while in various sports. In sports with a clock, have a running clock in the 2nd half. In soccer already with a running clock, how about shorten the 2nd half or quietly pull a player off the field. In baseball, they end the game a few innings early.
Fines & suspensions are a terrible idea.
Madoff should ask for a retrial and buy his way out .
Grim — I am going to use your inspector (Peter Bennett) for my beach house purchase. Anything anybody recommends I do while the inspection is taking place? I assume it’s ok to shadow the guy? Also, he is offering this thermal imaging service as an add-on for a couple of hundred bucks and I am trying to determine if it’s worth it (apparently they can see inside the walls, etc.).
Any feedback is greatly appreciated. Thanks.
http://www.fbi.gov/washingtondc/press-releases/2013/icap-brokers-face-felony-charges-for-alleged-long-running-manipulation-of-libor-interest-rates?utm_source=twitterfeed&utm_medium=twitter
I guess these guys pockets are not deep enough
Keith Olbermann? Bill Maher? If you’re going to copy-and-paste the words of others, at least paste the words of someone intelligent.
is the thermal imaging service for an energy audit or is it for mold? What is he looking for?
It is a good thing Junior plays in nancy pancy NJ in 2013. In a real game back before leagues and refs when kids playing in street showboats got taken out.
I was like Mark Gastauneau in a way. I would flatten QB, ball would come lose, he would not pick it up and would be sack dancing around the QB. There are games within games. Usually when I played unintentionally, someone always got hurt no matter the sport. I hate to lose. I think I would elbow someone in Chess. In fact I did hit someone with a chess board once right before he tried to yell checkmate.
Libturd in the City says:
September 25, 2013 at 11:08 am
Joyce,
In Gator Junior’s Soccer conference, if a team wins by more than seven goals, the coach faces a potential fine. I have an issue with the need to fine the coach, but forcing your own team to have to pass the ball around while avoiding scoring definitely has its benefits. Keep in mind, this is U9 soccer and most of the kids do nothing but boot the ball forwards.
Personally, my take on this is that one should not need an incentive for a coach to act humanely. I would expect parents on the winning side of a lopsided victory should have the wherewithal to talk to the coach after the game about the error of his ways. Likewise, the losing team’s coach should definitely say something to the a-hole as well.
As for protecting the kids, a 7-0 drubbing is enough of a message that perhaps your coach stinks or that you stink. Running it up to 14-0 does not change this message.
“But if the plans they submitted in 2011 are any guide, fewer than 40% of federal employees would be furloughed without pay.”
http://money.cnn.com/2013/09/25/news/economy/shutdown-whats-essential/index.html?iid=Lead
So, if the govt comes to a screeching halt… over 60% of it continues to function. My what a horrifying thought.
I really thought the music from the website would put you in the mood.
JJ says:
September 25, 2013 at 9:42 am
BTW I only do onion restaurants in NYC.
Congrats….you could probably walk to Huddy’s or the CNI…..my son has flag football practice tonight at CD Middle School, so I will probably be driving by……
BearsFan says:
September 25, 2013 at 9:18 am
chi and JB – I closed on Friday. Been MIA on here for obvious reasons, but I’ll crawl back after I’m settled and holla at you. Hope everyone on here is doing well.
Come with your own questions and concerns about different issues, and ask him as he reviews that particular part of the house….also, credit for him comes from my wife….she is the one who found him…..we got to hear how he contracted Lyme’s disease……he also did a great job of discerning chemical spill versus demented old man pee-pee…..
ccb223 says:
September 25, 2013 at 11:27 am
Grim — I am going to use your inspector (Peter Bennett) for my beach house purchase. Anything anybody recommends I do while the inspection is taking place? I assume it’s ok to shadow the guy? Also, he is offering this thermal imaging service as an add-on for a couple of hundred bucks and I am trying to determine if it’s worth it (apparently they can see inside the walls, etc.).
Any feedback is greatly appreciated. Thanks.
Anyone have experience or advice about suing a home inspector?
Inspector missed a major problem with a deck rotting. The rot under the deck was largely visible at the time of the inspection, but the inspector did not mention it. Granted the deck is high off the ground, but the rot was visible from a window underneath. Our contractor saw it immediately and said we should sue our home inspector.
The inspection report classified the deck as in satisfactory condition, but that viewing was limited due to the design of the deck.
Replacing the deck is going to cost a lot of money due to the height and design of the deck. It is cantilever style and up high.
Can I sue?
Fines & suspensions are a terrible idea.
—–
Mid NJ Youth Soccer changed the mercy rule this year – Prior years, greater than a 6 goal differential ended up with a stern finger wag and a club rebuke. This year, your last two home games get turned into away games. I actually like that one.
I think the mercy rule is good for younger kids. Teams don’t have a lot of control over where they “flight” in the soccer system, and you can find yourself with a full season of games in which every score is lopsided, and there’s not a darn thing you can do about it but yell at the state soccer association at year end. It’s pretty easy to see little ones quit soccer forever if every game ends 14-0 because of a screw up at the organization level. That’s what they are trying to prevent.
How much did you pay for the inspection? That’s the most you’ll get back in damages.
50.screwed homeowner says:
September 25, 2013 at 12:33 pm
JJ — seems like the thermal imaging is to check inside the walls for insulation defects, for moisture, hazardous (e.g., overheated) wiring, panel scans, moisture entry, leaks…
for $200 bucks I think I am going to do it.
Chi-Fi – thanks.
Sounds worth it. things do rust and rot more by beach and even beach houses that never received flooding folks often winterize house and kill heat or keep heat at 40 when empty and you get a lot of kooky stuff that happens
ccb223 says:
September 25, 2013 at 1:18 pm
JJ — seems like the thermal imaging is to check inside the walls for insulation defects, for moisture, hazardous (e.g., overheated) wiring, panel scans, moisture entry, leaks…
for $200 bucks I think I am going to do it.
Chi-Fi – thanks.
ccb223 [53];
I got the thermal imaging from Pete (twice, in fact). Well worth it, to me.
If it was visible from window and you were in the house more times than inspector one could argue why didn’t you see it.
Also what is cost to fix? My house my inspector missed guy used non-pressure treated wood in parts under the deck. Looks like guy he hired ran out of pressure treated wood and was in a hurry and deck started to collaspe.
Lets say I sue. I bought several cinderblocks, several pieces of pressure treated wood and a bunch of screws and monkey glue and it took me all damm weekend to take apart and fix deck. Since decks only last like 20 years, and deck was already 7 years old I guess 2/3rds of cost of supplies would be lawsuit victory.
Cracked foundation stuff yep. But some pieces of rotting wood.
screwed homeowner says:
September 25, 2013 at 12:33 pm
Anyone have experience or advice about suing a home inspector?
Inspector missed a major problem with a deck rotting. The rot under the deck was largely visible at the time of the inspection, but the inspector did not mention it. Granted the deck is high off the ground, but the rot was visible from a window underneath. Our contractor saw it immediately and said we should sue our home inspector.
I often used my tool to detect heat inside a women, if I only knew it was called Thermal Imaging and I could charge for it I would be long retired.
Anon E. Moose says:
September 25, 2013 at 1:21 pm
ccb223 [53];
I got the thermal imaging from Pete (twice, in fact). Well worth it, to me.
I opted for the thermal imaging. Yes, it can detect fukced up stuff hidden in walls, which is his main selling point (covered junction boxes, unsealed heat pipe stubs, etc.). But what it does a really good job of telling you is if your windows and doors are sealed well/need replacing. Also, it doesn’t hurt to know where people skimped on insulation. Not much of what it can tell you will result in inspection contingency type items. But it will save you a lot of energy costs in the long run to know where to shoot some insulation in the wall, or which windows will need replacement the soonest. As to following him around the house, he seems to like that. Just don’t talk so much that he might lose concentration on his job.
We were looking for signs of moisture and also whether there were a lot of dead animal carcasses (not kidding)….we had two light switch boxes with fried field mice….
Libturd in the City says:
September 25, 2013 at 1:51 pm
I opted for the thermal imaging. Yes, it can detect fukced up stuff hidden in walls, which is his main selling point (covered junction boxes, unsealed heat pipe stubs, etc.). But what it does a really good job of telling you is if your windows and doors are sealed well/need replacing. Also, it doesn’t hurt to know where people skimped on insulation. Not much of what it can tell you will result in inspection contingency type items. But it will save you a lot of energy costs in the long run to know where to shoot some insulation in the wall, or which windows will need replacement the soonest. As to following him around the house, he seems to like that. Just don’t talk so much that he might lose concentration on his job.
JJ, problem is, tool has to be cooler than said body. It’s called thermodynamics
Wall Street wistful about New York life without Mayor Bloomberg
http://www.reuters.com/article/2013/09/25/us-usa-politics-newyork-wallstreet-idUSBRE98O0EK20130925
Either De Blasio will be great for NJ as people stream back to the suburbs, or the whole region is ****ed.
I’ve generally switched to “teabilly” and/or “teanderthal” though I’m sure I’ve lapsed on this blog since I really don’t care.
In other news, a friend forwarded some essays by NJ teachers that are published for sale on Amazon. Not from a “blue ribbon” school or anything, but a good solid, fairly wealthy, above average district. And OMG, these children are being taught by illiterates. The fact that they slapped the name of the school on the cover and are trying to make money on something with more misspellings than JJ has pu$$y stories, is truly embarrassing. And yes, I still support teachers, there are just as many retar…I mean morons in almost every profession.
Brian says:
September 24, 2013 at 6:49 pm
I think some of those belong to Ottoman.
nwnj says:
September 24, 2013 at 1:57 pm
According to google, anon used the term teatards ten times. https://www.google.com/#q=site:njrereport.com+teatards
You should have said “… has more mispellings than JJ has misspellings.”
62.Ottoman says:
September 25, 2013 at 2:11 pm
What does you support teachers really mean?
62.Ottoman says:
September 25, 2013 at 2:11 pm
I still support teachers
Richard,
regarding the front runner for nyc mayor, do you really believe this politician will keep his word? (whether you agree or not)
“What does you support teachers really mean?”
Defend their worth.
JJ is a freek (sic).
I always had a breeze near bottom of wall in a few of my rooms.They cut it a few inches up from ground to prevent it from getting wet all the time and to help it dry out in case of flooding the three walls like that I did not have to take down as they dried out. The ones with thick insulation to the floors were a total loss.
I just got off the phone with NFIP/FEMA – crazy they gave me flood at $420 a year lst year. Turns out if you never had a flood claim and had one or less disaster payment you are entitled to a low rate. I thought I was set.
Now I am told my rates will rise 20% a year every year till I hit full rate!!! At may age not a big deal. But there goes renting it or passing to kids.
So they tell me I am only paying $512.14 for flood insurance at renewal. But look at this compounding. Year 5 I am at $1,132.31 and year 10 I am at $3,722 and year 20 I am at $22,187!!!
Turns out everyone in my town without flood insurance got same rate deal. But everyone will have dropped the policy by year ten. Older folks will be out by year five as they are on a tight budget to begin with.
Meanwhile my condo right at beach is seeing a $20 dollar increase!!! The random nature will drive folks nuts.
Fun stuff.
$ 512.14
$ 624.50
761.51
$ 928.58
$ 1,132.31
$ 1,683.64
$ 2,053.02
$ 2,503.44
$ 3,052.67
$ 3,722.40
$ 4,539.06
$ 5,534.88
$ 6,749.19
$ 8,229.90
$ 10,035.47
$ 12,237.16
$ 14,921.88
$ 18,195.61
$ 22,187.56
64. If you have to ask…
Damn JJ, you must be kicking yourself for buying all of those bonds, stocks, etc. when it sounds like you really should have been buying a house.
J.P. Morgan Is Discussing $11 Billion Settlement
Talks Continue on Probes Related to Mortgage Securities.
By ANDREW R. JOHNSON, ROBIN SIDELand DEVLIN BARRETTJ.P. Morgan Chase JPM +2.40%& Co. is in discussions to settle regulatory probes related to mortgage-backed securities for $11 billion, a person familiar with the matter said Wednesday.
The talks with federal and state regulators are continuing and are subject to change, according to people familiar with the matter.
The current amount being discussed would include $7 billion cash and $4 billion in relief that J.P. Morgan would provide to consumers, one of these people said.
Another person familiar with the discussions said the two sides were still billions of dollars apart, depending on which set of cases might ultimately be resolved in any potential deal. Some government lawyers involved in the discussions are trying to firm up the framework of an agreement by next week, but the terms of the discussion were still very fluid and could come to nothing, the person said.
It is possible that the bank could end up paying about $3 billion just to resolve one of the cases under discussion, the person said.
If the two sides can’t reach an agreement, the government still could file its threatened lawsuit on the mortgage-backed securities case and proceed to court, according to people familiar with the case
The talks have intensified and expanded since Monday, when they hit a snag and the Justice Department alerted J.P. Morgan that it was prepared to sue the bank over the issue.
The latest round of discussions would include a New York State Attorney General investigation into J.P. Morgan’s mortgage-backed-securities activities, according to the person familiar with the talks.
http://online.wsj.com/article/SB10001424052702303796404579097503061835742.html#articleTabs%3Darticle
68
By the given definition, I support countless professions.
67
True welfare queen still complaining about receiving a subsidized rate for several more years.
Paying full rate is just inconceivable.
70
Criminal indictments are conspicuously missing from every round of “negotiations “
Anyone have any tips/suggestion on windows? Doing all our windows + one slider (maybe make it French Door?) but there are so many choices. Pella, Anderson, Marvin, etc, etc, etc. Wood vs Vinyl vs Wood with Vinyl or Aluminum outer coating/protection, etc, etc, etc. Our preferred installer is sending me here to check out the various types:
http://www.windowrama.com/
We live on a really nice street in Montville but our house is the smallest on the block, 3br 2.5ba split. We are one of like 5 or 6 splits where most of the homes are bi-level or colonials with an extra bedroom or 2. Since our home is not the best anyways do we need to go all out? We will likely be here at least the next 5-10 years if that factors into the equation.
We’re also on a budget as we went to 1 income after the wife just had our 2nd kid a few months ago so don’t want to spend extra if it’s not worth it.
Did the government rebates come around again? We maxed out last time redoing the 12′ bow window in the front and a front door
Can we talk about real estate for a minute?
6 Castles That Cost Less Than An Apartment In NYC
“Sadly, all of these are real.”
Damm it I like my new name, where is my free cheese!!~!! I need some money for my baby mommies, cough it up homies
They are being fined millions for losing their own billions. Meanwhile the SEC is taking the fine and not giving it to the shareholders who were only ones hurt.
joyce says:
September 25, 2013 at 3:40 pm
70
Criminal indictments are conspicuously missing from every round of “negotiations “
77
we can always count on our resident welfare queen to be wrong
Joyce thinks teachers and cops are appropriately compensated for their value? Good to know. I wonder if she gets a tickle in her happy place when she’s paying her taxes. If I cared, I’d ask if she feels the same way about politicians and investment bankers. But I don’t.
Everything you need to know in one little passage…..
Farrakhan a VIP guest at Rouhani party
Nation of Islan leader Louis Farrakhan (right) was a VIP guest at a dinner party hosted by Iranian president Hassan Rouhani.
The Iranian delegation may be pariahs inside the UN building, but they’ve found at least one friend during their visit to New York – Nation of Islam leader Louis Farrakhan.
Farrakhan and his entourage attended a dinner party hosted by Iranian President Hassan Rouhani on Tuesday night. Rouhani’s dinner party was held on the second floor of the One UN Hotel, where the Iranian delegation is staying, and at the same time as President Obama’s party at the Waldorf Astoria just blocks away.
The private dinner party was held just hours after Rouhani’s speech to the general assembly.
Farrakhan and his massive entourage and private security detail were seen departing the hotel around 10 p.m. Tuesday. Pedestrian traffic was stopped while the minister and his group piled into various cars with lights and sirens and New Jersey license plates.
Also in attendance at Rouhani’s party was German Deputy Foreign Minister Peter Florin, who was elected president of the United Nations General Assembly on Tuesday.
#77..they are being, potentially, fined Billions with a “B”…
nice handle..”Queen my room please”..it’s “Queen” to make it funny!!
50
Yes, sue someone else for something that was visible to you before you bought the place. Very Jersey of you.
71
I support single mothers. A dollar at a a time.
39. ccb223 – definitely do it. Peter is great! Best part of the whole process buying my house was not only his services, but the skills of the people whom he recommended. I had to have my septic replaced, which Peter doesn’t do obviously, but the person he recommended was excellent, as well as another contractor to have something looked at.
Chi, yeah, second house on right. White Colonial. Yes, I can walk to both, or more importantly, walk home from both :)
Windows. If you are on a budget and the historical significance doesn’t really matter, then just get decent quality vinyl. They last longer than you’ll probably be in the home and are incredibly easy to clean. Even if one doesn’t last that long, they are easy enough to replace. Just go with a reputable enough company that will be there for the next ten years at the minimum. Don’t use those guys who advertise in the coupon envelopes you receive in the mail. If you know a good contractor, they can direct you to a good manufacturer. We are extremely happy with the ones we put in our new home. By the way, a good installer is more important than the quality of the windows.
Today, I had a conversation with the president of a trust company in Wilmington. I learned he used to work in Charlotte at BofA I mentioned that, while in Washington, I worked for a junior partner who left to go to BofA. He asked who it was and I told him. He said “oh I know her, She used to live near me and her office was on my floor.” I asked him “what did you think of her”.
This guy had just met me, and had no way of knowing what I thought of her. But he said without hesitation “I think she’s a complete @zzh0le.”
I laughed and said “so did I.”
#15 grim (previous thread)
“It’s actually very easy – Sum it up as it is generally easier to keep technology infrastructure and the jobs that directly touch the data within that technology infrastructure within the EU than to move it elsewhere, even though it might be significantly less expensive to do elsewhere.”
You all missed the mark. Its not protectionism, it’s security. The big fear is that they get their data seized As the head of a very large European bank told my group.
“The only way I’m putting any data in the US is if I’m required to by the Reg agency’s for the US business. Even then, only the minimum requirement goes. Every thing else stays in the EU.”
[94] elite
Oh, I get that and feel that it is correct. There is an element of protectionism, a big one, but there is also a healthy fear of the US government, and having seen it work close up, I don’t disagree that it is a valid concern.
When did you switch over?…..excellent….
The Elite 140 says:
September 25, 2013 at 8:57 pm
Get your kids out of Mid NJ soccer if you have any hope of them learning how to play the right way.
Turbo Timmay for Fed Chief?
http://www.cnbc.com/id/101064353?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=101064353%7CHedge%20funds%20back%20Geithner
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