From HousingWire:
FHFA watchdog sounds alarm on $4.6B loss
Mortgage giant Freddie Mac failed to refer nearly 58,000 foreclosed homeowners who owed $4.6 billion on their guaranteed loans, thereby neglecting its chance to seize properties from those who defaulted on mortgage payments, a government report alleges.
Furthermore, Freddie Mac eliminated any possibility of recovering deficiencies when the enterprise failed to refer a large number of foreclosed mortgages to the appropriate department for collections, the Office of Inspector General for the Federal Housing Finance Agency said.
Interestingly enough, most of these foreclosed mortgages were associated with properties in states where Freddie did not pursue deficiencies, but where Fannie Mae did — with some success.
“It’s a fairly small number in the scheme of things,” explained Cato Institute director of financial regulation studies Mark Calabria.
He added, “But I think it reinforces the current nature of mortgage finance policy, which is not to hold borrowers responsible. This isn’t just about Freddie, but it’s also about these borrowers sticking it to the taxpayer.”
Real estate investors and other borrowers that stopped repaying their loans while keeping current on their bills were among those not pursued, according to the report.
a smarter version of W
@GuardianUS: .@GaryYounge: “Ted Cruz is a clown.” http://t.co/nrokE9DG2T
NYT has an article bout the tremendous positive economic impact of fast trains in China. Trips that lasted full days can be done ow in a few hrs and millions are taking advantage of them.
While MetroNorth was down yesterday and con-Edison said that will take weeks to repair the New Haven line which runs by Fairfield county. One of the most affluent areas in the US, if not in the world in fact.
Enter the Republicans, Ted Cruz et al obsessing about social issues, abortion, single sex marriage while country’s infrastructure falls, perhaps permanently, apart.
#1
Random question….does anyone else think that Ted Cruz looks like Bill Murray?
a chubby version
a chubby version?
Fast Eddie,
Get ahead of the curve and get yourself one of those nice doublewides in Mahwah.
http://www.bbc.co.uk/news/magazine-24135022
[6],
The doublewides in Mahwah are for the prestigious crowd only and will not accept dogs or cats as pets, only unicorns.
Enter the Republicans, Ted Cruz et al obsessing about social issues, abortion, single sex marriage while country’s infrastructure falls, perhaps permanently, apart.
What are you talking about? Oblama fixed all that stuff. I got a message a month ago on my Oblama phone stating the fact.
#8 Fast Eddie
Lots of Inventory!
http://www.realtor.com/realestateandhomes-search/Mahwah_NJ/price-na-100000
Fab… you are cracking me up…..thank you…
You cared enough to post it. More importantly, can you refresh my memory and point out where I said what you’re claiming?
78.Ottoman says:
September 25, 2013 at 5:45 pm
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.
Last week, D’Amaro took the first step home by raising her home to 15.8 feet above the crawl space, the second home in Island Park to be raised in compliance with new FEMA regulations.
She hired a New Jersey firm called Ducky Johnson Lifts for the home raising work. Its motto is “Always above water.”
“They only charged me $20,000, much less than the local guys,” she said. “They did a great job and with the electricity and heat going in, and the house sealed against the cold, I can move into a blank home next month.”
How the heck can Ducky Johnson Lifts go all the way to Long Island and do house lifts for 20K?
#12…he has been doing it since 1963 and isn’t paying 6 figure pensions…?
If a house is already on piers, it’s not a hard job, unless of course you are the idiots that tipped the one over into the neighbors.
Bottle jacks, I beams, and and a stack of 6×6 ties, like playing jenga in reverse. Lift each corner up 6 inches at a time (which may do some damage).
Even easier if you are not liable for any internal damage (tile floors and drywall especially.
It’s a lot easier to raise an old shitbox cape on piers than a fancy new house, mostly because you don’t need to worry so much about damage.
localized volume?
You know, for $25,000, you have a two bedroom home that for all intent and purposes, looks better than most of the sh1t holes I saw for ~ 600K. The monthly fee is $700 which includes taxes, sewer, water, garbage and maintenance. From a financial standpoint, you can’t ask for more.
Thank you Libturd for your input! Any other guys/gals out there have opinions on windows? Here was his response:
Libturd at home says:
September 25, 2013 at 8:15 pm
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.
my original post he replied to (I posted it late and I notice a lot of you guys are active earlier in the day):
Lurker says:
September 25, 2013 at 4:42 pm
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
re: # 12 – JJ they are from the south no NJ, they setup an office in Toms River off Fischer Blvd right in the Flood Zone to advertise.
Nice fact checking job the reporter did.
http://www.duckyjohnsonhousemovers.com/
I am also surprised the locals haven’t burned them down yet.
Re: Windows
If you are doing an exterior remodel or changing siding – do it right and put in new construction windows versus replacements, the quality is far better, the cost increase is minor. You’ll need to re-trim the windows on the inside too, but who cares, 1970s moldings and trim work aren’t exactly architectural or period (something worth saving).
Low quality or poorly installed replacement windows can be less energy efficient than the single pane windows they are replacing. Even worse, they may fail sooner too (I’ve seen plenty of cloudy vinyl double panes lately).
Good quality and well installed wooden double hung single panes with storms (probably 60s and newer) are almost as efficient as mainstream double-pane vinyl windows. Assuming the brass weatherstripping is in good shape and holding, and the frames aren’t drafty (this can be fixed), you are going from something like an R-1 to an R2 insulation value.
Compared to the wall structure immediately surrounding the window, even new windows are essentially a giant hole in the wall.
Also, regarding Low-E style windows, realize that the benefits of Low-E glazing will only be seen for South-facing windows that receive full-sun. Low-E makes almost zero difference on North facing windows.
Tearing out beautiful, good condition divided light double hungs for dirt cheap vinyl is a shame. The only thing you really gain here is they are easier to clean.
Exception might be if you have aluminum or steel frame windows, or if the windows were poorly maintained and in rough shape, beyond the point of simple repair.
I’ve seen one analysis that compared good condition wooden double hungs with storms to replacement vinyl, and came up with a 50 year payback based on current natural gas prices.
I’ll always point out either the good condition wooden windows and tell my folks about it, and always point out shitty vinyl too. Though I don’t know how many care when I tell them the old windows are good, most folks are predisposed to think old windows are crap (don’t get me wrong, some are, but not all).
There is LOTS of shitty vinyl out there.
If you are even remotely considering redoing the siding at some point in the future, do not install replacement windows now, install new construction windows when the siding is redone.
Here you go, from the National Park Service:
Saving windows, saving Money: evaluating the energy Performance of window retrofit and replacement
Funny – Adding a storm window (or keeping the one you have) and adding insulating cellular shades (think blinds direct dot com) gets you close to a brand new window. A lot easier to hang new window shades than replace the windows, and the wife will be happy she gets to redecorate too…
Our Architecture series Pellas were big bucks. 3 – 10″ wide units and every other window throughout the house. Replaced the beat aluminum windows in that were horrible. One effect though once the windows were installed was that each room quite literally felt like a brand new room. Clean, quiet, and stunning. Really made a huge difference.
In the rooms we remodeled, we replaced the windows with new Anderson Architectural series – true divided light double hungs. I think we replaced a total of 5 – I don’t have the bill handy, but I think the price of the windows ranged from $500-$800 each. Not terrible, and since I was doing the installation the cost wasn’t dramatically more expensive than a replacement window (which wouldn’t work anyway since two of the windows were resized and moved slightly to accommodate the kitchen cabinetry.)
Also the beauty of having real cedar shingles on the exterior. I can replace the windows with new construction windows and simply replace the shingles I removed. Can’t do that with vinyl.
Replacing the huge divided light picture window at the front of the house is going to be an incredibly expensive endeavor. That’ll be a real custom Anderson. I expect that one to cost somewhere in the $7-$10k range. I’m pretty sure that’s a 10-11 footer.
Replacing divided light wood windows with vinyl windows is criminal. Clean them up and re-paint.
If you do some searching online, you’ll find that wood windows with storm windows installed (to create an air gap between them) is close in efficiency to Anderson, Pella, etc. I believe the ROI for installing Anderson windows to replace wood + storms is something like 200 years.
Ah, what Grim said.
27 – Either way, I’m glad you said it, because I agree with you, criminal.
Also read another analysis that said the average homeowner can save the same amount of money annually by spending $100 on spray foam and weather strip, as they can replacing their windows.
By the way, Home Depot will lend you the Owens Corning Atticat machine for free now if you buy a certain amount of blow-in insulation.
Want an easy way to lower your heating bill the winter? Blow in a couple of inches of insulation into your attic before it gets cold.
Just make sure you don’t pack your eves or block your vents, go ahead and add some vent chutes too.
While you are up there, get a few cans of spray foam and close off all wiring and plumbing openings to stop air leakage.
You can easily save yourself two grand or more by DIY’ing this one *AND* your ROI will be measurable in years if you are under-insulated.
Re: Windows
Sounds good in theory, but not a lot of people that I know have the time to strip/reglaze/repair/repaint 10-20-30 windows.
What’s the right way to insulate around light cans in attic?
How old are the cans? Ideally, you need air tight IC cans, these are cans made for direct insulation contact.
If your old cans were retrofit, you can replace them with IC equivalents. At that point, just insulate right up to the can (or blow in around them).
This is really important – insulation can not touch non-IC cans. Code no longer allows for non-IC cans where insulation is required.
And if you think you are going to be clever and just install LED retrofits and insulate right up to the can (because the heat is significantly lower) – this is very risky as folks will assume they can just screw in an incandescent – and this can cause a fire.
I would never replace a wooden window if it is in easily repairable condition. If you guys recall, I spent $150 to $200 per window in my multi making all of the original wood windows seal well and operate properly. The big problem was broken sashes and painted interior frames. There is no insulation in my multi whatsoever. So energy savings don’t really matter to me. Especially when the tenants pay utilitities. Now if I found someone who knows how to fix my aluminum storm frames cheaply, then I would be forever grateful. We probably have five frames that are nearly useless. Raising and lowering screens and storms in 60+ year old windows are a true lesson in patience.
Most storms are screwed straight in from the outside. You can easily get replacement storm windows and replace the old ones in an hour or two (including driving to and from the store). Probably cheaper to buy new triple track than even attempt to fix old ones (especially if someone made a mess of the track (I’ve seen it bent to shit).
I hear they even make them in Low-E now.
I will look into it Grim. Wasn’t aware it was that easy. So the aluminum storms are most likely screwed into the frame?
Grim [22];
A lot easier to hang new window shades than replace the windows, and the wife will be happy she gets to redecorate too…
I’d be happy if the wife would show some interest or inclination to decorate in the first place. If it came to re-decorating, I’d be ecstatic.
Anon,
The NYTimes would like high speed trains. They are almost always state run and subsidized. They make a smidgen of sense in some very specific geographies – medium distances between densely populated areas where government wants to bestow better transportation at the cost of taxpayers, where they can outperform air transport mostly thanks to the government totally messing up airports and security lines. High speed rail is a negative ROI project. So its growth depends on public finances and political interest.
High speed rail isn’t to be confused with mass transit/commuter rail, which offers many stops and covers shorter distances.
Intelligence goes by the boards on the Seaside aid issue
http://blog.nj.com/njv_paul_mulshine/2013/09/intelligence_goes_by_the_board.html
Oh the Joys of home ownership. my Pool is being closed today, my electric bill should drop a bit until May. I guess summer is really, really over now . Now I need to go out and buy a rake and a blower. Thankfully I have allot of Evergreens cleanup should not be too bad this fall.
When are you supposed to chop the tops of all of your plants etc for the winter? It it done before Nov 1?
39. the point stands. our infrastructure is crumbling. it will never be fixed cause you have to politicize it
@MotherJones: “Reagan, by the way, raised the debt ceiling 18 times during his two terms as president.” http://t.co/hxMqzVLKqm
anon…baa baa!
I know the issue is out of the news but I found this woman’s oppinion on the matter convincing. Also, given that she is a Christian Syrian woman, I imagine she must find the fact that we are arming the “rebels” offensive and misguided.
NBC News | September 05, 2013
Woman makes emotional plea to McCain over Syria
Senator John McCain is asked by a woman at his Phoenix, Arizona, town hall Thursday to reject a U.S. military plan in Syria.
http://www.nbcnews.com/video/nbc-news/52930271#52930271
Did you find any irony (or hypocrisy) in his logic? The stated, “Comments on the internet are just too dumb to be worth considering” in his online commentary.
40.Brian says:
September 26, 2013 at 12:37 pm
Intelligence goes by the boards on the Seaside aid issue
http://blog.nj.com/njv_paul_mulshine/2013/09/intelligence_goes_by_the_board.html
The *author* stated
anon, 42
Infrastructure crumbles because the government is running it. That’s what has politicized infrastructure. Privately owned railroads don’t see crumbling infrastructure, they protect and reinvest in their assets. All transportation could and should be run on the same principles. Nothing is free, and market forces provide better incentives, and better capital guidance.
Valuable goods and services should be provided by the private sector. Government’s job is to protect individual rights via police, courts, and military.
Health care is increasingly crumbling like infrastructure for the same reasons.
Thank you Ragnar.
NJ Transit stinks because half of their maintenance crews are on extended disability. I know. I see a lot of them at high roller events in Atlantic City. No kidding.
Oh, and I invest in CNI. I’ve made 20% annually (including dividends) on them since September of 2009. I bet their deliveries are not nearly as late as often as my commute. And I bet they moved their trains to higher ground when Sandy came.
I dont get the big deal cleaning up debris caused by fault wiring due to Sandy.
First off all they are not fixing a single private person’s building. Secondly, you have up to one year to file a Sandy claim anyhow.
Thirdly, economically it makes sense.
Finally, next to impossible for a store owner to file a claim for this as everyone will be suing everyone for a year until someone pays for it and by then town has lost a ton of business.
Long Beach Long Island is spending 44 million on a state of the art boardwalk for folks to rollerblade, bike and walk on. There are no stores on the boardwalk and that is ok. But picking up trash on a boardwalk is an issue, crazy.
They sure as heck did. Also lookup the history on Katrina. CSX rebuilt destroyed rail lines and a bridge massively faster than the government rebuilt similar assets. I was really surprised how fast they recovered from that disaster.
And the rail lines do this even while the government subsidizes competing transport modes. Most of the efficiency improvements to rail have come in the past 25 or so years after the government partially deregulated rail transportation, allowing market forces to determine most of their investment and operational decisions.
Same sort of things happen in global container terminal operators. The government run ones are pathetically slow and inefficient compared to the privately operated ones.
One of the tragedies of the past 25 years is that much of the world has lost interest in expanding privatization. There are huge opportunities for productivity gains still remaining.
Sometimes when I hear a libtards ideas and rational behind those ideas I scratch my head. Other times I want to load some buckshot in my Mossberg 500, place behind the libtards right knee cap, and pull the trigger.
AG,
I’m blushing.
From a review of the new Metallica movie…..
James Hetfield croaks out lyrics about bleakness and destruction. The man sounds like a meth-enraged cookie monster.
NJ Transit’s major problems are out of its control. There are two tubes to NYC that run at max capacity during rush hours, and they give higher priority to long range trains that frequently run off schedule due to the sheer scope and complexity of such an operation ……yeah, there is a hell of a lot of other problems, but really the heart of it is Amtrak.
What you can argue is that the Feds massively underfund Amtrak infrastructure on a proportionate basis given the amount of economic productivity that is impacted.
Libturd in the City says:
September 26, 2013 at 1:31 pm
Thank you Ragnar.
NJ Transit stinks because half of their maintenance crews are on extended disability. I know. I see a lot of them at high roller events in Atlantic City. No kidding.
How much has the ridership increased between 1993 and now. I used to take a Main Line train from Clifton to Hoboken. I rarely even remember a delay. I do remember NJ Transit winning awards for their on time performance. I also remember when fare increases were far and in between. And conductors who were friendly, sympathetic when their were problems and who actually knew most of the riders. They used to yell at you when you put your feet up on another seat, but if you missed your stop, they would tell you the best way to get back to it. Once, I fell asleep after working a marathon shift (over 24 hours). I fell asleep on the train and woke up as we were approaching the rail yard in Port Jervis. The conductor let me stay on the train for the next three hours until the return to Hoboken started at 4:30am.
Fast forward to today. A major delay, like today’s half an hour delay ueo to an earlier disabled train comes with no warning and there is rarely an announcement made. It would be nice to have the option to switch to Hoboken if the North East Corridor is fcuked. I forget my pass one day last week and although I see this conductor virtually every day, when I told her I forgot my ticket, she gave me attitude. She said, “What am I gonna do now? New York is our next and last stop. I can’t throw you off there.” She could have simply asked me to buy a ticket on the train. $11.25 to go 12 miles. Seems like a fair deal to me.
It more than over population that is causing the problems. It’s stupidity at every level of the organization. I can cite example after example of dumb things that they have done over the years. Letting 1/3rd of their rail stock get damaged during Sandy is just one of many errors. Not three tracking the bridge over the Newark River after Broad Street Station was rebuilt is another. Then there’s the closing of the old Boonton Line and routing lots of former Hoboken Trains to Midtown Direct when the capacity can’t handle it. It’s mistake after mistake with them. And pretty soon, it’s going to be cheaper to drive. I always thought economies of scale were gained as ridership increased on commuter rail. I guess that’s not the case when everyone is guaranteed a 5% non-merit increase and benefits for unskilled labor that would make a congressperson blush.
I found it interesting that the federal aid money will go to cleanup of debris. The rebuild, is to be paid for by insurance companies.
“The federal money would go for public safety, the removal of debris left over after the blaze,” Matthies told me. “We can’t let this debris sit there. It could end up in the ocean if it isn’t removed.”
Once that crud is cleared, the private businesses can be rebuilt, again with insurance money. Then all of those people can go back to work.
One of them is Bobby Stewart, who worked the boards with me when I was a kid and who lost four business locations to the fire. Stewart noted that Sandy money was used to reconstruct many boardwalks that were used purely for jogging and strolling, with no economic activity.
“This is way more important,” Stewart said. “You got a lot of people who are gonna be out of work.”
Getting them back to work not only provides jobs, it also provides lots of tax revenue that goes to the towns and to Trenton.
46.joyce says:
September 26, 2013 at 1:05 pm
Did you find any irony (or hypocrisy) in his logic? The stated, “Comments on the internet are just too dumb to be worth considering” in his online commentary.
Still cleaning up the Madoff mess.
http://abcnews.go.com/US/wireStory/ny-accounting-exec-lawyer-arrested-madoff-fraud-20385771
NJ Transit should get rid of ticket takers completely and replace them with kiosks. What a joke it is that they still use people for that function.
Chifi,
So the problems of one government run enterprise are caused by another government run enterprise. Not much surprise there.
Notice how few statist economists ever talk about the dead weight loss incurred by the faulty incentive and management systems involved in state-run enterprises? But a large segment of the population would seem to prefer inefficiency and stagnation over the horror of letting someone earn a profit by providing useful goods and services.
Lurker – Go for the wooden Andersen windows.
We have one massive picture window with a casement window attached (in total about 8′ by 5 1/2″ glass) that was installed back in 1960 by original homeowners. The casement window still works perfectly. A real wow Andersen window (looks out to a great wooded view).
But just this year all of a sudden it looks like frost/clouding inside the window which I think means we have to replace it. I shudder over the cost.
Re: anon [42];
our infrastructure is crumbling. it will never be fixed cause you have to politicize it
Translation: ‘If you producers would stop objecting so loudly to simultaneously being milked like broad sows and shorn like sheep, it would make it so much more pleasant for those of us taking your money from you.’
If there’s no objection to “Fnck you, pay me” Paulie, there’s no ‘politics’, right?
Ragnar [61];
Not a bug; a feature.
Such a great handle……I still can’t get over that it is more cost effective for me to drive now instead of NJT……even when it is just me (one fare versus one car’s expense). I guess since I know how to park on the street in Hoboken it is cheating……
Libturd in the City says:
September 26, 2013 at 3:01 pm
Rags: such an important argument that cuts across so many aspects of our lives; people take umbrage with the idea that a select few make some profit, meanwhile, everyone’s life/livelihood benefits dramatically……it is a hot-button topic at the weekend BBQ, so I mainly shut up unless I can make humor out of it……in NYC, I am likely to get maced or tasered with such heresy ……
Ragnar says:
September 26, 2013 at 3:35 pm
But a large segment of the population would seem to prefer inefficiency and stagnation over the horror of letting someone earn a profit by providing useful goods and services.
re: #55 – Chi – I was offered a free ticket to the Depeche Mode show tonight in Mountain View, Cali too bad I don’t have my own Jet.
Hetfileds voice over the last 25 years.
http://www.youtube.com/watch?v=c3cpNXYmumY
I have Anderson 400 series windows. Tilt-Wash Double-Hung. Inside is wood outside is composite that won’t rot. The frames are vinyl and composite so the sills won’t rot no matter what. We are painting so you have to be extra careful when doing the frames do to the vinyl but they are easy to clean.
http://www.andersenwindows.com/product/?af=category%3awindows%20type%3adoublehung%20series%3a400series
I got a quote in 2004 to replace my wooden windows in the multi with Anderson wood. The quote was over 20K. I’m glad I refurbished. I’m getting a bit excited about replacement storms.
The second takeaway of the week has to do with a continued decline in admiration for the American president. Barack Obama’s reputation among his fellow international players has deflated, his stature almost collapsed. In diplomatic circles, attitudes toward his leadership have been declining for some time, but this week you could hear the disappointment, and something more dangerous: the sense that he is no longer, perhaps, all that relevant. Part of this is due, obviously, to his handling of the Syria crisis. If you draw a line and it is crossed and then you dodge, deflect, disappear and call it diplomacy, the world will notice, and not think better of you. Some of it is connected to the historical moment America is in.
But some of it, surely, is just five years of Mr. Obama. World leaders do not understand what his higher strategic aims are, have doubts about his seriousness and judgment, and read him as unsure and covering up his unsureness with ringing words.
A scorching assessment of the president as foreign-policy actor came from a former senior U.S. diplomat, a low-key and sophisticated man who spent the week at many U.N.-related functions. “World leaders are very negative about Obama,” he said. They are “disappointed, feeling he’s not really in charge. . . . The Western Europeans don’t pay that much attention to him anymore.”
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