Re: [AsburyPark] Re: The 700B bailout that wasn't
In a message dated 10/22/2008 11:17:25 P.M. Eastern Daylight Time, [EMAIL PROTECTED] writes: I'll have to add the Silicon Valley Real Estate Examiner to my daily reading list ;-) Not necessary. Any decent search engine with boolean operators andPresto! A manageable pool of information. Prevents one from jumping to conclusions when the matter at hand is important enough. ;-) I chose SV Examiner because it presented two points of view -- in list format. **Play online games for FREE at Games.com! All of your favorites, no registration required and great graphics – check it out! (http://pr.atwola.com/promoclk/10075x1211202682x1200689022/aol?redir= http://www.games.com?ncid=emlcntusgame0001) [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: The 700B bailout that wasn't
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote: ...boolean... How do you expect me to learn anything if you use big words I've never heard of before :-) Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Foreclosures...
A total of over 851,000 homes have been repossessed by lenders since August 2007. Add to that the number of homes builders are going to lose to other buidlers (who are stockpiling land for the future). Builders and developers have stockpiled land for years and years. That's how their success was achieved. not to say that some developers who purchased land and got approvals weren't successful, but alot of problems now are from those developers or developers in training who purchased high with long approval processes and missed with high cots, given the housing market. Kara is one example. Then drive out to Lakewood/Jackson. Paramount has a huge project with exactly one house on it and all the infrastructure in place. There's quite a few projects in Mon and Ocean county in process or all approved that will not built anytime soon. The guys with the money will scoop up the land and sit. I think Dan said it best and it's something we learned in every biz class... The laws of supply and demand. That's why builders build in Phases . (creates demand) Phase I sold out buy now before the price increases in Phase II Grand Opening of the last building...the Monterey... Builders also have to build in Phases when the bankers are nervous. Sell out Phase I and pay us, and we'll fund you for Phase II. Many people purchased homes not to live in, but to invest in. I think my parents once in 39 years in their house, talked about moving up to Wayside. I think my ears are still ringing from my father talking back. So when my wife sent me an email showing me a house in Toms River on the water with the line maybe we should sell our house and move here... Are people losing their primary house because the invested in a second home? Did people overpay, supersize it, take out a crazy loan or believe they can get the rent the realtor told them would cover all your expenses.. Not all realtors know what they're talking about - they might not own their own home - they may have never developed a property or for that matter, rehabbed one or picked up a paint brush. - they may have never had to pay a mortgage or taxes or insurance not taking a shot at anyone, but the truth is, YOU have to take the responsbility to know what YOU are doing. YOU are the one who is signing - not the feds, the realtor, the attorney, the morgtage broker, apparaiser, underwriter or the seller of the property. In the end, none of them really give a shit if you can make it or not. I think I am the only idiot that asks questions like that. So if someone says I want to buy a condo for an investment, you'll get an earful and likely walk away unless you have that exta money. Train time. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Last Call for Last Call at Maud's
Hi Listmates, Just a last minute reminder that if you'd like to attend the Friday night screening of Last Call at Maud's, I'd appreciate an e-mail back at [EMAIL PROTECTED] since our seating is very limited. In honor of Women's Arts Month, the Stephen Crane House (508 4th Avenue) will present the screening tomorrow, Friday, October 24, at 7:30 PM. The film (1993, 77 min.) is a moving documentary about the popular San Francisco women's bar which closed its doors in 1989 after 23 years. It also chronicles the fascinating bar scene and secret sorority from the 1940's until the recent past. The film is courtesy of our listmate Mario who suggested that it would be the springboard for a nice get-together and discussion about Asbury Park's own long history of diversity where our community has felt so much at home. Carol Torre, who has been a longtime resident and business owner here, will be on hand to assist us in taking part in the discussion to accompany the film.. There is no donation required, but any and all proceeds will go to the Susan G. Komen Breast Cancer Foundation. (If anyone wishes to make a contribution, she or he may make out checks to that excellent organization or make a cash donation if desired.) Complimentary refreshments will be served. Thanks! Frank D'Alessandro c/0 Crane House 508 4th Ave. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Help for Homeowners FHA loan
Here is the chart that we use for our loss mitigation team of housing counselors and legal services attorneys at the Center for NYC Neighborhoods Product Name Help for Homeowners (H4H) Eligible Loans Any type of first mortgage that was originated on or before January 1, 2008. Borrower must have made at least six (6) payments on the existing mortgage. The borrower may be current or delinquent at the time the new H4H mortgage is originated. Terms 30 year fixed Rate Standard FHA market rate as set by lender Prepaids/Origination Fees Standard FHA including 1% cap on origination fees Mortgage Insurance Upfront Mortgage Insurance Premium (UFMIP) is 3% and the Annual is 1.5%. The UFMIP may be financed if the loan does not exceed 90% LTV Asset Test Must be borrower's first and only property Credit Standard Borrowers who are current or delinquent[1] on their mortgage at the time of the refinance Cannot have intentionally defaulted on their mortgage or any other debt (i.e. had available funds that could pay the mortgage and other debts without hardship. Debts subject to a documented bona fide dispute may be excluded.) Must have made a minimum of six (6) full payments during the life of the existing senior mortgage Loan-to-Value (LTV) 90% Eligible Properties Must be primary and only residence in which the borrower has an ownership interest. Only 1-unit properties are eligible, including condominiums, cooperative units and manufactured housing permanently affixed to realty. Existing Liens All existing lien holders must waive prepayment penalties and late charges, as well as extinguish all liens against the property. This loan must be first lien. Existing first lien holders are required to accept the proceeds of the H4H mortgage as payment in full. Appreciation Sharing Requirement Borrowers will be required to share both the initial equity created with the H4H loan, and future appreciation.[2] Maximum Loan Amount $550,440, nationwide. Additional Requirements: Borrowers existing total monthly mortgage payment exceeds 31% of their gross monthly income in March of 2008. Borrower's total monthly mortgage payment on the new H4H loan is less than the borrower's total monthly mortgage payment on existing loans. Ratios 31/43. However, if the borrower has successfully completed a 3-month trial modification, ratios can be expanded not to exceed 38/50. Income Verification Borrower's income tax returns for the previous two years. Non-Occupying Co-signers: Not allowed. Any existing non-occupying co-borrower will be required to quit claim their interest in the property prior to application. Closing Costs Standard FHA policy regarding closing costs is applicable, including the 1% cap on origination fees. Borrowers may pay closing costs from their own assets. They may be financed into the mortgage provided the 90% LTV limit is not exceeded. The servicing lender, originating lender and/or a third party (e.g. a federal, state or local program). The originating lender my pay the borrower's closing costs and prepaid items through premium pricing. Subordinate Financing Subordinate financing is not allowed in the first 5 years of the mortgage except when necessary to ensure maintenance of property standards. [1] Borrowers in bankruptcy are not precluded by FHA requirements from participating in the H4H Program. [2] To encourage subordinate lien holders to participate in the negotiation process and release their liens, FHA has the authority to share with them the government's portion of any future appreciation in the property's value. At settlement, subordinate lien holders will receive a certificate that evidences their interest as an obligation backed by HUD, with payment conditional on the value of HUD's appreciation share. Please see mortgagee letters 08-29 and 08-30 http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm for more details. [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Some comments on H4H and how the mortgage system crashed the economy
H4H won't work for a lot of homeowners. It's first great drawback is that it is for 1 family houses only. The other is that they will only finance 90% of the loan to value. It won't work for loans in negative amortization (borrower owes more than the house is worth or more than the initial loan amount). There are a lot of people I have seen in AP who took interest only mortgages. They were betting that the property would increase in value and interest rates would stay low or someone at some mortgage brokerage saw this as the only way to qualify them. There's a lot of room for blame here. I get the digest for this group so I'm not sure where Maureen asked about the mortgages causing the bank crisis. I'm going to give a reader's digest report on that. It used to be that banks made mortgages and held the loans for the full term. This is called a portfolio loan. Banks still do this with some loans, but most are bundled together and quickly sold on the secondary market. This is what Fannie Mae and Freddie Mac were all about. They were the buyer of conventional loans. This kept the banks liquid and the mortgage money flowing. Secondary markets sell stock in the future interests of these loans - mortgage backed securities. Then the proverbial sh*t hit the fan. *Foreclosures and falling house values devalued mortgage backed securities *The seconds can't make as much money by selling shares of these mortgage futures. *No futures, no profit, no money. *Investment banking was the first to feel the pain. *No investment banking buying securities, no money flowing to the secondary market *no money to the secondary market, no purchases of new loans, *no purchases of new loans, no fluidity to make more loans, *everything crashes to a halt. This is trickle down economics when sh*t trickles down rather than cash. Deregulation was a huge issue in what happened. Loans were made that never ever should have been and this had nothing to do with CRA. It was all about greed. See banks aren't the only ones who make mortgages. Mortgage brokers can do this too. They are not as well regulated as banks. Brokers are middle men. They lend other people's money and get paid for it by the bank and by the customer. It was a good gig. So, everyone became a broker. AIG, Merrill Lynch, Met Life, etc. Insurance companies, financial management companies, investment banks. You lent other people's money and got paid to do it. The blind squirrel found a stash of nuts. When you're lending other people's money you tend to not be very cautious. This became especially true when the other people (banks) weren't holding onto the loans. They thought they didn't have much risk because all of them were looking at trickle down economics when the trickling is gold. There is plenty of blame to go around. Homeowners who bought houses they could never afford - Loan Officers who used creative financing knowing people couldn't afford the loans, but they are commissioned and they eat what they kill - Banks who pushed their loan officers to push expensive loans over less expensive ones for their own higher cut - Mortgage brokers who got a little drunk on the bubble - Regulators who kept allowing weirder and weirder loans with less and less credit history to be considered kosher for resale - FICO and their damned credit scoring system that eliminated human underwriting using standards - Fannie Mae and their Desktop Underwriting which relied heavily on FICO and allowed too much wiggle room (loan officers could play with a loan becoming commissioned underwriters) - Investors who bought bundled loans never looking to see if they were good or bad loans - The system of lending money where the lender had no risk (supposedly) and suspended due diligence. Plenty to go around and not even worth doing. Let's just fix it and try to make sure it never will happen again. Though I suspect it will. Jennifer Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: OMG - WTF - Again !
--- In AsburyPark@yahoogroups.com, sharon_b283 [EMAIL PROTECTED] wrote: So who are you quoting and what do I have to do with it? I was just talking about this thread: http://groups.yahoo.com/group/AsburyPark/message/39188 Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: The 700B bailout that wasn't
--- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, MarioAPNJ@ wrote: ...boolean... How do you expect me to learn anything if you use big words I've never heard of before :-) Elementary my dear Watson Simple example search for the words asbury and riot asbury AND riot AND is the boolean part Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: OMG - WTF - Again !
--- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, sandpiper15 sandpiper15@ wrote: False dichotomoy. Myths can have great meaning. True, but the Tillie one doesn't. It all depends on your perspective I guess. You said 1955 and 1960. The links above are folks remembering the 1920's and 1930's. Notice the bad memories were NOT about the West Side. The ice cream story was about the boardwalk. True, but the realtor said her family couldn't live near the water. I read that as her family was expected to stay west of the tracks. And I think Rainette Holliman is very explicit when she talks about her experiences in Asbury Park Village. She had many happy memories, but she also makes it clear what her economic situation was and how that affected where her family lived. But fair enough. The years weren't exactly the same. I picked the 50s because I am trying to mathematically square when people who are now in their 50s and early 60s may have visited Asbury as kids. But it's hard for me to believe that the very rigid policies regarding race and geography from the earlier part of the 20th century didn't at all affect life along Springwood and Prospect well into mid-century, even if they were no longer officially enforced. So what do you think life on the west side was like in 1955 and 1960? A close reading of those oral histories makes me think that the kids got along well enough, but the older folks probably hewed to certain unwritten social codes of race and class that were a world away from the carousel, tilt-a-whirl and bumper cars. That was the point I was trying to get at. A 9 or 10 year old from New York or Hudson or Essex County in 1960 hears Asbury Park and he or she thinks, literally, a park. An amusement palace. A fantasy land. They weren't thinking about the fact that it was also a real, residential town, with real issues to be faced just like any other place. Sometimes I can get a little obscure. I apologize. I see; you were be metephorical. You turn a very good phrase. Have you done a lot of writing? Yes. On here. Probably too much. ;) Ensuring everyone in the city could benefit from, or (if they so wished) take advantage of, the city's natural and man-made resources, regardless of color, orientation or economic background. Who made that promise to whom? Thomas Jefferson, to all of us. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
Re: [AsburyPark] Re: The 700B bailout that wasn't
In a message dated 10/23/2008 7:25:05 A.M. Eastern Daylight Time, [EMAIL PROTECTED] writes: ...boolean... How do you expect me to learn anything if you use big words I've never heard of before :-) = I see the smiley, so thanks for the tone. Boolean:http://www.internettutorials.net/boolean.html#boolean For the record: Just my preference for smarten-up (like Jennifer's two posts this morning) over dumbed-down: something my father, an unschooled immigrant, instilled in me. ;-) ;-) **Play online games for FREE at Games.com! All of your favorites, no registration required and great graphics – check it out! (http://pr.atwola.com/promoclk/10075x1211202682x1200689022/aol?redir= http://www.games.com?ncid=emlcntusgame0001) [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: The 700B bailout that wasn't
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote: Boolean:http://www.internettutorials.net/boolean.html#boolean great tutorial Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Some comments on H4H and how the mortgage system crashed the economy
--- In AsburyPark@yahoogroups.com, Jennifer [EMAIL PROTECTED] wrote: H4H won't work for a lot of homeowners. It's first great drawback is that it is for 1 family houses only. The other is that they will only finance 90% of the loan to value. It won't work for loans in negative amortization (borrower owes more than the house is worth or more than the initial loan amount). There are a lot of people I have seen in AP who took interest only mortgages. They were betting that the property would increase in value and interest rates would stay low or someone at some mortgage brokerage saw this as the only way to qualify them. Great post as always Jen. As I called it the great ponzi scheme. Couple quick notes. Year to date, I only see about 14 transfers CURRENTLY where the bank is the owner of the property in AP. That's current, not whtat transpired. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: OMG - WTF - Again !
Fair enough Sandpiper and thanks for the reply. Please let me offer my own historical understanding, which I believe I share with Werner, but it is contrary to folks like Wolff and others who don't really know the history of the West Side of Asbury Park. Let me start with my thesis: Asbury Park was segregated. The West Side was not segregated. The east side was homogenously white, and therefore the area that was segregated. The West Side was completely diversified in its people by race and religion. Therefore, it's misleading for Wolff and others to suggest Asbury Park segregation was east/wast-white/black. To do that is to fail to credit the West Side of Asbury Park for being integrated far before the rest of America was. Bradly founded AP with the East-West split. The East Side was his Christian resort and the west were folks who worked there. The West Side was not just Blacks. It was anyone who could not just walk into a bank and get a loan at that time - Italians, Jews, Greeks, Latinos and others that didn't fit the WASP description. Bradly passed a law that said black people were not allowed on the Boardwalk. He said he wanted to pass a law that said poor whites from the West Side couldn't go either, but, as he put it, they have no distinguishing marks so he couldn't enforce it. Couple the above with the fact that Bradley tried to keep the boardwalk privately owned and the City had to wrestle it from him in a lawsuit to make it public, and that's why I cringe when I hear people make the false claim that Asbury Park was founded with a dream of public access to the beach and boards. Nice warm feeling, but historically inaccurate. What developed on the West Side was a wonderfully diverse neighborhood that was well ahead of its time. Blacks, Italians, Jews, Latinos, all living together and running small businesses. Was there poverty there too? For sure, it was the poorer side of the tracks. But it was mixed with middle class. There were Black doctors and lawyers living on the west side. Many people paint a false picture of dispair and hopelessness of the West Side, perhaps to rile a compassionate spirit in others to raise book sales, but they destroy history in doing so. They refuse to journal the following: The black middle class who were doctors and lawyers and business owners when in other parts of the country they couldn't be. The whites, blacks, latinos and Jews who went beyond tolerance and were caring neighbors when other parts of the country couldn't get that done. The overwhelming majority of Blacks who were appalled as white people during the 3 days of unrest when Springwood burned. I include in that list of people my black neighbors who sat on my porch and cursed them as we choked on the smoke from the fires. Gone are the stories like the Butler family, who were black, who that September would come to our house and walk my siblings and me to school because there were rumors there could be racial trouble. The media only shows blacks as riotous criminals at that time, when in truth they were the opposite. I'll include in that list of forgotten history myself and others like me. When I meet historians of AP and tell them I grew up a post-riot white boy in AP on the west side who completed his education and is well adjusted (I know - debatable) all I get is disbelieving stares. That furrow their brows and twist thier head like a dog hearing a strange sound. You see, me and others like me, we don't exist in the accepted history. In their mythology the west side of AP had no diversity, had no black doctors and lawyers and certainly had no happy white boys who loved living there. So they continue to kill us off in the name of bleeding heart pity, which for some reason is a story they think is better than reality. Funny thing is when I was growing up, the East Side became the poor side of town. The West Side was a great neighborhood and a place of happiness, not dispair. Shangri-La? No. I won't mislead like a Tillie lover. There were problems. Unlike the blacks who lived there, I happened to be the one who was the racial minority; not them. Whatever prejudices came my way didn't ruin me, and it shouldn't be used as an excuse to patronize others who may have experienced being a minority either. Pity is destructive, not constructive. Maybe Werner and I should write a book together. --- In AsburyPark@yahoogroups.com, sandpiper15 [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, justifiedright justifiedright@ wrote: --- In AsburyPark@yahoogroups.com, sandpiper15 sandpiper15@ wrote: False dichotomoy. Myths can have great meaning. True, but the Tillie one doesn't. It all depends on your perspective I guess. You said 1955 and 1960. The links above are folks remembering the 1920's and 1930's. Notice the bad memories were NOT about the West
[AsburyPark] How AP can act like the fed and help fill vacancies....
MORE TAX ABATEMENTS- here's how. Basis for this. Within the redevelopment zone, the city is supposed to receive payments of up to I thought around $SEVEN MILLON as new units were constructed (sold and occuppied). I think the city received around one or two million so far. Not sure what the next mark was for payment. I think Dan or Werner may recall. soo.. 1. The City takes another hit in the zone and offers 50% tax cut for 5 years to spur sales ONLY IF the developer takes a 75% cut in Maintenance fees during those five years. the 50% tax cut for those 5 years becomes a LIEN against the property and could either be repaid backover 10 years or, if the property is sold, the city gets paid back. The result should be that these units gets sold so people are here paying at LEAST 50% of the taxes - the co's get issued so Partners has to make their next kick to the city - the city has recourse to collect the taxes - the units get sold and people are hear shopping and eating and then... - more units will need to be built. At the same time, the developers could also consider taking an equity postion in the units sold to cover their asses. - So if MM or Paramount wants $450,000 for a unit, they should take an automatic 5% cut in price - then take another 10% off but in an equity postion with the buyer which could be bought out or paid back when the unit is sold at a higher price I had to wake up at 3am to come up with that. So fix it. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: OMG - WTF - Again !
--- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: Fair enough Sandpiper and thanks for the reply. Please let me offer my own historical understanding, which I believe I share with Werner, but it is contrary to folks like Wolff and others who don't really know the history of the West Side of Asbury Park. the truth be told. I lived first in wanamassa ina rented house while father went to mu, later in colonial terrace. My neighbor, Tom Hamilton was an african american who spent many hours telling me all about his life in AP as did the neighbor across the way Pincow who had a glass biz in AP etc. It wasn't perfect and still isn't. He, Ocean twp even had a reported shooting at their football game couple weeks ago... Get in a car and drive the west side and really look at those houses. Get past the color and you see what it was and is. A little bit of code enforcement goes along way to creating good neighborhoods. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] great article/series
The Debt Trap. This HAS to be addressed or as Jen says, we'll be here again... http://www.nytimes.com/2008/10/22/business/22target.html? _r=1emoref=slogin# Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: OMG - WTF - Again !
--- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: Maybe Werner and I should write a book together. Definitely. Thank you for the detailed perspective, ALSO left off the postcards. If the past is prologue, it's worth looking at any area's history to figure out how it got to where it is and how it can get to where it could be. Your insights are invaluable in that regard, and if you don't get a book out, maybe you can at least put up a detailed Web site. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: How AP can act like the fed and help fill vacancies....
--- In AsburyPark@yahoogroups.com, oakdorf [EMAIL PROTECTED] wrote: MORE TAX ABATEMENTS- here's how. Basis for this. Within the redevelopment zone, the city is supposed to receive payments of up to I thought around $SEVEN MILLON as new units were constructed (sold and occuppied). I think the city received around one or two million so far. Not sure what the next mark was for payment. I think Dan or Werner may recall. The 500th or 600th C of O. Taxes on the other hand are not paid until the units are SOLD. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: How AP can act like the fed and help fill vacancies....
And then the people who already own houses and condos get screwed- here's how. A 2 br 2 bath unite in North Beach just sold for about $380,000 I think. So, us owners of similar units not in a brand new ocean front building have to price way under that to sell. Now, if the city further abates taxes and the builders abate maint, crap! our values just dropped from say 350-370 to 2 something bc we don't have abatements on either --- In AsburyPark@yahoogroups.com, dfsavgny [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, oakdorf oakdorf@ wrote: MORE TAX ABATEMENTS- here's how. Basis for this. Within the redevelopment zone, the city is supposed to receive payments of up to I thought around $SEVEN MILLON as new units were constructed (sold and occuppied). I think the city received around one or two million so far. Not sure what the next mark was for payment. I think Dan or Werner may recall. The 500th or 600th C of O. Taxes on the other hand are not paid until the units are SOLD. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: How AP can act like the fed and help fill vacancies....
--- In AsburyPark@yahoogroups.com, fancypaaantz [EMAIL PROTECTED] wrote: city further abates taxes and the builders abate maint, crap! our values just dropped from say 350-370 to 2 something bc we don't have abatements on either Exactly. I thought of you as I wrote this. Well I think N. Beach had a no maint for one year I think they took that promo off. Like dan said, NO TAXES until a CO is issued. So if a developer sits on empty but completed units - there is no benefit to the city. Not sure how they address the common areas of the building in realtion to taxes. They should tax as soon as the first CO is issued. So if the City gives a tax break (which has to be paid back), MAYBE the units will sell quicker putting those vacant units on the books. Same for downtown units. Get the people in, take a cut of the future value jsut like the feds believe in. This idea is no crazier then anything the gov has come up with. Nothing to lose and a possibility of a gain. And one thing in the bailout plan that Jen noted. The bailout goes to primary home. So those that purchased a second home in a resort area like Florida, CA, Arizona etc - those areas are still screwed cause the bailout won't work there. Those values are down, upaide down mortgages, and plenty to choose from. I believe some of the other developments have been turned to rental units by the developer like The Mercury. Others might be or could soon be. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] REALTOR rag...
I'm reading through the second article in Realtor magazine which gets dumped in our mailbox. http://www.realtor.org/realtormag 1. end of second article ...I haven't stopped believing in real estate ownership as both a weath builder and one of the great pleasures of life. During this trying economic time, I'll gladly keep using my influence to reinforce that point of view and remind our readers and rest of Main Street that both ral estate and stock market will rise again. 2. same story she asks herself are we (realtors) part of the blame. Should we have been leary of the free money - but we all made money and ral estate was s sought after investment Well, for one, real estate agents aren't financial advisers, depsite what many think. Here's a good question to ask if someone tells you it will go up or is such a great investment... If it's so good, why you telling me and why aren't you buying it? or hey, how about going partners with me? Try it. As for the second part, some of the most successful old time brokers did and still do go partners on buildings. They roll in their commissions then take a management fee and commissions. Like asking your stock broker or a financial advisor to show you their net worth or tax return for the past five years. Believe in yourself and get multiple quotes or opinions. Sometimes it great to have missed the boat. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Another Shameless plug...
http://foxforum.blogs.foxnews.com/2008/10/23/tdeseno_1023/#comments Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Some comments on H4H and how the mortgage system crashed the economy
--- In AsburyPark@yahoogroups.com, oakdorf [EMAIL PROTECTED] wrote: Year to date, I only see about 14 transfers CURRENTLY where the bank is the owner of the property in AP. That's current, not whtat transpired. That may be true, but according to Monmouth county lis pendens (notices of foreclosure) records, 68 properties have been put into foreclosure. It takes awhile from foreclosure to bank ownership and a lot can happen in between (deed-in-lieu, short sales, loan modification or just plain sale). 68 may not seem like a LOT, but do consider the size of AP. I believe it is only 1.25 square miles. We're averaging more than 5 foreclosures per month. That's a lot for such a small area and it's unfortunately just the beginning of the crisis. A small city hurts worse in a crisis than a larger one. I'm not sure how many blocks are in AP, but there are fewer than 68 streets. I see homes everywhere - 5 blocks from the ocean on Deal Lake drive to Prospect Ave on the southwest side of the city. It's a mess with emotional complications and larger tremors for the rest of the community. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Another Shameless plug...
Oh God Tommy...you are sounding like yet another desperate republican. 26 papers that endorsed Bush are now endorsing Obama, including the Chicago Trib...NEVER endorsed a dem in 161 years. So is Scott McClellan and the Goldwater family. The Arizona Rep party is crumbling. Republicans are red baiting. Palin thinks the VP runs the senate. NC GOP is using homophobic campaign lit. No genuine woman who wants to serve the country would have accepted 150k worth of clothing and 12k of makeup particularly after claiming to be a regular gal. she's pathetic. she could've borrowed something from cin cin. what does it mean when the people who agree with you are cretins? this was my favorite comment from a guy who claims the obama camp is sexist... Say NO to promiscuity. Donât forget that âa moment on your hips is a lifetime on his lips.â he also compares Palin to Jesus. 10 bucks says this guy watches kiddie porn. you're in great company Tommy. --- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: http://foxforum.blogs.foxnews.com/2008/10/23/tdeseno_1023/#comments Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Another Shameless plug...
this is pathetic Tommy Obama referred to the town of âSunriseâ as âSunshineâ and Sioux Falls as âSioux City.â so is the 57 states comment. lets compare Obama and Palin's resumes, not verbal slip ups. Throw in the towel. --- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: http://foxforum.blogs.foxnews.com/2008/10/23/tdeseno_1023/#comments Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Another Shameless plug...
I hope you're leaving these comments over there, too! --- In AsburyPark@yahoogroups.com, Gabrielle Obre [EMAIL PROTECTED] wrote: this is pathetic Tommy Obama referred to the town of âSunriseâ as âSunshineâ and Sioux Falls as âSioux City.â so is the 57 states comment. lets compare Obama and Palin's resumes, not verbal slip ups. Throw in the towel. --- In AsburyPark@yahoogroups.com, justifiedright justifiedright@ wrote: http://foxforum.blogs.foxnews.com/2008/10/23/tdeseno_1023/#comments Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
Re: [AsburyPark] Re: Another Shameless plug...
In a message dated 10/23/2008 8:19:48 P.M. Eastern Daylight Time, [EMAIL PROTECTED] writes: Oh God Tommy...what does it mean when the people who agree with you are cretins? == As Tommy indicated when he started this thread, he is shameless. Inspired by Gabrielle's response, I just made another donation to Obama's campaign -- shamelessly. **Play online games for FREE at Games.com! All of your favorites, no registration required and great graphics – check it out! (http://pr.atwola.com/promoclk/10075x1211202682x1200689022/aol?redir= http://www.games.com?ncid=emlcntusgame0001) [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Another Shameless plug...
I did leave one for that pathetic Brad. I forgot to say that I am sincerely happy you are writing over there and having fun with it. --- In AsburyPark@yahoogroups.com, justifiedright [EMAIL PROTECTED] wrote: I hope you're leaving these comments over there, too! --- In AsburyPark@yahoogroups.com, Gabrielle Obre gabrielleobre@ wrote: this is pathetic Tommy Obama referred to the town of âSunriseâ as âSunshineâ and Sioux Falls as âSioux City.â so is the 57 states comment. lets compare Obama and Palin's resumes, not verbal slip ups. Throw in the towel. --- In AsburyPark@yahoogroups.com, justifiedright justifiedright@ wrote: http://foxforum.blogs.foxnews.com/2008/10/23/tdeseno_1023/#comments Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Another Shameless plug...
I just made another donation to Obama's campaign -- shamelessly. I read somewhere that the best thing to do now is send money to some of the smaller dem campaigns...the Obama campaign is loaded due to the lately hidden brilliance of the American people. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] A Matter of Life and Debt
Dave's reference to The Debt Trap. This HAS to be addressed, and Jennifer's comment that It's a mess with emotional complications and larger tremors for the rest of the community prompt me to an Op-Ed MARGARET ATWOOD, October 21, 2008. == A Matter of Life and Debt Debt — who owes what to whom, or to what, and how that debt gets paid — is a subject much larger than money As for what will happen to us next, I have no safe answers. If fair regulations are established and credibility is restored, people will stop walking around in a daze, roll up their sleeves and start picking up the pieces. Things unconnected with money will be valued more On the other hand, if fair regulations are not established and rebuilding seems impossible, we could have social unrest on a scale we haven’t seen for years. Excerpted from http://www.nytimes.com/2008/10/22/opinion/22atwood.html?em _Op-Ed Contributor - A Matter of Life and Debt - NYTimes.com_ (http://www.nytimes.com/2008/10/22/opinion/22atwood.html?em) **Play online games for FREE at Games.com! All of your favorites, no registration required and great graphics – check it out! (http://pr.atwola.com/promoclk/10075x1211202682x1200689022/aol?redir= http://www.games.com?ncid=emlcntusgame0001) [Non-text portions of this message have been removed] Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
