Fannie Mae -- Not?

Chairman of the House Financial Services Committee Barney Frank said Friday "I believe this committee will be recommending abolishing both Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance." The Treasury has poured more than $100 billion into these two quasi-government institutions, providing a government backstop to Fannie and Freddie in their role as guarantors of more than $5 trillion in home mortgages.

According to one perceptive blogger: "Fannie and Freddie stood ready to make a market in these toxic assets, to provide the liquidity so that the profit-seekers could lay off the risk on another entity. Without Fannie and Freddie the whole rotten mess couldn't have happened. They didn't point the gun and they didn't pull the trigger; but they sold the bullets. They were enablers that allowed the greedy bankers to successfully realize their aims."

Greenopolis

Greenopolis.com focuses on changing the world through recycling, waste-to-energy and conservation. Greenopolis rewards visitors for their sustainable behaviors on their website, through their GreenOps Tracking Stations as well as with with curbside recycling programs.

Each time you recycle using the GreenOps Tracking Station, you receive a receipt indicating the number of items recycled and a deposit statement with a prize code redeemable for points at Greenopolis.com. Applications are also in development for scanning at home, school and from your mobile phone.

New FHA Rules to Speed Foreclosure Sales

The Real Estate Industry has been buzzing with news out of Washington that should have a major effect on investors interested in the foreclosure market. HUD Secretary Shaun Donovan announced a temporary policy yesterday that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.

FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties. "This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity." The waiver will take effect on February 1, 2010 and is effective for one year,

The new FHA rule will open doors that have been closed before, not only because of the new FHA buyers, but also because it removes much of the stigma over property flipping by helping to preserve property values.

Helping the Homeless in Haiti

During my early photojournalistic years, I spent an unforgettable Thanksgiving weekend in Haiti during the reign of Papa Doc. I'll never forget the beauty, dignity, and graciousness of the people I encountered in spite of their intolerable living conditions. Hunger, brutality, and shantytowns co-exicted with a flourishing tourist industry. Upon hearing about yesterday's catastrophic earthquake,
I was especially concerned, because a journalist friend, of many decades, Tequilla Minsky, had been sending Facebook updates of her latest trip there. For many years, she had been reporting on Haiti's culture and it's emigre community in NYC. Tequilla's silence was finally broken with this post on Facebook: "7. 0 or so...many building have collapsed but not the Oloffson(hotel), which is my home...all is fine here (i arrive about 2 hours before this happened)." She was then able to upload her stunning photographs to to the NY Times before anyone else.
There are many ways you can help:
UNICEF requests donations for relief for children in Haiti. You can also call 1-800-4UNICEF.On the Internet: unicefusa.org/haitiquake
You can easily donate through Wyclef Jean's foundation, Yele Haiti. Text "Yele" to 501501 and $5 will be charged to your phone bill and given to relief projects through the organization.
Locally, Farm 2 Bistro suggests dropping off relief supplies at 177 Franklin Ave. in Nutley from 11 am -10pm. Free gift in return for every donation.
Baristanet and Huffington have many other opportunities for support.
•Operation USA is appealing for donations of funds from the public and corporate donations in bulk of health care materials, water purification supplies and food supplements which it will ship to the region from its base in the Port of Los Angeles. Donate online at www.opusa.org, by phone at1-800-678-7255
CARE Telephone: 800-521-CARE (800-521-2273) On the Internet: care.org
Updated property damage reports can be found here:
News of the NJ connection to Haiti can be found at North Jersey.com

Lay an Egg Over Easy for a Spare Room

You wouldn't need a very big yard for this super-cool modern addition.
According to rentedspaces.com, it was designed by the Belgian firm, dmvA and constructed of polyester. Since it can pass for art and can be dropped anywhere via crane, it could apparently skirt local building codes -- perhaps even here in Bloomfield.

The Way We Were -- Last Week

We've carved out a unique niche in the NJ blogosphere that somehow keeps us hopping around this top ten list. Expect to find us somewhere over or under the rainbow next week.

Look to the Rainbow

We were looking for an optimistic perspective on such issues as foreclosures and tax sales, not to mention land developers. Throw in a few more controversial issues like immigration, racism, the national debt, and political corruption and you have key elements to Finian's Rainbow. We were lucky enough to catch the rarely revived Broadway musical satire this week and found it as topical as it must have seemed when it opened in 1947. The musical's economic themes — the perils of easy credit are among them — seem even more relevant today. It's also a lot of fun with unforgettable musical numbers. In spite of rave reviews, it's closing on January 17th.

A Time to Reflect

WISHING YOU - SOME TIME FOR RELAXATION AND REFLECTION...

GOOD HEALTH WITH EXERCISE

SOMEONE TO DANCE WITH

BUT MOST OF ALL --- I WISH YOU. 
LOTS OF HUGS...

AND THE BLISS OF REAL LOVE

MANY BLESSINGS COME YOUR WAY TODAY:
MAY YOU ALWAYS HAVE LOVE TO SHARE
HEALTH TO SPARE
AND FRIENDS THAT CARE!!
Happy, Healthy, Joyous and Prosperous
New Year from our house…
To yours!
Love and Peace….

Geoff and Rebecca

At What Point is Flying More Trouble Than It's Worth?

Treehugger.com is suggesting that Air Travel may be going the way of the horse and buggy. Forget the lines while you wait to get on the plane, the real torture starts when you are in the air. Gizmodo lists the new rules, and flying has just become a far more miserable experience than it ever was before; we now have to sit on our hands:
1. Passengers must remain in seats beginning 1 hour prior to arrival at destination.
2. Passenger access to carry-on baggage is prohibited beginning 1 hour prior to arrival at destination.
3. Disable aircraft-integrated passenger communications systems and services (phone, internet access services, live television programming, global positioning systems) prior to boarding and during all phases of flight.
4. While over U.S. airspace, flight crew may not make any announcement to passengers concerning flight path or position over cities or landmarks.
5. Passengers may not have any blankets, pillows, or personal belongings on the lap beginning 1 hour prior to arrival at destination.
Does this put us at the tipping point where people might start flocking to trains? Or change our attitudes toward travel?

Latest Surge in Existing Home Sales Spurs Optimism for 2010

November's better than expected housing data is reinforcing last summer's market turnaround. As existing home sales for November rose to their highest level since February 2007, industry watchers are anticipating a buying spree in 2010. Stocks rallied with new signs of a stabilizing housing market.
The momentum is expected to continue into 2010 since the $8,000 tax credit was extended and expanded with $6,500 tax break for repeat home buyers that expires on April 30.

Current sales remain at the highest level since February 2007 when they hit 6.55 million, according to the National Association of Realtors®

A Few Survival Items for "The Blizard of the Century"

Brett and Kate McKay are living proof that their eclectic website: The Art of Manliness is not for men only. Their latest collaboration is "13 Things A Man Should Keep in His Car." If 13 seems like too many to cover most emergency contingencies, scroll down their page for many more practical reader additions(This is only a selection from the first 94 posts -- please forgive any duplication) including:

- A good lockback knife
- Rope and/or tiedown straps
- I keep a 2 liter bottle of water stuck in a corner of my tirewell in the event of overheating
- rags or cloths for cleaning up after a tire change
- I always keep a can of Fix-a-Flat in my car. I’ve never used the stuff myself, but more than once I have handed it to someone else when I didn’t really trust the way a stranded motorist situation looked.
- Keep a general interest book you love and don’t mind re-reading. Great way to entertain yourself when stranded anywhere.
Flat and Phllips head screwdrivers, knife, channel-lock pliers, a crescent wrench, some long cable (zip) ties,
Space blankets (Takes up less space than normal blankets; plus, it can be used for signaling.)
Two more essentials: a $20 in the first aid kit, and a hide-a-key with a working key.
Steel coffee can with a roll of toilet paper inside
Granola bars
A 2-liter pop bottle filled with water (but with enough room left for expansion if it freezes)
A towel
A socket wrench set, hammer and pliers....
a Battery Booster/ Air Compressor/ small appliance charger with a built in flash light. I find it to be a life saver since it combines so many necessary features that I think are a must have for your vehicle.
- a winter sleeping bag
- snow gear (boots, snow pants, proper jacket, winter gloves, several cheap toques, ski goggles are handy)
- 3 or 4 pairs of simple cotton gloves
- A full-sized shovel, forget the folding shovel this will cause more aggravation than good, do yourself a favor and bring a full sized shovel on all long winter trips. i leave mine in the car all winter.
- hot pockets hand-warmers.
Water resistant coveralls stuck in the tool box will keep you looking your best upon return to civilization and give you an added level of protection from automotive fluids. Don’t forget the leather work gloves and a box of disposable nitrile gloves as well.
Nobody’s said road flares yet, as far as I can tell. These, along with jumper cables, have been by far the most commonly used and important things I’ve had in my trunk.

...the Bible is also a great book in any situation; but especially good for warmth, cheering up, confidence and encouragement. Also, heaven forbid… it’s thin pages are great fire starters.

Sometimes the trunk may become inaccessible and you can’t get to what you need.
If you can carry what you need in the back seat in a small box, it could possibly save your life and prevent frostbite.

Your Guide to Copenhagen

The earth’s temperature has risen by 0.74 degrees Celsius in the last 100 years.

An increase of increase of just 2 degrees Celsius more will lead to massive loss of species, 100 million climate refugees, and other major stresses.

We need to set strict emissions restrictions by 2012 in order to avert a worldwide climate catastrophe.

The conference marks a milestone in climate change history, so if you’re not familiar with all the issues being discussed and the global changes we need to make to ensure a sustainable future, read on for Inhabitat's green guide to COP15!

Foreclosures Foreclosed

As foreclosed homes became more and more widespread, investors and bargain hunters have sought them out in growing numbers. But what happens when the owner of bank owned homes is foreclosed on. You then can have an FDIC owned home that may be an even bigger bargain. The Huffington Post reports that decent homes can be often found for as low as $500 at the FDIC website.

Down By the Riverside

Which would you prefer: An oceanfront, lakefront, or riverfront home? Most North Jersey folks would probably put riverfront living 3rd on the list because of flooding reports from monster storms of recent decades. As discussed in an earlier post, homes that need flood insurance are usually priced below market value and often turn out to be good deals. Many may have never had serious flooding but require close examination for signs of water damage. An older finished basement with wood trim, for example, may be a safer bet than a cleaned up concrete unfinished basement.
Garden State MLS listings are no longer required to state whether or not any property is in a flood zone or requires flood insurance. Yet even in non-flood areas, sellers are required to disclose if they have ever had water damage -- even in unfinished basements.The best time to find bargains is a few days after a major storm. Even several weeks after water levels have receded, tell-tale garbage piles can still be found in front lawns.
Incidentally, our office currently has three low priced listings in good condition with backyards on the Passaic River. The largest at 148 Bergen Ave. in Woodland Park(top), is listed at $269,900.
Two smaller properties at 4 and 5 Barber St.(below) in Little Falls are priced at $195,000 and $240,000 respectively. Since they are adjoining lots, they could be combined.

4 Northeastern States Make Progress in CO2 Reduction

Carbon dioxide emissions from fossil fuel use are declining in a growing number of states as they invest in the clean, renewable technologies that are part of a new energy future. Emissions remain on the rise in other states that have not eased their reliance on dirty fuels.
Environment New Jersey reports that Four Northeastern states—Connecticut, Delaware, Massachusetts and New York—emitted less carbon dioxide from fossil fuel consumption in 2007 than they did in 1990. Since 1997, gross state product in these four states increased by 65 percent while carbon dioxide emissions decreased by 5 percent.
• Seventeen states and the District of Columbia have seen total emissions decline since 2004, a year of peak emissions for many states. Maine saw the largest percentage decline over this period, while New York and Texas—the nation’s eighth-highest and highest emitters of carbon dioxide, respectively—saw the greatest absolute declines.
• Still, emissions in 33 states increased between 2004 and 2007. Emissions in Oklahoma saw the greatest percent age increase, followed by Montana and Hawaii.

Hopes for NJ Tax Cuts Fade After Key Merger Vote

Brian Donahue notes on NJ.com that this month's decision not to merge the tiny towns of Wantage and Sussex could have larger implications for the debate over property taxes and consolidation in New Jersey. It's one of the great paradoxes of New Jersey politics: most people agree there are too many layers of government, too many town halls and police departments and bureaucrats in a tiny state with 566 municipalities. But ask taxpayers to merge their town with the one next door, or maybe even share a police department and most of the time, the answer is a loud, "No way."(Don't miss Brian's Feature Video and reader comments)

That's just what happened last week in the Township of Wantage, where voters rejected a ballot measure that would have joined the town with the tiny Borough of Sussex. Sussex is essentially Wantage's downtown, cut off from the surrounding township in a feud over utilities costs in the late 1800's.

Bloomfield Wins Eco-Recognition

New Jersey is the first state in the nation to have a sustainability program that links certification with strong state and private financial incentives, and a fully resourced program of technical support and training. The Sustainable Jersey program is now the accepted benchmark for evaluating a municipality’s progress.

Bloomfield is part of an elite group of municipalities that have achieved the prestigious Sustainable Jersey certification in the first year of the program. Municipalities that earn the designation are considered by their peers, by state government and by the experts and civic organizations in New Jersey, to be among the leading municipalities in the state. Thanks to John Palomaki and the volunteers at Greener Bloomfield for their tireless efforts in achieving the designation.

The 43 actions of the Sustainable Jersey program are ambitious, covering areas such as energy and efficiency, health and wellness, land use and transportation, waste reduction, local economies, natural resources, and diversity and equity, to name a fewThe Sustainability Champion award recognizes municipalities that have scored the most points in the Sustainable Jersey certification program in three population categories: small (0-5,000), medium (5,000-50,000) and large (50,000+). The 2009 Sustainability Champion award winners are:
• Large: Woodbridge Township (Middlesex County)
• Medium: A tie between Ocean City (Cape May County) and the City of Summit (Union County)
• Small: Woodbine Borough (Cape May County)..

A New Day for Homebuyers' Tax Credit

It's official! President Obama today signed legislation H.R. 3548, which includes a provision to extend and expand the $8,000 first-time home buyer tax credit, with a new $6500 Credit for current homeowners wishing to move up. The New Jersey Association of REALTORS® (NJAR®) anticipates that the newly signed legislation will help maintain the recent momentum seen in the New Jersey real estate market and spur the state's economy as a whole.

"It's a brand new day for those first-time home buyers who were rushing through their transaction in anticipation of the original November 30th deadline because they now have more time to complete the process," said NJAR® Executive Vice President Jarrod C. Grasso, RCE. "The extension to April 30th of next year is key because these new buyers now have the opportunity to analyze every aspect of their purchase carefully and still close in time to obtain the $8,000 credit."

The legislation will extend the $8,000 first-time home buyer tax credit past its original November 30 deadline, and it will now be available through April 30, 2010. Additionally, existing homeowners who have lived in their homes for at least five consecutive years out of the last eight will be eligible for a credit that can total $6,500. In both cases, a written, binding contract to purchase must be in effect by April 30, 2010, and the purchaser needs to close by July 1, 2010.

On the "trading up" side, Goldman Sachs estimates as many as 70 percent of owners will be eligible.

"The credit has been shown to be a powerful incentive that significantly spurred the real estate market here in New Jersey," said Diane Dilzell, president of NJAR®. "Expansion of the tax credit to current homeowners is bound to aid in continuing to elevate the housing market and the economy further as it offers a bonus to those buyers. In addition to experiencing low prices and low interest rates, current homeowners are now faced with a prime opportunity to trade up to the home of their dreams."

The new law raises the limits for first-time buyers. The new limits for obtaining the full credit are $125,000 for a single person and $225,000 for a married couple. Individuals earning up to $145,000 and married couples earning up to $245,000 are eligible for partial credit.

According to data from the NATIONAL ASSOCIATION OF REALTORS® (NAR), in New Jersey, the home buyer tax credit has brought in an additional 6,500 buyers into the market in 2009 compared to 2008. NJAR® is hopeful that the credit extension and expansion can lead to continued growth in 2010.

More than 1.4 million people nationally have claimed the original tax credit, based on figures provided by the Internal Revenue Service (IRS). About 350,000 of those would not have made their purchase without the tax credit, according to estimates from NAR.

The Well Rounded Home

Nothing like thinking of the box in home design. Building materials and construction techniques are part of the story, but even once a residence is built there are furniture objects, wall fixtures and all kinds of other design elements that make rounded homes a radical challenge inside and out. Thanks to dornob.com.

Time to Move UP?

Had very good turnout at my Open House in Nutley. 10 sets of people with no audible complaints about the roomy split level. First time in a long time that majority of buyers were current homeowners looking to upsize.

Experts are now predicting that the "first-time buyer" tax credit will be expanded to "move-up homeowners. Crucial Senate vote should come in next couple of days. Let us pray...