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Rose

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About Rose

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  • Birthday 08/27/1947
  1. Companies that import Chinese pharmaceutical ingredients, including aspirin, are required to test the supplies before using them, and some send private inspectors to China to ensure that suppliers use adequate controls. No pharmaceutical maker wants its name to become synonymous with disaster, and the vast majority of drugs that are consumed in the United States are safe. But some industry executives told me that price sensitivity in the generics industry makes it more difficult to fully vet their low-cost suppliers. NYTimes today HEH!
  2. Bulk appraisals are proliferating the banking industry right now, and credit cars / home equity lines of credit (HELOC) are the first target. It sounds like you got bulked. Bulks take down the value of all units in a building, neighborhood, etc by a flat amount, often 20% or 25%. The sale that closed last week might have been executed in July, when prices were higher. Until recently many banks allowed a first mortgage plus second mortgage plus a % of the HELOC to total up to 95% of the property's appraised value, which they adjusted periodically for a region or an area. The new protocol seems to be that the total won't be more than 75% of their newly reduced appraisal value. So, if you have a unit with recent, comparable sales at $1.2mn, and you have a $500k first mortgage on the property, they might have allowed you $1,140,000 ($1.2mn x 95%) for your maximum loan to value for all loans. Under their new regime, they may decide that the $1.2mn comparable should be reduced to a million, and the combined amount then adjusted to 75%. That would give you $750,000 max for all loans. So, your first plus all additional loan facilities can't exceed $750,000. If they are applying new income tests on loan service (I don't know that they are, but it wouldn't surprise me), they may decide that your maximum loan capacity is a lot lower than it was last week. FYI: No first mortgage exists on my apartment; The other unit closed at $1.7M Follow-up: After calling Chase a few times, also calling Miller Samuel (respected appraisal company in NYC) and being quoted an appraisal fee of $750, calling a realtor who is familiar with my building and listening to him do a spit-take when I told him the story, calling Chase again with them agreeing to reimburse me $350 for the appraisal, I called Chase one more time to verify the current rate of interest applicable to the outstanding loan and guess what? They decided to reopen the line at the rate of 4.75%. Do you think they were going to tell me about it? What if I had already had the appraisal done? Jerks.
  3. Just avoid CNBC. Most of the guests are just bobble heads, and the few guys who actually know what they are talking about are probably talking up their own book of investments. I hope you're right.
  4. "I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley and Goldman Sachs," Hugh Hendry, Partner and CIO at Eclectica, told CNBC. "It is unimaginable that they can be allowed to go, I suspect that they will be nationalized at some point today or over the weekend," he added. - CNBC.com
  5. Bulk appraisals are proliferating the banking industry right now, and credit cars / home equity lines of credit (HELOC) are the first target. It sounds like you got bulked. Bulks take down the value of all units in a building, neighborhood, etc by a flat amount, often 20% or 25%. The sale that closed last week might have been executed in July, when prices were higher. Until recently many banks allowed a first mortgage plus second mortgage plus a % of the HELOC to total up to 95% of the property's appraised value, which they adjusted periodically for a region or an area. The new protocol seems to be that the total won't be more than 75% of their newly reduced appraisal value. So, if you have a unit with recent, comparable sales at $1.2mn, and you have a $500k first mortgage on the property, they might have allowed you $1,140,000 ($1.2mn x 95%) for your maximum loan to value for all loans. Under their new regime, they may decide that the $1.2mn comparable should be reduced to a million, and the combined amount then adjusted to 75%. That would give you $750,000 max for all loans. So, your first plus all additional loan facilities can't exceed $750,000. If they are applying new income tests on loan service (I don't know that they are, but it wouldn't surprise me), they may decide that your maximum loan capacity is a lot lower than it was last week. FYI: No first mortgage exists on my apartment; The other unit closed at $1.7M
  6. I absolutely dont agree that this is some kind of bank screw up; that's the new worth... too bad! However, after speaking with Ginny, since we love you and Mr. Rose, we are prepared to offer you $400,000 if you want to sell. That's 10% over the newly appraised value so think before you answer. One day offer only. Talk to me. Okay, for $400,000 and a pound of flesh it's yours.
  7. I received a letter from Chase yesterday. I have a line of credit on my apartment whose market value is, or was last month, in the seven figures. The reason I know this for sure is that two weeks ago an apartment in my line on a lower floor closed a sale in that range. The letter told me that they were closing the HELOC to further use. The reason they gave for this was that they had an appraisal company reappraise the property (without seeing it, of course) and the current appraisal was lower than the maximum amount for the line. The appraisal determined the value to now be $363,000.
  8. Well whenever the season is actually over don't fret. The dried fruit people at Pikes Place called Simply The Best have dried blueberries that are spectacular. I have ordered from them and they sent me some (as well as pounds of other fruits) just recently. They're moist and chewy and everything you could ever want from a piece of dried fruit including lots of the true fruit flavor. I've gotten strawberries, cranberries, peaches, pineapple, sour cherries and more. They're nothing like the dried fruit that is usually available, have no added anything and when I mix the blueberries or cranberries or whatever with yogurt they reconstitute to some extent and the whole thing is delicious.
  9. Loud chest beating righteousness always pisses me off. "Look at me! I'm better than you!" If she wants to recycle and use windmills, swell. Just don't put up billboards featuring yourself waving a halo. She reminds me of a cross between Bono and Sting. Darling, you're not in the Sudan rescuing starving children. You're on Flatbush Ave. selling pizzas. Get over yourself. Any man who is tired of Brooklyn is tired of life itself. The person who was supposed to bring the pizza wheel (because obviously presenting a cut-up pizza is bad for the environment) was a no show!
  10. I am just laughing my ass off at 5:19 AM from this post.
  11. With the likely success of the new tortilla business, Mongo's going to have to come up with a replacement for bean boy. How about wildly successful entrepreneur and loyal friend. That just rolls off the tongue, no?
  12. Fan - did you use Starberry peaches or Brooklyn/USGM peaches?
  13. Google just that....you'll be able to see at least 20 side-by-side comparisons. Mr Rose did it and decided on Blackberry. Traitor.
  14. Rose

    Lamb

    Taken out of context, this post could be about oh so many, uh, things.
  15. Rose

    Katz's

    Katz's urges can be satisfied by Fedex. Sichuan and sushi not so much.
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