Daily Archives: July 14, 2011

Joe Ely live on WFUV

They’re playing his new CD right now (8;10 PM). 90.7 if you have a radio, otherwise, live stream on the net. CORRECTION: because of Congress’s idiotic Internet law, they can’t play this on the Internet so if you’re out of radio range, you’re out of  luck.

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The personal chef, however, will stay

 

Jim Himes at his second job

Malloy announces first round of layoffs.

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From local to national, it’s always the same crap

Some years ago Greenwich attempted to curb spending in the police budget and our men in blue responded by firing $6 an hour school crossing guards. “You want your kids to die? Fine.”

Now we have the same fight on a national scale, with Obummer threatening to cut off Granny’s welfare check and our soldiers’ pay.

It’s the same game, learned down below in the municipal trenches and now applied at a national level. It’s despicable either way, but entirely predictable. It’s a battle: let’s go at it.

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Depends on your view of the Justice Department

Did they deliberately sabotage the Clemens case? “Accidentally” introduced evidence that ruined the trial. Corrupt? Sometimes, but incompetent? I sure wish they’d been so the few times I ran into them (as a lawyer, not a defendant, thank goodness).

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Disappointing but I guess not too surprising

TV actress who agreed to attend Marine Military Ball is backing off. Dumb move from a publicity angle, I would think.

UPDATE: what this young lady needs is a better publicist and a stern call from her parents. My own kids are her age and are not supporters of our various wars but they certainly understand the concept of standing by their word, as I’d guess most kids their age do. They are not going to sympathize with a stuck up, spoiled starlet. She and her co-star, Justin Timberlake should suspend their plans for two days and get their asses down to Camp Lejeune and do the right thing. Whatever it costs their studio will be more than paid back by great PR. If their present agents don’t get that then, as I said, they need better agents.

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Nothing on the open house tour today worth noting

Nor in sales or contracts, as of 1:30. Maybe later in the day, and I’ll check. Until then, if you’re in the $750,000 range or cheap rentals, there’s some activity. Not denigrating that end of the market (hell, that’s my market!) but readers seem more interested in the higher end and for that … bupkis.

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I wonder if this is true?

JPMorgan’s Jamie Dimon is convinced that Congress is too rational to do anything so irrational as to fail to raise the debt ceiling. Hey, he’s a far smarter guy than I, but I look at past experience and I wonder where he draws his confidence from.

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Tom Ward answers my question regarding clear title

Back when I practiced real estate law, you didn’t close without a release of mortgage from the seller’s lender. That changed when the secondary mortgage market started up, and we all relied on promises that a release would be forthcoming, eventually. Which, sometimes, was true, but I was always glad to have copies of my trustee check to mail out, sometimes years later, showing a full pay off of the mortgage because some lender somewhere had lost the paperwork.

Tom Ward tells me that the title insurance companies have worked a solution to the latest problem: who owns the damn mortgage? First of all, it’s the buyer’s attorney who now pays the mortgagee, eliminating the opportunity for a seller’s attorney to make off with the proceeds (an extremely rare occurrence but, unfortunately, something that happens). Then, the title insurance company will issue a policy with no exception for the mortgage, meaning that the buyer has complete protection against anyone showing up claiming to be owed money. And for $35, the seller gets the same protection, so all parties can sleep at night.

Title insurance was always a good idea but these days it’s essential. and so, by the way, are the services of a competent, experienced real estate attorney. If you’re spending a few million on a purchase, why on earth would you risk it all by foregoing smart advice?

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A question for IB’R or any of you other smart bankers: what happened to Iceland?

I’m not being facetious here, I’m genuinely curious. A few months ago, Iceland’s citizens rejected a plan that would have required them to bail out their banks at onerous terms and that was supposed to have produced terrible results. But I can’t seem to find any news on what, if anything happened. Did it? Will it? If not, then maybe Ireland and some of the other pigs might want to emulate Iceland, but I really don’t know what happened. Do you? Just asking, Curious in Riverside.

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I’ve asked this before: how do you get clear title in an ordinary sale?

Audit in just one Massachusetts county determines that 75% of all MERS mortgage transfers are void. If there’s no way to determine who actually owns a mortgage, how can a home buyer rely on a release of the seller’s mortgage? I don’t know whether this is affecting Greenwich sales or not – I’ll have to call one of the Kaye boys or Tom Ward and ask.

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See you, in September (September 2012, that is)

Foreclosure glut pushes filings into 2012 and even later. Good news for homeowners in trouble but it will certainly prolong resolution of the problem.

UPDATE: Then again, maybe that’s not such a bad thing – here’s a summary of NPR’s story from yesterday – empty, foreclosed homes are filling with mold. It’s one way to reduce our excess inventory, but an expensive one.

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