Mar. 30, 2007 - Open House

Mar. 30, 2007 - After a long bankruptcy, that guy made how much?

Who ever said, “Greed is good”?

Yesterday, I discovered a lovely compliment paid to this Blog on RealTownBlogs.com by Frances Flynn Thorsen that prompted me not only to send her a note of thanks, but got me onto my own soap box about what I believe to be a gross injustice. I promise this won't be a regular occurrence.  So...Here goes:

Who is “that guy”?  He is Glenn ("the Gecko") Tilton, CEO of United Airlines.

Who am I?  I've been many things of which one was a long term stockholder who saw his small investment dwindle from a high of $300 per share, down to zero after a lengthy UAL bankruptcy!

What is corporate America coming to?  United's Proxy Statement, filed March 26th with the Securities Exchange Commission (SEC), exposes extraordinary executive greed.   Glenn Tilton, alone, claimed more for himself  (that's $39 million bucks for 2006) than the entire airline's annual profit!  Employees are, rightfully, outraged and so should investors.  Those employees remaining after the bankruptcy have had promised company pensions turned over to the Pension Benefit Guaranty Corporation (PBGC), certain jobs outsourced overseas, salaries cut and work rules changed…and for what?  So that greedy managers can stuff their pockets with more money they could ever spend in three lifetimes.

The workers agreed to suffer the hardships because they were told there would be shared sacrifice.  It surely doesn’t seem that ever happened.  I read that employees lobbied Congress to ensure UAL got the route to fly from Washington DC to Beijng China that is expected to generate $100 million in revenue.  It was calculated that 146 round trips would be needed to pay for Tilton's 2006 compensation and by contrast, a Flight Attendant would need to work the trip 40,000 times to equal the same pay, which would take 1,111 years to accomplish.

And what about the stockholders?  Honestly, I am surprised we stockholders didn’t show up at stockholder meetings and court hearings with shotguns and pitchforks when during the bankruptcy proceedings Tilton and his managers sought to enrich themselves, claiming it was competitive compensation needed to keep the “talent” from going elsewhere. 

Excuse me? Competitive management, such as American Airlines, didn’t bankrupt their company.  And who in their right mind would pay for such managemet to stay that did?   Conversely, Delta Airlines’ CEO recently put his pay and benefits on hold while it emerges from bankruptcy.  I am all for good 'ol US enterprise - when backed by at least a little ethics.  It makes my stomach churn and I am appalled that the senior management of a major US corporation is allowed to profit more than the company, itself; while the salaried workers and investors bear that costs.  And just to clear the air (pun intended), this little rant is not about jealousy.  I would rather earn what I do, knowing I did an honest day's work for it than to have schemed it away from others who deserve a decent working wage.  Who ever said, Greed is good”?  Not me!   

*  A gecko is a cold-blooded creature who cannot generate its own heat. Instead, it takes on the temperature of its environment. With infrared photography one can see how cold a gecko's eyes are.

Mar. 29, 2007 - County spending jumps more than 13%

Federal grants provides relief

Somerset County spending will jump 13.5 percent this year as the county freeholders approved their 2007 operating budget Tuesday night, but little of the increase will show up in residents' county tax bills.

The bottom line is up almost $31 million from the $228.7 million spending plan adopted by the freeholders last year. But federal grants will pay for the project that is driving the increase, the $32.5 million construction of an interchange at Route 22 and Chimney Rock Road in Bridgewater.

The county already has acquired land and commissioned design work for the road project, but construction is unlikely to begin before this fall at the earliest, said Freeholder Richard Fontana, who presented the budget.

The county tax levy will grow 2.26 percent, to $167.5 million. The effects on residents' actual tax bills will vary from town to town, be cause county property taxes are "equalized" to reflect market values instead of being based on municipal assessments. Those calcula tionswere unavailable.

Property values in the county continued to soar, driving the total of Somerset tax ratables to $61.2 billion, up 10 percent. The figure has more than doubled since 2000, largely fueled by higher tax assessments on existing properties.

Mar. 29, 2007 - Internet E-Mail Viruses

Don't Get Fooled

RisMedia reports that April Fools' Day is one of the prime dates that virus writers target for their un-merry e-mail pranks.  Make certain your anti-virus program is current with the latest updates.  The report also states here's what to look for in potential April Fools' threat emails:

1) Professional looking communications: Be wary of anything that claims it came from an "official" or "government" authority, bank, credit union or financial institution.

2) Endorsement from authority: If you see emails from names you trust, like AOL, PayPal, GM Credit or Bank of America, (among many others) run the other way.

3) Sense of urgency: Many virus writers try to instill the sense that something bad will happen unless an email is acted upon, opened or a link clicked immediately.

For the complete story, click here

Mar. 26, 2007 - Three things to speed the sale of your home

Improve Curb Appeal, Neutralize Colors, Give a Home Warranty

If you are planning to market your home for sale this spring there are three things that should be a must on your list of things to do.

Have your home present a terrific first impression; improve its curb appeal.  This includes the home's exterior, the shrubbery, the gutters and the front door.  Peeling trim or an odd exterior color could be a kiss of death before your potential buyer gets inside.  Keep your lawn green and cut.  The more it is mowed, the denser it will become. And get on a fertilization program, starting at the beginning of the season.  Borrow some grass from an inconspicuous place elsewhere on the lawn if there are small spots that need to be filled in.  The grasses will match better if they come from the same lawn.

Remove clutter and make a move to more neutral colors for the interior. Neutral colors, including beige and ivory, can have an added advantage of making a room appear larger.   Removing a home's clutter is also extremely important in getting potential buyers to imagine their family living in the home.   It goes without saying, but, don’t forget to do some basic spring cleaning: shampoo the carpets, wash all windows, rebuff hardwood floors and oil any wood cabinetry.

Provide a home warranty and pertinent documentation.  This can give extra piece of mind to home buyers knowing such things as heating and plumbing are covered should the buyer run into problems after closing.   An independent study shows that homes listed with a home warranty have a better chance of selling, sell faster and for more money.   And if replacement projects have been done in the past few years, dig out the documentation to prove it,   Explain if any of the improvements have produced a cost savings in terms of energy usage.

Need more ideas?  I would be happy to help.  Feel free to contact me

Mar. 26, 2007 - Frugal Help for your garden

Vinegar Uses In Garden

Spring has finally arrived. Here's a great tip for using vinegar in your garden.  Thanks to FrugalGardening.com and theGardenHelper.com for this tidbit and other useful and cheap gardening tips.

1. Clay Pot Cleaning: Vinegar will remove the white salt buildup on old clay pots. Simply soak the affected areas in full strength.

2. Kill grass: Undiluted vinegar will kill grass between bricks and sidewalk cracks. Simply spray where needed.

3. Kill Weeds: Spraying full strength vinegar on weeds will kill them - be careful not to spray it on the surrounding grass as it will kill that too.

4. Deter Ants Spray vinegar around doors, appliances, and along other areas where ants are known to gather and the vinegar will keep them away.

5. Keep Cats Away: Vinegar will help keep cats away from areas you don't want them. Sprinkle vinegar on any areas where you don't want the cat walking, sleeping, or scratching.

6. Freshen Cut Flowers: Vinegar will help fresh cut flowers last longer. Add 2 tablespoons of vinegar and 1 teaspoon sugar for each quart of water.

Courtesy of Treva

Mar. 23, 2007 - 30-year mortgages increase slightly

Mar. 21, 2007 - April is Housing Month in Somerset County

Proclaimed for the 15th consecutive year

The Somerset County Board of Chosen Freeholders will proclaim April as Housing Month for the 15^th consecutive year at its regular meeting on Tuesday, April 3.  April also will mark the 39^th anniversary of the passage of the Fair Housing Act of 1968, which seeks to eliminate discrimination in housing opportunities and to affirmatively further fair housing choices.

The objective of Somerset County Housing Month is to increase awareness of affordable housing issues, highlight solutions for addressing unmet housing needs and profile successful housing programs and activities.

“Housing Month is intended to emphasize the need for affordable housing in Somerset County and to strengthen and revitalize neighborhoods.  We also want to educate families about housing options and programs that are currently available to meet their needs,” said Freeholder Director Robert Zaborowski. 

“We are extremely proud of the accomplishments of our municipalities, non-profit housing organizations and private sector participants in expanding affordable housing options throughout the county over the years.  These entities have established strong partnerships, as attested to by SCCOAH’s diverse and successful Board, which is so very necessary to successfully accomplishing this goal,” Freeholder Director Zaborowski added. 

Mar. 21, 2007 - Drop the spare tire

County residents can dispose of used tires free of charge

Get a jump on spring cleaning.  The Somerset County Division of Solid Waste Management is partnering with the South Bound Brook Department of Public Works to collect used tires, with or without rims. 

Residents will be able to drop off used tires at the Robert Morris School, located at 122 Elizabeth St.  Tires will be accepted between 8 a.m. and 1 p.m. on Wednesday, April 11, through Friday, April 13.

“It is important to properly dispose of tires,” said Freeholder Rick Fontana, solid waste management liaison.  “By taking advantage of this free service, residents will be removing unwanted items from their property that have the potential to collect standing water and attract mosquitoes, which may carry the West Nile virus.”

There is no charge to county residents, although there is a limit of eight tires per household. The drop-off program is funded through a grant from the state Department of Environmental Protection.

Tires also may be dropped off at the county Recycling Center, located at 40 Polhemus Lane in Bridgewater, as part of the First Saturday of the Month drop-off program.  The next First Saturday of the Month Drop-off will be held from 8 a.m. to 2 p.m. on Saturday, April 14th due to holiday.

For more information, contact county Recycling Coordinator Stacy Grillo at (908) 231-7109 or solidwaste@co.somerset.nj.us.

Mar. 21, 2007 - New uses for household items

Common items with new uses

Think you need a slew of different home and beauty products?  Think again.  Real Simple magazine has come up with great, new uses for common items you probably already have in a cabinet or drawer at home.

Pam Cooking Spray
Old Use: Nonstick cooking and baking
New Use: Finishes, dries nail polish

When you get your nails done in a salon, the manicurist applies a finishing coat after the polish is applied. It's a protective coating that stops dust and such from drying on the polish. Pam works the same way — it "seals" the polish, protecting it from those dings and dust that happen before the polish dries. It also dries the polish faster, because the oil helps dissolve the polish's solvent, which keeps it damp.

Transparent Tape
Old Use: Sticking things together
New Use: Cleaning computer keyboard

Everyone with a computer has a problem with dust and crumbs gathering in the keyboard. The solution is simple: Slip strips of transparent tape between rows of keys, picking up the unwanted debris. The tape is thin enough to slide between the keys, and the adhesive picks up crumbs without risking any damage to the keyboard.

Cut Lemon
Old Use: Flavor
New Use: Clean cheese grater

A cut lemon can help clean a cheese grater with stuff stuck in it. Simply rub the grater with the pulp side of a lemon and watch the cheese residue come out.

Rice
Old Use: Side dish
New Use: Clean coffee grinder

Rice is a natural absorbing agent — when you cook it, it absorbs water and quadruples in size. The absorbent nature of rice makes it clean coffee grinders. It soaks up the oils that coffee beans leave behind. Also, many coffee grinders can be used for spices — flavors and smells that you don't want mixed with your coffee. Rice will absorb the odors as well. Grind a handful of rice through the grinder and you're good to go.

Chalk
Old Use: Writing on blackboard
New Use: Preventing silver tarnish

Tarnish is caused by moisture, and chalk absorbs moisture. Wrap chalk in cheesecloth and slip it in with your silverware — cheesecloth prevents the chalk from scuffing the silver — and you won't be stuck polishing your silverware the next time company pays a visit.

Powdered Lemonade
Old Use: Refreshment
New Use: Clean dishwasher

Buildup in the dishwasher is caused by minerals in the water. Lemons are great natural cleaners — they are acidic, so they cut through the deposits and can provide some antibacterial and antiseptic properties for cleaning. Also, the lemony fragrance says "clean." Put the powdered lemonade in the dishwasher dispenser cup and run a cycle while dishwasher is empty.

Mar. 19, 2007 - Pet food recall

More than 90 brands of pet food tainted

Menu Foods, the Ontario-based company that produced the pet food, said it was recalling numerous dog food and cat food brands. The recall now covers dog food sold throughout North America under 51 brands and cat food sold under 40 brands, including Iams, Nutro and Eukanuba. The food was sold under both store and major brand labels at Wal-Mart, Kroger, PetSmart, Safeway and other large retailers.

An undetermined number of cats and dogs had suffered kidney failure and about 10 died after eating the affected pet food, the company said.  Many stores that sold the affected brands frantically pulled packages off shelves.

Menu Foods designated two phone numbers that pet owners could call for information — (866) 463-6738 and (866) 895-2708

Here is a listing of dog food and cat food brands recalled.  If your pet's eating habits have changed in the past few days or if it is vomitting, contact your veterinarian, ASAP.

Mar. 19, 2007 - Tax help for seniors, low and middle income residents

Free Help Filing Taxes

You still have time to make an appointment to get your income taxes prepared for free. Somerset County volunteers are trained and certified to prepare taxes for seniors, low and middle-income taxpayers.  They will prepare your federal and state income taxes for you at no charge.  Volunteers with laptops may be available to do taxes at shut-ins’ homes. 

All volunteers also will help you fill out your Property Tax Rebate application and apply for your Telephone Excise Tax Refund, even if you don’t have to file a federal or state income tax return. 

The specially trained volunteers enter taxpayers’ pertinent information into a computer; the returns are automatically prepared and sent to the federal and state IRS service centers. 

Call (908) 541-5710 to make an appointment to have one of the county’s 32 volunteers prepare your taxes.  Be sure to tell the operator if you want to e-file your return.  Electronic filing means you will get your refund in two to three weeks.  Using direct deposit gets your refund to you in the shortest possible time. 

Once the return is accepted by the IRS, usually overnight, all financial information is deleted from the local computer.  In the meantime it is secured in a locked room on a password-protected computer.

For all who choose to go it alone, the IRS provides everything you might need to file your taxes online and for free. 

Mar. 17, 2007 - Home Inventory is High

Is now the time for buyers to leap into home ownership?

Despite all of the recent news of sub-prime mortgage lenders' woes now may be the ideal time for prepared buyers to take the leap into home ownership.  What hasn’t been widely reported is the fact that the sub-prime mortgage market only comprises about 15% of mortgage money and potential foreclosures.  Those most at risk are borrowers with poor credit or those who obtained "no money down" mortgages without fully documented incomes and who probably should have never been given a mortgage in the first place.

Potential home buyers with good credit scores, documented income, and an adequate down payment should be able to secure mortgage money from a variety reliable and available lenders.  Further, mortgage rates remain historically low. 

The conditions remain ripe to find the right home, with a high inventory of homes and prices stabilizing in the Somerset and Middlesex areas. When the current supply of homes dwindles, prices will likely rise again.  Right now, buyers have option to view many homes, to compare and the time to negotiate a market price for their home.

It should not go unnoticed that historically speaking, despite the recent decline in local home prices, long term home ownership has proven to be a great investment. 

Mar. 17, 2007 - Property Tax Reduction

The Governor promises to sign final bill

Thursday, Governor Corzine said he will sign the final piece of property tax legislation later this month. The bill, which has been on his desk for nearly six weeks, provides most homeowners with a 20 percent tax credit and limits yearly growth in local tax levies to 4 percent.

At the same time, Corzine signed three key property tax reform measures into law.   For the complete story, click here

Mar. 15, 2007 - NJ Dept of Banking & Insurance Takes Action

Lender ordered to stop doing business in NJ 

On March 13, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering New Century Mortgage Corp. to stop doing business in the state and took the initial step toward revoking the company’s mortgage lender licenses. This will affect consumers who have business with the company's two operating subsidiaries, New Century Mortgage Corp., headquartered in Irvine, Calif., and Home 123, a New Century affiliate.

Consumers who have recently closed loans are advised to confirm with their settlement agent (lawyer or title company) that their monies have been received.

Consumers who have submitted an application or have an application pending are advised to contact their mortgage broker and ask them to find a new lender.

To contact New Century, call 1-877-481-6702.

Individuals with questions regarding a loan pending with New Century or Home123 can call the DOBI Consumer Hotline at 609-984-2777.

Mar. 12, 2007 - Ground Water Awareness Week March 11-17

Give Your Well Water A Check-Up

The National Ground Water Association (NGWA) is sponsoring March 11 through 17 as “Ground Water Awareness Week.” The Somerset County Department of Health is taking this opportunity to remind residents with private wells that routine testing is crucial for your and your family’s safety and well-being.

According to data collected from the Private Well Testing Act, coliform bacteria and arsenic are the two most common contaminants of concern in Somerset County.  Beyond routine water testing, the Somerset County Health Department also recommends that well owners periodically check the well cover or well cap on top of the casing to ensure it is in good repair and securely attached. Its seal should keep out insects and rodents. 

Residents should keep hazardous chemicals, such as paint, fertilizer, pesticides and motor oil, far away from the well.  Also, be sure to maintain a "clean" zone of at least 50 feet between your well and any kennels or livestock operations. 

The NGWA provides a homeowner inspection checklist and testing information on its Web site: www.wellowner.org  Residents also may call their municipal health department or the Somerset County Health Department any time with questions or concerns.

The county Health Department can be reached at (908) 231-7155 or healthdiv@co.somerset.nj.us  

Mar. 12, 2007 - Countrywide Stops No Money Down Financing

Game Over!

By all accounts, the market for "subprime" mortgages -- home loans made to people with poor or sketchy credit histories -- has unraveled with impressive speed and intensity.  

Countrywide Home Loans notified its loan consultants to stop 100% financing for home loans last Friday.  This is in addition to news that New Century Financial Corp., the nation's second-largest subprime mortgage lender, was forced to stop making new loans.

This latest news should come as no surprise. Last Wednesday, here at Somerset 08873, it was reported the tightening standards for credit impaired borrowers had begun (Prime Mortgage Melt Down).  According to the WSJ, Countywide holds 8% of the sub-prime mortgage market and $38.5 billion in loans. 

For home buyers and refinance borrowers with poor credit, the easy money gravey train is coming to a screeching halt.  Pull that seatbelt just a little tighter to prevent injury. 

If you are shopping for home financing, do your homework to ensure you go with a reputable and solid lender; preferably one who did not engage in the subprime market and who's balance sheets are in order.

You can read more on this story at CNN/Money

Mar. 11, 2007 - Somerset County’s budget expected to increase

County taxes to rise 2.2%

County Freeholders revealed the 2007 budget on March 5th.  This year's proposed tax levy is $167.5 million, about $3.7 million more than in 2006.  For the third year in a row, tax ratables in Somerset grew by more than $5 billion, rising 9.9 percent to $61.2 billion. The public hearing on the budget is scheduled for March 27.  

To read more about this click here

Mar. 11, 2007 - Road and Bridge Projects

Queen’s Bridge, Bound Brook/South Bound Brook

A detour will go into effect for this bridge on Monday evening March 12^th 9:00 PM extending through Tuesday morning March 13^th 5:00 AM. The detour route follows Canal Road to Route 287 to Union Ave. (Route 28) on to East Street from South Bound Brook approach, and the opposite direction from Bound Brook.   Further closures are not expected to occur until this April.

Mar. 7, 2007 - The Sub Prime Mortgage Melt Down

Lenders Tighten Standards

Sub-prime home mortgage lenders are coming under pressure to tighten standards for credit impaired borrowers.  This affects to both buyers and sellers.  Earlier this month, federal bank regulators announced a crackdown on loose lending standards of sub-prime home mortgages, as two major lenders struggled to cope with losses and regulatory problems.  In a nutshell, these lenders have been giving creative mortgages to people who could not afford them.

Homeowners with poor credit histories who want to refinance, but who have less than 5 percent or 10 percent equity in their houses need to worry.  People with poor or fair credit, and who don't want to verify their incomes or assets, are also finding it more difficult to qualify for loans. Especially if they want to borrow more than 95 percent of the house's value.

Only about 15 percent of mortgage borrowers are in the sub-prime category. Those are the people, with credit scores less than 620 (on a scale of 300 to 850).  Futher, it was discussed during my scheduled office meeting today, those with credit scores of  less than 570 might find it difficult to obtain Priivaste Mortgage Insurance (PMI).    PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.  About 85 percent of mortgage borrowers have credit scores of 620 or higher.  Most of these buyers needn’t worry about obtaining financing as long as they are willing to verify income(s) and assets to the lender.  As a result, sellers will have fewer buyers who will qualify for a mortgage loan, than in recent years.

For more on this subject go to: recordonline.com