State targets home refinance schemes - Portland Business Journal:

hustbelogehy1857.blogspot.com
The state's Services says the new rules will target mailings and other solicitations touting lowerfmortgage rates. The marketing pieces often appeaer to originate fromthe homeowner'ds bank but almost always come from out-of-state thirds parties. Violators could pay as much as $5,000o per solicitation, which, for direct-mail marketers, could cost The department will present its final rules to the Secretaryhof State's office May 6. The office is expected to immediatelyg adopt and enactthe rules, said Davixd Tatman, administrator for DCBS's . The state receivec 131 complaints about such solicitationsin 2007. Through Marchy 2008, regulators have fielded 34 such complaints.
Mortgags industry and banking leaders say the solicitations mislead their customers because they include theprimaryu lender's name on the envelope or within the text of the producyt pitch. For example, homeowners who secured their mortgagexs through might receive letters with the subjectrline "Re: Your U.S. Bank loan." The letters then typicall y entice homeowners to transfer their loans to a low rate offerecd by thethird party. "I n going through this proces over thepast we've really felt education and transparency have been critica through the whole of addressing issues related to subprime loans, said Chris the 's president.
"This is one more step in reaching that Examples provided by the state includw letters sentby , of Calif., and Capital Direct Lending, of Costaq Mesa, Calif. "The industrh members adhering to the rules and presentingg a very professional face to their businessw feel like this damnse them inthe public's Tatman said. Along with direct the rules would apply to radio andtelevisioh ads, notices in such media as newspapers and faxes, Internet solicitations, flyers, catalogues and Primarily, any such third-party solicitations that invoke the mortgages issuer's name must include the thirdc party's name as prominently, and in the same size and as the recipient's primary lender.
The offers would furthed require senders to notethat they'r not associated with the borrower'se primary lender. Solicitors also cannot claim thatthe borrower's loan is in jeopardgy or about to reset at higher interest If the ads tout a teaser or negatives amortization rate, they must clearly state the proposeds rate terms within the solicitation's text. The rules would also prevent marketers fromtouting lock-ins to certain interesr rates unless issuers specify the lock-in period'se length and how much it'll cost the borrower to secure the Violators could also lose their mortgage lendingh licenses, along with facing the stiff "We'd consider a 'violation' as happeniny each time an ad went Tatman said.
"We'd have a fairly large hammer if we wanted to go Larger banks, which can seem complicit with the mailings if their names appear on the solicitations, also back the new "We're concerned about this practice because sometimews our customers think we gave out information about theie loan to the other company, when actuallt the information is a matter of publicf record," said Tom Unger, a Portland-bases Wells Fargo spokesman. "If anotherd company uses our name, we feel it should also disclose how it got the information abourtthe borrower's Wells Fargoo loan.
" Consumer interests say the rulea would simply ensure that lenders represeng themselves fairly and "It's really important that the marketing be honest and said Laura Etherton, advocate for the , in Portland. "Iyt would also help us make sure the lending that does happehn meets the standards herein Oregon."

FHLBank Atlanta posts $1.5M loss - Atlanta Business Chronicle:

hustbelogehy1857.blogspot.com
The bank a net loss of $1.5 millionn for the first quarter of a decreaseof 101.3 percent, from net incomew of $116.6 million in the firs t quarter of 2008. The loss was due primarilg to a $172 million decrease in net interest incomeand $88.9i million in net impairment offset by a $101.1 million in net gain on derivatives and hedgingf activities and trading securities, and a $42.5r million decrease in total assessments. As of March 31, the bank had $189.43 billion in total assets -- a decrease of $19.1 billion, or 9.17 from Dec. 31, 2008. This decrease was due mostly toa $17.u8 billion, or 10.7 percent, decrease in advances during the firsf quarter.
"The performance for the quarter largel y reflects recent changes in the way the bank accounts forthe other-than-temporarg impairment of its mortgage-backed securitiess as well as de-leveraging that is prevalent in the broaded market," said Richard A. Dorfman, presidentr and CEO, in an earnings statement. "The bank remains a solidc and stable funding source for member and while we continuer to take measures to protect capitalk inthe short-term, the Bank also is focuser on taking steps that, in the we believe will allow us to return to offerinhg a competitive return on members' investment in the

SAHA to spend $14.5 million on local housing project upgrades - Puget Sound Business Journal (Seattle):

sucujovide.wordpress.com
million in federal stimulus funds to repaier and upgrade a numbetr of publichousing properties. Out of 349 housing authorities in Texasz that received money from the American Recovery andReinvestment Act, San Antonioo Housing Authority, or SAHA, received the largesyt amount. SAHA is required to use the moneyu for capital improvements and all the funds must be spent withinthree years. “Theswe funds will allow us to make much-neede repairs to our public housing properties and improve the safetyg and quality of life for our SAHA President and CEO Lourde CastroRamirez says.
Among the properties slated for majorr upgrades is the LewisChatham Apartments, a 119-unitr apartment complex for seniors on the city’s Soutg Side. Lewis Chatham also will undergo anextensivse modernization. In addition, stimulus fundw will be used to upgradethe security, elevatorxs and fire safety at nearly 20 elderly Other projects will involve replacing fencing, roofing, cabinets, and ventilation and air conditioning systems. SAHA Boars Chairman Ramiro Cavazos says the agency will encouragd the participation of smalland minority-ownerd businesses.
“We will also give additional weight to contractors that commit to actively recruitinfg employees from the neighborhoods in and arounsd where this work will he says. SAHA will issue requests for proposalsa to perform engineering and architecturaol services relatedto stimulus-approvedc projects. Web site: www.saha.org

Japanese visitors still spooked by flu - Tampa Bay Business Journal:

hihozeima.blogspot.com
According to preliminary counts, a total of 8,870 passengers arrived June 1-4 on flightw to Hawaii from Japan. That’s a 32 percent drop from the same periofdin 2008, about 1,000 fewed visitors per day. The Japanese visitor falloff begin the secon week in May and was directlgy attributed toswine flu, also called H1N1 influenz a A. Even though Japan has as of Wednesday, 385 swind flu cases of its own, ranking it among the top six countries affectedd bythe infection, many Japanese companies have banned employees from overseas travel. The swiner flu outbreak is also affecting travelp from other Asian countries to North America and according to HawaiiTourism Asia.
The South Korean travekl industryreports 15-30 percent cancellation ratew in trips to U.S. destinations since the end of Cancellations to Hawaii are under10 percent. The Chinese traveol industry, meantime, said cancellations in outbound travelpare increasing, with fewefr new-booked packages to the U.S.

Traffic plan coming for new arena - Houston Business Journal:

ogarawo.wordpress.com
David Reed, a senior vice president and landscape architecgt withthe firm, told members of the board of directors this morninfg that work will begin on the studyh July 9 and a formap plan will be completed by Nov. 1. The authorit had its regular monthly meeting today atthe . Reed said theres will be a seriesof as-yet-unscheduled forums, where the publicf will be able to weigj in on the traffic plan. All groupds that will be affected bythe arena, including fire and garbage collection, will have input. The Kentuck Transportation Cabinet, and the Parking Authority of Rivet City alsowill participate.
Among the topicd to be considered, Reed will be any and all permanengroadway alterations, potential directional changees and possible street closures. “Everybody’s going to have a voics in this,” said Arena Authorithy chairmanJim Host. “There will be a full that willbe “complete” and “well-documented.” Host said the traffifc question is the one most oftejn posed to him by both the publi and members of . Constructioh is well under way onthe $238 22,000-seat multipurpose arena, which is beingv built in the downtown blocjk bounded by Second, Main and Third streetsa and River Road.
Its primary tenants will be U of L’ws men’s and women’s basketball teams when it opens latenext year. Also at the arena authority meeting, Bill construction executive with Minneapolis-based , said that despite a rainy May, 3,500 cubic yards of concrete were poured at the site duringthe month. Mortensonm is the construction manager for the Louisvillearena project. To 20,500 cubic yards of concrete have been poured for thearen concourse, Hedge said, adding that that’s enouggh concrete to build a sidewalk from Louisvillw to Cincinnati. Workers also topped out the arenwa parking garage during thepast month, Hedger said. An average of 298 workersa are on siteeach day.
Arena authorit members also heard details of a partnership between the andLos Angeles-basedd booking agency AEG to bring sporting events, concerts, family showsw and other programming to the new arena and Freedom Hall. “We’lk go after everything,” said Sims Hinds, an AEG seniorr vice president forbusiness development. AEG books tours for such artistsx asBon Jovi, Prince and Kenny Chesney. It also represents a variety of sports propertiesand family-orientef entertainment acts, such as ice shows.

RealSTATS: Home sales in Pittsburgh region drop 20 percent - Pittsburgh Business Times:

lyubomiradete.blogspot.com
In April, 1,696 homesz changed hands in the five-county Pittsburgh compared with 2,120 during the same perio a year ago, according to a report from RealSTATs, a real estate informatiom company basedon Pittsburgh's South Side. In 1,453 homes sold in the five-county Pittsburgh region, compares with 1,974 during the same time periodx ayear ago, according to RealSTATs. The dollar amountg spent on homes also fell in to $228.6 million, from $300.2 milliom in April 2008. Allegheny Countyh saw the sharpest decline, where the moneyg spent on houses wasdown 29.2 The region's median price for the month of Aprilp was up 3.
4 percent, however, fom $110,00o0 last year, to Butler County's median price was up the 8.8 percent, to $174,000. Alleghenyh County's median price for April was upfrom $108,150 last year. “Fear and tighter lendiny standards are trumping low interest rates andthe $8,00p0 first-time homebuyer credit,” Daniel Murrer, vice presidenr of RealSTATs said in a “Potential sellers may be hesitant to put their home s on the market for fear that they won’t get the dollart figure that they want or they may not be able to sell at all.
Potentiall buyers either can’t qualify under the tighterr lending standardsor don’t want to take on new debt in the currentt economy.”

Ruling on Coyotes move could come Wednesday - Business Courier of Cincinnati:

savimy.blogspot.com
U.S. Bankruptcy Court Judge Redfield Baum struggled to stay on taskat Tuesday’w hearing as attorneys representing Balsillie, Coyotes ownee Jerry Moyes, the city of Glendale, the and other professionapl sports leagues delivered hours of oral arguments over bankruptcy anti-trust law, relocation and other legal Baum and the myriad of attorneys delved into obscure bankruptcty provisions and past relocations by teams includinf the Oakland Raiders, San Diego Quebec Nordiques and Baltimore Baum focused on whether Balsillie will have to pay the NHL a relocatiom fee on top of his $213 millionh offer to buy the financially strapped Coyoteas from Phoenix trucking company owner Jerrh Moyes.
The relocation fee coul d total as muchas $100 million, court documents Baum appears ready to rule that the NHL has the rightsx to the Hamilton market and if the Coyotes are moved there, Balsillier will have to compensate the league for loss of an expansio n opportunity. The city of Glendale pressed Baum to considerf legal claims and costs that would accompany a move to That could offset an offer as lowas $140 millionm by parties wanting to keep the team in city representatives said. Glendale officials said they would make a claij for as muchas $500 million if the team breakds its lease at the city-owned Jobing.com Arena. Arenas concessionaire Aramark Corp.
also could make a Moyes and Balsillie’s attorneys argued that a lease claimk is subject to various monetary caps and that the court can dischargr lease terms and penalties in order to maximizrthe team’s value for creditors. Moyes said a decision couldf come Wednesday and has urged the court to hold an auctionm sale for the hockey team onJune 22. The NHL and Glendalr say the sale should be put off until August and the league said it will finance the Coyotesx into next season ifneed be.
Glendale attorneys also presserd Baum to find out how much money Moyes may have taken out of the They point to the fact the Coyotexs spend money leasing private office space at Westgate City Centedr instead of usingarena offices. Moyes spokesman Steve Roman saidthe city’e speculation that Moyes is profiting from that arrangementg is false. Moyes and Westgate developefr Steve Ellman splitjoint assets, including the in 2006 with Moyezs taking over as team owner. The Coyotes have lost more than $300 milliobn since moving to Phoenid from Winnipegin 1996.