Drumming up support for Percussion Ensemble in Aspen Aspen Times ASPEN â€" When Jonathan Haas founded the Aspen Percussion Ensemble 29 years ago and wanted to get his group a concert of its own at the Aspen Music Festival, the festival administration was happy to oblige â€" as long as Haas found a venue and did ... |
Tuesday 31 July 2012
Drumming up support for Percussion Ensemble in Aspen - Aspen Times
moffaiqohegesa1490.blogspot.com
Monday 30 July 2012
Researchers Demonstrate How Young Children Can Easily Open Gun Safes - RedOrbit
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RedOrbit | Researchers Demonstrate How Young Children Can Easily Open Gun Safes RedOrbit A team of security experts has demonstrated that certain gun safes can be cracked open by a preschooler, and that the locks on some of these products can be bypassed using common household items such as a paper clip or an ordinary drinking straw, ... Children can break into gun safes with paper clips, straws: experts warn Opening gun safes is childs's play at DefCon |
Saturday 28 July 2012
Uddin: College trustee's role is unrelated to accrediting - Ventura County Star
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Uddin: College trustee's role is unrelated to accrediting Ventura County Star For such behavior of a specific trustee, an accrediting committee cannot or should not place a prestigious community college district with three campuses on probation. This is ridiculous. This member is not going to the classroom to disrupt a class in ... |
Friday 27 July 2012
Frazier's goal: 'To improve across the board' - Minneapolis Star Tribune
qalymeled.wordpress.com
Minneapolis Star Tribune | Frazier's goal: 'To improve across the board' Minneapolis Star Tribune Vikings coach Leslie Frazier made it a mere eight minutes into his first news conference of training camp before being confronted with the "P" word ... as in playoffs ... for a team that went 3-13 and is riding an 11-game losing streak within its ... Notebook: Leslie Frazier delivers a message of hope as camp kicks off Plan for RB Adrian Peterson awaits Peterson ready, but will Vikings let him loose? |
Wednesday 25 July 2012
Commerce, UMB see a run on banks
inufyw.blogspot.com
For the week that ended Sept. 19, reeled in $300 milliob more in deposits than it normally attracts in a Jonathan Kemper, chairman and CEO of Commerce said customers in these uncertain timew are looking for banks with a solid footinvg in the marketplace. “I think the pace and scalw of change has been so large in the reallysix months, but come to a crescendo in the last that everyone is wondering, ‘Is my moneg safe?’ and what the nature of their bank he said. “Frankly, we are a conservative and these are the timeds people like to seeconservative bankers.” The $300 millio n figure is a corporatewide amount for deposits.
The bank operatesa nearly 360 branchesin Missouri, Colorado, Illinois and Oklahoma. The single-weekj uptick brings the Kansas City-based bank towars $12 billion in deposits. The recent deposiyt boom comes after a modest decrease indepositd — 0.4 percent — from the end of the firsty quarter of 2008 to the end of the secondf quarter. CEO Peter deSilva said that institution also hasseen “sizablwe inflow” in deposits in the past 30 to 60 though he couldn’t disclose how DeSilva said new account activity appears to reflecg concerns about maximizing coverage, whicy protects as much as $100,000 for individua accounts. “We’re seeing a lot of new he said.
“We’re seeing a lot of people sensitiver to not leaving morethan $100,000 in their DeSilva also said new customers were more concernede with the safety a bank can provide than potential UMB Bank, like Commerce, had a slight dip in It had deposits of $5.58 billion on June 30, down from $5.7 billio at the end of the first Smaller banks also are seeing a relative rush of new Grant Burcham, CEO of of Kansas City, agreed that the new accounts at the bank are a reflectionj of consumers trying to escape turbulencw in the banking industry. “Therre can be some volatility insome banks, and we haven’y had that,” Burcham said.
“And I think people have paid attentiomnto that.”
For the week that ended Sept. 19, reeled in $300 milliob more in deposits than it normally attracts in a Jonathan Kemper, chairman and CEO of Commerce said customers in these uncertain timew are looking for banks with a solid footinvg in the marketplace. “I think the pace and scalw of change has been so large in the reallysix months, but come to a crescendo in the last that everyone is wondering, ‘Is my moneg safe?’ and what the nature of their bank he said. “Frankly, we are a conservative and these are the timeds people like to seeconservative bankers.” The $300 millio n figure is a corporatewide amount for deposits.
The bank operatesa nearly 360 branchesin Missouri, Colorado, Illinois and Oklahoma. The single-weekj uptick brings the Kansas City-based bank towars $12 billion in deposits. The recent deposiyt boom comes after a modest decrease indepositd — 0.4 percent — from the end of the firsty quarter of 2008 to the end of the secondf quarter. CEO Peter deSilva said that institution also hasseen “sizablwe inflow” in deposits in the past 30 to 60 though he couldn’t disclose how DeSilva said new account activity appears to reflecg concerns about maximizing coverage, whicy protects as much as $100,000 for individua accounts. “We’re seeing a lot of new he said.
“We’re seeing a lot of people sensitiver to not leaving morethan $100,000 in their DeSilva also said new customers were more concernede with the safety a bank can provide than potential UMB Bank, like Commerce, had a slight dip in It had deposits of $5.58 billion on June 30, down from $5.7 billio at the end of the first Smaller banks also are seeing a relative rush of new Grant Burcham, CEO of of Kansas City, agreed that the new accounts at the bank are a reflectionj of consumers trying to escape turbulencw in the banking industry. “Therre can be some volatility insome banks, and we haven’y had that,” Burcham said.
“And I think people have paid attentiomnto that.”
Tuesday 24 July 2012
Kiplinger
vykyvimote.wordpress.com
Its Personal Finance July issue features the 10 best cities of2009 Kiplinger’s and Kevin Stolarick, research director at the Martin Prosperity Institute, evaluated U.S. cities based on the overallk number and quality of jobs and how well locations retain employment when the economgygoes sour. D.C. ranked No. 3 due to the presence of the government, which employs one in eighrt workers inthe D.C. area and supports nearbyt companies acrossvarious industries. Northern Virginiaa technology firms and Maryland biotechs also offer many job notedthe magazine. Kiplinger’s included data on population unemployment rate, income growth, and cost of livinbg to determine city rankings.
“Although downturns are felt by everyone, our research has show n that the impact is less severe for those in thecreativee class—people who are paid to think,” says in a statement. “People in fields such as engineering, architecture, and education are catalysts of vitality and livabilitt ina city.” Huntsville, Ala., whic was No. 1, boasts strongy missile-defense and aerospace industries and medicaland life-sciences sectors. N.M.’s budding film industry, which has grown from 100 people eight years agoto 3,000o today, helped put it at No. 2. Charlottesville, Va., was rankedx No. 4 and Athens, Ga., was No. 5.
Its Personal Finance July issue features the 10 best cities of2009 Kiplinger’s and Kevin Stolarick, research director at the Martin Prosperity Institute, evaluated U.S. cities based on the overallk number and quality of jobs and how well locations retain employment when the economgygoes sour. D.C. ranked No. 3 due to the presence of the government, which employs one in eighrt workers inthe D.C. area and supports nearbyt companies acrossvarious industries. Northern Virginiaa technology firms and Maryland biotechs also offer many job notedthe magazine. Kiplinger’s included data on population unemployment rate, income growth, and cost of livinbg to determine city rankings.
“Although downturns are felt by everyone, our research has show n that the impact is less severe for those in thecreativee class—people who are paid to think,” says in a statement. “People in fields such as engineering, architecture, and education are catalysts of vitality and livabilitt ina city.” Huntsville, Ala., whic was No. 1, boasts strongy missile-defense and aerospace industries and medicaland life-sciences sectors. N.M.’s budding film industry, which has grown from 100 people eight years agoto 3,000o today, helped put it at No. 2. Charlottesville, Va., was rankedx No. 4 and Athens, Ga., was No. 5.
Monday 23 July 2012
US Airways seeks voluntary furloughs - New Mexico Business Weekly:
martaemimbzini.blogspot.com
The carrier wants 300 volunteers at its Phoenix and Las Vegas hubs and 100 on the East Coast to taketime off. US Airwayss (NYSE:LCC) operates its largest hub at Charlotte/Douglas International Airport. US Airwayds has more than 6,600 flight attendants. The Phoenix and Las Vegax furloughs will be from four to 16 monthe while the East Coasg terms will bethree months. US Airways cut 1,300 positionxs in 2008 as it and othet airlines reduced flight schedules and costs in the wake of reducef traveland record-high fuel prices. Fuel costws have dropped sincelast summer, but the recession continues to bite tourisn and business travel.
Flighgt attendants were not part ofthe 1,300-worker reduction but current demand and flight capacitu leaves that work group area overstaffed. US Airways has more than 33,00 0 employees. The Arizona-based airline operates 3,200 flights per day to more than 200 destinationsx in the Americasand Europe. US Airways offers nonstop servicw to Phoenix with connections across the country from the Albuquerqu eInternational Sunport.
The carrier wants 300 volunteers at its Phoenix and Las Vegas hubs and 100 on the East Coast to taketime off. US Airwayss (NYSE:LCC) operates its largest hub at Charlotte/Douglas International Airport. US Airwayds has more than 6,600 flight attendants. The Phoenix and Las Vegax furloughs will be from four to 16 monthe while the East Coasg terms will bethree months. US Airways cut 1,300 positionxs in 2008 as it and othet airlines reduced flight schedules and costs in the wake of reducef traveland record-high fuel prices. Fuel costws have dropped sincelast summer, but the recession continues to bite tourisn and business travel.
Flighgt attendants were not part ofthe 1,300-worker reduction but current demand and flight capacitu leaves that work group area overstaffed. US Airways has more than 33,00 0 employees. The Arizona-based airline operates 3,200 flights per day to more than 200 destinationsx in the Americasand Europe. US Airways offers nonstop servicw to Phoenix with connections across the country from the Albuquerqu eInternational Sunport.
Saturday 21 July 2012
Austin Business Journal: About the paper
llrx-royce.blogspot.com
You can also sign up to receivwe any of our email products including daily busines snews updates, latest news of 46 industriesz from around the nation and the latest networking and marketing alerts. You'll also find out how to becoms a regular Business Journal subscriber and received information about how to become a BusinessJournal And, you'll notice that you're able to access 41 other localp business newspapers owned by our parent company, American City Business Journals [ ], as well as other American City sites with more information for the busy If you would like to learnj more about American City Business Journals [ ], pleasre click to download the following PDF (PDF, 5 Mb) or visit The brochure above requires Adobe Acrobat Reader to open.
Download Acrobat Reader here. We hope you'll let us hear from you. Lyn Chastee Austin Business Journal 111Congres Ave. Austin, TX 78701 We'd like to hear your comments about our newspaper or web site and your suggestionwfor improvement.
You can also sign up to receivwe any of our email products including daily busines snews updates, latest news of 46 industriesz from around the nation and the latest networking and marketing alerts. You'll also find out how to becoms a regular Business Journal subscriber and received information about how to become a BusinessJournal And, you'll notice that you're able to access 41 other localp business newspapers owned by our parent company, American City Business Journals [ ], as well as other American City sites with more information for the busy If you would like to learnj more about American City Business Journals [ ], pleasre click to download the following PDF (PDF, 5 Mb) or visit The brochure above requires Adobe Acrobat Reader to open.
Download Acrobat Reader here. We hope you'll let us hear from you. Lyn Chastee Austin Business Journal 111Congres Ave. Austin, TX 78701 We'd like to hear your comments about our newspaper or web site and your suggestionwfor improvement.
Friday 20 July 2012
There
bengeyqafiba1640.blogspot.com
They hang around waiting for the stars to for their moment of inspirationto hit, and for theirr career to prepare them for somethingt big. Well, I have some bad news for you: The stars will never align. The brilliant flasgh will probablynever come. And nothing you will learn or do workint for someone else will make you more ready to start your own Now here’s the good news: None of that The truth is that you’rw already ready. There’s absolutelyu nothing to hold out for in order to startryour company.
You reallh just need to get off your butt and get If youstill aren’t convinced and thinkm you’ve got a few more excuses up your let’s get rid of those right here and now. No matter what you’res about to learn in school (short of becoming a surgeon), it’s not going to make a lick of difference in startinfyour company. Sure, you migh t learn how basic accountinyg andbookkeeping works, but who cares? You’rre not going to do so much revenue in your firsgt year that your bookkeepingv skills are going to make or break you. Even if you do, you can hire a professional bookkeeper for peanuts and never think abou tit again.
Anything you don’g know now you can either figure out when you need to or find someonre that knowsthe answer. More there isn’t a class in any school’sa catalog that will teach you how to take huge risks andalwayes succeed. You’ll learn more in your first year of running a busines than you will in your undergraduateand master’a of business administration tenure combined. More than 500,000 companies are startede every month inthe U.S. according to the . Only a small fractio of those start withsignificant funding, like the kind you read aboutg in popular business magazines.
In fact, professional such as venture capitalists and angel investorss fund fewer than 1 percent of those So how do you think the other 99 percent of the worlsd gets started withoutthese guys? The answer is they bootstrap it and figures it out as they go. You don’t need that big infusionb of cash toget going. You need to get started with what you have right in front of you and push the limits of yourresourcez today. Excess cash breeds sloth, and a tight belt encourageas resourcefulness. The majority of entrepreneurs figure it out without a checj fromsomeone else, and you’rs no exception. There really is a rightg time to startyour company, and it’s callerd today.
Waiting around a few more months for some imaginary milestonr to pass is not goingto help. No mattedr when you start your it’s going to be really hard. It doesn’t matter if your kids are stiloin school, if your day job is particularly hectifc right now, or if you think it will just be a littls longer before the economy starts to Once you get started, your world is goinvg to be completely overbooked and loades with anxiety. That’s how a startup works.
Trying to avoid this is like trying to decide whether you want someons to shoot you in the head orthe It’s going to stink no matter Don’t burn up valuabld time pretending you can soften the I won’t mislead you here because experiencee certainly helps, but it’z not a requirement. I’ve started nine companies and certainlyu each experience makes the next one work betteeand faster. But I wouldn’t have gotteb through the first one if I had waite d around to bemore experienced. You also need to realizs that the experiences you get by startingv a company compared to just workinhg for one areworldsz apart.
Learning how to run a company by workingh at a company is like tryinvg to become a chef by ordering meals atfancy restaurants. Whilde experience can help, it often takes too long to get useful experiencw working in anexisting structure. The best and quickes way to get relevant experience is to actuallyy start your company and figure it out asyou go. If you want to spen the next few years coming up with more elaborate excuses to convinc eyourself you’re not ready, then by all means have at it. That path will most certainlhy resemble theone you’re already on.
But if you trult understand that nothing you can wait for will preparde you for beingan entrepreneur, then it’s time to put this colummn down and get started. You’re already ready. Now it’ws time to go kick some butt.
They hang around waiting for the stars to for their moment of inspirationto hit, and for theirr career to prepare them for somethingt big. Well, I have some bad news for you: The stars will never align. The brilliant flasgh will probablynever come. And nothing you will learn or do workint for someone else will make you more ready to start your own Now here’s the good news: None of that The truth is that you’rw already ready. There’s absolutelyu nothing to hold out for in order to startryour company.
You reallh just need to get off your butt and get If youstill aren’t convinced and thinkm you’ve got a few more excuses up your let’s get rid of those right here and now. No matter what you’res about to learn in school (short of becoming a surgeon), it’s not going to make a lick of difference in startinfyour company. Sure, you migh t learn how basic accountinyg andbookkeeping works, but who cares? You’rre not going to do so much revenue in your firsgt year that your bookkeepingv skills are going to make or break you. Even if you do, you can hire a professional bookkeeper for peanuts and never think abou tit again.
Anything you don’g know now you can either figure out when you need to or find someonre that knowsthe answer. More there isn’t a class in any school’sa catalog that will teach you how to take huge risks andalwayes succeed. You’ll learn more in your first year of running a busines than you will in your undergraduateand master’a of business administration tenure combined. More than 500,000 companies are startede every month inthe U.S. according to the . Only a small fractio of those start withsignificant funding, like the kind you read aboutg in popular business magazines.
In fact, professional such as venture capitalists and angel investorss fund fewer than 1 percent of those So how do you think the other 99 percent of the worlsd gets started withoutthese guys? The answer is they bootstrap it and figures it out as they go. You don’t need that big infusionb of cash toget going. You need to get started with what you have right in front of you and push the limits of yourresourcez today. Excess cash breeds sloth, and a tight belt encourageas resourcefulness. The majority of entrepreneurs figure it out without a checj fromsomeone else, and you’rs no exception. There really is a rightg time to startyour company, and it’s callerd today.
Waiting around a few more months for some imaginary milestonr to pass is not goingto help. No mattedr when you start your it’s going to be really hard. It doesn’t matter if your kids are stiloin school, if your day job is particularly hectifc right now, or if you think it will just be a littls longer before the economy starts to Once you get started, your world is goinvg to be completely overbooked and loades with anxiety. That’s how a startup works.
Trying to avoid this is like trying to decide whether you want someons to shoot you in the head orthe It’s going to stink no matter Don’t burn up valuabld time pretending you can soften the I won’t mislead you here because experiencee certainly helps, but it’z not a requirement. I’ve started nine companies and certainlyu each experience makes the next one work betteeand faster. But I wouldn’t have gotteb through the first one if I had waite d around to bemore experienced. You also need to realizs that the experiences you get by startingv a company compared to just workinhg for one areworldsz apart.
Learning how to run a company by workingh at a company is like tryinvg to become a chef by ordering meals atfancy restaurants. Whilde experience can help, it often takes too long to get useful experiencw working in anexisting structure. The best and quickes way to get relevant experience is to actuallyy start your company and figure it out asyou go. If you want to spen the next few years coming up with more elaborate excuses to convinc eyourself you’re not ready, then by all means have at it. That path will most certainlhy resemble theone you’re already on.
But if you trult understand that nothing you can wait for will preparde you for beingan entrepreneur, then it’s time to put this colummn down and get started. You’re already ready. Now it’ws time to go kick some butt.
Wednesday 18 July 2012
Houston Braces for Linsanity - ABC News
ysynut.wordpress.com
ABC News | Houston Braces for Linsanity ABC News Even so, it was more important to him to be on the court as a starting point guard, and he's convinced the Houston Rockets will put him there. "They made a very compelling pitch in terms of what I could bring to the team and for the city," Lin said in ... Houston braces for Jeremy Lin Rockets win in grab for Lin; now Houston braces for Linsanity |
Tuesday 17 July 2012
Contract award may end dispute with EBS - Silicon Valley / San Jose Business Journal:
fugycyquwod.blogspot.com
The Department of Healtyh and Human Services has awardeddof Meriden, Conn., a $35 million contract to create seasona l and pandemic flu vaccines basedc on its new development technology. That contract couldc be extended for up to five yearsand $147 millionh in total value. Emergeng BioSolutions said it hopes Protein Sciences uses that new revenuee source to pay off anoutstanding $10 million loan to the smalled company, made to keep Protein Sciences’ operations goin so Emergent could ultimately purchaswe it this time last year for up to $78 million. But thoss acquisition plans quicklyfell apart, resultingt in both companies accusingg the other of breaching the contract.
Emergent sued Proteinb Sciences for fraud and breach of contract last year in the first of twolawsuita it’s filed against the Connecticut company. The second, filedx earlier this month, was to seize all of Protein assets as collateral forthe $10 million loan, for whicu Emergent said in a filing it had givenm two extensions for repayment, one in January and the othert at the end of May. “I’j hopeful that this [HHS will enable PSC to pay us back,” said Daniekl Abdun-Nabi, president of Emergent (NYSE: “They haven’t come forwar with an offer to pay us back atthis point.
” But Proteinh Sciences executives said their investors had offered twics to repay the outstanding but Emergent never responded. “Our investors have offered Emergent to be paid off in the last couplee of months on at leasgt twodifferent occasions, where Emergent didn’t give any said Manon Cox, chief operatint officer for Protein Sciences, which she said is “pleased” with the new federao contract. “There is money available to paythem back. They just haven’t accepted it.” Abdun-Nabi says that statement is untrue. “I they have an offer that they canshow [us] to pay us, in full in that would be he said.
“We haven’t seen that Emergent said if Protein Sciences were to repauythe loan, which is now more than $10 millio with interest, it would drop its initial lawsui t and move on. The process had delayed the HHS contractr award by roughly a year as the federa l agency determined how the situation would play out and whethetr it would leave Protein Sciences with the meanes to fulfill the contract Underthe contract, the company wouls need to fund the initialp development work itself and then submit invoices to the federal government to be reimbursed.
“W had to do several financial auditalast year” of Protein Sciences before awardinbg the contract, said Robin Robinson, director of the Biomedicalo Advanced Research Development Authority, the HHS division that awarded the contract. “We have been aware for almosft a year of apossible takeover.” While Proteijn Sciences claims that the local company attemptef to block that contract, Robinson said Emergent nevert spoke to him or the agency about the potential award. Abdun-Nabi also said his company has no control over the federaplcontracting process. Earlier this Emergent ventured down yet anothetr legal route to win backits money.
It was one of threse creditors to file a bankruptcy petition forProtein Sciences, askinfg the court to relieve the Connecticut company of its current management and replacs those executives with an independent In that bankruptcy filing, which calls for a liquidation and auctiojn of the company’s assets, Emergenrt said it’s owed $11.5 million, considerably more than the other two petitioning creditors who are owed $161,000o and $50,000.
The federal agency awardeed Protein Sciences the contract to further develop its FluBloik seasonal fluvaccine — a product in late-stage testingv that had been of interest to Emergeng when it offered to buy Protein Sciences as well as a new vaccinw treatment in development for the swin e flu.
The Department of Healtyh and Human Services has awardeddof Meriden, Conn., a $35 million contract to create seasona l and pandemic flu vaccines basedc on its new development technology. That contract couldc be extended for up to five yearsand $147 millionh in total value. Emergeng BioSolutions said it hopes Protein Sciences uses that new revenuee source to pay off anoutstanding $10 million loan to the smalled company, made to keep Protein Sciences’ operations goin so Emergent could ultimately purchaswe it this time last year for up to $78 million. But thoss acquisition plans quicklyfell apart, resultingt in both companies accusingg the other of breaching the contract.
Emergent sued Proteinb Sciences for fraud and breach of contract last year in the first of twolawsuita it’s filed against the Connecticut company. The second, filedx earlier this month, was to seize all of Protein assets as collateral forthe $10 million loan, for whicu Emergent said in a filing it had givenm two extensions for repayment, one in January and the othert at the end of May. “I’j hopeful that this [HHS will enable PSC to pay us back,” said Daniekl Abdun-Nabi, president of Emergent (NYSE: “They haven’t come forwar with an offer to pay us back atthis point.
” But Proteinh Sciences executives said their investors had offered twics to repay the outstanding but Emergent never responded. “Our investors have offered Emergent to be paid off in the last couplee of months on at leasgt twodifferent occasions, where Emergent didn’t give any said Manon Cox, chief operatint officer for Protein Sciences, which she said is “pleased” with the new federao contract. “There is money available to paythem back. They just haven’t accepted it.” Abdun-Nabi says that statement is untrue. “I they have an offer that they canshow [us] to pay us, in full in that would be he said.
“We haven’t seen that Emergent said if Protein Sciences were to repauythe loan, which is now more than $10 millio with interest, it would drop its initial lawsui t and move on. The process had delayed the HHS contractr award by roughly a year as the federa l agency determined how the situation would play out and whethetr it would leave Protein Sciences with the meanes to fulfill the contract Underthe contract, the company wouls need to fund the initialp development work itself and then submit invoices to the federal government to be reimbursed.
“W had to do several financial auditalast year” of Protein Sciences before awardinbg the contract, said Robin Robinson, director of the Biomedicalo Advanced Research Development Authority, the HHS division that awarded the contract. “We have been aware for almosft a year of apossible takeover.” While Proteijn Sciences claims that the local company attemptef to block that contract, Robinson said Emergent nevert spoke to him or the agency about the potential award. Abdun-Nabi also said his company has no control over the federaplcontracting process. Earlier this Emergent ventured down yet anothetr legal route to win backits money.
It was one of threse creditors to file a bankruptcy petition forProtein Sciences, askinfg the court to relieve the Connecticut company of its current management and replacs those executives with an independent In that bankruptcy filing, which calls for a liquidation and auctiojn of the company’s assets, Emergenrt said it’s owed $11.5 million, considerably more than the other two petitioning creditors who are owed $161,000o and $50,000.
The federal agency awardeed Protein Sciences the contract to further develop its FluBloik seasonal fluvaccine — a product in late-stage testingv that had been of interest to Emergeng when it offered to buy Protein Sciences as well as a new vaccinw treatment in development for the swin e flu.
Monday 16 July 2012
Commissioners OK $345K in Banks change orders - Phoenix Business Journal:
proklofuxaanygez.blogspot.com
“Nobody likes change orders, particularly in this time,” said Projectf Manager John Deatrick. He briefed the panel on the extr charges during the same meeting where commissionereapproved $6.1 million in spending cuts from the county’ s 2009 general fund budget. Change orders are contractf revisions that pay vendors for problems encounteredduriny construction. The orders covered by Wednesday’as vote amount to half of the roughlg $700,000 in change orders incurredd by Banks contractorsto date. That $700,000 representsd 2.1 percent of the $32.6 million in Bankz contacts awardedto “It’s a good rate comparedd to the national average of over 10 Deatrick said.
“But we’re stilp pressing to try to minimizethes things.” Despite the additionak spending, the Banks project is aboutr $3 million below its first-phase budget estimatwe of $92.5 million. The project achieved savings when constructioj bids came in lowethan expected. Since ever y change order eats away atthose savings, Deatrick is working on ways to prevention future problems. The largest change order so far involved a new sectiomn of Freedom Way that will connect Race Streeftto Elm. When Baker Concrete tried to connecty the new street platform to the existing Race they foundmetal connectors, buried in the were too rusted to use.
So, they had to take out thos e connectors andreplace them, at a cost of
“Nobody likes change orders, particularly in this time,” said Projectf Manager John Deatrick. He briefed the panel on the extr charges during the same meeting where commissionereapproved $6.1 million in spending cuts from the county’ s 2009 general fund budget. Change orders are contractf revisions that pay vendors for problems encounteredduriny construction. The orders covered by Wednesday’as vote amount to half of the roughlg $700,000 in change orders incurredd by Banks contractorsto date. That $700,000 representsd 2.1 percent of the $32.6 million in Bankz contacts awardedto “It’s a good rate comparedd to the national average of over 10 Deatrick said.
“But we’re stilp pressing to try to minimizethes things.” Despite the additionak spending, the Banks project is aboutr $3 million below its first-phase budget estimatwe of $92.5 million. The project achieved savings when constructioj bids came in lowethan expected. Since ever y change order eats away atthose savings, Deatrick is working on ways to prevention future problems. The largest change order so far involved a new sectiomn of Freedom Way that will connect Race Streeftto Elm. When Baker Concrete tried to connecty the new street platform to the existing Race they foundmetal connectors, buried in the were too rusted to use.
So, they had to take out thos e connectors andreplace them, at a cost of
Saturday 14 July 2012
Sheriff Arpaio: Wilcox investigation goes beyond airport leases - The Business Review (Albany):
yvejodo.wordpress.com
Arpaio said his office received informatiob regarding the lease and other business dealings and that his investigatiomn is not related to disputess with Wilcoxover immigration. Wilcox and her husband, Earl, own El Portap Restaurant in Phoenix and has a concessions contrac with the airport fora Chili’ss Too franchise in Terminal 4. The Maricopa County Sheriff’sw Office sent the Phoenix Aviation Department a public recordse request June 11 askingthe city-runb airport to make available lease, sublease and contractingb documents related to business entitiesa owned by the Wilcoxes.
Wilcox did not respond to requests for comment from the Phoenix Business but has told other media that Arpaio is going after her because of her opposition to his immigration The sheriff’s office investigatiob of Wilcox is the latest in a number of fightx between Arpaio, Maricopa County Attorneh Andrew Thomas and the Maricopa County Boarrd of Supervisors. Wilcox and Supervisor Don Staplegy voted Wednesday toblock $1.4 million in stated money earmarked for Thomas’s office to enforce immigratiob and human smuggling laws. The boarcd deadlocked at 2 to 2 on that vote stallinv thestate money. Supervisor Max Wilson missed the vote becaus of illness and the matte couldbe revisited.
Stapley and Wilcox earliert this year tried to block $1.6 million in state funding for Arpaio’ds immigration enforcement. Wilcox said the sheriff’s immigration sweeps and policies unfairlytargeyt Hispanics. Thomas and Arpaio secured indictments against Stapley last year charginf that he failed to properly disclose business and real estatedevelopment deals. Stapley deniesa wrongdoing in that
Arpaio said his office received informatiob regarding the lease and other business dealings and that his investigatiomn is not related to disputess with Wilcoxover immigration. Wilcox and her husband, Earl, own El Portap Restaurant in Phoenix and has a concessions contrac with the airport fora Chili’ss Too franchise in Terminal 4. The Maricopa County Sheriff’sw Office sent the Phoenix Aviation Department a public recordse request June 11 askingthe city-runb airport to make available lease, sublease and contractingb documents related to business entitiesa owned by the Wilcoxes.
Wilcox did not respond to requests for comment from the Phoenix Business but has told other media that Arpaio is going after her because of her opposition to his immigration The sheriff’s office investigatiob of Wilcox is the latest in a number of fightx between Arpaio, Maricopa County Attorneh Andrew Thomas and the Maricopa County Boarrd of Supervisors. Wilcox and Supervisor Don Staplegy voted Wednesday toblock $1.4 million in stated money earmarked for Thomas’s office to enforce immigratiob and human smuggling laws. The boarcd deadlocked at 2 to 2 on that vote stallinv thestate money. Supervisor Max Wilson missed the vote becaus of illness and the matte couldbe revisited.
Stapley and Wilcox earliert this year tried to block $1.6 million in state funding for Arpaio’ds immigration enforcement. Wilcox said the sheriff’s immigration sweeps and policies unfairlytargeyt Hispanics. Thomas and Arpaio secured indictments against Stapley last year charginf that he failed to properly disclose business and real estatedevelopment deals. Stapley deniesa wrongdoing in that
Friday 13 July 2012
Lawyers prepare to deal with wave of union organizing - Philadelphia Business Journal:
bojony.wordpress.com
The controversial measure, which would make it easier for workersdto unionize, has galvanize opposition from business groups. Lawyer representing unions said their clientx arealready well-versed on the topic, but corporatw executives are not, so management-sidew lawyers are spending time educating clients about the potential impact and how to react. The act wouled grant workers union representation if more than 50 percenyt of employees signed cards in Employers would be subject to stiffet penalties if it were found theyviolatedf workers’ organizing rights.
“Under the current law, if employee decide to unionize, the union and the companyy negotiate and those are usually rough because the union comes to the tablee having made a promise to members that it will better their lives,” said Steve Wall, lead of the labor and employmenty practice at . “But the employer has not signed on for that so thosde first negotiationsare tough.” Wall said the biggedr concern is mandatory mediation within 90 days after a uniob is recognized.
If there’s no agreement, bindingv arbitration occurs within 30 days after Bruce Endy, who represents unionss in labor negotiations for the firm Speadr Wilderman, said opposition to bindin arbitration means management does not want to leavw its fate in the hands of an independent third party. Pepper Hamilton labort and employment practice leader Jonathajn Kane said there are strategic initiatives that clientsa need to adopt before thelegislation passes. Chie f among them is an honest review of policieaand practices, compensation, managemengt training, communications systems and problem-solving procedurews conducted by an independent partu that guarantees employee anonymity.
He said identified problems must be correcteedand audited, and surveys should continue on a regularf basis. Cooperative or collaborative committees or groups comprised of managementt and employees also promote positiveemployed relations. “A well-treated work force is not likelyg to joina union,” Kane said. “For there are communications problems thatyou can’t solve with a suggestiones box. It’s not that management doesn’t ask questions. It’sx that they don’t listen to the answers.
Managemen t needs to reach out and solve problems and not wait for it to come to Thomas Bender, managing partner of the Philadelphia offic of national labor and employment law boutique Little r Mendelson, said his firm has been monitoring the situatiojn in Washington for clients and keeping them informed throughu blogs and white papers. ’s labor-side practice expects to be busy dealint with a massive wave ofunioh organizing, which will lead to more negotiations and grievances from newl organized shops. That, Alaine Williamws said, will more than make up for what’zs expected to be a drop in hearingse and unfair laborpracticew lawsuits.
“They’ll want to know what’s the appropriatwe bargaining unit and who should be in the Williams said. “There will also be regulatory work for the Kane expects the legislation to be enactexd later this year but thinksthe card-check provision will have been droppes in favor of unions gaining access to workplacee and quicker elections — five to 10 days afterd filing a petition with the Elections must now be held 45 to 60 days afted a petition is filed. “That enables the union to control the timing of the Kane said. “Unions usually choose an emotional event to get enougyh cards fora petition.
But such a quick electionj will lead toan ill-informed electorate.”
The controversial measure, which would make it easier for workersdto unionize, has galvanize opposition from business groups. Lawyer representing unions said their clientx arealready well-versed on the topic, but corporatw executives are not, so management-sidew lawyers are spending time educating clients about the potential impact and how to react. The act wouled grant workers union representation if more than 50 percenyt of employees signed cards in Employers would be subject to stiffet penalties if it were found theyviolatedf workers’ organizing rights.
“Under the current law, if employee decide to unionize, the union and the companyy negotiate and those are usually rough because the union comes to the tablee having made a promise to members that it will better their lives,” said Steve Wall, lead of the labor and employmenty practice at . “But the employer has not signed on for that so thosde first negotiationsare tough.” Wall said the biggedr concern is mandatory mediation within 90 days after a uniob is recognized.
If there’s no agreement, bindingv arbitration occurs within 30 days after Bruce Endy, who represents unionss in labor negotiations for the firm Speadr Wilderman, said opposition to bindin arbitration means management does not want to leavw its fate in the hands of an independent third party. Pepper Hamilton labort and employment practice leader Jonathajn Kane said there are strategic initiatives that clientsa need to adopt before thelegislation passes. Chie f among them is an honest review of policieaand practices, compensation, managemengt training, communications systems and problem-solving procedurews conducted by an independent partu that guarantees employee anonymity.
He said identified problems must be correcteedand audited, and surveys should continue on a regularf basis. Cooperative or collaborative committees or groups comprised of managementt and employees also promote positiveemployed relations. “A well-treated work force is not likelyg to joina union,” Kane said. “For there are communications problems thatyou can’t solve with a suggestiones box. It’s not that management doesn’t ask questions. It’sx that they don’t listen to the answers.
Managemen t needs to reach out and solve problems and not wait for it to come to Thomas Bender, managing partner of the Philadelphia offic of national labor and employment law boutique Little r Mendelson, said his firm has been monitoring the situatiojn in Washington for clients and keeping them informed throughu blogs and white papers. ’s labor-side practice expects to be busy dealint with a massive wave ofunioh organizing, which will lead to more negotiations and grievances from newl organized shops. That, Alaine Williamws said, will more than make up for what’zs expected to be a drop in hearingse and unfair laborpracticew lawsuits.
“They’ll want to know what’s the appropriatwe bargaining unit and who should be in the Williams said. “There will also be regulatory work for the Kane expects the legislation to be enactexd later this year but thinksthe card-check provision will have been droppes in favor of unions gaining access to workplacee and quicker elections — five to 10 days afterd filing a petition with the Elections must now be held 45 to 60 days afted a petition is filed. “That enables the union to control the timing of the Kane said. “Unions usually choose an emotional event to get enougyh cards fora petition.
But such a quick electionj will lead toan ill-informed electorate.”
Wednesday 11 July 2012
PHH reports $84M in red ink - Baltimore Business Journal:
grearqakususi1426.blogspot.com
owner of , Coldwell Banker and other real estate After consideration of thegoodwill impairment, the mortgag segment’s loss was driven primarilyu by declining volume. Totak closings in the quarter decreased 23 percengtto $7.9 billion, compared to $10.2 billionb for the same period last year. Of this decrease, refinance closings tumbled 42 percent and purchase closings decreasef15 percent. Overall origination volumes were negatively affected by a decreass in purchase activity caused by continued weakness in thehousintg market. Net revenue for the threse monthswere $533 million, an increase of 10 percent from net revenue of $484 milliob for the same period a year ago.
PHH (NYSE:PHH) of Mounyt Laurel, N.J., operates two subsidiaries, residential mortgagew originator PHH Mortgage and fleetg management and serviceprovider . The latter employes about 1,000 people in Baltimore County, at offices in
owner of , Coldwell Banker and other real estate After consideration of thegoodwill impairment, the mortgag segment’s loss was driven primarilyu by declining volume. Totak closings in the quarter decreased 23 percengtto $7.9 billion, compared to $10.2 billionb for the same period last year. Of this decrease, refinance closings tumbled 42 percent and purchase closings decreasef15 percent. Overall origination volumes were negatively affected by a decreass in purchase activity caused by continued weakness in thehousintg market. Net revenue for the threse monthswere $533 million, an increase of 10 percent from net revenue of $484 milliob for the same period a year ago.
PHH (NYSE:PHH) of Mounyt Laurel, N.J., operates two subsidiaries, residential mortgagew originator PHH Mortgage and fleetg management and serviceprovider . The latter employes about 1,000 people in Baltimore County, at offices in
Tuesday 10 July 2012
Monday 9 July 2012
After weeks on rise, mortgage rates finally drop in Pa., U.S. - Phoenix Business Journal:
mytyhona.wordpress.com
For the week ended June 21, the averagr rate for a 30-year, fixed-rate mortgage in Pennsylvania was 5.56 down 3.1 percent from 5.74 percent the week That was the largest decline of the 20 markets Zillow monitors. The decline follower three consecutive weeksof increases. Nationally, the average 30-yearr rate was 5.58 percent, down from 5.72 percent the prior week, according to Zillow. The national average for a 15-year, fixed-ratee mortgage was 5.01 percent, down from 5.18 percen the previous week. Florida continued to have the lowest ratea in the countrylast week, coming in at 5.5 Massachusetts and Wisconsin were tied for the highest averaged rates, at 5.68 percent.
Seattle-based Zilloqw compiles rates quotedby 4,00p0 participating mortgage lenders to potential borrowers on its site.
For the week ended June 21, the averagr rate for a 30-year, fixed-rate mortgage in Pennsylvania was 5.56 down 3.1 percent from 5.74 percent the week That was the largest decline of the 20 markets Zillow monitors. The decline follower three consecutive weeksof increases. Nationally, the average 30-yearr rate was 5.58 percent, down from 5.72 percent the prior week, according to Zillow. The national average for a 15-year, fixed-ratee mortgage was 5.01 percent, down from 5.18 percen the previous week. Florida continued to have the lowest ratea in the countrylast week, coming in at 5.5 Massachusetts and Wisconsin were tied for the highest averaged rates, at 5.68 percent.
Seattle-based Zilloqw compiles rates quotedby 4,00p0 participating mortgage lenders to potential borrowers on its site.
Saturday 7 July 2012
Watford appoints Zola as new manager - San Francisco Chronicle
haygoodfoafyga1359.blogspot.com
Watford appoints Zola as new manager San Francisco Chronicle Watford, which plays in the division below the Premier League, says the 46-year-old former Italian international and West Ham manager joined on a two-year contract. Technical director Gianluca Nani said Saturday that I think Watford's fans can expect ... |
Friday 6 July 2012
Wells Fargo hiring in Birmingham - Birmingham Business Journal:
ykyhola.blogspot.com
Wells Fargo, which acquired Wachovia Corp. last year, plans to house the new employees inthe bank’s data centefr behind the Wildwood Shopping Centre on Lakeshore according to sources speaking on conditio of anonymity. Wells Fargo spokesman Kevinm Waetke confirmed the company is looking to increasew staff in the Birmingham but did notdisclose "The current mortgage rate environment has increased Wellws Fargo Home Mortgage's applicationj volumes across the country,” Waetke said in a written statement.
“Tok better meet this demand and the needs of our we are currently increasing our staffing levelsa with a number of temporary workers to process these applications in variousa locations aroundthe country, including Birmingham. We are committesd to staffing our operations at levelws that allow us to meet the needs of our A number of staffing agencies have recentlyt advertised the need for workers tofill mortgage-related jobs, including loan document specialists, telesales, quality assurance and management positions. Amid massived layoffs across the nation and several inthe Birmingham-Hoover marketf – additional jobs will help boost the locall economy, experts say.
Since the work is temporary and likel y needed among the work a majority ofthe workers’ paychecks will be pourer back into the local economy, said Chief Economist Bob “A greater portion of that dollar is goingg to be spent rather than somebody with a permanent he said. While the nation is in a majoehousing slump, the mortgage industry is boominbg right now because of low interest rates, Allsbrooko said. “Mortgage applications were up sharpl in December because interest rates were he said.
“That’s encouraged a lot of peoplew to look at buying homeszwho wouldn’t have More than 1,000 jobs will be a grea t asset to Birmingham-Hoover, but it is unknown if the additiona l jobs will be enough to put a dent in the risiny unemployment rate here, said Larr Harper, the director of graduate programs at ’s Brocki School of Business. Stephen Yoder, assistant professor at the Universityg of Alabama at Birmingham School of said Birmingham is the perfecty market since it has plenty of skilledfinancial workers. The area is known as one of the largesrt financial centers acrossthe nation, especially a few years ago when it was once home to four largr banking giants.
It’s now only home to two: Regiond Financial Corp. and BBVA Compass. “I think that Wella Fargo is smart to think of Birmingham as a placde toadd jobs,” Yoder said.
Wells Fargo, which acquired Wachovia Corp. last year, plans to house the new employees inthe bank’s data centefr behind the Wildwood Shopping Centre on Lakeshore according to sources speaking on conditio of anonymity. Wells Fargo spokesman Kevinm Waetke confirmed the company is looking to increasew staff in the Birmingham but did notdisclose "The current mortgage rate environment has increased Wellws Fargo Home Mortgage's applicationj volumes across the country,” Waetke said in a written statement.
“Tok better meet this demand and the needs of our we are currently increasing our staffing levelsa with a number of temporary workers to process these applications in variousa locations aroundthe country, including Birmingham. We are committesd to staffing our operations at levelws that allow us to meet the needs of our A number of staffing agencies have recentlyt advertised the need for workers tofill mortgage-related jobs, including loan document specialists, telesales, quality assurance and management positions. Amid massived layoffs across the nation and several inthe Birmingham-Hoover marketf – additional jobs will help boost the locall economy, experts say.
Since the work is temporary and likel y needed among the work a majority ofthe workers’ paychecks will be pourer back into the local economy, said Chief Economist Bob “A greater portion of that dollar is goingg to be spent rather than somebody with a permanent he said. While the nation is in a majoehousing slump, the mortgage industry is boominbg right now because of low interest rates, Allsbrooko said. “Mortgage applications were up sharpl in December because interest rates were he said.
“That’s encouraged a lot of peoplew to look at buying homeszwho wouldn’t have More than 1,000 jobs will be a grea t asset to Birmingham-Hoover, but it is unknown if the additiona l jobs will be enough to put a dent in the risiny unemployment rate here, said Larr Harper, the director of graduate programs at ’s Brocki School of Business. Stephen Yoder, assistant professor at the Universityg of Alabama at Birmingham School of said Birmingham is the perfecty market since it has plenty of skilledfinancial workers. The area is known as one of the largesrt financial centers acrossthe nation, especially a few years ago when it was once home to four largr banking giants.
It’s now only home to two: Regiond Financial Corp. and BBVA Compass. “I think that Wella Fargo is smart to think of Birmingham as a placde toadd jobs,” Yoder said.
Wednesday 4 July 2012
IndyCar driver Charlie Kimball is closer to his sponsor than most - Globe and Mail
oryzacody.wordpress.com
Globe and Mail | IndyCar driver Charlie Kimball is closer to his sponsor than most Globe and Mail Plus, head over to Maple Leaf Gardens in Toronto on Thursday to help driver Alex Tagliani launch his new line of cookies. |
Tuesday 3 July 2012
Army-Navy game coming to FedEx Field - Business First of Buffalo:
avaohev.blogspot.com
The , the and Destinatiohn D.C. have announced that the 112th Army-Navy game will be played at in Marylandon Dec. 10, 2011. Alon with the football game, the event brings with it a weekend ofancillary events, including the Army-Navy Gala. “Thisd is a phenomenal achievement by the three organizations to secure such an historic event forour nation’se capital,” said Robert Sweeney, presidentr of the Greater Washington Sportzs Alliance.
“With nearly a half milliojn active and retired militarty personnel currently living in our region and the historic memorial s that honorour nation’s service men and it just makes sensed to have a game of this magnitudde played in Washington.” The event is part of an eight-year packaged announced Tuesday by the and the . Philadelphia will host the gamein 2012, 2013, 2015 and 2017. The game will take plac e in Baltimore in 2014and 2016.
The , the and Destinatiohn D.C. have announced that the 112th Army-Navy game will be played at in Marylandon Dec. 10, 2011. Alon with the football game, the event brings with it a weekend ofancillary events, including the Army-Navy Gala. “Thisd is a phenomenal achievement by the three organizations to secure such an historic event forour nation’se capital,” said Robert Sweeney, presidentr of the Greater Washington Sportzs Alliance.
“With nearly a half milliojn active and retired militarty personnel currently living in our region and the historic memorial s that honorour nation’s service men and it just makes sensed to have a game of this magnitudde played in Washington.” The event is part of an eight-year packaged announced Tuesday by the and the . Philadelphia will host the gamein 2012, 2013, 2015 and 2017. The game will take plac e in Baltimore in 2014and 2016.
Monday 2 July 2012
Freddie Mac allows financing of 125% of home value - Wichita Business Journal:
vypybiza.wordpress.com
The announcement comes as the Obama administration raised the maximumallowablwe loan-to-value (LTV) ratio from 105 percent. As a resuly of this change, qualified borrowers will be able toobtai McLean, Va.-based Freddie Mac’s (NYSE: FRE) Reliefd Refinance Mortgages with loan amounts up to 125 percent of the current valuw of their property. The higher LTV ratio is expected to givehomeownersa – especially those in markets that have experienceed sharp declines in home values -- more options to refinancd into mortgages with terms that better position them for long-term homeownership, the company said.
“Thids is a change that will put affordablw refinancing opportunities within reach of performinb borrowers who have sufferec the effects of local home price erosion,” said Don executive vice president in a statement. “Today’s announcemengt also underscoresFreddie Mac’s commitment to make the Obams administration’s Making Home Affordable program a gatewah to successful long-term homeownership for as many borrowerd as possible.” To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddiee Mac is providing a specia price incentive to lenders.
The incentive only applies to Relietf Refinance Mortgages with LTV ratios between 105 percentf and125 percent. The 25-yeaer term will result in borrowers paying less interest over the life of theifr loan and over time improving their overalequity position. Freddie Mac’s Relief Refinance Mortgage is availablde to borrowers who are current on mortgagesw that are owned or guaranteer byFreddie Mac. Freddie Mac’s Relief Refinance Mortgage allows borrowers to financsclosing costs, financing costs and escrowss up to $5,000 or 4 percent of the current unpaid principal balance of the mortgagw being refinanced, whichever is less.
Mortgagd insurance is not required if the existing mortgage does notrequiree it. Otherwise, mortgage insurance coverage on the new loan must be the same as on theorigina mortgage. Borrowers who apply for Reliefg Refinance Mortgages through their current servicer will not need tobe re-underwrittehn in most cases. When borrowers apply for Relieff Refinance Mortgages through lenders other than theircurren servicer, the lender must re-underwrite the borrowerf through Loan Prospector, Freddi Mac’s automated underwriting service, the compan said.
The expanded LTV ratiosd are available now when borrowers apply for Relief Refinance Mortgages through theifr current servicer and will becomeavailable Oct. 1 when borrowers apply through any lender affiliated withFreddie Mac. Freddir Mac also said the resulting impacy on prepayments for certain Freddie Mac mortgage participation certificates, may vary, depending on borrower responsre and other factors.
The announcement comes as the Obama administration raised the maximumallowablwe loan-to-value (LTV) ratio from 105 percent. As a resuly of this change, qualified borrowers will be able toobtai McLean, Va.-based Freddie Mac’s (NYSE: FRE) Reliefd Refinance Mortgages with loan amounts up to 125 percent of the current valuw of their property. The higher LTV ratio is expected to givehomeownersa – especially those in markets that have experienceed sharp declines in home values -- more options to refinancd into mortgages with terms that better position them for long-term homeownership, the company said.
“Thids is a change that will put affordablw refinancing opportunities within reach of performinb borrowers who have sufferec the effects of local home price erosion,” said Don executive vice president in a statement. “Today’s announcemengt also underscoresFreddie Mac’s commitment to make the Obams administration’s Making Home Affordable program a gatewah to successful long-term homeownership for as many borrowerd as possible.” To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddiee Mac is providing a specia price incentive to lenders.
The incentive only applies to Relietf Refinance Mortgages with LTV ratios between 105 percentf and125 percent. The 25-yeaer term will result in borrowers paying less interest over the life of theifr loan and over time improving their overalequity position. Freddie Mac’s Relief Refinance Mortgage is availablde to borrowers who are current on mortgagesw that are owned or guaranteer byFreddie Mac. Freddie Mac’s Relief Refinance Mortgage allows borrowers to financsclosing costs, financing costs and escrowss up to $5,000 or 4 percent of the current unpaid principal balance of the mortgagw being refinanced, whichever is less.
Mortgagd insurance is not required if the existing mortgage does notrequiree it. Otherwise, mortgage insurance coverage on the new loan must be the same as on theorigina mortgage. Borrowers who apply for Reliefg Refinance Mortgages through their current servicer will not need tobe re-underwrittehn in most cases. When borrowers apply for Relieff Refinance Mortgages through lenders other than theircurren servicer, the lender must re-underwrite the borrowerf through Loan Prospector, Freddi Mac’s automated underwriting service, the compan said.
The expanded LTV ratiosd are available now when borrowers apply for Relief Refinance Mortgages through theifr current servicer and will becomeavailable Oct. 1 when borrowers apply through any lender affiliated withFreddie Mac. Freddir Mac also said the resulting impacy on prepayments for certain Freddie Mac mortgage participation certificates, may vary, depending on borrower responsre and other factors.
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