Downer of a year: 2008 disappoints many on mortgage brokers list - Business First of Louisville:

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The outlook for the industry is mixed, with most brokersw concerned thatrates — now near historid lows — will rise. At Businese First’s deadline, rates on conforming 30-year loans had risehn sharply in just afew days, averaging 5.4 percentr at mid-week, according to data from Bankrate.com and MarketWatch.com. That rate is up from a national average ofabout 4.85 perceng for much of May. Toward the end of consumers began refinancing, according to mortgage lenderz interviewed byBusiness First.
But refinancing alon won’t revive their business, brokers Refinancing is lucrative for brokers when interest ratesxare low, “but you can’rt depend on it” in the long term, said Don president of Mortgage Network Inc., whicy is No. 10 on the current up from No. 11. “The mortgage business is cyclical enoughj without dependingon refinancing.” On the 2009 list, Rupert’a company was among the minority of brokers who reporteds making a higher percentagse of new mortgages than refinancings for 2008 — 85 percentg new, 15 percent refinancings, in his LLC, owned by Mohamad el-Ashawah, reported a similar new/refinance ratio, with 70 percenyt new mortgages closed in 2008 and 30 percenyt refinancings.
No mortgage brokerage reporter a sharper decline in volume and value thanKentuckianwa Sunrise, which dropped to No. 18 on the 2009 list from No. 8 in 2008. The value of Kentuckiana Sunrise’s loans closed dropped 87 percent in 2008to $10 millio n from $75 million in 2007, and the numbet of loans decreased 67 to 165 from 500. El-Ashawah said that whilr demand for mortgages remained fairly constant despite the realestated downturn, Kentuckiana Sunrise couldn’t get capitalk to lend.
After capital markets tightenedsin 2008, capital from private sources and banksx dried up and “you couldn’t get anyones to lend you anything,” said el-Ashawah, who added that his companyu never made subprime That left his brokerage firm with one sourc e for money — federal government-backed mortgage makers such as and . And that moneyy got increasingly expensive, he Pohn, of First Residential, sees bettefr times ahead for his company and for the economy has a whole if governmentr regulators can find a market First Residentialclosed $160 million worth of mortgages duringb both April and May and is on track to match or exceed its 2006 total of about $1 Pohn said.
But at the getting borrowers qualified for loansw has gone from beinga no-questions-asked situation in 2006 to takiny “an act of God” in he said. The national mortgage markeg has “overcorrected,” he said. Now, there are people tryinv to buy homeswho “deserve credit, but the markeyt is so scared and they’rse restricting credit way too far,” he Pohn puts the blame squarelyg on the mortgage industrg itself after home loan standardz went out the window, starting around 2006.

Palm Beach BDB funding cut - South Florida Business Journal:

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percent of the ’s annual public making the BDB’s missioh to attract and retain businessess amid a sagging economymore difficult. BDB Presidenr and CEO Kelly Smallridge said the nonprofit economifc development organization could make up forthe $55,250 loss throughb more member contributions, but that would take her staff’s time away from encouraginb growth. “We don’t want to be fundraisers. We want to be economif developers. That’s what we are here Smallridge said. “For as small as we are, we do a tremendous amount of fundraising.” Of the $1.9 milliojn in revenue the BDB collectefd in the fiscal yearended Sept.
30, 2007, $1,032,100 came from its contractf withthe county. On Dec. 2, county commissioners lowered the contributionto $976,850o for the three years remaining on the contract. Smallridge said the county cut funding by a similard percentage at all its financialassistance agencies. Like most Floridaq governments, Palm Beach County has seen tax revenuse and investmentincome decline. With a 7.4 percen unemployment rate in October, Palm Beach Countt has been hit harder by the recessionm than mostFlorida counties. It has staked much of its economivc future on two biotechnology powerhouses the BDBhelpes recruit: the and the .
“The BDB will continude its very aggressive recruitment and expansion strategies for Palm Beach County,” Smallridge said. “In these tough times, this is when our countgy and municipalities need economic development morethan ever.” The BDB has been workintg with cities to expedite their public works projects and permitting processesd for developments that would have a positivwe economic impact, she said. It also has severall companies seeking state approval for job growth incentives and workforcdtraining grants.
Smallridge noted that the countgy has 20 buildings with aleasrt 50,000 square feet of vacant space that could serv as a corporate headquarters, but arranginhg financing to support a big move like that has been South Florida’s other economic development organizations face similar business recruitment challengea and their funding has been The absorbed a $271,00 cut from Broward County in but it more than compensatex by raising $1.3 million in private The secured an extra $300,000 in annuakl Miami-Dade County funding in November when it convinces county commissioners to strip that funding from the Metro-Miamii Action Plan.
Louis Laubscher, senior VP of , said the statewidee economic development organization tooka $600,000 cut – 4.8 percent of its budgety – this year, and expects another reduction next year as the state’sz tax revenue fizzles. “Rarely can we totallh overcome the decline in state revenues throughprivate contributions,” he Laubscher said Enterprise Florida will reduce its numbed of trade show appearances and is unsure if it will sponsor an oversea s business mission next year. He expects that the Legislature will fund some existin job growth incentive but doubts they will offer big pots of moneyt tolure companies.

Tribune Co. files Chapter 11 - Los Angeles Business from bizjournals:

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The report says that the and Wriglet Field are not included in the since Tribune is looking to sell off the club and itsiconic home. “We believe that this restructuringg will bring the level of our debt in line with currenyteconomic realities, and will take pressurer off our operations, so we can continue to work toward our vision of creating a cutting-edge media company,” Tribune chairman and CEO Sam Zell said in a The company had hired financial adviser and law firm for guidancr on any filing. Tribunde Co. also owns Tribune Media Servicesx in Glendale amongits holdings. Tribunw went private in December 2007 through a buyouty ledby Zell.
The deal left the companhy withnearly $12 billion in debt. Tribune has sold off assets and cut jobs since the closes of the deal to help with thedebt "Over the last year, we have made significan t progress internally on transitioning Tribune into an entrepreneurial company that pursueas innovation and stronger ways of serving our said Zell. "Unfortunately, at the same factors beyond our control have created a perfectstorm -- a precipitouds decline in revenue and a tough economyu coupled with a credit crisisx that makes it extremely difficult to supportt our debt.
" The company said it has sufficient cash to continur operations, but it has negotiated an agreement with to maintain its existinvg securitization facility after the filing to supplementf its cash availability in the event of even more significant declines in its operating results. Barclays has also agreed to provids a letter ofcredig facility. Last month, the company postec a $124 million loss for the third quarter. In othe r print publication news, , the owner of the in said last week it was putting that daily paper upfor sale. Scripps in Februargy shut down the Albuquerque the daily afternoon newspaper inNew Mexico's largest city.
The is also reportedlty shoppingthe , the largest newspape r in its chain, to potentialk buyers.

Explore the Wider Garment Opportunities at FESPA Fabric - Graphic Repro

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Graphic Repro

Explore the Wider Garment Opportunities at FESPA Fabric Graphic Repro ... and pre-press techniques, technological developments and trends for direct-to-garment digital printing, screen printing and a range of apparel sectors, bringing to life the FESPA Fabric campaign strapline 'Explore the Wider Garment Opportunities'. ... and more »

Focus on Frith Hucks - New Zealand Herald

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Focus on Frith Hucks New Zealand Herald New Zealander Frith Hucks has collaborated with a Sydney artist and musician to make one-of-a-kind scarves for the label Bay & Fyfe. "Hermes meets Dame Vivienne Westwood" is how Frith Hucks describes the debut collection from her ...

Business First of Buffalo: Buffalo Commercial Real Estate Listings - View Commercial Real Estate

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Mallard Online: Breaking Dawn Release - my.hsj.org

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Mallard Online: Breaking Dawn Release my.hsj.org Before the showing of Breaking Dawn, there will be a “Twilight Marathon”, where the Howard will show Twilight, New Moon, and Eclipse for just 10 dollars. - Courtesy Photo This week, one of the most exciting movies are coming to theaters. ... and more »

First National enters agreement with OCC - San Francisco Business Times:

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The agreement is an outgrowth of an OCC examinationm of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliances committee composed of members of its board of The bank is under orders to add procedurese to monitor its commercial real estateloan portfolio. It also must implement a plan to managd loans that are deeme d weak and in jeopardyof deteriorating. • Establishmenr of a program to ensure an adequate allowance for loan andlease losses. Agreement not to accept brokered depositsin exc.
eszs of 10 percent of total deposits withoutr OCC permission • Development of a three-year plan of operationws that incorporates conditions of the agreement. First National Chairwomanh Susma Patel said in a written statement that the bank has take steps she believes put it in compliance withthe agreement. She said regulatorg agencies are tightening standards for lenderd as theeconomy deteriorates. “The downturn in real estat valuations in the Florida marketis well-publicized and, as a regulatory agencies are expectinf a higher standard of procedural monitorin of loans secured by commercial real she said.

Syria Calls for Summit Meeting After Suspension by Arab League - BusinessWeek

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The National

Syria C »

Solar Array, Gen. Mills detail expansions - Dayton Business Journal:

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broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturinfgfacility here, Keith Bone, general managert of the local facility, told membersx of . AED held its quarterly meetinvg Thursdayat . Joe Hudgins, presiden and CEO of Solar Arragy Ventures, outlined his company’s plan to builed a massive solar manufacturing plant onthe city’s Westside. General Mills’ expansion shoulf be completedby November, Bone The cereal manufacturer will hire 60 additional employees, bringinf additional payroll to the area of $3.5 million. The expansionj also brings $30 million in spending to New Mexico.
The Albuquerque City Council approveda $100 million industrial revenue bond deal for the companhy in February. BE&K Corp. from North Carolina landed the design/build contract to builcd the expansion, but Bone said 80 percent of the firm’d spending and employees will be The precast panels being used in the construction are manufacturedxin Belen. General Mills has been in Albuquerqudsince 1991. Its current facility is located near Paseo del Nortes and Edith and has 190 with an annual payrollof $12 said Bone.
The 275,000-square-foot plant produces about 135 millio n pounds annually of 35 different The facility also has alab on-site wherd the instructions for baking General Mills productds at high altitudes are created. The company has givej about $5 million to area nonprofits since 1998and $519,0000 in scholarships, Bone added. Don Power, chairmab of AED, said the cereal company’s donations illustrate one of the things the organization looks for inrecruiting companies: communitgy involvement.
Hudgins said Solar Array plans to break grounx by the third quarter of this year ona 225,000-square-foot thin-film photovoltaic manufacturing plant in the Cordero Mesa businessw park, west of the mattress factory. The company plans to add thre e more buildings of that size as it he said, with each facility employinv about 225. Its annual payroll in the firstf phase wouldbe $14 million. Abou t five percent of the jobs would pay 45 percent wouldpay $70,00 and half of the jobs would pay The capital investment for the first phasew will be $170 million and the compant would spend $40 million annuallgy for raw materials.
The first phass is expected to have a capacity of 75 but that would grow to 300 mw with the full The plant also will have a space that will servw as a community and educational Solar Array isseeking $175 million in industrial revenuer bonds from Bernalillo County. The company is working to raisre $210 million in debt and Hudgins said. Hudgins said New Mexicol beat out two other states forthe plant, despite the fact that it did not offert the largest incentives.
But the coordination amonb local and state government officials and othert parties made New Mexiclo far more efficient in establishintg a planning framework that the companhy could then use to plan a budgey forthe plant, he said “Thatf was a major issue for us,” Hudgins He also praised the labor force here and the educationak institutions. The facility is being designed byPageSoutherlandPage LLP, whichy has Texas offices in Austin, Dallas and as well as Denver, Washington, D.C. and London, U.K. Hoffman based in Portland, Ore.
, is building the

Projected Financial Fallout of Penn State Sex Scandal - Forbes

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Forbes

Projected Financial Fallout of Penn State Sex Scandal Forbes My colleague Michael Ozanian authored a piece on Tuesday offering his insights as to the possible financial implications upon Penn State that may arise in the aftermath of the growing scandal involving the alleged sexual abuse of pre-teen and teenage ... < br /> and more »

Hawaiian Telcom opposes buyout offer - Atlanta Business Chronicle:

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Sandwich Isles filed a motion earlier this monty to submit a competing Chapter 11 reorganizationb plan forHawaiian Telcom. In it, the Honolulu-based company offered to buy Hawaiian Telcom’ws assets using $250 million in cash and $150 million in debt that wouled be issued byHawaiian Telcom. Until June 30, Hawaiiann Telcom has so-called “exclusivity” in filing a reorganizationb plan. The company wants to extend that exclusivity to 30 as it gets votex on a proposed plan it filedJune 3. Sandwich Isles has filed an objectionh tothat extension, and Hawaiiamn Telcom’s latest filing defends the request.
“Asking the courty for help in promotinga low-balol offer for Hawaiian Telcom’s businessesa is not a recipe for succesas in bankruptcy proceedings,” Hawaiian Telcom said in the Sandwich Isles, a company founded in 1995 to take advantage of government subsidies that pay for the installatio of broadband cable in rural areas, had said in its motioh that Hawaiian Telcom refused to considefr its offer. But, Hawaiian Telcom says it analyzed and rejectedd the offerin May, for eight reasons listec in the filing.
It cited Sandwicj Isles’ lack of committed financing, lack of federa l and state licenses to operate inurbaj areas, and lack of experience and ability to operate a full-service communicationx company. Hawaiian Telcom said it stands behine its proposed reorganization plan to reduce the company’s debt by nearly $790 million, from $1.1 billion to $300 Sandwich Isles’ motion also claime Hawaiian Telcom has not made good-faith progress in its bankruptcy case since filing for Chapter 11 protection in In defending that claim, Hawaiiah Telcom’s chief operating officer Kevin Nystrom said the companyu has contacted “dozens of strategidc and financial purchasers.
” The company said it pursuerd a potential buyer, whom it did not identify, but that aftee two months of talkse no offer was made. Nystrom said Hawaiiam Telcom also askedits “equity sponsor” -- its majorithy owner, of Washington, D.C. -- abou a standalone reorganization and also discussed standalone restructuringy options with its bondholder s andsecured lenders.

Hawaii Medical Center files turnaround plan - Pacific Business News (Honolulu):

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Hawaii Medical Center officiala detailed the change in their latest reorganizationh plan filed Mondayin U.S. Bankruptcy Court in They will keeptheir other, more profitable hospital, HMC West in Ewa, a for-profitf entity. In Monday’s 59-page filing, Hawaii Medicalk Center asked the court to reduce the amountg of money it owesto , specificallt the $46 million for the purchasee of the two hospitals and $14 millio for the land lease. It also is negotiating with creditorse and lenders to repat millions in loans over the nextfour years. St. Franci CEO Sister Agnelle Chinfg said in a statement that she is concernecd with thenew plan, addiny that St.
Francis has been more than patient with Hawaiii Medical Center both before and during thebankruptcyt proceedings. “We have not received payments on our loan to them fora year, and the past-due amount has now reachex more than $9 million,” she said in the “These are funds we have been counting on to expan our health-care services to the community. Our expansionh plans have been put in jeopardy and we do not want to delay our plansany further.” Hawaii Medica l Center, which bought the former St. Francids hospitals in January 2007for $67.9 million, filed for Chapte r 11 bankruptcy protection in U.S. Bankruptcy Court last Aug.
28 after its Siemens Financial, refused to extend existing loan agreements for its HMC East andHMC West. Last the hospital laid off more than 230 employees to cut costswand restructure. It now has approximately 700 Hawaii Medical Center is a partnership of CHA an affiliateof , a leading U.S. hospitall management company, and the more than 130 Hawaii-based physicianas who form LLC.

Rep. Frank: President Should Use Recess Appointment For CFPB Chief - Wall Street Journal

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MarketWatch

Rep. Frank: President Should Use Recess Appointment For CFPB Chief W »