Nigeria: Bank directors 'abused rules' Nov 5, 2009
Former Bank PHB managing director and one of his former executive directors were accused in a Lagos court yesterday of granting a 450 billion naira credit facility without any collateral, the Economic and Financial Crimes Commission said. The charge sheet calls it an abuse of credit management rules. (Business Report, South Africa)
Information Security Systems Engineering - DoD Secret Nov 4, 2009
Note: This is a hands-on position with collateral leadership functions. You must demonstrate complete mastery of hands-on information security and incident response processes and procedures to be considered for this position. (Florida Today)
MARTA made $119M on leases Nov 4, 2009
After the financial crisis hit last year, news broke of collateral damage: Complicated lease-back deals MARTA entered into had gone sour, and getting out of them might cost the agency up to $391 million. But, so far, the process of unwinding them made MARTA a $15 million profit, according to the report. (Atlanta Journal-Constitution -- Metro)
Senate health-care bill would cover prayer-based treatments Nov 4, 2009
We aren t a few steps from leaches which by the way are state of the art in surgery for transplanting arms and hands to establish quick collateral circulation. That s pure poetic license and crap Josef. (Atlanta Journal-Constitution -- Opinion)
America's struggling newspapers: Big is best Nov 4, 2009
America is now a battleground between these three, with metropolitan papers suffering collateral damage. The New York Times, which this spring sold just 32% of its daily papers in its home state (down from 42% in 2002) is now targeting the region around San Francisco Bay. (The Economist)
Transcript of a Conference Call on the IMF's Article IV Consultation with Hong Kong SAR Nov 4, 2009
That would raise the amount of credit extended, and as asset prices go up, that means that households would have greater collateral to borrow on the basis of those assets. That cycle is a normal part of economic interaction, but it does have certain financial stability and macroeconomic implications and as such we see a regulatory response could try to mitigate that cycle. (IMF News)
Class-action suit targets WaMu securities Nov 4, 2009
Following the issuance of the certificates, disclosures began to emerge revealing the routine disregard for the guidelines in mortgage loan origination of the collateral underlying the certificates, the suit alleges. After WaMu s troubles began to mount in 2007 and early 2008, the price of the certificates dropped from a face value of $1 to about 66 cents, according to the complaint. (San Jose Business Journal, CA)
People’s Republic of China—Hong Kong Special Administrative Region Preliminary Conclusions of the 2009 Article IV Mission Nov 3, 2009
Subsequently, as global financial volatility declined, it was appropriate for the HKMA to return its discount window to its previous status as an overnight facility collateralized by Exchange Fund Paper. However, to afford the HKMA greater flexibility, the mission supports the permanent inclusion of foreign exchange swaps and term repos collateralized by a broader range of instruments into the lender of last resort toolkit ... More credit would fuel asset markets and, in turn, higher asset... (IMF News)
Getting edu loan may get easier Nov 3, 2009
The government plans to cushion public sector banks (PSBs) against any default on education loan, the primary reason why PSBs are often reluctant giving out such loans that does not enough guarantee or collateral ... Due to a sharp increase in education loan to Rs 32,460 crore, which is largely unsecured loan (without any collaterals), senior officials of public sector banks have expressed their apprehensions that a large size of education loan might impact the strength of the banks particularly... (India Times)
Kingdom of the Netherlands—The Netherlands 2009 Article IV Consultation: Preliminary Conclusions Nov 3, 2009
However, risks for the financial system appear contained by the banks first charge at default, full recourse against the borrower, and collateral maintained against part of non-amortizing mortgages in investment/insurance accounts. In this connection, mortgage default rates remain extremely low. (IMF News)
Buckeyes' kicker out for tilt against Penn State (Yesterday) Nov 3, 2009
He tore the medial collateral ligament in his right knee in this past weekend's 45-0 rout of New Mexico State. Pettrey's mother, Lillian, told the Columbus Dispatch today that her son would have season-ending surgery tomorrow, although he hopes to return for a bowl game. (Pittsburgh Post-Gazette, PA -- Sports)
Legalise drugs and society would benefit Nov 3, 2009
Bruce Anderson: Let's be honest. from The Independent & The Independent on Sunday. (Sydney Morning Herald -- Opinion)
Throwing his voice: RBA governor's secret weapon Nov 3, 2009
And banks are more than happy to use that improved asset value as collateral to lend more for increased consumption and even investment ... A sharemarket boom boosts consumption as people take profits from stock sales or even use their shares as collateral to borrow money. (Sydney Morning Herald -- Business)
Market Forecaster Nov 3, 2009
CME Group Inc., the world s largest derivatives exchange, allowed gold to be used as collateral for trades on all its markets as an alternative to debt or equities ... The exchange is limiting bullion collateral to 200 million, and fees to hold metal in storage are estimated at 5 basis points of the collateral s value, according to the notice to clearing members. (Midwest Bulls Eye, NE)
From Greg Gordon at McClatchy Nov 3, 2009
"In early 2007, the firm's mortgage traders also bet heavily against the housing market on a year-old subprime index on a private London swap exchange, said several Wall Street figures familiar with those dealings, who declined to be identified because the transactions were confidential.The swaps contracts would pay off big, especially those with AIG. When Goldman's securities lost value in 2007 and early 2008, the firm demanded $10 billion, of which AIG reluctantly posted $7.5 billion, Viniar... (Harper's Magazine)
Edwards staying positive Nov 3, 2009
The 6-foot-6 forward has started rehabbing the injury, a partial tear of the medial collateral ligament (MCL) in his right knee. Edwards said his rehab so far has involved some stimulation and icing it while still doing cardio work, and he is working hard to keep up with the learning curve of being a freshman. (Daily Collegian, PA)
Pandit's `Near Death' Cash Hoard Signals Lower Profits Ahead at U.S. Banks Nov 2, 2009
Such a scenario might occur when depositors rush to pull their money, companies suddenly draw down credit lines or trading partners unexpectedly demand additional collateral, the department said ... Liquidity includes cash, deposits at other banks and debt securities that can be pledged as collateral in exchange for overnight borrowings from the Federal Reserve or other banks ... The view hasnt stopped him from tripling JPMorgans pile of cash and debt securities that can be used as... (Bloomberg -- US)
CIT Files for Bankruptcy; U.S. Is Unlikely to Recoup $2.3 Billion Bailout Nov 2, 2009
According to the petition, CITs largest unsecured claim holders were , as collateral agent for a $7. 5 billion claim, and Bank of New York Mellon Corp., as a trustee for retail bonds with a claim of $3. (Bloomberg -- US)
Smiley Doing Financing in Dark Focus of IRS Probe of New Mexico Tax Abuses Nov 2, 2009
Harenberg said he advanced $75,000, taking as collateral Region III bond-issuing fees and a mortgage on the agencys headquarters. Gallegos had arranged for Region III to purchase the building five months earlier with a one-time legislative appropriation. (Bloomberg)
* EDITORIAL : The problem of surplus capital Nov 1, 2009
On Wednesday, central bank Governor Perng Fai-nan (^an) met ranking officials from three state-run banks and asked them to pay attention to the ability of borrowers to repay loans, not just admire the value of the collateral. The central banks unusual move came just three weeks after it issued a press statement voicing concerns that an inflow of hot money would have adverse implications for the nations economic and financial stability. (Taipei Times, Taiwan -- Business)
NASA probe hits moon's south pole looking for water Nov 1, 2009
But even this watered-down version of the climate legislation is in jeopardy, collateral damage from the healthcare reform fight. "A handful of key senators on climate change are almost guaranteed to be tied up well into the fall on health care," the Web site Politico. (Salon)
Could We Use The Oil To Begin A More Transparent Governance Nov 1, 2009
That would imply getting the Partners agree to the establishment of either some lastingly sustainable Trust Fund that would be a financial backbone for our future endeavors, or viable Economic or Financial Structures that would survive the exhaustion of the Oil Deposits in providing us some collateral for needed financing of major projects along the way. These provisions must exist in the deal along with any deserving immediate investment plans for developing our basic infrastructure across the... (Ghana Web, Ghana)
Hospital bids construction management Nov 1, 2009
The hospital must first submit a pre-application and, if approved, the actual application would then follow and require the county to put the property up as collateral ... Then in August of this year the notion of the HUD financing and putting the property up as collateral came into play and the supervisors agreed. (Philadelphia Neshoba Democrat, MS)
Hospital bids construction management Nov 1, 2009
The hospital must first submit a pre-application and, if approved, the actual application would then follow and require the county to put the property up as collateral ... Then in August of this year the notion of the HUD financing and putting the property up as collateral came into play and the supervisors agreed. (Philadelphia Neshoba Democrat, MS)
Are you making the right decision getting a payday loan? Nov 1, 2009
These loans require no collateral, which means that the risk to the lender is very high. This often leads to high interest rates that increase the profit made by the lender. (Lake City Reporter, FL)
Court documents portray ex-NBA player Rumeal Robinson as a reckless overspender who resorted to swindling Nov 1, 2009
Instead, according to court documents, $100,000 allegedly was kicked back to the loan officer as Robinson, his girlfriend, and other acquaintances pursued a lavish lifestyle that was buoyed by a stream of loans obtained with little or no collateral. He had no income that I saw, said Robinson s brother, Donald Barrows, who lived in Miami from 2007 to early this year. (Boston Globe)
Women Play Leading Role in African Agriculture Nov 1, 2009
This] means they have little time to juggle between their productive and reproductive roles, they have less income to finance except microfinance, they don't have access to banks because of lack of collateral, less access to land, less access to services. Extension contacts are very limited and according to the [Food and Agriculture Organization] only five percent of extension contacts worldwide are with women farmers. (allAfrica.com)
Bank regulators warn about CRE problems Nov 1, 2009
In addition, renewed or restructured loans to borrowers who have the ability to repay their debts according to reasonable modified terms will not be subject to adverse classification solely because the value of the underlying collateral has declined to an amount that is less than the loan balance. E-mail dayton@bizjournals. (Dayton Business Journal, OH)
NYSE Euronext signs up investors for US futures unit Oct 31, 2009
This will allow market participants to pool margin collateral for bonds and derivatives in one place for the first time, reducing the amount of margin collateral that is usually required to trade multiple assets. The Financial Times Limited 2009. (FT.com -- Markets)
Community Capital Corporation Announces Completion of Offering and Results of Operations for Third Quarter Oct 31, 2009
" Community Capital Corporation is the parent company of CapitalBank, which operates 18 community oriented branches throughout upstate South Carolina and offers a full array of banking services, including a diverse wealth management group. Additional information on CapitalBank's locations and the products and services offered are available at . Cautionary Note Regarding Forward-Looking Statements Some of our statements contained in this news release are "forward-looking statements" within the... (Primezone Releases)
Albina Community Bancorp Reports First Quarter Loss; Pre-Tax, Pre-Provision Earnings Increase 72% Oct 31, 2009
The loan portfolio remains well-diversified with a wide variety of borrowers and collateral; over 75% of the portfolio is secured by real estate, both residential and commercial. Consumer loan participations were down 27% year-over-year standing at $11. (Primezone Releases)
Send your questions Oct 31, 2009
Two key variables - US consumer spending and the collateral damage associated with the US commercial real estate - will determine the contours of the U.S. economic rebound. . (FT.com -- Markets)
Ex-Notre Dame worker to repay much of $29,000 tip Oct 31, 2009
She put up as collateral a 2002 Volkswagen Jetta she bought with the money. Gaspar also agreed to pay Notre Dame's attorney fees. (Chippewa Falls Chippewa Herald, WI)
FDIC guides on commercial real estate loan modifications Oct 31, 2009
Under the guidelines, loans to creditworthy borrowers that have been restructured and are current won't be classified as high risk by regulators solely because the collateral backing them has declined to an amount less than the loan balance. Banks that put prudent modifications into effect after making a full review of the borrower's financial condition "will not be subject to criticism (by regulators) for engaging in these efforts," even if the reworked loans end up being classified as high... (USA Today -- Money)
Governor's plan for students omits final, lasting step Oct 31, 2009
Mitch Walker wrote on Oct 30, 2009 6:19 AM:" Alaska has the golden carrot to solve the graduation problem. Students do not get their PFD until they are 5 years removed from their High School graduation, 25 years of age, or have graduated from a college within Alaska. If a kid knew that when they graduated from college they would have $25,000-$40,000, they would have money for a car, down payment on a house, collateral on a business loan...... POOF!!! No need for another government program. ".... (Wasilla Frontiersman, AK)
Lets end the War on Drugs Oct 31, 2009
If the state succeeds if it can find a new revenue stream from legal marijuana sales without obvious collateral damage other states will certainly want to do the same. This era of prohibition could end one state at a time. (Atlanta Journal-Constitution -- Opinion)
Bajaj Hindusthan may buy Balrampur Chini for Rs 2,400 cr Oct 31, 2009
The acquirer has to give additional collateral of 1. 5 to 2 times of the loan, in addition to the original collateral. (India Times)
Bank regulators warn about CRE problems Oct 31, 2009
The financial regulators recognize that financial institutions face significant challenges when working with commercial real estate (CRE) borrowers that are experiencing diminished operating cash flows, depreciated collateral values, or prolonged sales and rental absorption periods, the policy statement said ... In addition, renewed or restructured loans to borrowers who have the ability to repay their debts according to reasonable modified terms will not be subject to adverse classification... (Atlanta Business Chronicle, GA)
Nigerian Space Agency Probes Outer Limits Oct 31, 2009
Problems from big loans with little collateral. Sound familiar. (Newsmax)
Sinclair Refinances a Portion of Its Bank Credit Facility; Closes Second Lien Notes Offering Oct 30, 2009
5 million of the net proceeds will be held in a cash collateral account and will be released only to fund the purchase of the Convertible Notes pursuant to the tender offers or, for any 3% Notes or 4 ... Any unused funds held in the cash collateral account will be released to Sinclair to be used for general corporate purposes. (Yahoo! Wire -- Entertainment News)
Bank of Japan keeps rates on hold Oct 30, 2009
It will continue accepting corporate debt as collateral unt 00004000 il the end of 2010. "Japan's financial environment, with some lingering severity, has been increasingly showing signs of improvement, particularly in the CP and corporate bond markets,'' the central bank said in a statement. The central bank will release its semiannual economic outlook report later on Friday. AP Join the conversation You're the only person reading this now. . . Top Business articles Business Topics (2009) (320)... (Sydney Morning Herald -- Business)
Lawyer: NY billionnaire hedge fund manager no threat to flee charges Oct 30, 2009
Dowd asked that bail be reduced to $25 million with collateral of $10 million; he also asked for elimination of a requirement that Rajaratnam's travel be lmiited to 110 miles of New York. The letter from Dowd also provided the first look at Rajaratnam's defense against what prosecutors called the largest insider trading case ever to result from an investigation of hedge fund trading. (USA Today -- Money)
> BANKING UPDATE: First Banking ordered to improve operations Oct 30, 2009
Within 90 days, First Banking Center must submit a plan designed to improve the bank s position through repayment, amortization, liquidation, additional collateral, or other means on each loan or other asset in excess of $500,000, including real estate the bank owns. First Banking Center also needs to submit a plan to maintain satisfactory capital levels at the bank and a strategy for improving the bank s earnings and operating performance. (Milwaukee Business Journal, WI)
Integrys to sell natural gas marketing biz Oct 30, 2009
The transaction will result in the elimination of collateral support expenses of $440 million, including the reduction of $290 million in collateral support requirements resulting from the first transaction. "These transactions are consistent with the ultimate goals of our strategy change we set forth earlier this year, namely to reduce our capital investment and collateral support requirements for Integrys Energy Services," said Charles Schrock, president and CEO of Integrys Energy Group. (Milwaukee Business Journal, WI)
Tower Financial Corporation Reports Third Quarter Results Oct 30, 2009
Significant deterioration of collateral on four credits already identified as non-performing in previous quarters * Non cash other-than-temporary impairment (OTTI) charge on an available for sale security * Letter of credit claim on a borrower who was previously liquidated. "While the loss for the quarter was a disappointment, the mark to market accounting issue or OTTI charge did not impact capital, and the loan loss provision does not reflect any deterioration in our overall loan portfolio.... (Primezone Releases)
Fed Should Lose AIG-Style Bailout Powers: Geithner Oct 30, 2009
WASHINGTON (Reuters) - The Federal Reserve should lose its authority to bail out big, failing financial firms like AIG and Bear Stearns under proposed reforms aimed at limiting the collateral damage from such failures, U.S. Treasury Secretary Timothy Geithner said on Thursday. Geithner, in testimony to the U.S. House of Representatives Financial Services Committee, said the Fed should keep its ability to act as an emergency lender of last resort, but only to solvent firms in times of severe... (ABC News -- Wire)
Lesson unlearned Oct 30, 2009
Most macroeconomists, including current Fed chairman Ben Bernanke, subscribe to the debt-deflation view of the Great Depression, in which the collateral used to secure loans (or as in the current situation, the assets backing derivative instruments) will eventually decrease in value from excessive debt, creating losses to borrowers, lenders and investors, leading to the need to restructure the loan terms or even loan recalls. When that happens, macroeconomists believe, government intervention to... (Asia Times Online)
Charles Geisst to Speak at Museum of American Finance on Collateral Damaged Oct 30, 2009
NEW YORK--(BUSINESS WIRE)--On Thursday, November 5, the Museum of American Finance will continue its 2009 Henry Kaufman Financial History and Practices Lecture/Symposia Series with a talk by best-selling author Charles Geisst on Collateral Damaged: The Marketing of Consumer Debt to America ... In Collateral Damaged, Geisst explains how a nation of savers became a nation of consumers and how Wall Street used consumers addiction to spending to create the toxic securities that threaten to... (Yahoo! Wire -- Entertainment News)
Japan central bank to end corporate debt buying Oct 30, 2009
However, it extended a special low-interest loan program until the end of March and will continue accepting corporate debt as collateral until the end of 2010. "Japan's financial environment, with some lingering severity, has been increasingly showing signs of improvement, particularly in the CP and corporate bond markets," the central bank said in a statement. (The Star Online, Malaysia)
* Perngs warning spooks local bourse Oct 30, 2009
They] should not just look at the value of the collateral, but should pay greater attention to the borrowers ability to repay loans, the central bank said in an e-mailed statement yesterday, quoting Perng. The statement was issued in response to a report by the Chinese-language newspaper United Daily News yesterday that the central bank planned to bar state-run lenders from purchasing negotiable certificates of deposit to stop them from cutting mortgage interest rates. (Taipei Times, Taiwan -- World)
Chartered accountants discuss new pension scheme Oct 30, 2009
Mr Mensah said a major benefit of the new scheme was the provision, which allowed workers to use their future lump sum pension benefit as collateral to secure their primary residence, before attaining the retirement age. In a speech read on his behalf, the Finance Minister Dr. Kwabena Duffuor, said the new scheme was to remedy the weaknesses of the previous scheme and improve the living conditions of workers after retirement. (Ghana Web, Ghana)
Conservative Books: New Energy in Age of Obama Oct 29, 2009
The rate of home ownership has now slipped back down from its inflated all-time high, and the collateral damage has been incalculable. But disturbingly, Schweizer shows, the architects of this ruin have learned nothing from the disaster they caused. (Human Events Online)
Zimbabwe: Housing Woes Poised to Ease Oct 29, 2009
"The home ownership policy was very successful to the extent that it enabled the hitherto marginalised black majority to own property in urban areas and to use it as collateral where necessary," he said. The housing upgrading programme saw the improvement of housing estates in Mbare Annex, Iminyela in Mabutweni, Sakubva in Mutare, Makusha in Shurugwi, Rimuka in Kadoma, "Baghdad" in Victoria Falls and Mahombekombe in Kariba. (allAfrica.com)
Mastro testifies about his finances Oct 29, 2009
According to testimony he gave at the hearing, Mastro, 84, appears to not remember many of the details surrounding his collateralization of investments held by several private investors with large holdings as well as financial institutions ... Mr. Durst had an insatiable appetite for collateral, Mastro testified, explaining why he transferred certain assets to Durst. (Puget Sound Business Journal, WA)
Icahn Provides Financing Commitment to CIT Oct 29, 2009
Icahn's loan would be conditioned upon CIT receiving amendments from its existing lenders to allow Icahn and his backers to share collateral on an equal basis with them, according to the letter. Earlier in the day, Icahn announced a 30-day tender offer for small bondholders' securities at 60 cents on the dollar, "assuring a floor price in the event the notes trade lower.". (SmartMoney)
Why the Goldman Sachs-AIG Story Won't Go Away Oct 29, 2009
6 billion for collateralized-debt obligations backed by subprime mortgages and other loans, a tad less than half their face value ... We limited our overall credit exposure to AIG through a combination of collateral and market hedges, Goldmans chief financial officer, , said in March. (Bloomberg -- Columnists)
Northfield Bancorp, Inc. Announces September 30, 2009 Results Oct 29, 2009
Management has evaluated, among other things, delinquency status, estimated prepayment speeds and the estimated default rates and loss severity in liquidating the underlying collateral for each of these three securities. As a result of management's evaluation of these securities, the Company recognized other-than-temporary impairment of $1. (Primezone Releases)
McDonell races past Elmwood in playoff opener Oct 29, 2009
It would be his first action since straining his medial collateral ligament (MCL) on Oct. 16. Our passing game was there and our running is coming around well too, Brown said. (Chippewa Falls Chippewa Herald, WI)
EDITORIAL/Measure hospital by need Oct 29, 2009
To finance the deal, the hospital will use $15 million of its own cash along with proceeds from a HUD-backed loan they are seeking that will require putting county property up as collateral but no tax increase. Plans call for a Dec. 1, 2011, opening, presuming the HUD loan is approved. (Philadelphia Neshoba Democrat, MS)
Keep county clean Oct 28, 2009
What has Longview got for collateral. The country club. (Longview Daily News, WA)
Abolishing risk destroys wealth Oct 28, 2009
There's a cure for this: force anyone engaging in a leveraged transaction to post collateral and to mark such transactions to market every single day ... As oil soared to over $140 a barrel, the speculator would have been asked by the exchange to post additional collateral along the way ... If the speculator is unable post the collateral, the exchange will close out the position, even if the speculator may ultimately be right (as oil did make it down to $50 later in the year). (Asia Times Online)
Report: AMD ex-CEO said linked to Galleon case Oct 28, 2009
U.S. Magistrate Judge Douglas F. Eaton set bail at $100 million to be secured by $20 million in collateral despite a request by prosecutors to deny bail. He also ordered Rajaratnam, who has both U.S. and Sri Lankan citizenship, to stay within 110 miles of New York City. (Fresno Bee -- Business)
Recall goes to voters Oct 28, 2009
as collateral for grant monies the community required for building the plant. It's funny you're all fighting over that now. (Coos Bay-North Bend The World, OR)
* ASEAN must integrate to be a powerhouse Oct 28, 2009
Economic activity did contract in some open economies, such as Singapore, Thailand and Malaysia, but the worst is over, and their economies and financial systems have suffered no collateral damage. Meanwhile, Indonesia and Vietnam are emerging as Asias two outperformers. (Taipei Times, Taiwan -- World)
Walmart, Target, Amazon: Book Price War Heats Up Oct 28, 2009
"The entire book industry is in danger of becoming collateral damage in this war.". Amazon and Walmart declined to comment on their pricing practices. (Time.com)
