Author: Serkadis

Enough is enough

Enough. Please quit writing about the lunatic who gunned down the Lakewood officers. He doesn’t deserve the ink [“A path to murder,” page one, Dec. 6].

I did not read the lengthy article in the paper, but The Times sure devoted a lot of space to a man who took so much. He’s not worth my time to read about. His name should never be mentioned again.

What is the point of showcasing his miserable life? To show how society failed him? His family failed him.

I wonder how the left-behind family members feel about seeing his picture every day in the paper? What’s the point?

— John Meadows, Bonney Lake

Aunt deserves to be recognized for her courage

Please, won’t someone recognize the incredible courage of the aunt Chrisceda Clemmons and her husband Michael Shantz, who turned Maurice Clemmons in to the police [“‘I didn’t want him to hurt any more people,’ ” page one, Nicole Brodeur staff column, Dec. 3]?

It must have been a terribly difficult decision for them. Put yourself in their shoes. Would you have the courage to do what they did? I’m not sure I would.

The community should rise up to recognize them. They deserve more than a trashed house for their efforts. They deserve public recognition.

Someone — perhaps the police union — should offer to help her with the cleanup. That would be good community relations as well as simple justice.

If someone will start a fund to help her family with the cleanup, I would be happy to contribute.

— John Watkins, Seattle

Windows and doors are replaceable, lost lives are not

I am not surprised that after the tragedy of four police officers being murdered in cold blood, people are upset that Chrisceda Clemmons’ house was trashed by the Seattle Police Department in their search for a murderer [“Help is coming, and it’s only right,” NWFriday, Nicole Brodeur staff column, Dec. 4].

Yes, it is sad that the house was trashed, but the Seattle Police Department is helping her and her family. I admire her for doing the right thing, when no one else who knew this murderer would.

People don’t get it that the police just couldn’t go up to the front door, knock and say, “Come out Maurice Clemmons, we know you’re in there.” The police are trained in how to safely apprehend such a suspect without the loss of their lives or the suspect’s.

Broken windows and a front door — those and the other material things in Clemmons’ house that were trashed are replaceable, but those four officers are gone forever.

How sad that after this tragedy, people still get upset with the police for doing their job to protect us and keep us safe. Just because a person has a bad experience with the police, no police department should be judged as being bad.

— Donna Carlton, Federal Way

Wishing the blame game enacted real change

When something good happens, politicians run for the camera. When something bad happens, the blame game begins [“Fixing blame won’t fix this mess,” NWWednesday, Danny Westneat staff column, Dec. 2].

Within hours of the four police officers being shot, the blame game began. Former Arkansas Gov. Mike Huckabee blamed the system, the system blamed the judges and so on. Then Gov. Chris Gregoire blamed Arkansas, Huckabee, their system and our system.

Do these politicians not realize that they are the system?

These are the very politicians we elect to make sure these things do not happen. Wouldn’t it be refreshing to have one of our politicians step forward and say, I am part of the system, so therefore I am part of the problem. They are all paranoid about their futures and therefore are hesitant about taking any blame.

How about taking the blame and take a stand to change the system.

Are these officers going to be soon forgotten or is this a turning point to protect the people who give their lives, to protect us? The catch-and-release program we seem to offer criminals needs a slight review.

Our judicial system needs to be changed to offer assistance to officers, rather than adding to their challenges.

— Bill Heimkes, Shoreline

Reflecting on recent events

Being a Seattle cop for the past 28 years has taught me one thing: Nothing surprises me about human behavior.

My reflecting over the past month about the abhorrent, vicious and senseless acts against our region’s police officers has caused me to rethink that statement. I understand that there are selfish, narcissistic criminals in society who go through life victimizing others and accepting no responsibility for their actions. I also know that a small percentage of those criminals present a clear danger to our community and to the police officers whose sole job is to protect society from them.

Even with this in mind, the carnage launched against this area’s law-enforcement officers over the past 30 days defies any logic, reasoning or justification.

These cowardly acts of murdering five of this community’s police officers in cold blood are so disturbing that it makes one question just how civilized our society is, and reminiscent of the Third World mayhem we all read about and dismiss as being irrelevant to our nation.

The late Maurice Clemmons is a shining example of people who leave behind a trail of victims throughout their life, with apparently no conscience or remorse for their acts. Not only did he discard the lives of four cops during his murderous rampage, but added a multitude of additional casualties such as the officer’s children, spouses, families, co-workers and most important, an increasingly frightened public for which no amount of comfort will ever make them feel safe.

— Jim Ritter, Seattle

Where is true America?

Emerson Richards’ recent plea to save Forks from commercialization [“Sucking the life out of Forks,” Opinion, guest commentary, Dec. 5] was heartfelt, but way off base.

I found the statement, “Forks is what is left of true America” profoundly offensive. The only true America is America, and all of America.

The American character is a product of diversity. America is made up of a hundred immigrant stocks, religions, cuisines, colors, classes, climates, geographies and environments. To declare one place, people, or subculture to be more American than the others, is to miss the whole point of the American experiment.

We are an inclusive culture, not an exclusive one.

To claim that one group of Americans represents true America is to disinherit the rest of us. It creates a dangerous division with a minority of so-called true Americans besieged by a vast majority who have been branded less American. We get too much of that kind of dangerous divisiveness from our pundits and politicians.

The “Twilight” fad will fade as soon as the last book is made into a movie. In the meantime, let Forks enjoy the boost to its economy brought by true American tourists visiting a true American town.

— John J. McKay, Seattle

A note from a Port Angeles native

I just read “Sucking the life out of Forks,” and as a Port Angeles native, and a fellow undergraduate, I am disappointed by the writer’s selfishness.

As someone who loves hiking around the Olympic Peninsula, I admit that I understand wanting Forks to remain pristine. However, the writer fails to realize that a major reason why Forks seems so pure and genuine to author Emerson Richards, is that many people from the Olympic Peninsula are poverty-stricken.

So, by urging people not to visit Forks because of “Twilight,” Richards implies Forks is only worthy of upward mobility if new businesses are sufficiently quaint.

It is shameful that she prioritizes her desire for a remote vacation spot over the livelihoods of everyone capitalizing on “Twilight.”

Granted, it would be nice if everyone could make a living without embracing teen vampire fads. It would also be nice if more people wanted to visit Forks just for the nature, but neither is likely to happen, and I wish the author would consider that the Olympic Peninsula does not just exist for her enjoyment, but that there are people here trying to make a living.

— Katherine Flowers, Port Angeles

Filed under: Coupe, Hybrid, Chevrolet, Ford, GM, Toyota

Consumer Reports has surveyed 380,000 subscribers to rank the most satisfied new car owners and a newcomer came in and dethroned the Toyota Prius. An amazing 92 percent of V8-powered Dodge Challenger owners said that they would definitely buy another Mopar pony car if they had the chance to do it all over again. That’s a big-time win for Chrysler, as the Pentastar has been getting dinged badly in recent CR studies. Hybrids have been very popular in the satisfaction survey over the past few years, but the perennial champ Prius wasn’t even the number one battery-assisted model. That honor goes to the new Ford Fusion Hybrid, which came in second overall with a 91 percent rating. The Chevrolet Corvette, Porsche 911 and Prius round out the top five. To make the top of the satisfaction list at least 80 percent of customers need to say that they would definitely buy the same vehicle again.

Detroit automakers substantially improved their standing in the annual survey versus last year, as nine percent of overall Motown models were at the top of the list. That’s still down substantially against the 12 percent Asian automakers and 23 percent of European automakers scored in the top tier. While GM, Ford and Chrysler each found success at the top, each scoring a hit in the top five, two of the three automakers also filled out the entire bottom ten. Owners of the four cylinder Chrysler Sebring were the least satisfied among all surveyed. In all, GM had seven of the bottom ten while Chrysler had three unlovable losers. Head over to the Consumer Reports site for more details.

[Source: Consumer Reports]

Dodge Challenger tops Consumer Reports owner satisfaction survey originally appeared on Autoblog on Mon, 07 Dec 2009 18:59:00 EST. Please see our terms for use of feeds.

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Romulus, New York | Fascinating Fauna

For years, rumors have circulated about the strange herd of white deer living in the former Seneca Army Depot in Seneca County, New York. Many people have speculated that the “albino” breed of deer were freak-accidents in an army experiment gone wrong. Others have attributed the animals’ appearance to an underground supply of radioactive military weapons. Neither of these rumors, however, are true.

The white deer were first spotted around 1941, when the U.S. Army fenced off 24 square miles of land for the Seneca Army Depot, a munitions storage site. Under the protection of the security fencing, the deer population thrived — and, along with it, a recessive-gene for white coloration. Though the animals appeared to be albino, they were in fact White-tailed deer who carried the recessive-gene for an all-white coat.

As the white deer population proliferated through the 1950s, the U.S. Army decided to protect the unique herd. Aiding in the process of artificial selection, a depot commander managed the brown deer population through hunting and forbade GI’s from shooting any white deer. Since then, the white deer population has grown to approximately 300, making it the largest herd of white deer in the world.

The Seneca Army Depot was shut down in 2000 and has been closed to the public ever since. A non-profit group, Seneca White Deer, Inc., has been fighting to turn the area into a conservation park and Cold War museum. Until then, dozens of deer can still be visible from the highway, frolicking among the hundreds of abandoned bunkers.

Michigan, US | Natural Wonders

Detroit is known for many things: the auto industry, the failure of the auto industry, hockey, Motown, and lately as an example of a city gone to pot. But there is another part of the city far fewer people seem to be aware of, and it lies directly underneath their feet.

Some 1,200 feet beneath the streets of Detroit, under the north end of Allen Park, Dearborn’s Rouge complex, and most of Melvindale runs 50 miles of subterranean roads over an area of more then 5.6 kilometers. It is the Detroit Salt Mine, and as a Detroit industry it is older then automobiles. As a geological entity, this salt deposit is older even than the dinosaurs.

Created some 400 million years ago during the Devonian Period — a time when the first fish were beginning grow legs and make their way onto land, and the first seed-bearing plants came into existence — it was the result of ancient oceans pouring into a huge basin, evaporating, and leaving huge amounts of salt behind in the process. All of which would be covered up by dirt pushing glaciers.

The salt was first used by Indian tribes by filtering it from salt springs, and the existence of an enormous rock salt deposit was officially discovered in 1895. There was just one problem, it was beneath a thousand feet of stone and glacial drift.

Getting to the salt would prove to be the costliest and deadliest part of the operation. Six men were killed during the dig, and the Detroit Salt and Manufacturing Company was bankrupted in the process. The 1,060-foot shaft was finally completed in 1910. Everything had to be lowered into the mine, and once lowered in, it wasn’t coming back out. This included mules, which once lowered in on ropes stayed in the mines until they died.(It is unclear what happened to their remains.)

A second tunnel was dug in 1922 so salt could be brought up faster and larger equipment lowered in. Lowered piece by piece (large truck tires had to be compressed and tied up to fit) and then reassembled in a machine shop in the mine, like the donkeys the machinery is there to stay.

Deeper then the Empire State Building is tall, miners ride down to the mine smushed face to face in a tiny elevator. Once down there they extract the salt in the “room and pillar” method where they leave half the salt to act as enourmous pillars. To extract they cut a large slice between the floor and a desired section of salt. they then drill holes for explosives and blast out some 900 tons of salt in less then three seconds. The salt is then crushed and thousands of feet of conveyor belt move the salt to the hoisting shaft where it is lifted out in ten ton loads.

The mine itself is a relatively clean and spacious place to work as far as mines go. It has no vermin, who would have nothing to eat, and workers are even allowed to smoke, as long as it isn’t in sensitve areas. Today, the salt from this mine is used exclusively as road salt. Public tours are currently unavailable.

Filed under: Etc., Saab

We here at Autoblog want to pass along our sincere condolences to the family and friends of Jan-Willem Vester who passed away last night. Until last spring, Jan-Willem was the communications manager for Saab USA. In that role, the amiable Dutchman was always extremely helpful and prompt in answering our queries about Saab’s products and business.

Beyond being a great PR guy, Vester was a singularly wonderful advocate for the troubled brand, and we had hoped he would find a prominent position with the Swedish automaker should it ever find a new owner. He wasn’t just a hired gun, but a true longtime fan, owning an older 900 back in the Netherlands and new 9-5 Sportcombi for carting around the family. In recent months, Vester had been fighting an inoperable brain tumor to which he finally succumbed.

Jan-Willem is survived by his wife Mariska and their three children.

[Image: Saabhistory.com]

Former Saab PR manager Jan-Willem Vester succumbs to illness originally appeared on Autoblog on Mon, 07 Dec 2009 18:28:00 EST. Please see our terms for use of feeds.

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It’s no secret that almost all of the observers of Charles Nesson’s defense of Joel Tenenbaum — no matter where you stood on issues related to file sharing and copyright — felt that Nesson’s plan was a complete and total disaster, doing himself, his client, and all copyright reformers a huge disservice. It was a complete disaster that made it that much harder for those with reasonable arguments to be heard. And, to date, he’s done nothing but continue to suggest that he has no clue how badly he screwed up. It’s a true shame.

Today, Judge Gertner finalized the ruling, which will almost certainly be appealed (though, hopefully with better legal representation). But, perhaps more interesting is that Judger Gertner also issued a separate memo where you can basically feel Gertner’s frustration with Nesson’s defense. In it, she even makes clear that she would have been open to a limited use of fair use to defend certain actions:

“As it made clear previously, the Court was prepared to consider a more expansive fair use argument than other courts have credited—perhaps one supported by facts specific to this individual and this unique period of rapid technological change. For example, file sharing for the purposes of sampling music prior to purchase or space-shifting to store purchased music more efficiently might offer a compelling case for fair use. Likewise, a defendant who used the new file-sharing networks in the technological interregnum before digital media could be purchased legally, but who later shifted to paid outlets, might also be able to rely on the defense.”

This wasn’t a huge surprise — given that Gertner had previously slammed RIAA tactics, and has also suggested that Congress really needs to change the punishment allowed for copyright infringement, as it appears to be totally unrelated to the actual lawbreaking. So, in her memo, she notes that she gave Tenenbaum every chance to make a reasonable defense, but instead Nesson and his team of law students provided “a truly chaotic defense.”

Once again, we’re left wondering what Nesson was possibly thinking, and what would have happened if a competent litigator was actually in charge of his case.

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Filed under: Government/Legal, Recalls, Safety, Hatchback, Toyota

When it rains, it pours. With recalls on the books for Toyota floor mats and corrosion problems, the National Highway Traffic Safety Administration (NHTSA) is now investigating reports that Toyota’s Corolla and Matrix vehicles may have engines susceptible to stalling. Owners of the 2006 model year Corolla and Matrix vehicles with the questioned 1ZZ-FE engines have described stalling in intersections and on highways, putting drivers at a safety risk while they attempt to restart the engine. There have been no reports of crashes.

It’s important to note that about 397,000 vehicles are covered by the review, and that only 26 complaints have been lodged (that works out to about one in every 15,000 vehicles). Since it is a preliminary investigation, there’s no recall until NHTSA investigates and determines that the stalling is caused by a specific design or parts defect. Of course, they may also find the stalling issue is attributed to poor maintenance or bad gas… nobody is pointing fingers. Yet.

[Source: Reuters]

NHTSA investigating claims of stalling on 2006 Toyota Corolla, Matrix originally appeared on Autoblog on Mon, 07 Dec 2009 17:59:00 EST. Please see our terms for use of feeds.

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(Thanks to Frank Pallotta of LVG for sharing this.)   download paper here

Current Loan Modification Programs Will Not Solve Strategic Default Crisis,
According to New White Paper Released by Loan Value Group

Rumson, NJ, December 7, 2009 – With an estimated 29% of all U.S. mortgages, or 15 million homes, currently in a position of negative equity, the issue of strategic mortgage default is fast becoming one of the biggest problems faced by mortgage security investors, loan owners and servicers as well as the current administration. According to a new white paper released today by Loan Value Group LLC, however, existing solutions for the mortgage industry’s strategic default crisis can’t solve the problem because they are too cumbersome, a burden on the servicers, and ignore the consumer’s behavioral response to the problem of negative equity.

The white paper, authored by Alex Edmans, Assistant Professor of Finance at The Wharton School of the University of Pennsylvania, addresses the behavioral aspects of strategic default in terms of an approach that provides incentives for borrowers to remain current on their mortgages without the need to reduce principal through a loan modification.

Professor Edmans, who is an academic advisor to LVG as well as a behavioral economist and noted expert in incentive structures, said, “The government and loan owners are currently pursuing a number of existing solutions to default. However, they have so far proven to be ineffective for two main reasons. First, certain solutions are founded on the idea that default occurs because households have no choice due to insufficient income, and thus fail to address default that is a rational choice that depends on the homeowner’s balance sheet. Second, certain solutions face substantial practical hurdles to implementation.”

In the white paper, Professor Edmans notes that existing loan modification programs – whether initiated by the government or by the lender – are inherently ineffective:

• First, they entail a significant amount of costs, including legal and documentation fees
for the new legal contract, a re‐underwriting process, and closing costs. In addition,
they require the use of existing mortgage servicing resources, which are currently under
extreme pressure due to the crisis. This pressure is likely to increase as the crisis
intensifies.
• Second, each of the two types of modifications involves their own issues. Payment
reductions/holidays or loan restructurings to increase affordability (e.g. HAMP) do not
address the issue that, even if a homeowner is able to pay, he may choose not to do so
and walk away. Principal forgiveness triggers a full and immediate write‐down to the
value of the loan, which deters lenders from offering them. As such, the uptake of both
types of modification has been limited.
• The lack of effective, systemic results to date by lenders and servicers argues for a new
approach that aligns the interest of the borrower with the mortgage owner. First, since
default is a discretionary, rational choice made by the homeowner, an effective solution
must provide incentives for the homeowner to choose not to default, rather than
welfare to enable them to make payments. Second, since this decision to default is
driven by negative equity rather than the loan’s affordability, the solution must target
the homeowner’s balance sheet rather than income.

“If an incentive‐based solution is not adopted rapidly, strategic default will likely accelerate as house prices continue to decline,” said Professor Edmans. “In contrast, adoption of a successful incentive‐based solution to strategic default will yield substantial benefits to numerous constituencies. Most obviously, it will now be rational for the homeowner to remain in their property, preserving their credit rating and avoiding the dislocation costs caused by having to relocate after foreclosure. Mortgage lenders, investors and insurers will avoid the delinquency, foreclosure and liquidation costs associated with a default, and mortgage servicers will benefit from lower servicing costs due to reduced delinquency rates.”

At the same time, he added, the potential benefits of an incentive‐based program “extend far beyond the specific borrower and lender involved in the mortgage. The local community avoids the social costs of foreclosure, such as the homeowner’s failure to maintain property,
vandalism of property, or mass emigration from certain communities. In addition, given
contagion effects in strategic default, deterring one homeowner from defaulting may help
deter others. Finally, local governments and taxpayers benefit from property tax revenues as borrowers remain in their home, supporting social services and related jobs.”

Copies of the white paper are available at LVG Academic Papers.

About Loan Value Group LLC
Loan Value Group LLC based in Rumson, NJ, works with mortgage owners and servicers to
positively influence consumer behavior to help reduce the risk of strategic default by rewarding the responsible homeowner. Their solutions align the interests of all stakeholders, including homeowners, risk‐owners, servicers and the government through incentive‐based programs and turn‐key solutions that stabilize and preserve neighborhoods while lowering foreclosures.

FOR IMMEDIATE RELEASE
Media Contact:
Rosalia Scampoli
Marketcom PR
212‐537‐5177, Ext 7
[email protected]

On December 4, 2009, the Alabama Supreme Court reversed the case of Jason Sharp, who was sentenced to death following a trial tainted by the State’s discrimination against African Americans during jury selection.

read more

THIS SITE HAS ALL THE SCHEDULES ETC YOU NEED, ALONG WITH POWERLIFTING EVENTS SEMINARS ETC.

WWW.NATURALBODYBUILDINGEVENTS.COM

In order to keep up with China’s rising demand for  energy, the country’s biggest offshore oil explorer, Cnooc Ltd., may double its crude oil and natural gas production in the western part of the South China Sea.

Bloomberg: A number of foreign companies have shown “immense” interest in joining Cnooc’s bid to develop deepwater blocks in the region, Xie Luhong, head of the Cnooc unit, told reporters in Zhanjiang in Guangdong province Dec. 4.

…

Cnooc plans to work with foreign partners to drill the first deepwater wells in the area next year, Xie said, without naming the companies.

Continue reading here.

Join the conversation about this story »

See Also:

• Is China About To Make A Monster $7.5 BILLION Oil Acquisition In The Gulf Of Mexico? (DVN)
• China’s CNOOC In Bidding War With Exxon For Huge Ghana Oil Field

<<< click

MUST SEE Chart: Multimedia Unemployment Map by County – cool site, scary chart – from American Observer.net  –       hattip Susan Kulakowski  

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A better way to identify recessions – In an era of rampant conspiracy theories and mistrust of institutions, many have been sceptical of the National Bureau of Economic Research decision process with respect to identifying the start and end of recessions. … To address this issue, James Hamilton from UC San Diego developed an index that uses the GDP data to “measure” the probability of the economy being in recession at a particular time. … – Sober Look Blog

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Double dip warning – Paul Krugman –  I’ve never been fully committed to the notion that we’re going to have a “double dip” — that the economy will slide back into recession. But it has been clear for a while that it’s a serious possibility, for two reasons …. The chances of a relapse into recession seem to be rising. … – NY Times

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Chart of the Day – Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 11,000 in November — the smallest decline since the recession began at the close of 2007. … As today’s chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle…. –
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Employment Rebound – The jobless recovery has ended.  The unemployment report came in at 10% versus an estimate of 10.2%.  The major change was an increase in temp hiring in November for the holiday season – good comments – Surly Trader

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WHY THE GOOD JOBS REPORT COULD BE BAD NEWS FOR 2010 – Investors are likely to be increasingly concerned about rate increases over the coming months due to the much better than expected non-farm payrolls report.  Using the last few recessions as a reference point it is likely that equity gains could become increasingly difficult to come by as the Fed is pressured to remove their accommodative stance and other programs are wound down. – The Pragmatic Capitalist

Thomas J. Pinkowish On The State Of The Industry – BY PHIL HALL – lots of good thoughts – best quote: ” Fannie and Freddie are the federal government’s Vietnam. How can it exit those companies gracefully, without disruption, or without changing them completely? ” – MortgageOrb
————

Rep. Frank comments on FHA loan limits – … This is simply not true. In fact, there are only 77 counties where an FHA loan as large as $729,750 can be made, and less than 2% of FHA’s outstanding loan portfolio consists of loans which exceed $417,000, the previous GSE conforming loan limit. The average FHA loan made in Fiscal Year 2009 was only $185,278. … – National Mortgage Professional

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FDIC’s Bair Weighs Mortgage Principal Cuts to Fight Foreclosure – By Alison Vekshin –  Federal Deposit Insurance Corp. Chairman Sheila Bair said she may ask lenders to cut the principal on mortgages acquired from seized banks, expanding her bid to help people keep their homes as unemployment rises.  The FDIC, which has taken over 124 failed banks this year, may seek to have lenders that sign loss-sharing agreements when acquiring the assets do more than cut interest rates or defer the loan’s principal, Bair said today in an interview at Bloomberg’s Washington office. – Bloomberg

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U.S. mortgage rates fall to record low: Freddie Mac – Julie Haviv – … as rates fell for a fifth straight week, a closely watched mortgage survey showed Thursday.  The lowest mortgage rates in decades and high affordability have helped …  Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.71 percent for the week ending December 3, down from the previous week’s 4.78 percent  – Reuters

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Fed MBS Purchases Support Lender Selling. Bernanke Hints at Program’s Extension – by Adam Quinones – … Notice the majority of Fed purchases were in 4.5 MBS coupons last week…50%!!!! These are called “production” or “current” coupons and represent loan supply being sold in the secondary mortgage market by loan originators. … – Mortgage News Daily

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Mark Hanson report on LA County – The following is an excerpt from The Mortgage Pages research series on 11-13-2009. – Los Angeles County – YEARS of Mid-to-High End Shadow Supply – … potential inventory and sales rate for houses valued at $500k and above there is: 
115 months potential supply based upon the number of props at the 90+ delinquency stage
71 months potential supply based upon the number of props at the foreclosure stage
62 months potential supply based upon the number of prop at the REO stage – Mark Hanson Blog
————

Germany’s Plan to Spur Lending May Revive Securitization: Sources – By DIANA GOLOBAY – A meeting this week among German government officials and bankers resolved to get commercial banks lending again. One option involves reviving securitization into a more active market through guarantees on portfolio assets, according to one of HousingWire’s sources. – HousingWire

Loans Deteriorate 3 to 1 in October: LPS – By JON PRIOR – Housingwire

————

Liar loans part 2? – Why Many Home Loan Modifications Fail – By FLOYD NORRIS – Why are so few temporary mortgage modifications turning permanent?  One reason may be the same one that a lot of bad loans were made in the first place. Borrowers can declare their income, and the banks are willing to grant temporary modifications based on those figures, without any evidence to confirm them. – NY Times

Reverse Mortgages – New Rules for Counselors – By BOB TEDESCHI – … The Federal Housing Administration, which insures reverse mortgages, last month instituted new standards … counselors are required to pass an exam … and they must take part in training every two years. Counselors will also have to follow a set of protocols to help determine whether a reverse mortgage will help a borrower … – NY Times

————

Is a Loan Modification Just Another Exotic Mortgage? – By Nick Timiraos – … But at ForeclosureRadar’s blog, Sean O’Toole raises a different, potentially more problematic issue: “Permanent” loan modifications last for only five years. He posits that reason for the low uptake of the loan modification program:  Maybe borrowers have figured out that this program is really only another exotic mortgage like one they fell prey to when they bought or refinanced the house that resulted in their current predicament. HAMP and the administration’s newly announced campaign isn’t digging borrowers out of a hole. It’s only digging them a new one, and delaying the inevitable. – WSJ Blogs

————

MGIC shares climb after regulator waives capital requirement – By Paul Gores – … The waiver … enables MGIC to continue issuing new mortgage policies even if it breaches the risk-to-capital ratios that are set by regulators to make sure mortgage insurers will be able to pay claims. … But the company, in consultation with regulators, has come up with a plan under which a newly created subsidiary, MGIC Indemnity Corp., would issue polices in states that can’t or won’t grant MGIC Investment Corp. waivers to ease capital requirements. In addition to Wisconsin, there are 16 states that have minimum capital standards. — – Milwaukee Journal Sentinel

Here we are on the 68^th anniversary of Pearl Harbor Day, with the mortgage banking business facing unprecedented new regulatory reforms, and what are the folks in the trenches saying?

“Does anyone get the feeling mortgage banking is a ghost ship, to sail the seas endlessly, with a crew of the damned? Didn’t Disney make a movie with that plot, or am I once again in front of the curve?”

“Things are going really well for us. Right now we run a best effort shop and thinking about making a slow transition into hedging. We’ve been hiring on many new brokers and new loan offers so we’re expanding and hiring like crazy!”

“Things in the lending industry continue to be challenging, but isn’t that why we’re still here? ‘Cause we LOVE our jobs: daily rate & guideline changes, irrational clients, irrational realtors, tightening industry standards, increased blood pressure, etc. etc.”

The AmTrust announcement speaks for itself: “AmTrust Bank was acquired (Friday) by New York Community Bancorp. Due to the nature of this acquisition and the steps required to effect a proper and orderly transition, it is necessary to immediately suspend all registration and rate-lock activity for a period of time in order to permit us to properly address all of the related requirements. We expect to complete this process as quickly as possible. Although we will not be accepting new registrations or rate-locks during the transition period, AmTrust Mortgage Banking will continue to process and fund all rate-locked registrations that are in-process at the time of this notice, in the normal course of business.” AmTrust was, nationwide, in the top 5 for wholesalers buying loans from brokers.

more news on Freddie Mac, Suntrust, Franklin American, Rates – Unemployment – Stock Market, and Joke of the Day …  <<< CLICK HERE

Rob Chrisman

Playdom, the number three player in the social gaming space, has hired Thomas Weisel Internet analyst Christa Quarles to be its CFO.

The obvious implication is that Playdom could be gearing up to go public.

Playdom, which closed a $43 million round earlier this fall, is reportedly set to reach $60 million revenues in 2009.

Its closest rivals are industry leader Zynga and Playfish, which EA acquired for $400 million in October.

Like those companies, Playdom makes its money selling virtual goods to addicted gamers.

The best way to understand how the business works is to see it in action, so don’t miss: How A Stupid Facebook Game Makes (Playfish Rival) Zynga Millions

Join the conversation about this story »

See Also:

• How A Stupid Facebook Game Makes Zynga Millions
• Playdom Cofounder Wants To Seed Gamemakers, Not Copycats
• Playdom Raises $43 Million At A $260 Million Valuation

Highly accurate 3 in 1 meter for ground impedance measurements.

“Improper grounding accounts for up to 40 percent of costly power-related problems, including damage and downtime — whether it’s lightning, voltages induced between equipment cabinets, multi-grounding on the site, or poor operation of computerized electronics.” (Allen-Bradley (AB) Technical Journal)

Proper grounding is absolutely crucial for safe, uninterrupted operation of equipment, and is the most essential component of any ESD/EMI management system. Common tool and equipment problems are largely due to ground and power related issues or excessive noise (EMI) on the ground line.

Ground ProTM ground integrity meter gives equipment and facility engineers and technicians the ability to accurately and easily measure ground parameters, including connectivity, noise and parasitic voltage on ground.

This ground integrity meter is a handheld portable instrument, which is highly accurate, and measures ground impedance in compliance with ANSI 6.1 and ESDA S20.20 requirements.

Ground Pro is a three-in-one meter measuring three (3) important ground parameters:

Impedance Meter – Measures the true value in Ohms on ground regardless of ground currents and noise/EMI that is common on working tools, with alarm threshold settings.
High Frequency (EMI) Signal Meter – Measures the peak and average of the high frequency (EMI) signals present in the tool or facility ground. User defined alarm thresholds will audibly warn of high frequency (EMI) signals above preset levels.
AC Voltage Meter – Measures parasitic AC voltage on ground. If ground is miswired accidentally, as with the other features, an audible alarm indication will notify the user.
Features:
Compact, and light-weight
User friendly
Easy to read, back-lit display
Hold, Hold MAX
Reference/alarm
Measures AC impedance
Measures EMI noise
Measures AC voltage
Equipment and Facility Applications:
Semiconductor Front-End
Semiconductor Back-End
Photolithography Equipment
Flat Panel Display
Disk Drive
Industrial Robotics
Tool Clusters
Medical equipment and facilities
Military/Defense
Aerospace/Aeronautical
Marine
Where ever good ground quality is a concern

The major labels and their friends like to throw around huge numbers of “damages” when it comes to copyright infringement. But how about when they’re on the receiving end of a copyright infringement lawsuit. Up in Canada, there’s a class action lawsuit against the Canadian divisions of all of the major record labels, suggesting that the labels have infringed on the copyrights of artists to the tune of $6 billion (Updated: the original math was off, it’s actually $6 billion, not $60). As Michael Geist explains:

The claims arise from a longstanding practice of the recording industry in Canada, described in the lawsuit as “exploit now, pay later if at all.” It involves the use of works that are often included in compilation CDs (ie. the top dance tracks of 2009) or live recordings. The record labels create, press, distribute, and sell the CDs, but do not obtain the necessary copyright licences.

Instead, the names of the songs on the CDs are placed on a “pending list”, which signifies that approval and payment is pending. The pending list dates back to the late 1980s, when Canada changed its copyright law by replacing a compulsory licence with the need for specific authorization for each use. It is perhaps better characterized as a copyright infringement admission list, however, since for each use of the work, the record label openly admits that it has not obtained copyright permission and not paid any royalty or fee.

Over the years, the size of the pending list has grown dramatically, now containing over 300,000 songs. From Beyonce to Bruce Springsteen, the artists waiting for payment are far from obscure, as thousands of Canadian and foreign artists have seen their copyrights used without permission and payment.

And yet, amazingly, the record labels — these “strong defenders” of the importance of copyright and paying for every use — somehow have decided that it makes no sense to pay this bill. The list itself details about $50 million in unpaid royalties that are owed, often to well known musicians who it would be quite easy for the industry to find and pay up. As for the $6 billion number? Well, the class action lawsuit that’s been filed seeks statutory damages starting at $20,000 per infringement and going up from there. Given that these same record labels have been defending those same (or, similar, in the US, at least) statutory rates for infringement, you have to wonder how they can realistically claim that those statutory rates shouldn’t apply to themselves as well.

Once again, though, we’re seeing what’s really happening. The record labels are copyright defenders only when they profit unfairly from it. When they can screw over others via ignoring copyright, they have no problem doing so.

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