Author: Serkadis

Feel like you need to get (re)introduced to Split/Second? This primer video should do the trick for you. But in case you still need words to sum it up for you, you get to race around a

David Streitfeld of the New York Times with an update on the administration’s mortgage-modification plan, a subsidy designed to keep people in their houses by reducing their mortgage payments:

The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program…

The Treasury Department said it could not explain the growing number of what it called cancellations, almost all of which were apparently prompted by the borrower’s being unable to make the new payment.

We’re still talking a relatively small number of “re-defaults” on permanent modifications–2,879 since the program’s inception.  But the number of “trial modifications” cancelled is much higher–155,000.  And only 228,000 modifications are now permanent.

According to Calculated Risk, the pace of new modifications is now slowing, perhaps because banks can’t find many more eligible borrowers.  The credit quality of those who get modifications, meanwhile, is lousy: Debt-to-income ratios are sky high:

In summary: 1) the program is slowing, 2) the borrowers DTI characteristics are poor – and getting worse, and 3) the re-default rate is rising. Oh, and 4) there are a large number of borrowers in modification limbo.

And there are another 7 million people behind on their mortgages.

In other words, the mortgage-mod program appears to be doing what many critics feared it would: Temporarily keeping people in houses they can’t afford.  Hard to see how that helps the country (and the borrowers) get through this period of reckoning quickly and start fresh.

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See Also:

• How A Relentless Attorney Finally Got Wells Fargo To Modify His Client’s Mortgage — And How You Can, Too
• Why Mortgage Mods Aren’t Working
• How Obama’s "Extend & Pretend" Mortgage Policy Explains The Apparent Disconnect Between Housing And The Consumer

Four more key talents have reportedly quit their job from the troubled Call of Duty studio, Infinity Ward. More after the jump
 
 
 

The Edison Innovation Clean Energy Fund is a unique funding opportunity that arose from a collaboration between NJCST and the Board of Public Utilities (BPU). It will provide funding in the amount of $100,000 to $500,000 to New Jersey technology companies, for demonstration projects and developmental and ancillary activities necessary to commercialize identified renewable energy technologies and innovative technologies that significantly increase energy efficiency. This grant will fund technologies that can demonstrate their integral nature to the development Class 1 renewable energy technologies that produce or support the production of renewable or clean electricity generation.  Funding of demonstration projects will be open to proposals that seek funding for research, market development, deployment, and technology demonstrations of innovative products or services that advance the delivery of renewable energy and energy efficiency technologies. The proposal should demonstrate how any research conducted will contribute to proving the scientific or technical feasibility of the approach or concept proposed.  Click here to read more…

China registered a slightly surprising trade deficit in March, but it was probably a fluke. The Lunar New Year played a big role in it. The country is expected to return to surplus in April.

But make no mistake, the country’s imports are simply on a tear, and any suggestion that the country is slowing down its imports of key industrial commodities like steel, iron ore, and oil is off the mark.

A report put out today by JPMorgan analyst Jang Ulrich goes through the numbers, but this table basically tells the story:

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(USDA, April 7, 2010) The U.S. Department of Agriculture today announced the availability of approximately $25 million in fiscal year 2010 to fund projects designed to stimulate the development and adoption of innovative conservation approaches and technologies through its Conservation Innovation Grants (CIG) in fiscal year 2010.   ”USDA’s investment in these grants will advance our goal of producing long-term dividends in environmental enhancement and protection,” Agriculture Secretary Tom Vilsack said. “The grants will assist producers in using market-based approaches to conservation and innovative technologies that can put conservation on the land.”  USDA will use these competitive grants to seek creative solutions to assist producers with emerging and traditional agricultural and natural resource issues. In addition to market-based approaches to conservation, emerging issues include energy conservation, specialty crops, and new methods of tackling climate change. The grants also will fund solutions to improve water, soil and air quality, improve nutrient management, and enhance wildlife habitat and pollinator populations. The USDA Natural Resources Conservation Service (NRCS) administers CIG.  Click here to read more…

Jason West and Vince Zampella are in a better place now, following their dramatic departure from Infinity Ward under Activision’s clutches. A much better place, considering that their new company, Respawn Entertainment, in partnership with EA, grants

(ScienceDaily, April 12, 2010) — Thanks to two technologies developed by Professor Benoît Marsan and his team at the Université du Québec à Montréal (UQAM) Chemistry Department, the scientific and commercial future of solar cells could be totally transformed. Professor Marsan has come up with solutions for two problems that, for the last twenty years, have been hampering the development of efficient and affordable solar cells.  His findings have been published in two scientific journals, the Journal of the American Chemical Society (JACS) and Nature Chemistry.  The untapped potential of solar energy – The Earth receives more solar energy in one hour than the entire planet currently consumes in a year. Unfortunately, despite this enormous potential, solar energy is barely exploited. The electricity produced by conventional solar cells, composed of semiconductor materials like silicon, is 5 or 6 times more expensive than from traditional energy sources, such as fossil fuels or hydropower. Over the years, numerous research teams have attempted to develop a solar cell that would be both efficient in terms of energy and inexpensive to produce.  Click here to read more…

Filed under: Coupe, Electric

Aptera invited us down to the Palomar Airport in stunningly beautiful Carlsbad, CA to show off the latest iteration of their three-wheeled, high-mileage electric car, the 2010 2e. Before the fairly-close-to-production-ready car was driven into Hanger #11, CEO Paul Wilbur gave a state of the Aptera union address, explaining why the company has had its head down for the past several months. After all, a year ago you couldn’t causally glance at a magazine or newspaper without seeing the white three-wheeler. But lately? Not so much.

According to Wilbur, this has been intentional. The first reason is due to funding. “2009 was difficult,” Wilbur explained, especially for companies seeking start-up funding. The other reason is that Aptera has been, “Engineering.” Meaning that they wanted to have a more finished, production-ready vehicle to show off to the media and customers. “We have to get it right the first time,” Wilbur explained. Going further, he stressed the fact that Aptera doesn’t want to go down in history as the next Yugo, DeLorean or Tucker. The questions then are, does Aptera have the necessary funding and is the car they showed off today actually production ready? Well… make the jump to find out.

Photos by Drew Phillips / Copyright (C)2010 Weblogs, Inc.

Continue reading Aptera 2e moves forward, eyes set on X Prize

Aptera 2e moves forward, eyes set on X Prize originally appeared on Autoblog on Wed, 14 Apr 2010 19:57:00 EST. Please see our terms for use of feeds.

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Advanced Liquid Rocket Engine Stability Technology – High Fidelity Modeling (ALREST-HFM) – The Aerophysics Branch of the Space and Missiles Propulsion Division of the Air Force Research Laboratory is interested in the general area of advanced liquid rocket engine combustion stability technology. The interest is both in relevant technology as it impacts current programs as well as future technology as it will impact future programs. Particular interest is in projecting future technology as it will exist approximately six years from the date of this BAA, and to perform work preparatory to making use of this future technology.  Experiments for the production of validation data or the development of sub-models which will be needed by then are also of interest. Preparing for longer term technology in such a way that technology of nearer term value is also produced is considered to be of great value.  Finally, there is also considered to be a need for creative innovations in the combustion instability area, including but not limited to innovative approaches for suppressing combustion instabilities, and approaches for facilitating advanced designs.  Total Funding: $1.35M.  Eligibility: All.  Proposal Due Date: June 1, 2010.

Posted Date: April 14, 2010

Broad Agency Announcement Number: BAA-09-01-PKTA

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Reusable Booster System (RBS) Pathfinder – The Air Force has identified the RBS concept as a promising approach to meet its future space-lift needs.  The RBS consists of an autonomous, reusable, rocket-powered first stage with an expendable upper stage stack.  The reusable first stage launches vertically and carries the expendable stack to the staging point.  From the staging point, the reusable first stage returns directly to the launch base, landing aircraft-style on a runway.  To return the booster to the launch base, the Government is considering a rocket-back maneuver.  An important goal of the RBS Pathfinder program is to explore the feasibility and design space for the autonomous rocket-back maneuver.  To the extent practical, the RBS Pathfinder program should also demonstrate other important technologies, processes and system attributes (TPSAs) that are expected to be included on the operational RBS. An Industry Day for RBS Pathfinder will be held 11-13 May 2010.  An overview briefing will be held 11 May 2010 in the Gordon Conference Center (GCC), Los Angeles AFB, CA.  Small individual sessions in Aerospace A-9 Bldg, Los Angeles AFB, CA, will be available with the RBS Pathfinder Program team on 12-13 May 2010.  Pre-registration is required by May 2, 2010 to attend the industry day events.  RBS Total Funding Phase I: $4.5M; Award Ceiling: $1.5M.  Total Funding Phase II-IV: $28.5M.  They are requesting comments on this draft BAA.  Comment are due May 3, 2010.

Posted Date: April 5, 2010

Funding Opportunity Number: BAA-10-04-PKV

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Defense Production Act Title III, Advanced Carbon Nanotube Volume Production Facility – This announcement is to solicit production technology partnership proposals for the Defense Production Act (DPA) Title III Program.  Title III of the Defense Production Act (DPA) provides unique authorities, under which the Government may provide appropriate incentives to create, maintain, protect, expand, or restore the productive capacities of domestic sources (see below for definition) for critical components, critical technology items, and industrial resources essential for the execution of the national security strategy of the United States.  The principal objective of all DPA Title III investments is to strengthen and expand these domestic productive capacities and to ensure Government access to critical technology items well into the future.  The primary objective of the project will be to expand domestic production capacity of carbon nanotube (CNT) yarns and sheets with a viable, world-class domestic manufacturer that is responsive to customer requirements with respect to quality, delivery, and price.  Emphasis will be placed on expanding flexible production processes and utilization of industrial manufacturing capabilities for affordable production to meet DoD requirements.  Attention will be paid to enhancing merchant supplier capabilities in order to effectively serve the broad DoD and commercial communities.  Total Funding: $2.16M.  Eligibility: All Domestic Sources.  Closing Date: May 17, 2010.

Posted Date: April 5, 2010

Solicitation Number: BAA-10-12-PKM

Filed under: Spy Photos, Sedan, Performance, Audi, Luxury

When the Audi S8 was nixed from the automaker’s lineup late last year, the news produced a collective sigh around Autoblog Towers. Audi’s largest, most powerful sedan held a special place in our hearts, but redemption appears to be right around corner – the Nürburgring’s Carousel, to be exact.

With the introduction of the standard A8 in the rearview mirror, Audi has begun work on the S-ified variant of its stately saloon, and like the RS6, it’s rumored to be powered by a Lamborghini Gallardo-derived V10, with a duo of turbochargers hanging from the exhaust manifolds.

The output of the next S8 will jump from the outgoing model’s 444 horsepower to somewhere north of 600 hp, with torque boosted from around 400 pound-feet to upwards of 550 lb-ft of twist.

Although these spy shots don’t provide a clear glimpse of the stylistic upgrades, expect a more chiseled front fascia, lower ride height and modified rear diffuser. Quad tailpipes hint at the 5.2-liter twin-turbo beast within, while massive stoppers are expected to be framed by 20- or 21-inch wheels.

We’re expecting the S8 to make its debut sometime later this year or early in 2011, with sales beginning in the middle of next year.

Spy Shots: Next-gen Audi S8 may boast 620 HP from Lambo-derived V10 originally appeared on Autoblog on Wed, 14 Apr 2010 19:23:00 EST. Please see our terms for use of feeds.

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Daily U-Turn: What you missed on 4.14.10 originally appeared on Autoblog on Wed, 14 Apr 2010 19:20:00 EST. Please see our terms for use of feeds.

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A few months ago, we wrote about the band Pomplamoose for its unique way of making a living by selling its music digitally. The musical duo playfully connected with fans, sold homemade soap, and even encouraged listeners to give goats to charity. More recently, the band has gained more attention and was accepted into YouTube’s Musicians Wanted program where YouTube offers a 50/50 ad revenue split with independent artists who use Google’s video platform. Pomplamoose fan Joseph Johnson also points us to an interview with the band in which they describe their creative process and talk a bit about how they manage without the backing of a major label:

Ms. DAWN: I mean, if you can’t just do it all yourself, then you do need help. If, for example, you’re somebody who writes songs, like Lady Gaga, and you need everything, you know, that’s going to make you Lady Gaga, then you need a big, fat label. But if you’re just a band, I don’t think we’re in an era anymore where you need that sort of major backing.

Pomplamoose admits that the band doesn’t cash $10 million royalty checks for its music, but that its two singers make a modest living doing what they enjoy doing. They don’t play in clubs too much and haven’t gone on tour because it’s a lot of work for them to set up live shows. Actually, given the way they record their music videos, they don’t really know how to play their own songs in a “normal” linear way without editing and remixing. And interestingly, they seem to be making enough to pay for the mechanical rights for the songs they cover.

Mr. CONTE: … we make sure that we have all our ducks in a row. We bought mechanical licenses to all of our covers before we put them on iTunes. So it’s all legit and legal.

So despite criticism that says bands like OK Go have failed and can’t make it without a label, the reality is that more bands are able to create more music — and are getting paid in a variety of different ways. Selling plastic disks isn’t the only way to make a living. Touring isn’t the only way to make a living. Selling T-shirts isn’t the only way to make a living. And Google ads certainly aren’t going to save every struggling indie band, either. In fact, there is no silver bullet for how a band can support itself. Simply put, the barrier to become a famous band has dropped considerably, but that doesn’t guarantee success — however, it makes it a lot easier for a much broader array of musicians to try to become professionals doing what they enjoy.

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Filed under: Europe, Hatchback, Alfa Romeo

Ladies and Gents, say hello to the new Alfa Romeo Giulietta. Then say goodbye. Because although Alfa Romeo says this car is slated to reach “all major markets,” apparently that doesn’t include North America.

Following its public unveiling at the Geneva Motor Show last month, Alfa has finally released full details and a whole slew of photos of the new five-door sport-hatch. And whether it makes it Stateside or not, this stands to be a pivotal, make-it or break-it product for the stoic Italian marque that celebrates its centenary this year.

Aside from this being a new Alfa – which is reason enough for many to sit up and pay attention – what you’re looking at here is Italy’s chief contender for the coveted Ford Focus/Volkswagen Golf segment. And quite a contender it is, from the looks of things. Follow the jump to read the how and why.

Continue reading Alfa Romeo Giulietta hits the European market with full details, photos

Alfa Romeo Giulietta hits the European market with full details, photos originally appeared on Autoblog on Wed, 14 Apr 2010 19:01:00 EST. Please see our terms for use of feeds.

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It doesn’t take a nuclear physicist to figure out that a third Uncharted title will be in developoment. It’s practically how the natural flow of things go. And why not? The franchise has been immensely successful thus

The initial reaction to the KFC Double Down — a heart-stopping bacon and cheese sandwich that uses two pieces of chicken for the “bun” — is huge.

Business Insider stopped by a location in NYC this evening and confirmed that demand is through the roof.

Last night the restaurant, located near Union Square, ran out of the sandwiches by 10:00 PM (the store closes at 1:00 AM).

Tonight they’ll run out again due to a shortage of cheese.

Both of the employees we talked to confirmed that they’ve never seen anything like it.

But we’re not convinced that the restaurant chain, owned by Yum Brands (YUM), has a lasting hit on its hands.

Neither of the two other people we saw eating Double Downs in-store were convinced that they’d buy one again.

The problem: They’re just not that sandwichy.

You can’t really taste the bacon — perhaps it would be better if the bacon were crunchier? — and the cheese doesn’t add a ton. It feels like you’re eating two big pieces of chicken (we had the grilled variety, not the fried, for health’s sake), with a little bit of extra something in between them.

It’s not a lost cause. The flavor is great, and for carbo-phobes, the grilled variety at just over $5 is an appealing and filling lunch. But we suspect that without some tweaks, this could be a short-lived novelty rather than a lasting answer to The Big Mac.

Finally, we leave you with an action shot.

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Ferrari has released a little video of its CEO Amedeo Felisa giving us a little tour of the Ferrari 599 GTO. Now all we need is some more images and a video of the 599 GTO in action.

Click here for our original post on the Ferrari 599 GTO.

Check out the video after the jump.

Refresher: Power for the Ferrari 599 GTO comes from a 6.0L V12 engine making 661-hp with a maximum torque of 457 lb-ft. Mated to a F1 6–speed gearbox, the Ferrari 599 GTO goes from 0-62 mph in 3.5 seconds with a top speed of more than 208 mph. Ferrari says that the 599 GTO set a record lap at Fiorano in 1 minute and 24 seconds.

Ferrari 599 GTO:

Ferrari 599 GTO:

– By: Omar Rana

Filed under: Coupe, Performance, Videos, Chevrolet, Racing

Chevrolet has just released the third installment in its ongoing series on the Corvette Racing program. One of the main justifications behind the program has been the technology transfer between the track and street versions of the Corvette. This episode takes a look at the newest special edition Corvette the Z06 Carbon. The Carbon adapts most of the cool carbon fiber bits from the top of the line ZR1 to the lighter normally aspirated 7.0-liter Z06.

Corvette Product Manager Harlan Charles and chief engineer Tadge Juechter talk about the development of systems like carbon ceramic brakes on race cars and their eventual implementation on road cars. 2010 marks the 50th anniversary of Corvettes competing at the 24 Hours of Le Mans and 500 examples of the Carbon will be available in late summer as 2011 models. Make the jump to watch part three.

[Source: Chevrolet]

Continue reading Video: Corvette Racing Series Episode 3 – From the track to Z06 Carbon

Video: Corvette Racing Series Episode 3 – From the track to Z06 Carbon originally appeared on Autoblog on Wed, 14 Apr 2010 17:58:00 EST. Please see our terms for use of feeds.

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