Author: Serkadis

 Tiger Woods has come out of pseudo-retirement to play the Masters in April, and there’s talk that this explains Electronic Arts’ 2.65% gain.

Why? Because now EA doesn’t have to worry about the state of its Tiger Woods PGA Tour video game franchise. Tiger will play, he’ll kick ass, and EA will cheer as it breathes a sigh of relief.

But wait!. As you’ve probably read, Tiger Woods’ sex-infused text messages leaked onto the Internet today and his dirty mouth may get him in more trouble with advertisers.

Join the conversation about this story »

See Also:

• Playdom Is Profitable With $50 Million Revenues, Says CEO
• Crowded-Out EA Exec Bolts For The BBC
• How RockYou Was Hacked And Left Millions Exposed

Missing the overworld map found in older Final Fantasy titles? Be sure to check out Final Fantasy Versus XIII, then. Tetsuya Nomura recently reconfirmed that the game will feature a world map. Not only that, but you

It is said that necessity is the mother of invention. While eagerly awaiting my iPad to arrive — is it April 3 yet? Pleaaaaase? — I had a stream of consciousness that went something like this: I like baseball; the iPad is a decent size to watch a streaming game on MLB’s iPhone app while I’m playing World of Warcraft, or working, or — well, who am I kidding — playing WoW. The Apple dock, while in addition to being a $30 hunk of plastic, only props up the iPad in portrait mode; it’s a little hard to watch the game that way.

As I was thinking this, I looked up and noticed the paper stand that I use for making changes to copy I’ve marked up. “Self,” I said to myself, “I betcha that’d hold an iPad real well.” After a quick screen capture, some resizing and printing, I had an iPad mockup with which to test.

It fit wonderfully. In both dimensions. The stand costs about $10 at your local office supply store. As a bonus, it folds up flat so I can toss it and my Bluetooth keyboard into my manpurse carry bag. It’ll be fantastic for working on the go. Of course, I may need a shock-resistant case for the thing if Papelbon coughs up a lead in the playoffs again. Not that I’m bitter about that.

How about you guys? Any low-cost solutions you’ve found?

Tiger Woods Texting Buddy Joslyn James

Porn star Joslyn James has released over 100 Tiger Woods texts and the text messages are not surprisingly disgusting and NSFW. Anyone who has texted a wife or girlfriend/boyfriend probably could have told you this wouldn’t be pretty. The weird Tiger Woods sexting transcript after the jump. As you read the text messages from Tiger, try to forget that he was your hero for oh so many years;-)

Tiger: Sent: 05:46 PM 07/30/2009:
Heading back from the course now.

Tiger:Sent: 05:52 PM 07/30/2009:
How close are you

Tiger:Sent: 06:01 PM 07/30/2009:
I will leave an envelope at the front desk under ms daniels. Your room will be 305. Get settled and let me know when you are ready to see me. I will be i

Tiger:Sent: 06:01 PM 07/30/2009:
n room 201. You can come down the stair well next to your room. Make sure absolutely no one sees you

Tiger:Sent: 06:17 PM 07/30/2009:
Just so you know i have to get up at 415 tomorrow.

Tiger:Sent: 07:30 PM 07/30/2009:
Just let me know when you are headed down

Tiger:Sent: 09:46 PM 07/30/2009:
What time is car picking you up tomorrow

Tiger:Sent: 01:14 AM 07/31/2009:
Yes

Tiger:Sent: 01:27 AM 07/31/2009:
Did you get lost. Door is open

Tiger:Sent: 02:16 PM 07/31/2009:
What time do you leave. Im trying to leave. Im trying to get back

Tiger:Sent: 03:57 PM 07/31/2009:
Will back in 5. Let me take a shower and i will text you after

Tiger:Sent: 04:18 PM 07/31/2009:
Oh i know. Not at all. Just glad and suprised i can do that to you Im all clean. Come on down:)

Tiger:Sent: 04:22 PM 07/31/2009:
Hurry:)

Tiger:Sent: 05:08 PM 07/31/2009:
I’m glad you came out

Tiger:Sent: 06:36 PM 07/31/2009:
Awesome baby. Be Safe

Tiger:Sent: 03:13 AM 08/01/2009:
Thank you sexy

Tiger:Sent: 06:34 AM 08/06/2009:
In ohio playing

Tiger:Sent: 05:54 AM 08/09/2009:
I told you im playing these two weeks

Tiger:Sent: 06:50 PM 08/09/2009:
In about a month

Tiger:Sent: 06:51 PM 08/09/2009:
Maybe sooner. Can’t talk now. Will text when i can

Tiger:Sent: 01:53 PM 08/13/2009:
Me to

Tiger:Sent: 10:27 AM 08/20/2009:
I hope not. So you have been with others huh since

Tiger:Sent: 10:35 AM 08/23/2009:
I hope so

Tiger:Sent: 10:45 PM 08/23/2009:
Not a bad thing thinking about me

Tiger:Sent: 11:00 PM 08/23/2009:
I totally agree

Tiger:Sent: 11:03 PM 08/23/2009:
In conn

Tiger:Sent: 11:07 PM 03/23/2009:
Ditto

Tiger:Sent: 11: 08 PM 08/23/2009:
I like when you do that to me

Tiger:Sent: 11:11 PM 08/23/2009:
Ditto sexy

Tiger:Sent: 04:06 PM 08/28/2009:
I want to be deep inside you

Tiger:Sent: 04:10 PM 08/28/2009:
Maybe in two weeks in chicago

Tiger:Sent: 03:19 PM 08/29/2009:
I need that so bad

Tiger:Sent: 03;29 PM 08/29/2009:
Now:)

Tiger:Sent: 03:30 PM 08/29/2009:
Me to. I would wear you out

Tiger:Sent: 03:32 PM 08/29/2009:
I have no idea. I would love to have the ability to make you sore

Tiger:Sent: 03:35 PM 08/29/2009:
In a week. I will try to wear you out

Tiger:Sent: 03:36 PM 08/29/2009:
After i cum you better start sucking my cock to get it hard

Tiger:Sent: 03:37 PM 08/29/2009:
Do you ever hook up with other guys or girls

Tiger:Sent: 03:41 PM 08/29/2009:
You didnt answer the question

Tiger:Sent: 03:43 PM 08/29/2009:
Ok. I would like to have a threesome with you and another girl you trust

Tiger:Sent: 03:48 PM 08/29/2009:
Does that excite you at all or no

Tiger:Sent: 03:52 PM 08/29/2009:
God girl. You better want to take care of me

Tiger:Sent: 03:56 PM 08/29/2009:
You do. Need more of it

Tiger:Sent: 03:59 PM 08/29/2009:
of you

Tiger:Sent: 04″02 PM 08/29/2009:
I want to treat you rough. Throw you around, spank and slap you

Tiger:Sent: 04:06 PM 08/29/2009:
Slap your face. Treat you like a dirty little whore. Put my cock in your ass and then shove it down your throat

Tiger:Sent: 04:07 PM 08/29/2009:
You are my fucking whore

Tiger:Sent: 04:08 PM 08/29/2009:
Hold you down while i choke you and Fuck that ass that i own

Tiger:Sent: 04:10 PM 08/29/2009:
Then im going to tell you to shut the Fuck up while i slap your face and pull your hair for making noise

Tiger:Sent: 04:21 PM 08/29/2009:
Where do you want to be bitten

Tiger:Sent: 04:24 PM 08/29/2009:
Ok. Now your talking. Whatever i want. You are mine

Tiger:Sent: 04:39 PM 08/29/2009:
Whatever else turns you on

Tiger:Sent: 04:43 PM 08/29/2009:
You tell me what you like

Tiger:Sent: 04:48 PM 08/29/2009:
You are. Always will be. Don’t trust people

Tiger:Sent: 04:48 PM 08/29/2009:
But you still have not told me what turns you on

Tiger:Sent: 04:53 PM 08/29/2009:
I know you have tried every positing imaginable but what turns you on besides a dp

Tiger:Sent: 5:00 PM 08/29/2009:
I really do want to be rough with you. Slap you around

Tiger:Sent: 05:12 PM 08/29/2009:
For years. And punish you for not seeing me more

Tiger:Sent: 05:15 PM 08/29/2009:
I want you to beg for my cock. Kiss you all over to convince me to let you have it in your mouth

Tiger:Sent: 05:18 PM 08/29/2009:
We will see how bad you want me

Tiger:Sent: 05:26 PM 08/29/2009:
Next time i see you, you better beg and if you don’t do it right i will slap, spank, bite and fuck you till mercy

Tiger:Sent: 09:20 AM 09/03/2009:
Was playing sexy

Tiger:Sent: 04:17 AM 09/04/2009:
Maybe you can fly out to chicage on monday night and leave early wed

Tiger:Sent: 04:23 AM 09/04/2009:
I land at 930 or 10 monday night

Tiger:Sent: 11:57 AM 09/04/2009:
Great. What time so you land

Tiger:Sent: 12:06 PM 09/04/2009:
I land at the earliest at 8 and the latest will be 10

Tiger:Sent: 12:08 PM 09/04/2009:
Midway

Tiger:Sent: 01:42 AM 09/07/2009:
I cant wait to see you as well. What time do you land again

Tiger:Sent: 03:15 AM 09/07/2009:
You are going to be headed to the hyatt lodge. 2815 jorie blvd oak brook, il 60523. Phone 630 990 5800

Tiger:Sent: 11:38 AM 09/07/2009:
Did you get my text with all the info

Tiger:Sent: 11:41 AM 09/07/2009:
I will text you the room number when i get there. Im still in boston

Tiger:Sent: 11:43 AM 09/07/2009:
I have to check in to get the room

Tiger:Sent: 11:44 AM 09/07/2009:
I should get there before you anyways

Tiger:Sent: 12:27 PM 09/07/2009:
In about 3 hours

Tiger:Sent: 12:30 PM 09/07/2009:
I will be there before you for sure

Tiger:Sent: 12:35 PM 09/07/2009:
You just make sure you take care of me when you get here

Tiger:Sent: 06:28 PM 09/07/2009:
Great

Tiger:Sent: 06:30 PM 09/07/2009:
Let me know when your about 20 out i will order dinner. And what would you like to eat

Tiger:Sent: 06:33 PM 09/07/2009:
I am pretty tired after today. I am going to go to sleep early

Tiger:Sent: 06:53 PM 09/07/2009:
How close are you

Tiger:Sent: 07:09 PM 09/07/2009:
What do you want to eat

Tiger:Sent: 07:10 PM 09/07/2009:
Anything simple

Tiger:Sent: 07:12 PM 09/07/2009:
No turkey unless it’s a club sandwich

Tiger:Sent: 07:32 PM 09/07/2009:
How close

Tiger:Sent: 07:38 PM 09/07/2009:
Head to the elevators and go to 334. Thats your room. The door will be open with the dead bolt. I have to get back here to wait for the food. Im in room 358.

Tiger:Sent: 07:42 PM 09/07/2009:
Let me know when you are in the room. Food just got here

Tiger:Sent: 07:47 PM 09/07/2009:
Sweet. Dont come down here yet. Lots of people in the hall. I will let you know when it clears

Tiger:Sent: 08:16 PM 09/07/2009:
Are you close to being ready

Tiger:Sent; 08:32 PM 09/07/2009:
Come on down. Its quiet here in the hall now

Tiger:Sent: 08:35 PM 09/07/2009:
There is a room service cart in my hall. Be careful

Tiger:Sent: 08:35 PM 09/07/2009:
Room358

Tiger:Sent: 09:59 PM 09/07/2009:
Make it ok

Tiger:Sent: 10:01 PM 09/07/2009:
Ok. Lights out. Good night sexy

Tiger:Sent: 08:49 AM 09/08/2009:
Hope you slept as good as i did. I just woke up which is un heard of

Tiger:Sent: 10:23 AM 09/08/2009:
So when can i have that ass again

Tiger:Sent: 12:40 PM 09/08/2009:
I will be back in a couple hours

Tiger:Sent: 12:42 PM 09/08/2009:
I have to leave for an appearance at 430 but i will be back at 730 for dinner and lots of dessert with you. How about a quickie before i go:)

Tiger:Sent: 01:28 PM 09/08/2009:
Have you ever had a golden shower done to you

Tiger:Sent: 01:29 PM 09/08/2009:
Just morbid curiosity

Tiger:Sent: 01:30 PM 09/08/2009:
Really. You. You have done just about everything havent you

Tiger:Sent: 01:32 PM 09/08/2009:
Never done it. I think i would get stage freight

Tiger:Sent: 02:28 PM 09/08/2009:
Maybe

Tiger:Sent: 03:38 PM 09/08/2009:
I will be over in 10mins

Tiger:Sent: 03:40 PM 09/08/2009:
Why dont you come over here now instead

Tiger:Sent: 03:41 PM 09/08/2009:
Enter thru room 360. Its next door

Tiger:Sent: 03:42 PM 09/08/2009:
Hurry so i come in that ass

Tiger:Sent: 03:54 PM 09/08/2009:
Let me know when you leave your room

Tiger:Sent: 07:32 PM 09/08/2009:
You felt amazing to baby. How much was your flight by the way

Tiger:Sent: 07:35 PM 09/08/2009:
Having a few issues at home. Might be a little later before i see you tonight

Tiger:Sent: 07:39 PM 09/08/2009:
Parent hood melt down:)

Tiger:Sent: 08:01 PM 09/08/2009:
How much was your flight

Tiger:Sent: 05:03 AM 09/09/2009:
Shit i fell back to sleep. just woke up. I have to leave in about 15 mins. I tee off at 700

Tiger:Sent: 07:43 PM 09/09/2009:
Great thing is we have a life time of this

Tiger:Sent: 05:44 AM 10/01/2009:
I know that. Thats why i wont do that.

Tiger:Sent: 06:02 PM 10/01/2009:
Baby im not going anywhere or doing anything. You please me like no other has or ever will. I’m not losing that. You have to understand people love to tal

Tiger:Sent: 06:02 PM 10/01/2009:
k about me. sometimes its good and sometimes its bad. I have learned to just roll with it no matter how much it upsets me when its not true. My life is a

Tiger:Sent: 06:02 PM 10/01/2009:
fish bowl

Tiger:Sent: 10:40 AM 10/04/2009:
Guys from dubai. Investors. So my agent being suggested that we go back to my room at the mansion for lunch. He doesnt know about us, obviously

Tiger:Sent: 11:31 AM 10/04/2009:
This has been a total shit trip. Im sorry i fucked up last night. And this shit. We will get it right next time so we can spend more time together.

Tiger:Sent: 12:06 PM 10/04/2009:
Oh my god. If they were with me. You would have ruined everything

Tiger:Sent: 12:07 PM 10/04/2009:
I told you. Oh my god. I cant believe what just happened

Tiger:Sent: 12:08 PM 10/04/2009:
Don’t Fucking talk to me. You almost just ruined my whole life. If my agent and these guys would have seen you there, Fuck

Today at the McLaren Technology Center, Chairman Ron Dennis and Managing Director Antony Sheriff confirmed that McLaren Automotive will produce a range of highly-efficient and high-performance sports cars. The first in this range of sports cars is the light-weight, two-seater sports car called the McLaren MP4-12C.

McLaren said that the MP4-12C will be produced at the new £40 million ($61 million USD) McLaren Production Centre, creating up to 300 new jobs at the company.

McLaren said it plans to deliver up to 1,000 units of the MP4-12C in 2011 through global networks of McLaren retailers in major markets including North America, Europe, Middle-East, South Africa, and Asia-Pacific. “Over 500 retailers have applied for an initial 35 franchises in 19 countries that will be confirmed by summer 2010,” McLaren said in a statement.

Mclaren is aiming for the market segment of sports cars priced between $190,000 and $270,000.

Chairman Ron Dennis laid out an ambitious plan for McLaren to become a strong competitor in the high-performance segment and said that by the middle of the decade, McLaren wants to build up to 4,000 units annually.

We have long held the dream of building a range of McLaren high-performance sports cars that take the raw elements of Formula 1 principles, processes and performance and forge them into a unique package; one that offers customer-focused requirements of quality, efficiency, comfort and reliability,” Dennis said. “Today’s announcements confirm our intention to challenge convention at the highest levels of automotive design, from a new high-tech home that I am proud to say will deliver jobs, expertise and innovation in manufacturing and engineering.”

You can watch the hour-long press conference on McLaren’s website.

Click here to read more news on the McLaren MP4-12C.

Click through for the high-res image gallery.

Refresher: Power for the 2011 McLaren MP4-12C comes from a 3.8L V8 twin-turbo engine producing around 600-hp mated to a 7-speed Seamless Shift dual-clutch gearbox (SSG). 0 to 60 mph is expected to come in the low 3 second range with a top speed of more than 200 mph. Sales begin in early 2011.

2011 McLaren MP4-12C:

– By: Omar Rana

Digg is planning to launch a major revamp of the site and now it’s shedding more details on the login part. The site says a great focus was on supporting outside services as identity providers to make it easier for users to register for Digg. The new Digg will support five providers, though practically a lot more since it is also a… (read more)

We already mentioned the spiking dollar — a result of rumors the the Fed is about to hike the discount rate again — but here’s a little more food for thought, provoked by currency guru Ashraif Laidi on Twitter.

After beginning to show some life, the euro is now looking like a sick dog again. All of the sudden, Greece is a little (more) in doubt than it was, jumpy traders sense that the Fed is in tightening mode. Europe definitely isn’t in tightening mode — not by a mile.

Join the conversation about this story »

See Also:

• The Dollar Just Spiked Like Crazy On Rumors Of A Coming Fed Discount Rate Hike
• RUMOR: The Fed Rate Hike Is Coming At 12:30 (But Here’s Why It Seems Unlikely)
• Euro Crashing On Greece IMF Cry For Help

GameStop has something to say to publishers losing money due to used game sales: “Partner with us and we’ll both make money.”

Kazuma’s skill set isn’t limited to roughing people up in the streets, no sir. While that part is a hell lot of fun, the hero of the Yakuza series is also into creative outlets for his many

Two years ago, as Microsoft was trying to buy Yahoo, we were really surprised to find Google making a proactive lobbying and marketing effort to scuttle the deal. As we noted at the time, it seemed pretty likely to come back to haunt Google. Indeed, Chris Thompson is now taking a look back and believes that Google’s decision to stir the pot over the Microsoft/Yahoo deal has probably been Google’s biggest blunder to date. Not only did it eventually lead to Microsoft working out a much, much better deal for itself, it directly resulted in Google getting significantly more antitrust scrutiny, both in the US and abroad. Now, some of that scrutiny likely would have come anyway eventually, but Google definitely helped call much more attention to the situation and its own market position. The whole thing made no sense. Google should have known to keep its mouth shut and watched as Microsoft and Yahoo screwed up the deal on their own.

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Jamie Coleman at ForexLive sheds more light on the Fed Discount Rate Hike rumor, noting that last time it was telegraphed a mile away.:

They have done no such market preparation this time, so I am discounting the talk of a hike.  They could have mentioned it on Tuesday in the FOMC statement Bernanke could have mentioned it in his Congressional testimony yesterday. None of that happened…

No hike, is my bet. The rumor is the hike will take place at 12:30 New York time. May want to set a stop-entry above the market in case we rip higher on short-covering…

Join the conversation about this story »

See Also:

• The Dollar Just Spiked Like Crazy On Rumors Of A Coming Fed Discount Rate Hike

Google has been focusing a lot on the enterprise sector with Google Apps and it has been paying off to some degree, the suite now has 25 million users. But it’s not even a speck compared to Microsoft’s market share and Google would sure like to get some of that. To this end, it is now launching a transitioning tool for Microsoft Excha… (read more)

Filed under: Aftermarket, Convertible, Coupe, Performance, Etc., Chevrolet, Design/Style

Autoblog reader Joe Lopez spied what looked to be a Chevrolet Camaro Convertible prototype out on the street. Jazzed about his sighting, he trailed the car as it pulled into a local Detroit-area Target store. Camera in hand, he moved in for pics. That’s likely when the sheer horror of the situation before him struck with the force of a Toyota Prius driven by Jim Sikes.

This was no Camaro Convertible.

Someone had done the unthinkable (and yet, at the same time, inevitable): They had fitted a 2010 Chevrolet Camaro LS with a fabric mock top. Joe’s no dummy. He took the photos anyway, and posted them on his blog, 5thGenCamaro. Then he emailed us, so here we are.

As we all know, tastes vary. That established, in our books, at least, mock tops are only moderately less revolting than the ill-advised landau roof. As you can see, this is one of the more super-classy installations, including false roof bows and a ring of tonneau snaps – because those really scream modernity. The shark fin roof antenna poking through the fabric is the proverbial cherry atop this turd sundae.

As you’ll see in the gallery below, there’s a real convertible – a Chrysler Sebring – parked to the Camaro’s right. We believe we can confidently say that this is the only time a Chrysler Sebring actually looks better to us than a new Chevy Camaro. And that, friends, is frightening. If it were a Buick Lacrosse – even the new one – we probably wouldn’t care. It’d almost… belong. But this? Who does this? Click on the gallery below, then avert your eyes. Thanks for the indigestion pics, Joe!

[Sources: 5thGenCamaro, MichiganClassics.com]

Making a mockery of the new Chevrolet Camaro “Convertible” originally appeared on Autoblog on Thu, 18 Mar 2010 11:02:00 EST. Please see our terms for use of feeds.

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Studied Impact, a design firm, has organized the Land Art Generator Initiative (LAGI), an international design competition based in the United Arab Emirates (UAE). LAGI seeks to design and build a set of large scale public art installations that can also produce clean energy. The idea is each land art sculpture should contribute enough energy to power thousands of homes back to the grid. ”The UAE Land Art Generator Initiative (LAGI) is a landmark initiative to bring together artists, architects, scientists, landscape architects, and engineers in a first of its kind collaboration. The goal of the Land Art Generator Initiative is to design and construct a series of land art installations across the UAE that uniquely combine aesthetics with clean energy generation.”

While large-scale power generators will always be required, local, distributed energy production facilities don’t have to look bad. In fact, they can be even be integrated in urban and communities through better design. ”As the days of the gas or coal fired power plant at the farthest outskirts of the city come to a close, we will find more and more integration of energy production within the fabric of our commercial and residential communities. The need for large scale exurban generation will always be there, but it will be augmented more and more by urban and rural micro-generation and mid-scale generation. We live in a world that puts a high emphasis on design. Micro installations should take care in their designs to integrate with the fabric of the urban community.”

LAGI says design issues will only become more critical as local, distributed energy production takes off.  ”What is needed in order to bridge the gap between the larger desire for a renewable future and the community-level negative reactions to the application of the systems required for it is an artistic movement that can set a course towards aesthetic considerations in sustainable infrastructure. Because, after all, sustainability in communities is not only about resources, but it is also about harmony.”

The LAGI design competition seeks to highlight artistic power generation ideas that can also be financially sustainable.  The juror includes a mix of local UAE officials, including many involved in the proposed Masdar “ecological city,” and international designer practitioners such as Jennifer Leonard from IDEO and Jeannette Ingberman from Exit Art.  

The deadline for submissions is June 4, 2010. Learn more.

Image credit: Robert Ferry & Elizabeth Monoian

Go greenback go! The dollar is spiking like crazy right now, and according to ForexLive, the rumor among currency traders is another Fed hike to the discount rate.

The discount is a penalty rate, now at 0.50%, above the market rate for Fed funds. It is for banks that are shut-out of the Fed funds market due to credit concerns. In normal times, it is little used. The Fed may be trying to make it even less used than it is at the moment.

Join the conversation about this story »

 

 

Whether it is a house, a bushel of wheat, or a share of stock, when a buyer and seller come together an item trades hands. A lower price will always benefit the buyer. Is that the case in the labor market, where buyers (employers) and sellers (employees) come together? Not necessarily, since the employee, given a low wage, will likely be less motivated to perform services. What will typically happen is that employers will pay more than the base wage for a given task, and employees will often work for less than the maximum that employers will pay. Therefore the labor market is not quite like other markets.

I mention this because the cost of labor in the mortgage business, whether it is for underwriters or loan agents, has always been a huge piece of the overhead pie for company owners. I have heard from dozens of agents saying, “I am working twice as hard for half the pay.” I have also heard from a few owners that productivity, measured in loans per day per employee, is down considerably. For example, underwriters who in the past underwrote 5-6 loans per day are down to 2-3 loans per day due to documentation and other issues. But is anyone cutting an underwriter’s pay by 50%? Few, if any, companies are doing that, and are basically absorbing the added expense as a cost of doing business in the current environment. Commissioned loan sales staffs, however, have seen their compensation drop, in some cases dramatically.

The FHA has set up a special on-line mailbox for all condominium questions. Go to [email protected]  In fact, HUD would prefer that anyone with FHA condo questions write to this address rather than FHA Homeownership Centers (HOCs) or the FHA Resource Center. Per HUD, questions will be answered within 24-48 hours, unless additional research is required; in such cases, the inquirer will be advised that there is a delayed response forthcoming.

Lenders originated $26.9 billion of FHA single-family loans in January, down over 10% from the previous month, according to a FHA activity report. Refinancings totaled $11.5 billion and comprised 40% of January originations. FHA originations per month have been ranging between $26 billion and $30 billion for the previous five months. But as many in our industry would expect, FHA’s serious delinquency rate continues to rise: 9.4% of FHA loans are 90 days or more past due in January, up from 9.12% the previous month. FHA servicers have foreclosed on 28,000 homes from October 2009 through January 2010, up 42% from the same period a year ago. Short sales totaled 4,000 during that four-month period, up 132% from a year ago.

Here is some more news on the USDA Rural Program. The Federal Government recently announced that funding for guarantee fees of USDA loans will be depleted sometime next month. And lenders have been reacting. The latest is Freedom Mortgage, who told clients that “All USDA loans without an application received status of March 19, 2010 will not be eligible for financing with FMC. Commitments must be secured and indexed in EDMS prior to Thursday, April 1st. Regardless, any USDA loan with a ‘Restricted/Conditional Commitment’ is ineligible for financing with Freedom Mortgage Corporation. At this time there will not be any mandatory close and fund date as long as the loan has an effective commitment with no restrictions or has not expired. Freedom Mortgage Corporation will provide notification to reinstate the programs
as soon as additional funds become available. It has been stated that new funds probably will not be available until October 2010.”

On to somewhat brighter news, but unfortunately yet another abbreviation of which to keep track. Wells Fargo signed on to participate in the Second Lien Modification Program (2MP) under the Home Affordable Modification Program (HAMP). The 2MP program deals with modifications that reduce monthly payments on qualifying home equity loans and lines of credit under certain conditions, including the completion of a HAMP modification of the first mortgage.

HOPE NOW, another program based on an alliance between mortgage servicers and non-profit counselors, reported 99,499 modifications in January, 74% of which involved interest and principal reductions. This compares to about 50,000 new permanent modifications under the Home Affordable Modification Program (HAMP – started a year ago by the Treasury to provide incentives to servicers). January HOPE NOW modification numbers dropped only slightly from 104,423 non-HAMP modifications in December, compared to roughly 35,000 permanent modifications under HAMP in that same month.

The number of started trial modifications dropped again in February to just under 73k from 86k. Given the considerable focus by servicers on conversion to permanent modifications, this is not too surprising and could continue to slide in future months since there is still a substantial backlog of trial modifications that needs to be converted. The numbers are indeed large. There were almost 53,000 permanent modifications in February, up from the 50,000 the month before. In addition, there were another 92,000 approved permanent modifications awaiting borrower approval and still more of a backlog past that. Early 2009 modifications have been performing better than those from late 2008 and the early data from modifications in the second half of 2009 show this trend continuing with performance as good if not better than those from the first half.

Yesterday was more of the same, which is not a terrible thing: hedge fund, pension fund, money manager, servicer, and Fed buying of mortgages, met with a pick-up in selling by originators. But looking at the overall economy, last week we saw the second week in a row that weekly unemployment claims have declined. This is perhaps implying that businesses are finished firing workers. Continuing claims however, increased for the first time in weeks, and so far there is not any evidence that hiring is occurring. Until more jobs are created, the economic outlook will remain muddled. To get the economy moving, most believe that we need new jobs that will get consumer spending going. You have heard it many times; consumers normally account for 70% of economic growth. Up to this point, consumer spending has not engaged much. Unless consumer spending improves, the economic outlook will remain questionable and subject to rapid sentiment changes.
The CPI came out at unchanged in February, slightly less inflationary than expected. The core rate, ex-food and energy, was +.1%, as expected. Year-over-year numbers for CPI showed an increase of +2.1%, well within expectations and certainly indicative of a suitable amount of inflation at the consumer level. Initial claims for jobless insurance came out about as expected at 457,000, with continuing claims coming in at 4.579 million. Bonds seemed happy with the news, although stocks don’t care. The 10-yr went from 3.63% down to 3.62% but is now up to 3.64%, and mortgage prices, which improved a little, are now about unchanged.

A man walks into a bar, notices a very large jar on the counter, and sees that it’s filled to the rim with $10 bills. He guesses there must be at least ten thousand dollars in it. He approaches the bartender and asks, “What’s with the money in the jar?”
“Well…, you pay $10, and if you pass three tests, you get all the money in the jar and the keys to a brand new Lexus.”
The man certainly isn’t going to pass this up, so he asks, “What are the three tests?”
“You gotta pay first,” says the bartender, “those are the rules.”
So, after thinking it over a while, the man gives the bartender $10 which he stuffs into the jar.
“Okay,” says the bartender, “here’s what you need to do. First – You have to drink a whole quart of tequila, in 60 seconds or less, and you can’t make a face while doing it.
“Second – There’s a pit bull chained in the back with a bad tooth. You have to remove that tooth with your bare hands.
“Third – There’s a 90-year old lady upstairs who’s never had sex. You have to take care of that problem.”
The man is stunned! “I know I paid my $10 — but I’m not an idiot! I won’t do it! You’d have to be nuts to drink a quart of tequila and then do all those other things!”
“Your call,” says the bartender, “but, your money stays where it is.”
As time goes on, the man has a few more drinks and finally says, “Where’s the damn tequila?!”
He grabs the bottle with both hands and drinks it as fast as he can. Tears stream down both cheeks — but he doesn’t make a face — and he drinks it in 58 seconds!
Next, he staggers out the back door where he sees the pit bull chained to a pole. Soon, the people inside the bar hear loud growling, screaming, and sounds of a terrible fight — then nothing but silence!
Just when they think that the man surely must be dead, he staggers back into the bar. His clothes are ripped to shreds and he’s bleeding from bites and gashes all over his body. He drunkenly says, “Now…, where’s that old woman with the bad tooth?”

Rob

(Check out http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx. For archived commentaries, checkwww.robchrisman.com, or to subscribe/unsubscibe write to [email protected].)

What’s next for Yoshinori Ono after Super Street Fighter IV? Another Street Fighter game? He doubts it. Instead, he wants to make a new Darkstalkers game.

Published March 17, 2010
KNDU TV

Richland, WA- Columbia Basin College has received a large donation for scholarships.

The Mission Support Alliance, a part of Lockheed Martin, presented a check to CBC today for $175,000.

The scholarship program will not only help students pay for tuition and books, MSA President Frank Figueroa says the program will help his company find the cream of the crop at CBC.

“It’s good for business because we can end up being able to get the kind of people we want and get them trained through the great institutions like Columbia Basin College.”

MSA will hire CBC students to work part time during the school year and full time during the summer.

The scholarship fund will also help students with financial emergencies outside of the classroom, such as medical bills or auto repair expenses.

Normally, I would talk about these two subjects in different blog posts. But, I wanted to show first how much time, energy and money is being spent on coming up with cost effective hydrogen production solutions and second the variety of methods companies are using in aggressively pursuing the hydrogen production issue.

First, I would like to talk about eHydrogen Solutions which has come up with its H-Solaris generator using sunlight to cost effectively split water and create hydrogen on demand. eHydrogen is using a type of synthetic photosynthesis to achieve this hydrogen production.

The company sees a vast future for this type of hydrogen on demand especially for the residential fuel cell market. The H-Solaris generator or something similar may also be used for on demand generation at hydrogen fueling stations.

Now, on the biogas front, FuelCell Energy, Inc. and Air Products have teamed up to build a hydrogen fueling station at the Orange County Sanitation District in Fountain Valley, California.

According to FuelCell Energy, “The system will be fueled with biogas from wastewater treatment operations and produce 300 kilowatts of power and up to 300 pounds of hydrogen per day. This hydrogen could be used for early market fuel cell applications such as back up power and forklifts and is sufficient to fuel roughly 100 fuel cell cars. The electricity will be available for use by OCSD for its operations.”

This is unusual for two reasons. First, I haven’t talked about many articles using biogas as a feedstock compared to other methods of producing hydrogen fuel. Second, the fact that they will be producing enough H2 to refuel 100 cars is much more than most demonstration hydrogen fueling stations that can handle less than a dozen cars a day.

The good news is that researchers are attacking the hydrogen production issue on all fronts including using combinations of wind, solar, geothermal, nuclear coupled with biogas, farm waste, water, steam, natural gas, coal, or chemical reactions using aluminum compounds, magnesium compounds and other compounds such as sodium borohydride to create pure hydrogen.

By addressing the problem at all possible angles, the solution may just be one or two breakthroughs away.