Author: Serkadis

  • Body parts not missing PF woman’s

    Body parts found in a garbage container on Chicago’s Southwest Side earlier this month do not belong to a 35-year-old Park Forest woman who has been missing more than a month.

    DNA testing confirmed the two legs and an arm discovered Feb. 3 belong to a black female, but not Dana Hayes, a single mother who has not been seen since Jan. 25, police said Thursday.

    Hayes disappeared two weeks before her ex-boyfriend, Terrence Coulter, of Dolton, was to go on trial on charges he tried to stab her to death in a Riverdale alley in 2007. The start of the trial has been postponed.

    “I’m relieved it’s not her, but this takes us right back to square one,” Hayes’ sister, Anjanette Hayes, said Thursday. “It’s just more questions. We just want her to contact somebody. Just sitting here waiting is killing me.”

    Hayes’ family last saw her shortly before noon on Jan. 25, when she dropped off her 16-year-old son at her Park Forest home. Her car, a 2005 Kia Spectra, was found Jan. 28 along 159th Street near the Metra railroad viaduct in Harvey. There were no signs of foul play or forced entry.

    Coulter, has been in custody since Feb. 1, when police picked him up for questioning in connection with Hayes’ disappearance. He hasn’t cooperated with authorities and remains jailed on an unrelated felony gun charge.

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Watch: Yakuza 3 locations trailer

    They say that a man’s house is his castle. But for a ganglord, his turf is his kingdom. Kazuma has quite the spot picked out in Okinawa, and with trouble hanging out in the streets, you might

  • Burbank man dies from crash injuries

    The driver of a car that smashed into a cement flowerpot barrier Sunday night on the Southwest Side could face felony charges after his passenger, a 21-year-old Burbank man, died from his injuries on Thursday.

    David Antolak, of 7829 Monitor Ave., died at Christ Medical Center in Oak Lawn at 4:40 p.m., according to the Cook County medical examiner’s office.

    Antolak was riding in a car driven by David Cazja, of Palos Hills, when it crashed about 10:30 p.m. Sunday in the 5700 block of Cicero Avenue, police said.

    Cazja, 23, of the 10400 block of South Aspen Drive, initially was charged with drunken driving and failure to reduce speed to avoid an accident, police said. Police on Thursday night could not immediately provide information regarding upgraded charges against Cazja, who was seriously hurt in the crash.

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Tea Party rally tonight against Halvorson

    The Tea Party movement’s impact in Will County will be tested in the 11th Congressional District election.

    Tea Party organizers today will hold an event in New Lenox, a “Done with Debbie” rally, to build opposition against U.S. Rep. Debbie Halvorson’s bid for re-election. The keynote speaker for the event is Halvorson’s Republican opponent in November, Adam Kinzinger.

    The 11th District race is the most local contest so far to attract Tea Party attention in Will County. The organization was active in the primary election, but its focus was on statewide races.

    “Every day the Tea Party gets stronger and better organized,” said Bill Walker, an organizer for the anti-Halvorson rally.

    Walker said he expects a couple of hundred people at the event, which will be at 6 p.m. at Gatto’s Restaurant, 1938 E. Lincoln Highway.

    The rally is co-sponsored by the New Lenox and Joliet Tea Party organizations. Both are part of the Will County Tea Party Alliance, which hosted candidate forums for congressional and governor candidates in the Feb. 2 primary election.

    Hundreds of people came to both forums, Walker said. Only Republican candidates attended, he said, but Democrats were invited.

    The Tea Party movement, with causes that emphasize small government and low taxation, generally has had support from Republicans and resistance from Democrats.

    Halvorson, of Crete, drew the ire of local Tea Party members last year when she held town-hall-style meetings about the health care reform bill via teleconference rather than in public forums. Tea Party members elsewhere used such forums to rally opposition to Democratic health care proposals.

    Halvorson spokesman Ryan Vanderbilt would not comment on tonight’s rally, saying that Halvorson “is 100 percent focused on her official responsibilities right now.”

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Brisk 5.9% growth in Q4 will likely fade

    The economy rocketed ahead at a 5.9 percent pace at the end of 2009, stronger than first estimated. But the growth spurt isn’t expected to carry over into this year.

    The Commerce Department’s new reading was better than its initial estimate of 5.7 percent growth. Economists had predicted the updated reading would stay the same.

    Still, the upgrade didn’t change the expectation of slower economic activity in the current quarter.

    Most of the fourth quarter’s growth came from a burst of manufacturing – but not because consumer demand was especially strong. In fact, consumer spending weakened.

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Tuition proposed for SD128 kindergarten

    Palos district offers full-day kindergarten – at a cost

    Maria Koeppen’s daughter’s birthday falls about two weeks after the Sept. 1 cutoff for kids entering kindergarten at Illinois public schools.

    So when she was nearly 7 years old, she was still in kindergarten, attending school for 2 1/2 hours a day.

    “By the time they get their coats off and boots off and eat a snack, you learn the letter ‘A’ and it’s, ‘Have a good day,’ ” said Koeppen, whose son and daughter attend Indian Hills School in Palos Heights.

    Parents in Palos Heights School District 128 for years have rallied for a full day of kindergarten.

    District officials say they can only afford to pay for half a day, especially as they weather the economic crisis.

    So they have offered a solution to a common problem in Illinois’ cash-strapped school districts: requiring parents to pay tuition.

    For $2,400 a year, parents could send their children to kindergarten full time starting this fall, provided enough parents commit to the program. The school will still cover half the day’s cost. The second portion of the day will be an extension of topics covered in the first, such as art and music.

    By comparison, Trinity Lutheran School in Tinley Park charges $3,070 a year for half-day kindergarten to nonmembers of the congregation, and St. Bernadette School in Evergreen Park charges nearly $3,000. Both rates include school fees.

    ‘Tough economic time’

    District 128 administrators have shied from calling the pilot program “full-day kindergarten,” because, they say, that implies the district will cover 100 percent of the cost.

    “It’s a tough economic time, and we certainly wish we could afford to provide it without any extra fees,” Indian Hills Principal Cathy Leslie said.

    Indian Hills is annually reimbursed $175 per kindergartner from the state, while other less-affluent south suburban districts receive as much as $6,000 per student under a state aid formula based on the district’s property wealth.

    “Because of our local revenues, we do not get that (higher) funding,” District 128 Supt. Kathleen Casey said.

    The Indian Hills program would be labeled an enrichment program, meaning it does not rely on state funding, so implementing it is a local decision made by the district, according to the Illinois State Board of Education.

    Parents such as Koeppen want the program because they say their children are bored at home after such a short school day, and a longer period of instruction might better prepare them for first grade.

    Other parents want a full day because they prefer their children to stay in the same location with the same teacher, instead of being bused in the middle of the day to a private kindergarten or day care center.

    More parents needed

    District officials believe the Indian Hills kindergarten would be the first of its kind in the Southland, although the idea has been tried at schools in the northern suburbs. The school needs a minimum of 20 parents to commit to the program, with a $200 deposit by March 5. So far, 13 parents have signed on.

    Other area schools, including those in Orland School District 135 in Orland Park and Mokena School District 159, have recently been forced to scale back to part-time kindergarten as the state struggles to keep current on its payments to schools.

    Nearly 74 percent of kindergartners in Illinois public schools attend full-time kindergarten, and 78 percent of school districts offer it, according to the state board.

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Patient-led exercises at hospital’s building site

    CHICAGO (AP) – Workers building a new children’s hospital in Chicago are supposed to do stretching exercises at the site every morning.

    The exercises are for their safety, and on Friday, they’re getting a special coach – an 11-year-old spina bifida patient will lead the exercises.

    Aaron Holliday was born with the spine condition and is a longtime patient at Children’s Memorial Hospital. He enjoys wheelchair basketball, excels in school, and created a special routine that he’ll demonstrate with the workers.

    The impromptu gym class takes place at the construction site for the Ann & Robert H. Lurie Children’s Hospital. It will replace the old Children’s and is being built on Northwestern University’s medical campus just north of the downtown Loop.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Body parts not those of missing woman

    CHICAGO (STMW)  — Body parts found in a garbage container on Chicago’s Southwest Side earlier this month do not belong to a 35-year-old Park Forest woman who has been missing more than a month.

    DNA testing confirmed the two legs and an arm discovered Feb. 3 belong to a black female, but not Dana Hayes, a single mother who has not been seen since Jan. 25, police said Thursday.

    Hayes disappeared two weeks before her ex-boyfriend, Terrence Coulter, of Dolton, was to go on trial on charges he tried to stab her to death in a Riverdale alley in 2007. The start of the trial has been postponed.

    “I’m relieved it’s not her, but this takes us right back to square one,” Hayes’ sister, Anjanette Hayes, said Thursday. “It’s just more questions. We just want her to contact somebody. Just sitting here waiting is killing me.”

    Hayes’ family last saw her shortly before noon on Jan. 25, when she dropped off her 16-year-old son at her Park Forest home. Her car, a 2005 Kia Spectra, was found Jan. 28 along 159th Street near the Metra railroad viaduct in Harvey. There were no signs of foul play or forced entry.

    Coulter, has been in custody since Feb. 1, when police picked him up for questioning in connection with Hayes’ disappearance. He hasn’t cooperated with authorities and remains jailed on an unrelated felony gun charge.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Computer snafu may cost schools $1 million

    NORTH CHICAGO (STMW)  — North Chicago Community Unit School District 187 stands to lose close to $1 million in federal impact aid due to an apparent glitch in the submission of an electronic aid application form.

    But U.S. Rep. Mark Kirk (R-Highland Park) is intervening and asking that the penalty be waived.

    The school district qualifies for “heavily impacted aid” because of the number of students it receives from Naval Station Great Lakes, and last year received more than $8.6 million in impact aid funding, approximately one-third of its budget.

    The district was recently notified by a U.S. Department of Education division that it had missed a Feb. 1 deadline to apply for fiscal year 2011 impact aid funding and that a 10 percent penalty would be subtracted from its aid funding for the year.

    Kirk, however, said there is evidence the district submitted a faxed copy of the application on Feb. 1, meeting the department’s deadline.

    The error in submitting the electronic application could be attributed to a “vague and confusing” E-application that has a second submit button that the district may not have hit in completing the form, he said.

    “The submit button is buried at the bottom of the screen and a reasonable person could conclude that at this stage, the application is complete following the transmittal of the cover and assurances forms,” Kirk wrote in Feb. 22 letter to U.S. Department of Education Secretary Arne Duncan.

    District Superintendent Lauri Hakanen said Wednesday that he has learned six other school districts were in the same situation, and that the submit-button glitch appeared to be at the receiving end of the application process, which may be reconfigured for future applications.

    Kirk said that the penalty would serve no purpose and would obviously have a negative impact on the unit school district.

    “The penalty represents excessive punishment and poses needless financial hardship for the school district,” Kirk wrote. “A 10 percent reduction in its impact aid payments would have a devastating effect on the school district and the surrounding community.”

    Hakanen said he is optimistic the situation will be resolved with Kirk’s help.

    “It’s critical. Every dollar in our district right now is critical,” Hakanen said.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Jury awards family of woman who died in custody

    CHICAGO (AP) – A federal jury in Chicago has awarded $5 million to the family of a 46-year-old woman who died in Chicago police custody after complaining of heart problems.

    The U.S. District Court jury found Thursday against four police officers and a citizen’s aide accused of ignoring Patricia Cobige’s pleas for pain treatment for a heart condition while she was being held in a police station in 2006.

    An attorney for the Cobige family said Cobige died because officers didn’t give her two aspirin.

    But a spokeswoman for Chicago’s Law Department said that notion was an unreasonable assertion. Law department spokeswoman Jennifer Hoyle said an expert for the plaintiff testified there was nothing to have alerted the officers that Cobige had cardiac problems.

    Hoyle said the city is reviewing possible appeal options.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Will Hulu Freak Out Over Cablevision’s Cool New Personalized Internet Channel?

    New York-based Cablevision has been one of the more innovative cable providers out there over the years. It’s been mostly ahead of the competition in broadband speeds, and pioneered some interesting bundled offerings well before many other providers. It also fought and won its case to offer a remote DVR where other providers caved. That’s not to say Cablevision doesn’t have its own issues (and it certainly appears to have no clue how to run a newspaper). But, on the whole, when it comes to the actual technology side, you have to give Cablevision credit for really trying out new things and giving customers increased value.

    One of its latest offerings is a pretty smart idea — letting subscribers move internet content to their TVs remotely. Now, lots of tech savvy folks have set up systems to do this themselves, but this actually sounds like it makes it quite easy for users to do without having to setup any hardware or run any wires or anything, as it’s all done over the internet. You send whatever you want to a Cablevision service, and then you can just turn on your TV to a specific channel, and you’ll have access to the content. If it works, it sounds pretty cool.

    But… are there problems looming? Apparently, you’ll be able to send internet video as one of the types of content, and Broadband Reports found out that this includes content from sites like Hulu. Now, you may remember that Hulu has been pressured by its content partners/owners to keep its content (most of which originated on TV) off of TVs. There’s simply no good reason for this, but it looks like Cablevision is now enabling that functionality as well — even as Hulu has worked to block TV access from a variety of different devices and services. Seeing as NBC appears to be the major voice behind many of Hulu’s blocks, and NBC is in the process of being acquired by Comcast (assuming regulatory approval), that could make for an interesting battle between Comcast and Cablevision down the road…

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  • Virgin Media to Roll Out 100 Mbps Broadband in the UK

    Broadband is rather widespread today in the developed world and most Internet users have access to at least decent speeds. But the definition of broadband is very loose and the fact that what is seen as fast now may become obsolete in a year or two only makes it harder. So, while a new 100 megabits per second service in South Korea would ha… (read more)

  • Old story is similar to Ala. prof’s Mass. shooting

    CANTON, Mass. – Investigators have discovered that a newspaper on the floor of Alabama university professor Amy Bishop’s home when she killed her brother more than 20 years ago described an incident strikingly similar to what she did that day, raising questions about her claim it was an accident.

    Norfolk District Attorney William Keating said investigators found the date of the newspaper after enlarging a police photo of the scene. He said the newspaper contained an article about someone killing a relative with a shotgun and stealing a getaway car from a dealership.

    Bishop, currently accused of killing three faculty colleagues in an Alabama shooting this month, killed her teenage brother with a shotgun at their suburban Boston home in 1986. She then went to a car dealership body shop and tried to commandeer a car, police said. After her arrest, she told police the shotgun had accidentally discharged.

    Keating on Thursday ordered an inquest into the shooting of Bishop’s brother, Seth Bishop, saying there are new questions about whether it was the accident investigators concluded at the time.

    The handling of the case has been under scrutiny since Amy Bishop was accused of killing three faculty colleagues and wounding three others in a shooting Feb. 12 at the University of Alabama-Huntsville.

    Keating said the inquest would allow a judge to subpoena Bishop’s parents, who refused to talk with state troopers who went to their home last week, saying they had retained an attorney.

    “Had they cooperated and we thought their answers were forthright and truthful,” Keating said, “this might not have been necessary.”

    Bishop’s mother was the only other witness to the killing. An attorney for the Bishops, Bryan Stevens, did not immediately return a call seeking comment Thursday.

    Judge Mark Coven, presiding judge in Quincy District Court, will conduct the closed-door inquest and report his findings to Keating, who would then decide whether to issue an indictment. The only possible charge that could be filed is murder because the statute of limitations on all other counts, including manslaughter, has expired.

    The fact that the only other eyewitness says the shooting was an accident is “a huge burden to overcome,” Keating said.

    Police reports released by Keating last week said Amy Bishop told police she accidentally fired the shotgun in her bedroom, then went downstairs to ask her brother for help unloading the gun, which her father bought after a break-in.

    She said after the gun accidentally went off again, hitting her brother, she fled, believing she dropped it, the reports said. She was arrested at gunpoint. She said she did not remember anything from when she fired the gun the second time until she was at a police station later.

    Bishop was released after her mother went to the police station, and police didn’t question Bishop or her family for 11 days, among the serious errors Keating said were committed in the 1986 investigation.

    Keating said his investigation indicates Bishop was calm and cooperative after she was arrested, contrary to police assertions at the time that she was too hysterical to be questioned.

    “The more information we got, the more we looked at reports, the more questions we had,” Keating said.

    The inquest won’t focus on how the investigation was handled, but some of what the judge finds could be used by state police, who are reviewing the original investigation, Keating said.

    Seth Bishop’s death is among several incidents involving Amy Bishop, a Harvard University-educated neurobiologist, that are being re-examined, including when she and her husband were questioned but never charged in the 1993 attempted mail bombing of a medical researcher who gave her a bad job review. The U.S. attorney in Boston is reviewing its actions in that case.

    Bishop also was charged with assault and disorderly conduct after a fight over a child booster seat in a restaurant in 2002. The charges were dismissed after six months’ probation.

    Bishop 45, is charged with capital murder and attempted murder in the Alabama shooting. Colleagues say she had complained for months about being denied the job protections of tenure.

    In Bishop’s only public comments since the Alabama shootings, she said they “didn’t happen.”

    A police spokesman in Huntsville, Ala., said it was unclear whether information gathered in a Massachusetts inquest could be used in the capital murder case against Bishop in Alabama.

    “It’s too bad they didn’t do a good investigation up there the first time,” Sgt. Mark Roberts said. “If they had in 1986, we might not be where we are today in 2010.”

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Is the Utah legislature moving to ban all aftermarket exhausts?

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    According the SEMA Action Network, a bill has been introduced in Utah that will “ban the use of aftermarket exhaust systems.” The organization is urging people to contact Utah Senators immediately to protest the substitute bill (S.B. 106), introduced by Senator Patricia Jones, for the following reasons:

    • S.B. 106 ignores the fact that aftermarket exhaust systems are designed to make vehicles run more efficiently without increasing emissions.
    • S.B. 106 does not supply law enforcement with a clear standard to enforce, allowing them to make subjective judgments on whether or not a modified exhaust system is in violation.
    • S.B. 106 fails to recognize that aftermarket exhaust systems offer increased performance, which can make a vehicle safer by improving its ability to merge, pass, travel uphill, etc.
    • S.B. 106 would make it difficult for hobbyists to replace factory exhaust systems with more durable, better performing options.

    We took a closer look at the four-page bill, and didn’t find anything overly alarming to our enthusiast-tuned eyes. Aside from the typical bureaucratic jargon, we read the bill as providing definitions about excessive noise standards and a clarification about aftermarket devices. Furthermore, the bill specifically says “…an air pollution control device may be substituted for the manufacturer’s original device if the substituted device is at least as effective in the reduction of emissions from the vehicle motor as the air pollution control device furnished by the manufacturer…” So we’re failing to see the issue? Posit your own theories and thoughts in the comments below.

    [Source: SEMA Action Network]

    Is the Utah legislature moving to ban all aftermarket exhausts? originally appeared on Autoblog on Fri, 26 Feb 2010 09:00:00 EST. Please see our terms for use of feeds.

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  • Mog.com Raises $9.5 Million for Music Streaming

    Being in the online music services, especially streaming services, market is not for the faint of heart. With companies going under almost as often as new ones pop up and with very few people actually making money from it, there seems to be little incentive to enter the market. Yet, recently launched music-streaming service Mog managed to raise a s… (read more)

  • CESA to push through with September TGS 09

    When TGS 09 wrapped up last year, the Computer Entertainment Software Association (CESA) set the tentative dates of when TGS 2010 will be held. A few factors to be considered here and there, but it appears that

  • Why the aggressive pricing? Jumbo loan news, FDIC providing services; GFE advice from Wells

     

    pipeline-press

    rob-chrisman-daily

     

    “Talk is cheap, because supply always exceeds demand”.

    For the week that just ended for the Fed, their MBS purchases totaled $17.6 billion, and they sold $6.6 billion, netting out that magical $11 billion weekly total. They are right on target to end this in about a month. After March 31st, the program ceases. People will still buy homes, mortgages will continue to be originated, but will some of the dire production predictions come true? Everyone in the business is hoping not, but the large investors would prefer not to wait to find out. Big investors have cut profit margins and prices, resulting in some very good (relatively speaking) mortgage rates for borrowers. Investors, account executives, production managers may be already worried that they won’t hit their numbers for the year, and appear to be doing what they can to move a little ahead of the pack prior during the first quarter. Because after March 31st, it’s anyone’s ball game. And keep in mind that any loans that fund and are placed into securities settling in March had better close sooner than later due to lag times. Make hay while the sun shines.

    Should foreclosures be run by the government?  Lordy lordy… the Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program. Bloomberg reported that the proposal was reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan. At present, lenders can initiate foreclosure proceedings on any loan that hasn’t been submitted for HAMP eligibility. Under current HAMP rules, foreclosure litigation can proceed while borrowers are under review for the program or even in a trial modification. The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan.

    The vast majority of jumbo loans are on homes located within 30 miles of either coastline or 1 mile of a lake or river. (You like that statistic? I just made it up – but it makes sense.) Anyway, jumbo loans represent a pretty small proportion of overall lending, which is one of the reasons why that type of product carries little “weight” among politicians. But there is some hope out there – see this story from LA Times.

    If you want to be loan originator in Oregon, or already are one, you should know that Oregon now added real estate lenders in to the Unlawful Trade Practices Act. So what? Now brokers have individual personal liability to lawsuits from borrowers with punitive damages, with no time limits on filing action and a “low bar to pass” to sue according to one source. “Unconscionable acts” is very loosely defined in their UTPA. Case law in UTPA in Oregon has shown the courts use “known or should have known” as the bar for liability. And oh, don’t forget that the SAFE Act takes affect August 1st in Oregon that has loan officers liable for Class C Felony, Restitution Orders to the consumer from the Director of DCBS, $25,000 fines and a private right of action for “ascertainable loses” for 3 years after closing the loan.

    The FDIC doesn’t only shut down bankrupt bank at the end of the week. It also produces a “quarterly banking profile” which “provides the earliest comprehensive summary of financial results for all FDIC-insured institutions.” Don’t be the last one on your block to see it:   The FDIC has also issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2010. “The examination schedule reflects the effects of an institution’s size and CRA rating on examination frequency. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.” The quarterly list is available on the Internet at www.fdic.gov. And lastly, if you want to spend some time in New Orleans and have a hankerin’ to learn the ins and outs of the CRA program, head down there between March 14 and 18 for the National Interagency Community Reinvestment Conference. “The agenda will cover how CRA loans, investments, and services can have a positive and lasting impact in low- and moderate-income communities.”

    Wells Fargo issued another “Risk Advisory Bulletin” of recommendations, not requirements, for the clients. (By the way, if large investors are sued in a class action lawsuit by borrowers over RESPA & GFE violations that happen during the “leniency period”, do you think that HUD will help in their defense? It would seem that large investors think not, and therefore are preferring to “toe the line” when it comes to GRE issues regardless of HUD’s official policy of forgiveness.)

    It seems that WF is finding addendums and additional pages to the GFE in the closed loan file when the loan file is submitted to Wells Fargo for purchase. HUD addendums or additional pages to the GFE are not allowed – refer to HUD RESPA FAQ, section titled GFE – General, page 9, question 27 for guidance on what is allowed. Wells tells clients that handwritten corrections or changes to the GFE “may prohibit the purchase of your loan due to our inability to clearly distinguish what took place in the transaction of the loan (e.g. were the updates due to errors vs. a change to fees?)”, so when needing to make changes to the GFE as a result of a Changed Circumstance, WF suggests clients “re-disclosure using a new GFE rather than providing handwritten changes to the original. Be sure to include related Changed Circumstance documentation.” Lastly, the investor reminds customers that they should keep old-format GFE’s out of the file: “use of the old-format GFE at any point in the origination process for applications taken in 2010 is not acceptable under the new RESPA requirements – even if a document preparation provider is including this in the closing package material” and that “only GFEs provided to the borrower for disclosure or re-disclosure are included in the closed loan file. GFE Disclosure and Re-disclosure.”

    In an interesting development, money managers who buy mortgages were intent on buying the higher coupon securities Thursday. Maybe those prices have worsened enough, although higher coupon agency bonds have been hit hardest because they have been trading above their face value, or par, but the agency plans to pay par when it buys them back. The supply of mortgages has certainly increased, so expect that it is coming from higher lock volumes – perhaps due to that aggressive pricing. See how it works? But in general mortgage, and fixed income securities, improved in price yesterday on concerns over the credit issues in Greece and the unemployment picture painted by the hike in Jobless Claims. The $32 billion 7-yr auction was taken in stride. And who cares about Fed Funds? Yesterday the futures market for November priced in a 58% chance for Fed to boost the federal-funds target rate to 0.5% at the 11/2 meeting, down from a 66% chance Wednesday and 100% from last Friday.

    It is pretty slow out there, or just my imagination? Hopefully it is just my imagination. Regardless, if you write back, don’t look for a quick response – I am heading off to The Great State of Texas today – more specifically Austin and San Antonio – for some sight-seeing and exercise. That said, so far this morning the financial markets do seem a little slow ahead of the revised GDP number and Existing Home Sales. The 10-yr yield is at 3.63%, and mortgages are roughly unchanged.

    His request approved, the CNN News photographer quickly used a cell phone to call the local airport to charter a flight. He was told a twin-engine plane would be waiting for him at the airport. 
    Arriving at the airfield, he spotted a plane warming up outside a hanger. He jumped in with his bag, slammed the door shut, and shouted, “Let’s go!”

    The pilot taxied out, swung the plane into the wind and took off. 
    Once in the air, the photographer instructed the pilot, “Fly over the valley and make low passes so I can take pictures of the fires on the hillsides.”
    “Why?” asked the pilot. 
    “Because I’m a photographer for CNN,” he responded, “and I need to get some close up shots.”
    The pilot was strangely silent for a moment, finally he stammered, “So, what you’re telling me, is…You’re NOT my flight instructor?”

    (Life is short. Drink the good wine first.)

    Rob

    (Check out http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx. For archived commentaries, check www.robchrisman.com,)

  • Mokena, police union still at odds over contract

    Mokena and its police union could be headed toward arbitration to hammer out a new contract after a mediation session Thursday failed to produce an agreement.

    Though village administrator John Downs called Thursday’s three-hour meeting at village hall “a good session,” he said the two sides still are far apart on money matters. He declined to provide specifics on the sticking points between Mokena and Teamsters Local 700, which represents 25 police officers below the rank of sergeant.

    “We weren’t able to resolve some of the open issues, and at this point I would suspect that (arbitration) is the direction it’s probably going to go,” Downs said.

    A representative for the police union did not return a call for comment Thursday.

    The union’s most recent contract with the village expired June 30, and the two groups have been negotiating since August. The union has the option to request further mediation or to enter into arbitration, where an arbitrator would hear both sides and hand down a binding agreement, Downs said. The arbitration process likely would begin in the next month or two if the union requests it, he said.

    The village has been publicly pushing for concessions from both its unionized and nonunionized employees as it looks to trim its bottom line amid plunging tax revenues and lagging state payments. About 60 per c ent of Mokena’ s 80 employees belong to either Teamsters 700, which consolidated in January with the village’s former local, Teamsters Local 714, or the International Union of Operating Engineers Local 150, the village’s public works union.

    Village officials already have slashed $1.15 million from Mokena’s general fund for this fiscal year, which runs through June, and still are struggling to plug a $300,000 hole this year and combat a projected $666,000 deficit for next year.

    “We’re looking at the reality of the things we face and trying to balance that between represented and nonrepresented employees, asking for sacrifice,” Downs said.

    Mokena began requiring its nonunion employees to pay for 10 percent of their health insurance premiums this year to help conserve cash. Some members of Local 700 and Local 150 also participated, but a clause in both contracts exempted employees who had HMO coverage. Reversing that exemption would have saved the village an additional $28,000 annually, Downs said.

    The village also has offered incentives to employees who want to take early retirement or waive their health insurance coverage. So far, one employee has accepted a buyout and five have waived their health insurance, which trims $90,000 from the village’s expenses for next fiscal year, Downs said.

    Read the original article from SouthTown Star.

    Distributed via Chicago Press Release Services


  • Five charged in ‘ethnic slur’ melee

    NAPERVILLE (STMW)  — An ethnic slur shouted by a member of one group at another apparently triggered a brawl in downtown Naperville that left one woman with a gash above her eye, another with a damaged vehicle and five people with arraignment dates pending in DuPage County Circuit Court in Wheaton.

    Naperville police filed charges of fighting against Catherine Maloney, 24, and Daniel Maloney, 28, both of the 1600 block of Dublin Drive; Ryan Maloney, 30, of Oswego; and Elizabeth Kartheiser, 21, and Jason Thomas, 23, both of Lombard. The Maloneys are siblings.

    Police Cmdr. Mike Anders said the trouble began about 12:58 a.m. Sunday near Van Buren Avenue and Washington Street. Kartheiser and Thomas were walking together in the area, as were the Maloneys, Anders said.

    “A verbal argument over ethnicity” was instigated by a member of one group or the other, Anders said. Fisticuffs that initially involved Daniel Maloney and Thomas then erupted in the street, he said.

    Kartheiser, Catherine Maloney and Ryan Maloney then allegedly became involved in the scuffle, Anders said. A man who had been walking with Kartheiser and Thomas did not join the fight, he said.

    Catherine Maloney was injured in the melee and taken to Edward Hospital in Naperville, Anders said. She was released after receiving stitches for a cut above her eye.

    Ryan Maloney allegedly tore an exterior mirror off a silver Jeep Commander belonging to Kartheiser, Anders said. He was charged with criminal damage to a vehicle.

    All five were taken to the Naperville police station for processing and later released on bail.

    Anders said he did not know what the two groups were doing downtown or where they had been going at the time. He would not say who allegedly hurled the insult or what, specifically, was said that started the fight.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • American Le Mans Series gets a new Patron

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    Highcroft Acura ARX-02a sponsored by Tequila Patron – Click above for high-res image gallery

    Imagine, if you will, that every motorsport discipline can be equated to one kind of alcohol or another. Formula One might be champagne. NASCAR, moonshine, or maybe a case of domestic light beer. Andros Trophy ice racing, vodka. (Grey Goose on the rocks, to be precise.) A martini at Le Mans, perhaps. So what kind of booze, then, would you equate with the American Le Mans Series? How about tequila? At least, that’s what Patron would like you to think.

    The agave booze brand has been active in the series pretty much since its inception, most notably sponsoring Highcroft Racing’s Acura prototypes. This season the ironically lime-green livery will also be seen in the GT2 category on Extreme Speed’s Ferraris (one of which, incidentally, will be driven by Patron chief Ed Brown) as well as on the Porsches fielded in the GT Challenge category by Alex Job Racing and Velox Motorsports.

    The bigger news, however, is that starting this season, Patron will be the series’ title sponsor. Like clothier Izod picked up the naming rights for the IndyCar Series, ALMS will now be dubbed the American Le Mans Series Presented by Tequila Patron. Along with it you can expect more track-side advertising and hospitality. The news you can take to the bank, but the prospect of a complimentary shooter in the paddock you can take with a grain of salt or two.

    Photos by Drew Phillips / Copyright (C)2009 Weblogs, Inc.

    [Source: Autosport]

    American Le Mans Series gets a new Patron originally appeared on Autoblog on Fri, 26 Feb 2010 08:32:00 EST. Please see our terms for use of feeds.

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