Author: Serkadis

  • Date set for Drew Peterson murder trial

    CHICAGO (STMW)  — Will County Judge Stephen White on Tuesday scheduled jury selection for the Drew Peterson case to begin on Monday, June 14.

    A Will County judge has been hearing testimony over the last month to determine what hearsay evidence can be allowed at Peterson’s upcoming murder trial.

    Peterson is charged with the 2004 murder of his third wife Kathleen Savio, and is a suspect in his fourth wife Stacy’s 2007 disappearance.

    The judge says his decision on allowing hearsay statements in the trial will remain sealed, until after a jury is selected.

    The statements prosecutors want admitted as testimony are those in which Kathleen Savio and Stacy Peterson allegedly expressed to relatives and friends that they were afraid Drew Peterson would kill them.

    Defense attorneys said the case against Peterson is built on lies.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Chicago police remember a comrade lost in fatal crash


    CHICAGO (CBS/WBBM)
    — The Chicago Police department’s 23rd District (Town Hall) station will be draped in purple bunting this morning, as officers mourn the death of Sgt. Alan Haymaker, to died in a crash in the line of duty yesterday.

    The crash on Lake Shore Drive Monday morning happened as Haymaker was responding to a burglary call. Weather may have been a factor.

    Sgt. Haymaker, 56, had a wife and three daughters. He was an active member of his church. His pastor tells the Chicago Tribune Haymaker played the guitar and loved classic rock.

    An autopsy will be performed today.

    Sgt. Haymaker was pronounced dead at Advocate Illinois Masonic Medical Center. He was a third generation officer with the Chicago Police Department and a 21-year veteran of the force.

    In the southbound lanes of Lake Shore Drive, you could see tire tracks in the snow Monday. That’s where Sgt. Haymaker’s squad car left the road around 5:30 Monday morning.

    Investigators say the crashed pinned Haymaker in his car, adding they had to cut him out of his seatbelt.

    “According to eyewitness accounts, icy roads were a factor,” said Assistant Police Supt. James Jackson.

    Police said Haymaker was en route to a burglary call at Consolidated Communications, 3167 N. Clark, when he crashed early Monday morning.

    His squad car was southbound on Lake Shore Drive near Irving Park Road when he veered off the road and hit a tree in the median between the Inner and Outer Drives.

    The impact was so great that it also took down a light pole and ripped the door right off the car.

    The crash shut down southbound Lake Shore Drive for several hours, tying up traffic headed toward downtown Chicago.

    The roads were slick from snow and rain at the time. Lake Shore Drive had been plowed, but it was still wet and possibly slushy.

    Haymaker was the only person in the vehicle. He was taken to Illinois Masonic, where he was later pronounced dead.

    On Monday afternoon, the official mourning flag was already flying at half staff outside the 23rd Police District at Addison and Halsted. That’s where Haymaker had worked since December. Before that, he spent many years working out of the 15th District on Chicago’s far west side.

    “Words cannot express the sorrow we feel at his loss,” said Supt. Jackson.

    Haymaker followed his grandfather, father and uncle into police work, which was “in his blood,” said his brother-in-law, Ron Vogelpohl.

    Outside the sergeant’s Northwest Side home, a police car sat parked. An officer inside told reporters his wife and daughters did not want to be disturbed.

    But one neighbor said Haymaker was a good guy who always looked out for the neighborhood.

    Haymaker joined the Chicago Police Department after working as an assistant pastor at a former Evangelical church in Jefferson Park, and he brought a pastor’s sensitivity to his police work, Vogelpohl said.

    “He treated his fellow officers and the public as human beings,” Vogelpohl said. “Hie religion was very important to him. He never forced it on anybody, but it came through in how he treated people, and it’s what made him such a great cop and great man.”

    A keen guitarist and fan of classic rock, he “was proud to be a police officer,” Vogelpohl added.

    With his family and fellow officers standing by, Haymaker’s body was transported from the hospital to the Cook County Medical Examiner’s office Monday morning. A string of about a dozen police vehicles followed in a procession.

    Wellington Street outside the hospital was lined with police cars all morning, as officers arrived in waves to pay their respects to their fallen colleague and his family.

    The Hundred Club of Cook County, a civilian organization that provides financial assistance to the families of police and fire personnel killed in the line of duty, will be providing the widow of Sgt. Alan Haymaker with a $15,000 check to cover immediate expenses and has committed to paying the educational expenses of his children through college.

    “The Hundred Club initially presents the widow with a $15,000 check,” Michele Rabenda, Director of Development for the Hundred Club, said Monday afternoon.

    “Within the next couple of weeks, we’ll meet with her” to go over her family’s expenses and financial obligations and the organization is prepared to give Sgt. Haymaker’s family up to an additional $50,000, Rabenda said.

    The organization also provides educational assistance up to the college level for the families, Rabenda said, so for the couple’s children who attend college — Rabenda believes they have a 16-year-old daughter — those expenses would be covered.

    A police department spokesperson says funeral arrangements have not been announced. He said an autopsy would be performed and the investigation into the crash continues, in part to determine if any other factors may have contributed to the crash.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Why Elk Grove has a cheerleading monopoly

    What’s the secret behind Elk Grove High School’s coed cheerleaders winning five consecutive Illinois High School Association state championships?

    At a quick glance, Elk Grove’s cheerleaders seem no different from teenagers anywhere – talking incessantly, giggling, teasing or generally goofing around.

    That’s until they get their game face on. Ask each one individually about their commitment to the Elk Grove coed squad prompts rapid-fire, identical responses.

    “Quitting is not an option,” they exclaimed in unison.

    “You can’t back down.”

    “We always give 100 percent.”

    “We leave everything on the floor.”

    The collective buy-in says a lot about the mental cohesiveness of the team, as well as the strong bonds between them. They not only finish each other’s sentences, but they are proud that they have each other’s backs.

    “We are literally a family that gets along,” said senior Stephanie Arciola, 18, of Elk Grove Village. “We are all best friends.”

    That relationship and the mettle Elk Grove cheerleaders have developed over hours of grueling practice each week is what it takes to be state champions year after year, team members said.

    Elk Grove is the only high school to win the coed division since the IHSA made cheerleading a sport and began mounting the state series in 2005.

    The school’s transformation into a cheerleading powerhouse began shortly after Jeff Siegal took over as head coach. A cheer coach for 17 years, Siegal made a name for himself at Buffalo Grove High School, where his coed squad won Illinois Cheerleading Coaches Association state championships in 2000 and 2001 (the longtime precursor to the IHSA) and one national title with the AmeriCheer competition in Orlando.

    Siegel left District 214 briefly in 2001 when he took a coaching job with Northwestern University’s Spirit Squad. He was wooed back to Buffalo Grove High School as an instructional assistant for special education and a boys volleyball coach, but the coed cheerleading team had dissolved.

    He found a team in need of a coach at Elk Grove.

    “Jeff is a huge part of it,” said Elk Grove senior Marisa Marques, 17. “He taught us to be mentally tough.”

    Siegal insists there’s nothing in the water in Elk Grove, nor are his cheerleaders on a special diet to boost performance – though he encourages lots of PB&J sandwiches, grapes and oranges.

    Siegal credits his assistant coaches – there are four – and the cheerleaders’ own dedication and determination. Most of the kids never did cheerleading before high school, but they are active participants in school life: Many are athletes on the football, track, water polo, boys gymnastics, girls soccer or baseball teams; others are active in arts or academic pursuits, like class board, National Honor Society, musical groups and peer counseling.

    “I’ve got kids that are in the top 10 percent of their class,” Siegal said. “We build these kids to be mentally tough and they go out there and do what they love.”

    Two things Siegal won’t divulge: his age, and the identity of the choreographer he hand-picked to develop the squad’s winning dance routines.

    “No way am I giving out his name,” Siegal said. “I don’t want other people using him. You don’t want to give out too many secrets of the trade.”

    Having a strong base of boys is a major tipping point in Elk Grove’s favor, says Laura Podolski, head coed cheerleading coach at Barrington High School, which finished fourth in the 2010 IHSA championships.

    “It’s tough to get boys who have enough confidence to join cheerleading,” she said. “(Elk Grove is) able to do it because they keep winning state championships.”

    Siegal said he generally doesn’t have trouble recruiting boys for his 20-member competitive squad, although he’ll occasionally ask the football coach for help.

    Part of the toughness the kids develop is from taking what Siegal himself dishes out, said Podolski, who once trained with Siegal in an All-Star cheerleading program he ran in Arlington Heights.

    “If you couldn’t hit something, Jeff would say, ‘Laura, you have to do this right now, because if you do not, there is a girl waiting in the wings who will take your spot,’” Podolski said. “That would push you to try even harder because you wanted that spot.”

    Podolski now uses the same tactics with her students.

    Senior Alex Marcado, 17, of Elk Grove Village, a football player since eighth grade who joined in his sophomore year at Elk Grove, gave up high school track and wrestling to pursue cheerleading.

    “It challenged (me) more,” Marcado said. And he felt closer to his cheerleading teammates after practicing for three to four hours, seven days a week.

    Still, it isn’t all work. One on Dallas trip, after a couple days of practice, Siegal treated the team to two days of sightseeing and visiting funny diners.

    “As much as he can push you in the gym, he knows how to be a great friend,” Podolski said.

    Siegal encourages squad outings and team dinners.

    “You want to have some good times and stuff,” Siegal said. “One day I canceled practice and I took them to the pumpkin patch out in Barrington. They need to learn to be together and have fun. Winning state championships is a great feeling, but hopefully I am teaching them life skills.”

    Among Elk Grove’s strengths on the mat is the ability to rebuild its program with each round of critiques, said IHSA coed division head judge Lance Emery.

    Emery said the secret of doing well in any division is getting a team out on the mat early in the year, taking judges’ comments to heart, and adjusting the routine throughout the year.

    “The entire package that they put out on the floor, every year, it’s entertaining,” Emery said. “It’s very difficult and the skills are performed very well.”

    Elk Grove revamped and tightened its routine after placing third in a January invitational meet in Lake Zurich. A single wrong hand placement by one cheerleader cost the team second place.

    “It was an eye opener,” Siegal said. “In basketball, if your foot goes a quarter of a centimeter over the line, that’s it. You really have to know what you are doing out there.”

    Siegal himself is among the 100 or so IHSA-certified cheerleading judges. While he doesn’t judge sectional meets or the state competition, Siegal critiques invitational events, so he knows what judges look for in a performance.

    Judging in cheerleading is similar to gymnastics and diving. Difficulty of technique and performance jointly make up 40 percent of a team’s score. The remaining 60 percent is formations, transitions, voice projection and synchronicity. Teams are rated on how they involve the crowd, the overall appeal and how entertaining the performance is.

    Emery said coed cheerleading is emerging in Illinois.

    “Our entire coed division was fantastic from top to bottom this year,” Emery said.

    There were about 30 coed squads at the IHSA’s first state tournament in 2005. Today, roughly 75 teams are registered. With this year’s state competition, the bar has been raised higher than ever, officials said.

    “Elk Grove definitely does contribute to that,” Podolski said. “When they take a step, everyone takes one with them.”

    And other coed squads are knocking at the door: Palatine, Downers Grove South, Barrington, Streamwood, Lake Park, Libertyville and downstate O’Fallon have consistently contended strongly since 2005 and aren’t letting up.

    Elk Grove will lose seven of its senior athletes – two boys and five girls – at graduation. Last year, five male athletes graduated.

    “It’s going to definitely be a rebuilding year,” Siegal said. “We’ve got some great kids in our program and they’ll step it up and we’ll go along like we always have. We work with the best athletes we can find.”

    Cheer: Coach keeping choreographer’s identity a secret

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Showdown set over Island Lake police chief suspension

    A pair of Island Lake trustees plans to confront Mayor Debbie Herrmann at Thursday night’s board meeting over the mayor’s recent decision to suspend the police chief.

    Trustees Laurie Rabattini and Don Saville insist they’re owed an explanation as to why Chief Anthony Sciarrone was placed on administrative leave.

    Herrmann did not consult any of the trustees before suspending Sciarrone earlier this month and has refused to discuss the matter with the board, either publicly or privately.

    That didn’t sit well with Saville.

    “I think she overstepped her bounds, and I think she’s out of control,” he said.

    Herrmann could not be reached for comment.

    The board held a special meeting last week to ask Herrmann about her decision, but she didn’t show. More than 20 local residents were in attendance, and many spoke critically of the mayor’s actions and her absence.

    Rabattini believes many of those residents will attend Thursday’s meeting, too.

    “I hope their interest is still there and their concern for the community is still there,” she said.

    Assuming Herrmann attends Thursday’s session, set for 7:30 p.m. at village hall, it will be the first time the trustees and the mayor are together since Herrmann announced via e-mail on Feb. 15 that she had suspended Sciarrone.

    That suspension came weeks after a similar move by the mayor against police officer Fred Manetti. Herrmann has refused to explain either suspension.

    But the matter won’t go away just because Herrmann refuses to talk about it, Saville said.

    “This is not a dead issue by any means,” he said.

    Trustee John Ponio said he intends to propose changing the village codes to prevent the mayor from unilaterally taking similar action in the future.

    Not all the trustees are as worked up about the situation. Trustee Don Verciglio, who repeatedly has said he felt “blindsided” by the mayor’s decision to suspend Sciarrone and wanted answers at last week’s meeting, doesn’t plan to confront her Thursday,

    Herrmann had the proper authority to put the chief on leave, Verciglio said.

    For updates, revisit dailyherald.com.

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Doctor indicted in child sex abuse scandal

    DOVER, Delaware — A Delaware grand jury returned a sweeping indictment Monday against a pediatrician accused of serial molestation in what could be one of the worst child sex abuse cases in U.S. history.

    The 160-page indictment returned by a grand jury charges Dr. Earl Bradley of Lewes with 471 counts of sexual crimes against 103 children.

    Attorney General Beau Biden said all of the alleged victims, including one boy, were caught on more than 13 hours of video recordings, some dating to 1998, that were seized from Bradley’s office and home.

    “The charges in this indictment are unique in the history of the state of Delaware, as far as I can tell,” he said.

    “These were crimes committed against the most vulnerable among us — those without voices,” Biden added as tears welled in his eyes and he paused to collect himself.

    Biden said that while there have been other cases around the country involving multiple victims, “I know of no other that has this many victims.”

    The charges against Bradley include rape, sexual exploitation of a child, unlawful sexual contact, continuous sexual abuse of a child, assault and reckless endangering.

    Bradley, who was arrested in December and initially charged with 29 felony counts for allegedly abusing nine children, is being held with bail set at $2.9 million. His medical license was permanently revoked by the state Board of Medical Practice last week.

    Bradley’s attorney, Eugene Maurer, said he had not read the indictment but was not surprised by the allegations.

    “I’m sure they have their reasons for including all these different victims in this indictment,” said Maurer, noting that under state law, a single conviction of rape would be enough to put Bradley behind bars for life.

    Maurer added that the “real battleground” in the case will be Bradley’s mental state, not what is seen on the videotapes or alleged in the indictment.

    The indictment alleges Bradley was videotaping his sexual exploitation of patients as far back as December 1998. Many victims were assaulted repeatedly, some on consecutive days, according to the indictment, which alleges that one girl was raped more than a dozen times over a period that lasted more than a year.

    Authorities would not say whether they think Bradley had videotaped all of his alleged assaults or whether there may be more victims.

    “I expect that we will add to this indictment with new charges over the coming months,” Biden said.

    He encouraged parents and victims of Bradley, “regardless of age or gender,” to contact prosecutors, who have sent out about 3,100 letters to Bradley’s patients and set up an office in Lewes to handle complaints and direct potential victims and their families to counseling and other services.

    “I know that today’s indictment will reopen painful wounds,” he said.

    Prosecutor Paula Ryan declined to say how many alleged victims seen on videotape have been identified by name, or to provide an age range. The indictment refers to each alleged victim only as “Jane Doe” or “John Doe.”

    After years of suspicions among parents and questions about his strange behavior from colleagues, Bradley was arrested after a 2-year-old girl told her mother that the doctor hurt her in December when he took her to a basement room of his office after an exam.

    The case has shocked the close-knit coastal community of Lewes and the central Delaware town of Milford, where Bradley closed an office in 2005 after police investigated him.

    While prosecutors allege regular and repeated abuse by Bradley, the indictment contains a gap of more than a year, from October 2004 to June 2006, in which no alleged crimes are listed.

    Biden and Gov. Jack Markell have ordered reviews to determine whether doctors, hospitals, state agencies or law enforcement authorities failed to comply with a state law that requires all such entities to report to the medical licensing board in writing within 30 days if they believe a doctor is or “may be” guilty of unprofessional conduct.

    Biden said Monday that those investigations are aimed at determining “how this physician could lurk in our midst for as long as he did.”

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • CHART OF THE DAY: Bankers Getting Paid A Lot To Sit On Their Hands And Do Jack Squat

    Yesterday we pointed you to the latest data from the St. Louis Fed showing that bank lending continues to plunge.

    Rather than ply businesses with loans, banks are instead opting to hoard cash and buy Treasuries.

    And yet despite the lending shutdown, bonuses are back up, per fresh data out today from the New York Comptroller.

    In other words, sitting on your hands and doing nothing is a pretty lucrative gig.

    chart of the day, wall street bonuses vs. bank lending


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  • Next London Freeschool 5-7 March 2010, Hackney

    from email, 21 February 2010: “It’s a school that’s free. Free of charge, free from teachers, free for any adult to come and learn. WHERE: 195 Mare St E8 3QE. Classes of all sorts will be held throughout each day on a wide variety of skills and subjects, ranging from practical stuff like welding and cooking to other useful things like languages, philosophy, making your own radio show, do it yourself health care. All classes will be led by people want to share whatever skills and knowledge they have with others…” more

  • London No Borders / Calais Migrant Solidarity Benefit, 26 February 2010

    London No Borders / Calais Migrant Solidarity Benefit, 26 February 2010

    from email, 21 February 2010: Benefit gig for No Borders / Calais Migrant Solidarity at 195 Mare Street, Hackney. 6pm onwards: Food / Film / Info, 8pm – 2am: Music, including – Captain of the Rant (A’capella / Punk / Lyrical) – 52 Commercial Road (experimental / post-rock) – Rabies Babies (punk / rock / thrash) – Jakal (punk / reggae / ska) – Deferred Sucess (acoustic / folk / punk) – Plus more to be confirmed! Come along top get more info No Borders / Calais Migrant Solidarity…” more

  • Toyota recall hearing kicks off and you can watch it live on C-SPAN

    The House Energy & Commerce Committee is holding a hearing on consumer complaints about unintended acceleration in Toyota vehicles and the company’s subsequent decision to recall millions of cars.

    Appearing before the committee is Transportation Secretary Ray LaHood and the President and COO of Toyota Motor Sales America.

    Tomorrow, Toyota’s CEO Akio Toyoda will testify before the House Oversight Committee.

    You can watch the live stream on C-SPAN’s website by clicking here.

    – By: Omar Rana


  • US to return 21st Dynasty sarcophagus to Egypt

    Discovery News (Rossella Lorenzi)

    U.S. authorities will return a beautifully painted 3,000-year-old coffin to Egypt, Egyptian Culture Minister Faruq Hosni said on Monday.

    Decorated with colorful religious scenes, the ornamented coffin contains the remains of a man called Imesy.

    Zahi Hawass, the secretary general of Egypt’s Supreme Council of Antiquities (SCA) had said last year that the coffin likely belongs to pharaoh Ames of the 21st Dynasty, which ruled over Egypt from 1070-945 B.C.

    The nearly 5-foot-long wooden coffin was confiscated by U.S. customs officials at Miami International Airport from a Spanish merchant in 2008.

    The dealer did not possess the necessary documentation to prove ownership of the artifact.


    ABC News

    The coffin, described as one of the “most beautiful plastered and painted” pieces found in Egypt, was seized by customs officials upon its arrival at a Florida airport in October 2008, the ministry said in a statement.

    An antiquities dealer named as Felix Cerera did not have ownership documents for it, prompting customs officials to suspect smuggling, the statement said.

    An investigation by the U.S. Department of Homeland Security found the coffin had been smuggled out of Egypt in 1884 and had been exhibited in Madrid in 2007. Egypt requested its return in 2009.

    Google/AFP

    US authorities will return to Egypt an ornately painted pharaonic coffin smuggled out of the country more than 125 years ago, Egyptian Culture Minister Faruq Hosni said on Monday.

    The 3,000 year-old casket, which was painted with inscriptions to help its occupant in the afterlife, would be handed over to Egypt’s antiquities chief Zahi Hawass next month, Hosni said in a statement.

    Egypt had last year asked the United States to return the wooden coffin, which dates back to the 21st dynasty (1081-931 BC) and contains the remains of a man named Emus but about whom little else was known.

    On Monday, Hawass said US Immigration and Customs had contacted him in 2008 about the coffin after confiscating it from a Spanish merchant who had shipped it to Florida for sale.

  • Kristiansand Kanonmuseum

    Norway, Europe | Museums and Collections

    The Kristiansand Kanonmuseum is home to the world’s largest fully functional land-mounted naval gun.

    Once a part of the Atlantikwall (Atlantic Wall), the Nazi’s huge defensive line that ran along the the western coast of Europe, the “Vara Battery” was meant to keep British forces from invading mainland Europe and to guard the shipping lanes of the Skagerak.

    Built be a crew of Norwegians, Danes, and Russian prisoners of war, the barrel of the cannon was nearly 20 meters long (64.8 feet) and weighed 110 tons. A sister to the guns on the battleships Bismark and Tirpitz, this is one of a series of fifty 38-centimeter Thyssen-Krupp SKC34 weapons.

    Spread over an area of more than 14 acres, the Kristiansand Kanonmuseum maintains many of the original bunker and troop complexes that made up this part of the Atlantikwall.

    Join us on Obscura Day – Marth 20th, 2010 – in Sandviktoppen, Norway at NATO’s Altantic North Command and Control Bunker, built during the Cold War deep under a mountain overlooking Kristiansand, Norway. This ABC (Atomic, Biological, Chemical) proof facility was in service until 1992. After being decommissioned, the bunker has been locked and sealed awaiting a decision about its future use. The ventilation system is still operational, however the lighting system has failed, so be sure to bring a flashlight!

  • Tenet Healthcare Plummets After Missing Expectations (THC)

    Tenet Healthcare Corporation (THC), a hospital operator, is not having a good day.

    Shares of the company are down over 10% to $4.98 a share. The sell off comes amid today’s bear rally and lower-than-expected Q4 earnings. Tenet also said its 2010 outlook will be disappointing, adding fuel to the fire.

    Reuters:  Total admissions fell 0.9 percent for Tenet hospitals operating at least a year. But admissions from government payors increased 0.8 percent and admissions for patients covered by Medicaid increased 3.7 percent.

    The number of admissions and outpatient visits of commercially insured patients — a more lucrative source of revenue — fell 5.3 percent and 3.9 percent, respectively.

    Still, Tenet is at least turning itself around. It posted a fourth-quarter loss of $33 million a year earlier and has now turned a profit of $21 million. Revenue rose 4% to $2.26 billion.

    THC Stock Feb23

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  • David Rosenberg: Get Ready For The FHA To Go Completely Bust And The Housing Market To Take The Hit

    FHA Destruction

    We’ve mentioned before that the FHA seems to have no idea how bad things are going to get for its portfolio of mortgage insurance and is adopting completely inadequate reforms to protect against looming disaster.

    Of course, the FHA can never really go broke. Ultimately, the FHA is backed up by the full faith and credit of the United States government. Which means that we’re all on the hook for the FHA’s mistakes.

    Today, David Rosenberg’s note touched on this and the potential implications:

    We have a contact in the mortgage business who took a good hard look at the delinquency data from the FHA, along with loss severities. There is a very good chance that in the near future we will see the FHA insurance fund go negative. The implication is that the FHA will inevitably have to go to Congress for funding. When that happens Congress will have to tighten lending standards and increase down-payment requirements. Bear in mind that the FHA now represents about 40% of the mortgage market — with prospective of stricter FHA, home prices are going back down and fast. Just another reason to own high-quality bonds.

    Another possibility, of course, is that the FHA won’t tighten. Indeed, the destruction of Fannie Mae and Freddie Mac did not lead to a humbler housing policy. They are now in the business of buying mortgage backed securities and have been given a blank check to do so. Arguably, a bailout of the FHA could result in the housing administration being all the more reckless since it will no longer face the constraints imposed by attempting to operate on a budget.

    With the FHA playing such an important role in propping up the housing market, we doubt lawmakers would be too eager to reign it in.

    Join the conversation about this story »

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  • Originator Data Pack & Morning Market Color from Compass Analytics

     

    compass1

    NOTE:  Compass has added a new number to the Morning Color.  The C30 Avg GPM (Conventional 30-year average gross profit margin) tracks the gross profit margin from the previous day’s originations across the same national pool of originators and loan locks used in Compass’s Production Index. This number represents the originator’s gross profit margin, i.e. the difference between what the originator pays for the loan (what is posted on a rate sheet) and what the originator could sell the loan for into the secondary market.  Secondary Marketing Managers can use day-over-day changes in C30 Avg GPM, production and rates to establish margin elasticity assumptions.  Compass clients are encouraged to talk to their account managers about participating in and receiving daily benchmarking reports showing their specific margins and production levels against anonymous, national participants.  The Margin will likely run counter to interest rates, i.e. if rates start to climb, margins will likely narrow.

    If you would like to receive a handheld version of the Morning Color along with/instead of this version, please reply.  Thank you.

    Date:     February 23, 2010 at 8:45 Eastern

    Benchmark

    MAR FN30 4.5

    FN30 CC

    FN30 NR

    MAR EDF 2.0 BUNDLE

    MAR GN30 4.5

    Last Close

    100:13

    4.46%

    5.22%

    98.747

    100:28

    Current Level

      100:17 +4

    4.44% -2 bps

    5.20% -2 bps

    98.765  +1.8 bps

      101:00 +4

    Latest Spreads:

    Product

    Last

    Change

    FN30 CC Spread

    85 bps

    -2 bps

     

     

    MTD -6

    FN30 4.5 TOAS

    20 bps

    -2 bps

    C30 Avg GPM

    53 bps

    -14 bps

    Production Index

    Day over day

    119.6%

     

    % of 10 day avg

    67.7%

    Mand-BE Spread

    33 bps

    -5 bps

     

     

     

    MSR Retain IRR

    20.20%

    +3.16%

     

     

     

    MSR Index

    106.0%

    MTD +6.0%

    House Price Data provided by Radar Logic, Inc.

    RPX MSA

    Price per Square Foot

    M-T-M*

    Q-T-Q*

    RPX Implied HPA through 12/31/2010

    25-MSA Composite

    $193.92/sqft

    +$0.28/sqft

    +$0.78/sqft

    -1.0%

    Philadelphia

    $141.20/sqft

    +$0.56/sqft

    -$1.92/sqft

    No Contract

    Economic News/Activity Today

    Time

    Release

    Period

    B’Berg Survey

    Actual

    Prior

    Revised

    9:00

    S&P/CaseShiller Home Price Ind

    DEC

    146.3

    146.3

    9:00

    S&P/CS Composite-20 YoY

    DEC

    -3.0%

    -5.3%

    9:00

    S&P/CS 20 City MoM% SA

    DEC

    0.10%

    0.24%

    9:00

    S&P/ Case-Shiller US HPI

    4Q

    137.2

    9:00

    S&P/ Case-Shiller US HPI YOY%

    4Q

    -1.2%

    -8.9%

    10:00

    Richmond Fed Manufact. Index

    FEB

    1

    -2

    10:00

    Consumer Confidence

    FEB

    55.0

    55.9

    5:00

    ABC Consumer Confidence

    Feb 21

    -49

    Market Color

    After Lowe’s posted better-than-expected earnings yesterday, Home Depot beat 4Q expectations and raised the dividend for the first time since 2006.  The Treasury is auctioning off $ 44B in 2 yr notes today, $ 42B in 5 yr notes tomorrow, and $ 32B in 7 yr notes on Thursday.  Right now, the futures market is pricing in a 90% chance that the Fed keeps rates somewhere between 0% and .25% through June 23rd, 2010.  Currently, the Ten Year yield is at 3.77% (3.79% yesterday) and the 2-10 yield spread is at 291bps, steepening 2bps since yesterday morning.

    Disclaimer:  C30 Avg GPM (Conventional 30-year Average Gross Profit Margin), MSR Index, FN30-NR, BE-MAND Spread and MSR Rich/Cheap represent generic industry measures.  Actual results and measures will likely vary by individual originator or servicer.

    * Radar Logic Daily™ Price Data represents the previous day’s 28-day average price per square foot compared to previous month’s (M-T-M) or quarter’s (Q-T-Q) 28-day average price.  For more information on RPX™ Forward Contracts, Radar Logic Daily™ Price Data on an MSA or ZIP level contact or valuation and/or hedging application of either, please contact Compass at 415 462 7500.

    **If you would like to be added to this distribution list or would like an explanation of any of these numbers, please send an email to [email protected]  **

    Compass Analytics | 4040 Civic Center Drive, Suite 450 |San Rafael , CA   94903 |

    415-462-7500 | www.compass-analytics.com

  • 88-Year Old Man Caught Taping Avatar With A Camcorder

    There’s this impression out there, among some, that copyright infringement is just something that the young do. The truth is, of course, that plenty of people infringe on copyrights all the time, for perfectly natural reasons (even some of the strongest copyright supporters do it as well). And the reasons they do it is because they don’t even realize they’re infringing. Our natural inclination to share something we like outweighs an arcane set of laws that still haven’t been shown to actually encourage greater creation of quality content. Case in point: an 88-year-old man in Australia wanted to go see the movie Avatar with his wife — but she was unable to make it to the theater. So the guy brought along his camcorder (and his walking stick) to record the movie and share it with his wife, so they could experience it together. Now, for any compassionate human being, this is a tale of sweetness. What a thoughtful thing this guy wanted to do for his wife.

    But the industry doesn’t see it that way. To them, it’s still “piracy” and a problem. To be honest, if the movie industry stopped with its silly “windowing” concept, this wouldn’t have been a problem at all. The studio easily could have released Avatar on DVD at the same time as the movie came out. Tons of people would have still gone to see it in the theater (it’s the type of movie that many people very much wanted to see in the theater — especially where there were 3D or IMAX options). Hell, if they had made it an option to buy the DVD on the way out (perhaps giving a discount if you had a ticket stub), I’m sure plenty more people would have shelled out for the DVD, as well. And, the 88-year-old man in Australia could have simply bought or rented the DVD and shared the whole experience with his wife.

    Instead, the studio forbids that sort of thing, and so the thoughtful husband becomes a criminal. Thankfully, while the police were called, it appears they chose not to arrest the man. They just deleted the film from his video camera, and then let him stay for the rest of the film.

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  • DNA tests on King Tut confirm much, reveal little

    examiner.com (Charles Nichols)

    Thanks to Jane Akshar for posting a link to this on her Luxor News Blog.

    What were these startling discoveries announced by the ever colorful, larger than life Zahi Hawass? Well, the Secretary General of the Egyptian Supreme Council of Antiquities revealed that King Tut was married to his sister.

    And this is news how? We already knew that ancient Egyptian men married their sisters and did so up until at least the year 295 AD when the Roman Emperor Diocletian issued his famous “Marriage edict” making Roman Law the law of Egypt. Technically, Roman Law did not prohibit a Roman man from marrying his sister. However, their children would not be able to inherit their parents property and would not be Roman citizens. The same was true if a Roman married an actor or prostitute.

    The Romans, having ruled Egypt for nearly 330 years by this time, had compiled extensive census records which survive to this day. The Romans were meticulous record keepers. Their records show that one in four Egyptian men were married to a younger sister of the full blood (both having the same mother and father). If an Egyptian man wasn’t married to his full blooded sister then he was married to his half sister or other close female relative. If he had no close female relative then his bride would be adopted as his sister. Yes, we have these ancient “adoption” notices as well.

  • Computer History Museum

    Mountain View, California | Instruments of Science

    The collection of computers and related history at the Computer History Museum is the largest of its kind in the world, covering the history, evolution, and pre-history of computing devices. It includes a remarkable number of early machines including a huge (and rare) Cray-1 Supercomputer. It also keeps records in the form of photographs, moving images, documents and software related to the history, as well as oral histories recorded by notable engineers in the field.

    Established in the heart of Silicon Valley in 1999, the museum opened in its current location in 2003. It incorporates much of an earlier collection of computer history items from Boston.

    The highlight of its current exhibitions is the 2008 Difference Engine #2. Built by the team that built the first Difference Engine #2 on display at the London Science Museum, it was built to Charles Babbage’s original drawing specifications. The remarkable machine was designed in the 1840s and is considered to be the first example of a mechanical computing device. Due to technical challenges and personality conflicts, it was never completed during Babbage’s lifetime, and the first complete machine was not built until 1999. This engine was installed at the museum in 2008 and will be on display through the end of 2010. It is demonstrated daily.

    In addition to museum installations, they host a series of speaker events, scholarly talks, and demonstrations on a regular basis. A new, 25,000 square foot exhibition illustrating 2000 years of computing history is scheduled to open later in 2010.

    Join us on Obscura Day – Marth 20th, 2010 – at the Computer History Museum in Mountain View for a demonstration of their amazing Victorian Computer, the Difference Engine #2.

  • Who the Heck is Herwart von Hohenburg?

    Seattle pi (Stephen J. Gertz)

    With some excellent illustrations. Thanks very much to David Petersen for the link.

    No copies have come to auction within the last thirty-five years. OCLC/KVK note only seven copies in institutional collections worldwide, only one of which is complete, in the Bibliothéque National – France. But a complete copy recently appeared out of nowhere and into the marketlace, unheralded, without fanfare.

    The book is Thesaurus Hieroglyphicorum, published in 1610 by Johann (aka Hans) Georg Herwart von Hohenburg (1554-1622). It is one of the earliest works on Egyptology.

    It is a book that profoundly influenced Athanasius Kircher, one of the most fascinating individuals of the seventeenth – or any other – century.

  • More re Luxor’s avenue of sphinxes

    drhawass.com (Zahi Hawass)

    The SCA currently has many restoration projects underway. One of the most important is the Avenue of Sphinxes in Luxor. This is an avenue that stretches between Karnak and Luxor Temples and is lined with sphinxes, although most of it was covered with modern housing.

    The Avenue of Sphinxes dates back to the reign of Amenhotep III in the 18th Dynasty. He built an avenue of sphinxes with ram heads, and we also know that before that, Queen Hatshepsut built seven chapels along this route. The most important phase of the avenue is dated to the 30th Dynasty, during the reign of Nectanebo I. At that time the avenue was made up of 1350 sphinxes lining both sides of the road connecting the temples, which was over 70 meters wide. During the Roman Period, the avenue was subjected to destruction. Many people built roads and houses over the top, and reused the sphinxes in their construction.

    We decided to begin an important restoration project a few years ago. The initiative started when we found that President Mubarak himself and the Prime Minister of Egypt, Ahmed Nazif, were both very interested to see this avenue beautifully restored.