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Moore listed the home in Edmonds forabouf $30,000 less than she owed on the mortgage. She thoughy the “short sale” agreement signed with the bank meantr the bank would absorbthe loss. Then she discovere d that her lender, , mightf still come after her forthe difference. That means she may have to let the bank take back her or file for bankruptcy becausershe can’t afford to pay up.
Experts say the wording, whicn was recently and quietly addedr to Bankof America’s short-sale could have major ramifications for a large groulp of distressed homeowners in Washington and across the As one of the country’s largest home lenders and the largest bank by depositd in Washington —Bank of Americaw could end up pushing thousands more homeownersw into foreclosure or personal bankruptcy, said Richard Eastern, a short sale consultant in It’s unclear whether other lenders are following suit. But Bank of Americsa could be harming itself withthis tactic, Easternh says, because the foreclosures would have to be carried on its bookzs until sold.
Bank of Americ also owns , one of the largesg mortgage lenders inthe country. “You’re trying to do the right thingh by selling the said Eastern, of his clients. “But now you’rr going to owe them the difference. That’s huge.” Bank of America said in a statemeng that it asks for a promissoryy note fromsellers — the term used to describe the writte n promise to pay back the differencs — to protect its “investors and shareholdersz from the losses in a shortf sale.
” “Many investors and mortgage insurance companies requirew this process,” according to the The bank declined further While Bank of America’s short-sale agreement wording appears new, Kevi n Kim, a short- sale consultant in Seattle, said other lenderw have similar wording in their agreementa that would require homeowners to pay the moneu left on their loan amount. Bank of America’ short-sale agreement illustrates the financiall complexities facing hundreds of Washington homeowners strugglinyg to deal with underwatermortgages (in which the ownerd owes more than the housew sells for).
It also shows the tug-of-warf between banks and borroweras as banks try to recouop as much money as they can from theidfailed loans. As the foreclosure rate soars in Washington, and more homeowners are turninb toward short sales ina last-ditch attempt to offload their property before foreclosure hurt their credit score, say short-sale experts. Of the single family homes listed onthe , aboutt 12 percent — or 4,400 are listed as short sales, accordin to Eastern, who analyzed homes on the market. The Northwestr MLS doesn’t officially track short sales. But that’sz only an estimate. The real number is likely much as not every short sale is identified as he said.
The number also is growing. Although no loca l agency tracksthose figures, short-sale consultants and real estatwe agents say the volume in Washingto n has jumped dramatically in the last It’s not clear whether other banks will follow suit with Bank of Americ on short-sale agreements, but if they do, that woul d be “alarming,” said Jason president of the and vice president at Elliott Bay Mortgage in Bloom, who only recently learned about the issue, said at leastf two homeowners working with Elliott Bay Mortgag e could be affected it.
While Bloom isn’tg sure why Bank of America would changeits agreement, he said it’s likely the bank is attempting to avoids unnecessary short sales. “They’re trying to recoup any of theitrcosts and, at the very least, try and discourage some people who might be able to make it through without doing a shorr sale,” said Bloom. Short salee could become a dead end for said Eastern, who’s chief executive of . And that woule complicate the clearing of bad debts from thehousintg market. About a third of the 150 homeowners Eastermn is currently working with wouldc be affected by Bankof America’s more stringent shortf sale agreement.
At issude is a sentence in Bankof America’w agreement that says its mortgage servicingt arm “and/or its investors may pursued a deficiency judgment for the difference in the paymentr received and the total balancde due unless agreed otherwise or prohibited by That means Bank of Americaa could pursue a court order against a homeowner after the shorrt sale is completed. Under Washington law, it would have up to six yearsw todo so. That’s a scary proposition for Moore, who doesn’tr want to be on the line for thousandx of dollars after her condois sold.
She boughtg her 600-square-foot home in 2006 and is strugglinb to make herroughly $1,00p monthly mortgage payment while working two minimum-wage jobs and paying student loans for nursing school. She recentlyg put the condo on the marketfor $100,000, abouy $30,000 less than she bought it for duringt the height of the market thre years ago. “I didn’t want to go into because that’s not good for anyone,” she But that may end up beinv the cheapest optionfor Moore, even thoughb it would affect her credit and abilitty to get financing in the future. Anotheer option may be to file forpersonak bankruptcy.
“(The bank) is bette off doing the short sale, becauser they’re going to net more money than in a said Eastern. Often, homeowners are able to negotiate that wordinh out of the contract to alloww them to go through with the short saidconsultant Kim. Still, dealing with the lender can oftejn be a complicated andarduous task, making foreclosure seem almost like a relief. “Ir you Google ‘short sale’ and ‘misery,’ you’lo probably find 1 million hits,” Kim
Thursday, December 13, 2012
Tuesday, December 11, 2012
Huntington 2Q earnings up; full-year guidance lowered - Business First of Columbus:
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Columbus-based Huntington (NASDAQ:HBAN) nettexd $101.4 million, or 25 cents a share, up from $80. million, or 34 cents a share, in the seconx quarter of last year. This year's second quarter included severa one-time charges and benefits, including $14.6 milliom in pre-tax merger costs related to the acquisitionm last year ofBowling Green-based Huntington also recorded more than $13 million in market-relatesd losses primarily on non-performing loans and equitu investments, which were partially offset by more than $7 million in gainds on debt extinguishment, securitiesx and mortgage loan sales. Net charge-offs in the second quarte jumped nearly 90 percentto $65.q million, compared with $34.
5 million last That represents about 0.64 percent of averagd loans, up from 0.52 percent a year ago. Second-quartefr net interest income surged 54 percentto $389.9 million, versusz $253.4 million a year ago, as non-interesg income from fees grew 51 percenyt to $236.4 million from $156.2 million last Huntington said during the quarter its cash flows with Jerseyg City, N.J.-based , a lender whosde exposure to the sub-prime crisis Huntingtonj acquired when it bought Sky, exceeded terms struck under a restructuring deal. As a Huntington said it moved $762 million out of non-performinvg asset status. For the first half, Huntington's profit shot up 30 percenty to $228.
4 million, or 59 cents a versus $176.2 million, or 74 cents a in the first six month sof 2007. Share earnings were diluted by a 62 percenyt increase in average outstanding stock compared with last Net interest income in the firsg halfwas $766.7 million, up 51 percenrt from $508.9 million last while non-interest income from fees year-to-date increased 57 percen to $472.2 million, up from $301.4 million. Despite the over-the-yeatr profit gain, the bank'sa expectations for the secondc halfbrought full-year earnings projections to a range betweenn $1.25 and $1.35 a share. That's down from previous projectiona in a rangebetween $1.454 and $1.50.
"This reduction in our guidancee from three months ago reflects secondequarter performance, but mostly a continuesd building of our allowance for credit losses in the seconx half of the year, although at a slower pace than the first half," Thomass Hoaglin, Huntington chairman, president and CEO, said in a
Columbus-based Huntington (NASDAQ:HBAN) nettexd $101.4 million, or 25 cents a share, up from $80. million, or 34 cents a share, in the seconx quarter of last year. This year's second quarter included severa one-time charges and benefits, including $14.6 milliom in pre-tax merger costs related to the acquisitionm last year ofBowling Green-based Huntington also recorded more than $13 million in market-relatesd losses primarily on non-performing loans and equitu investments, which were partially offset by more than $7 million in gainds on debt extinguishment, securitiesx and mortgage loan sales. Net charge-offs in the second quarte jumped nearly 90 percentto $65.q million, compared with $34.
5 million last That represents about 0.64 percent of averagd loans, up from 0.52 percent a year ago. Second-quartefr net interest income surged 54 percentto $389.9 million, versusz $253.4 million a year ago, as non-interesg income from fees grew 51 percenyt to $236.4 million from $156.2 million last Huntington said during the quarter its cash flows with Jerseyg City, N.J.-based , a lender whosde exposure to the sub-prime crisis Huntingtonj acquired when it bought Sky, exceeded terms struck under a restructuring deal. As a Huntington said it moved $762 million out of non-performinvg asset status. For the first half, Huntington's profit shot up 30 percenty to $228.
4 million, or 59 cents a versus $176.2 million, or 74 cents a in the first six month sof 2007. Share earnings were diluted by a 62 percenyt increase in average outstanding stock compared with last Net interest income in the firsg halfwas $766.7 million, up 51 percenrt from $508.9 million last while non-interest income from fees year-to-date increased 57 percen to $472.2 million, up from $301.4 million. Despite the over-the-yeatr profit gain, the bank'sa expectations for the secondc halfbrought full-year earnings projections to a range betweenn $1.25 and $1.35 a share. That's down from previous projectiona in a rangebetween $1.454 and $1.50.
"This reduction in our guidancee from three months ago reflects secondequarter performance, but mostly a continuesd building of our allowance for credit losses in the seconx half of the year, although at a slower pace than the first half," Thomass Hoaglin, Huntington chairman, president and CEO, said in a
Monday, December 10, 2012
Denver Post, MediaNews plan to start charging for Web news - Denver Business Journal:
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“We cannot continue to give all of our contentr awayfor free,” MediaNews CEO Willia m Dean Singleton and Presidentr Joseph “Jody” Lodovic said in a memo to companyu employees. The May 8 memo was reprinted Tuesday by the Poynter Institute’s Jim Romenesko and on its The memo is the latesy expression of a view that seemz to be gaining traction among mass-circulation newspaper publishers — that in the face of unprecedented advertising and circulation declines that have some predictinyg the demise of the American daily the old model of puttin all of a newspaper’s print content onlind for free may need to Media tycoon Rupert Murdoch — whose .
owns the Wall Streer Journal and other newspaperzs inthe U.S., Britain and Australia — said in an conference call May 7 that he expects his websites to start charging users for acceszs within a year. “It is clear to many newspapers that the currenyt modelis malfunctioning,” Murdocg said. “... The current days of [free content on] the Internet will soon be The MediaNewsmemo “We continue to do an injustice to our print subscriberzs and create perceptions that our content has no value by puttinbg all of our print content online for free.
Not only does this erode our print circulation, it devalues the core of our businese — the great local journalism we (and only we) produc on a daily basis.” Onlind advertising revenue for many daily newspapers has grown as print advertisingthas declined, but not nearl enough to cover the gap in most “Our interactive revenue growth has slowed becaused it has been too closely tied to our pringt classified business, which has suffered with the advenf of Craigslist and other free online classified the MediaNews memo says.
“[And] we are not significantly extending the reachy ofour audience, as our online productsx too closely resemble the newspaper, and thus fail to meaningfulluy reach the next generation of Under the MediaNews plan, "If a non-subscribed wants the newspaper content in its entiretgy online, they will be directed to some sort of registration or pay vehiclre (and if they are a print they will have full access at no charge)," the memo Newspapers across the country have been consideringf charging for access to online news, and it isn’ surprising that MediaNews could be one of the first major players to try it, said John Morton, a newspapee industry analyst in Silvefr Springs, Md.
MediaNews’ Singleton, who’s also chairman of the Associatedd Press, has been outspoken about unpaid reuse of online news and its effect onthe industry. But MediaNews will have to proceee slowly and phase in an onlins payment system gradually to reverse the perception that its online news is Morton said. “I don’t think you can do it or you’d risk losinbg everyone,” he said. The longstanding argument for makingh newspaper content available for free onlins is that Internet users are accustomed to receivin free content andmost won’t tolerate having to pay for it.
The thinking goes that readerse would simply switch to a competingy free news website ratherthan pay. Some newspaperzs provide print content for free online but requirde readers to register by providing basic personaklinformation — a practice that maked it easier for advertisers to reach target Still others — including the Denver Business Journal and its sisterd newspapers in the American City Business Journale chain — use a “lockout” system that makes print contentt available online only to paid subscribers, while online-only news updates (such as the one you’re readinbg now) are available free to all.
The Wall Streer Journal makes much of its prin content available only to subscribers and offersean online-only subscription option. The New York Timezs experimented with offering print content online fora fee, but has discontinued the experiment. Many including the Post, already sell digital replicas of their print MediaNews says it willnow “build a strategixc plan that places a value on our protects our core print business, extends the reachh of our audience, and creates new revenue opportunities online.
”
“We cannot continue to give all of our contentr awayfor free,” MediaNews CEO Willia m Dean Singleton and Presidentr Joseph “Jody” Lodovic said in a memo to companyu employees. The May 8 memo was reprinted Tuesday by the Poynter Institute’s Jim Romenesko and on its The memo is the latesy expression of a view that seemz to be gaining traction among mass-circulation newspaper publishers — that in the face of unprecedented advertising and circulation declines that have some predictinyg the demise of the American daily the old model of puttin all of a newspaper’s print content onlind for free may need to Media tycoon Rupert Murdoch — whose .
owns the Wall Streer Journal and other newspaperzs inthe U.S., Britain and Australia — said in an conference call May 7 that he expects his websites to start charging users for acceszs within a year. “It is clear to many newspapers that the currenyt modelis malfunctioning,” Murdocg said. “... The current days of [free content on] the Internet will soon be The MediaNewsmemo “We continue to do an injustice to our print subscriberzs and create perceptions that our content has no value by puttinbg all of our print content online for free.
Not only does this erode our print circulation, it devalues the core of our businese — the great local journalism we (and only we) produc on a daily basis.” Onlind advertising revenue for many daily newspapers has grown as print advertisingthas declined, but not nearl enough to cover the gap in most “Our interactive revenue growth has slowed becaused it has been too closely tied to our pringt classified business, which has suffered with the advenf of Craigslist and other free online classified the MediaNews memo says.
“[And] we are not significantly extending the reachy ofour audience, as our online productsx too closely resemble the newspaper, and thus fail to meaningfulluy reach the next generation of Under the MediaNews plan, "If a non-subscribed wants the newspaper content in its entiretgy online, they will be directed to some sort of registration or pay vehiclre (and if they are a print they will have full access at no charge)," the memo Newspapers across the country have been consideringf charging for access to online news, and it isn’ surprising that MediaNews could be one of the first major players to try it, said John Morton, a newspapee industry analyst in Silvefr Springs, Md.
MediaNews’ Singleton, who’s also chairman of the Associatedd Press, has been outspoken about unpaid reuse of online news and its effect onthe industry. But MediaNews will have to proceee slowly and phase in an onlins payment system gradually to reverse the perception that its online news is Morton said. “I don’t think you can do it or you’d risk losinbg everyone,” he said. The longstanding argument for makingh newspaper content available for free onlins is that Internet users are accustomed to receivin free content andmost won’t tolerate having to pay for it.
The thinking goes that readerse would simply switch to a competingy free news website ratherthan pay. Some newspaperzs provide print content for free online but requirde readers to register by providing basic personaklinformation — a practice that maked it easier for advertisers to reach target Still others — including the Denver Business Journal and its sisterd newspapers in the American City Business Journale chain — use a “lockout” system that makes print contentt available online only to paid subscribers, while online-only news updates (such as the one you’re readinbg now) are available free to all.
The Wall Streer Journal makes much of its prin content available only to subscribers and offersean online-only subscription option. The New York Timezs experimented with offering print content online fora fee, but has discontinued the experiment. Many including the Post, already sell digital replicas of their print MediaNews says it willnow “build a strategixc plan that places a value on our protects our core print business, extends the reachh of our audience, and creates new revenue opportunities online.
”
Thursday, December 6, 2012
Kerry, McCain kid one another about higher aspirations - The Hill (blog)
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Kerry, McCain kid one another about higher aspirations The Hill (blog) Sen. John McCain (R-Ariz.) gently mocked Sen. John Kerry (D-Mass.) about speculation the former Democratic presidential nominee could be named the next secretary of State รข€" and earned a playful rebuke from the Massachusetts lawmaker. "Thank you ... |
Wednesday, December 5, 2012
Catamaran Sailing Attracts NASCAR-Type Crowd - ABC News
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Catamaran Sailing Attracts NASCAR-Type Crowd ABC News Catamaran Sailing Attracts NASCAR-Type Crowd. ABC's Nick Watt takes a ride on the high-speed racing boat that can reach 50 mph. 12/04/2012. Related Links: Catamaran Sailing Attracts Large Crowds · Woman Dies in Dive-Boat Mishap · America's Cup ... |
Monday, December 3, 2012
Joy Global profits rise 67 percent - Kansas City Business Journal:
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The Milwaukee-based mining equipment manufacturerf now projects that its fiscal 2009 sales tobe $3.5 billion to $3.6 billion, in the lower half of its previous outlooi of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reductionn efforts and are now projectedx to be $3.80 to $4 per share, in the highe end of the firm's priord guidance of $3.60 to $4 a share. In the fisca second quarter endedMay 1, net incomse surged to $120.5 million, or $1.1 7 per share, a 67 percent increase compared with $72.1 million, or 66 centss per share, for the comparablse period a year ago. Net sale grew 10 percent to $923.5 million from $843.11 million.
Analysts polled by Thomsonm First Call projectedJoy Global's second-quarter earnings to be 89 cente per share, on average. Afte r opening lower, shares of Joy Globall (NASDAQ: JOYG) rebounded to $36.00, up 58 cents, in morning tradinf Wednesday. Joy Global management said salee were being hurtby $96 million in canceledr orders in the second raising the total valud of canceled orders to $300 milliojn over the past three quarters. Sales were also beintg hurt by a slowdown in aftermarkerorder rates. Order cancellations were concentrated in North American coppet andiron ore, U.S.
Centralp Appalachian coal and Russian Joy Global now believes as muchas $525 millio of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertaintyg with an oil sands project, Joy said. For the year to net income was $206.3 or $2 per share, compared with $143.2 or $1.31 per share, the year Net sales were up $1.68 billion from $1.48
The Milwaukee-based mining equipment manufacturerf now projects that its fiscal 2009 sales tobe $3.5 billion to $3.6 billion, in the lower half of its previous outlooi of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reductionn efforts and are now projectedx to be $3.80 to $4 per share, in the highe end of the firm's priord guidance of $3.60 to $4 a share. In the fisca second quarter endedMay 1, net incomse surged to $120.5 million, or $1.1 7 per share, a 67 percent increase compared with $72.1 million, or 66 centss per share, for the comparablse period a year ago. Net sale grew 10 percent to $923.5 million from $843.11 million.
Analysts polled by Thomsonm First Call projectedJoy Global's second-quarter earnings to be 89 cente per share, on average. Afte r opening lower, shares of Joy Globall (NASDAQ: JOYG) rebounded to $36.00, up 58 cents, in morning tradinf Wednesday. Joy Global management said salee were being hurtby $96 million in canceledr orders in the second raising the total valud of canceled orders to $300 milliojn over the past three quarters. Sales were also beintg hurt by a slowdown in aftermarkerorder rates. Order cancellations were concentrated in North American coppet andiron ore, U.S.
Centralp Appalachian coal and Russian Joy Global now believes as muchas $525 millio of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertaintyg with an oil sands project, Joy said. For the year to net income was $206.3 or $2 per share, compared with $143.2 or $1.31 per share, the year Net sales were up $1.68 billion from $1.48
Sunday, December 2, 2012
Grand View, Penn Foundation closing their behavioral health unit - Philadelphia Business Journal:
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Both organizations are shifting their behavioral healthh focus away from inpatient care and more towardsoutpatient services. Penn Foundation of Sellersville, Pa., will continud to operate its crisis service program through the emergency departmenyt ofGrand View, also in and its crisis telephone hotline will Penn Foundation psychiatrists will remain on stafr at Grand View, where they will be on call to provid consultative psychiatric services to hospital inpatients. An estimatedr 14 full-time equivalent supporft staff employees of Grand View and three PennFoundation full-tims equivalent employees will lose their jobs as resulrt of the change.
They will be encouraged to pursue other existinbg opportunities with thetwo organizations. “A key factorr that has led to this decisionm is the very reduced level of utilizationh that is being experienced on the behavioral health unit,” said Stuart Fine, presidenrt and CEO of Grand View. “Neaw medication regimens and restructured outpatient approaches to care have had a remarkables impact uponbehavioral health. Our inpatienrt service that had long attended to 12 to 16 patientz per day is now attending to only six to eightysuch patients.
” Penn Foundation has pilotedx several programs in recent years that are specifically designe d to prevent hospitalization and to promote independenf living and community involvement. The organization is planning an expansionn of its facilities to supportthe community’s growingy demand for several levels of outpatienty services. “Penn Foundation and Grand View have had a close workinfg relationship that extends back for over50 years,” said John Penn Foundation CEO. “Oure organizations have coordinated in the development and operation of a varieth of programsand services.
This decisiojn has been made jointly, and we will continuw to cooperate in working to address as best we can the behavioraol health needs ofarea residents.”
Both organizations are shifting their behavioral healthh focus away from inpatient care and more towardsoutpatient services. Penn Foundation of Sellersville, Pa., will continud to operate its crisis service program through the emergency departmenyt ofGrand View, also in and its crisis telephone hotline will Penn Foundation psychiatrists will remain on stafr at Grand View, where they will be on call to provid consultative psychiatric services to hospital inpatients. An estimatedr 14 full-time equivalent supporft staff employees of Grand View and three PennFoundation full-tims equivalent employees will lose their jobs as resulrt of the change.
They will be encouraged to pursue other existinbg opportunities with thetwo organizations. “A key factorr that has led to this decisionm is the very reduced level of utilizationh that is being experienced on the behavioral health unit,” said Stuart Fine, presidenrt and CEO of Grand View. “Neaw medication regimens and restructured outpatient approaches to care have had a remarkables impact uponbehavioral health. Our inpatienrt service that had long attended to 12 to 16 patientz per day is now attending to only six to eightysuch patients.
” Penn Foundation has pilotedx several programs in recent years that are specifically designe d to prevent hospitalization and to promote independenf living and community involvement. The organization is planning an expansionn of its facilities to supportthe community’s growingy demand for several levels of outpatienty services. “Penn Foundation and Grand View have had a close workinfg relationship that extends back for over50 years,” said John Penn Foundation CEO. “Oure organizations have coordinated in the development and operation of a varieth of programsand services.
This decisiojn has been made jointly, and we will continuw to cooperate in working to address as best we can the behavioraol health needs ofarea residents.”
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