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Irvin Himmel


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Business

Broadband Deadline Extended PDF Print E-mail
Written by Quantumlife on Tuesday, 02 March 2010 18:24   

Many applicants for broadband stimulus money will have a few more weeks to submit their proposals to the government.

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Broken Laws, Unprotected Workers PDF Print E-mail
Written by Quantumlife on Tuesday, 02 March 2010 17:52   

Violations of Employment and Labor Laws in America's Cities. At the start of the 21st century, America's workplace laws are failing to protect our country's workers.

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Payday Lenders Spend Big PDF Print E-mail
Written by Quantumlife on Tuesday, 02 March 2010 17:08   

The influential $42 billion-a-year payday lending industry, thriving from a surge in emergency loans to people struggling through the recession, is pouring record sums into lobbying, campaign contributions, and public relations – and getting results.

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BAE Systems enters guilty plea PDF Print E-mail
Written by Quantumlife on Tuesday, 02 March 2010 06:26   

Defense company BAE Systems PLC pleaded guilty to conspiracy on Monday and a judge imposed a $400 million fine, among the largest in the Justice Department's efforts to combat overseas corruption in international business.

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FDIC to test reduction for borrowers PDF Print E-mail
Written by Quantumlife on Sunday, 28 February 2010 09:04   

The Federal Deposit Insurance Corp. is developing a program to test whether cutting the mortgage balances of distressed borrowers who owe significantly more than their homes are worth is an effective method for saving homeowners from foreclosure.

The Federal Deposit Insurance Corp. is developing a program to test whether cutting the mortgage balances of distressed borrowers who owe significantly more than their homes are worth is an effective method for saving homeowners from foreclosure.

The program would be aimed at a growing population of homeowners who are underwater on their loans, estimated at more than 20 percent of borrowers, or 11 million homeowners. Economists consider these borrowers among the most vulnerable to foreclosure, and some industry officials worry that more of them will simply walk away from their mortgages, or "strategically default," rather than spend a decade or more trying to regain positive equity.

Under the FDIC program, borrowers would be eligible for a reduction in their mortgage balances if they kept up their payments on the mortgage over a long period. The performance of those borrowers would be compared with borrowers given more traditional mortgage relief packages, such as those that cut the interest rate on loans.

"We're thinking about it in terms of earned principal forgiveness. If you stay current on your mortgage, you would earn a principal reduction. It would only be for loans significantly underwater," said FDIC Chairman Sheila C. Bair.

The program would have a small reach and apply only to loans acquired from a failed bank seized by the FDIC. That would be less than 1 percent of mortgages currently outstanding. The initiative could be launched later this year, FDIC officials said, but a date has not been set.

Read More: Washington Post

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Black entrepreneurs face more challenges PDF Print E-mail
Written by Quantumlife on Sunday, 28 February 2010 06:09   

"The desire and interest in owning a business is huge among African-Americans," said Ivonne Cunarro, chief knowledge officer at the Minority Business Development Agency at the U.S. Department of Commerce.

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Two banks close, total hits 22 PDF Print E-mail
Written by Quantumlife on Saturday, 27 February 2010 20:59   

Regulators seized two banks in Nevada and Washington state on Friday, bringing the year total to 22 as small institutions continue to struggle with bad loans.

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Banks say they have given billions in homeowner relief: The nation’s biggest banks provided more than $26 billion in relief to struggling homeowners between March 1 and Sept. 30, as part of a settlement earlier this year with state...
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