Top 10 Halloween Safety Tips
Trick-or-treating can be one of the most fun Halloween events for your kids. However, it can also be potentially dangerous because it happens outside in the dark. Here are some Halloween safety tips to make sure your kids come home safe and happy:
1.Never go into a stranger’s house – Only get candy from houses that give it to you at the door. If someone invites them in, tell them to just say “no, thanks” and leave immediately.
2.Use the buddy system – Kids should never go trick or treating without a sibling, friend, or parent. If they are going out without parents, make sure you know the area where they will be trick-or-treating.
3.Set a curfew – If you aren’t going trick or treating with your kids, set a time that they need to be home by or a time for them to check in with a phone call. That way, you know that they are safe.
4.Eat a snack / dinner before trick or treating – By eating something beforehand, your kids won’t be as tempted to eat their treats before they come home…which leads to the next tip…
5.Always cross streets at interections and walkways – Make sure your child knows how to cross a street and to only cross at designated intersections.
6.Always check candy before giving it to your child – Make sure none of the candy is open or looks like it was tampered with. If you have small children, make sure the candy is not a choking hazard.
7.Steer Clear of Vacant or Poorly Lit Homes.
8.Wear something reflective in your costume and carry a flashlight – It’s going to be dark out by the time you go home, so make sure cars can see you at night. Put reflective tape on the costume and trick or treating bags.
9.Create well fitting costumes – Kids will be running from house to house, so make sure their costume is suitable for running. Make sure face marks still allow your child to see their full range, make sure capes are not too long to trip over, and ensure any swords are not too sharp. Have them wear gym shoes.
10.Choose flame resistant materials for costumes – Since there can be candles and other open flames at houses, choose a fire resistant material for costumes to avoid burn injuries.
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Monday, October 31, 2011
Monday, October 3, 2011
To fix the economy, first fix the housing market
There's no way the U.S. can get back on track without a cure for what's killing real estate.
By John Cassidy, contributor
FORTUNE -- Is this a great country or what? At the start of last year, a friend of mine, the proprietor of a small business that has suffered badly in the recession, entered a trial mortgage-modification program. A few months later the bank told him that his application for a government-assisted refinancing rate had been turned down -- his house was too far underwater. He had bought it during the boom for $220,000, putting down $30,000, and then spent another $45,000 doing it up. Now it's worth about $100,000. Once his monthly payments were set to go back up (his mortgage rate is 6.5%), my friend stopped paying them and waited for the foreclosure and eviction notices to arrive. A year and a half later he is still inhabiting his own home and watching the mail.
Whenever I hear somebody saying that growth is about to pick up, I think about my friend and the roughly 11 million homeowners whose mortgages are worth more than their homes. Some of them are still making their monthly payments. Some, like my pal, are living for nothing. The drip-drip foreclosure crisis shows how, six years after the bursting of the real estate bubble, the U.S. residential real estate market is still a mess. And without a genuine revival in housing, it is hard to think we will ever get a self- sustaining recovery.
Sure, the news that President Obama and the Republicans are talking about enlarging this year's payroll tax cut and extending unemployment benefits through 2012 is good news. The last thing the economy needs is a $250 billion hit to spending, which is what doing nothing would amount to. But where are the serious proposals to revive the housing market? It's as if both parties have agreed to drop the issue.
Housing isn't just another industry: It's a driving force for the entire economy. Residential investment accounts for up to a quarter of overall capital investment. House prices have a big influence on consumer spending -- for every $1,000 the value of his house falls, a homeowner tends to cut his outlays by about $50 or $60. And falling property tax revenues are decimating many towns and cities. How bad is it out there? New-home construction is running at less than a third of its pre-recession level; in August it fell again. Existing-home sales picked up a bit, but that was largely because of bottom-fishing investors who are betting prices can't go any lower. Let's hope they are right. Nationwide, according to the S&P/Case-Shiller index, prices are down 6% over the past year and down 32% since the first quarter of 2006.
I'm not saying that fixing the housing market is easy. If it were, somebody would have done it. But to begin with, we could make the much-maligned Home Affordable Refinancing Program (HAMP) work better. Generally, anybody who is current on payments and whose home is worth at least 80% of the outstanding loan is eligible to participate. But many homeowners have been put off by the red tape and by additional charges that Fannie Mae and Freddie Mac, which ultimately own or insure many of the mortgages, have imposed on applicants.
Then there are folks whose mortgages are way underwater. One option: Force the banks to foreclose on them and get the whole nightmare over with. But that would dump yet more properties on the market. A better solution, which has never seriously been tried, would be to expand the mortgage-modification program, offering interest rate reductions and principal write-offs in return for options on the upside value of the property. For example, the government and the bank could reduce my friend's mortgage to $150,000 -- 150% of the property's current value -- but demand half of any profit he makes when he eventually sells the property.
The details would need working on -- there's a tradeoff between maximizing uptake and minimizing rewards to irresponsible borrowers -- but surely it is worth trying. Three years of fiddling with the housing problem haven't gotten us very far.
--John Cassidy is a Fortune contributor and a New Yorker staff writer.
This article is from the October 17, 2011 issue of Fortune.
By John Cassidy, contributor
FORTUNE -- Is this a great country or what? At the start of last year, a friend of mine, the proprietor of a small business that has suffered badly in the recession, entered a trial mortgage-modification program. A few months later the bank told him that his application for a government-assisted refinancing rate had been turned down -- his house was too far underwater. He had bought it during the boom for $220,000, putting down $30,000, and then spent another $45,000 doing it up. Now it's worth about $100,000. Once his monthly payments were set to go back up (his mortgage rate is 6.5%), my friend stopped paying them and waited for the foreclosure and eviction notices to arrive. A year and a half later he is still inhabiting his own home and watching the mail.
Whenever I hear somebody saying that growth is about to pick up, I think about my friend and the roughly 11 million homeowners whose mortgages are worth more than their homes. Some of them are still making their monthly payments. Some, like my pal, are living for nothing. The drip-drip foreclosure crisis shows how, six years after the bursting of the real estate bubble, the U.S. residential real estate market is still a mess. And without a genuine revival in housing, it is hard to think we will ever get a self- sustaining recovery.
Sure, the news that President Obama and the Republicans are talking about enlarging this year's payroll tax cut and extending unemployment benefits through 2012 is good news. The last thing the economy needs is a $250 billion hit to spending, which is what doing nothing would amount to. But where are the serious proposals to revive the housing market? It's as if both parties have agreed to drop the issue.
Housing isn't just another industry: It's a driving force for the entire economy. Residential investment accounts for up to a quarter of overall capital investment. House prices have a big influence on consumer spending -- for every $1,000 the value of his house falls, a homeowner tends to cut his outlays by about $50 or $60. And falling property tax revenues are decimating many towns and cities. How bad is it out there? New-home construction is running at less than a third of its pre-recession level; in August it fell again. Existing-home sales picked up a bit, but that was largely because of bottom-fishing investors who are betting prices can't go any lower. Let's hope they are right. Nationwide, according to the S&P/Case-Shiller index, prices are down 6% over the past year and down 32% since the first quarter of 2006.
I'm not saying that fixing the housing market is easy. If it were, somebody would have done it. But to begin with, we could make the much-maligned Home Affordable Refinancing Program (HAMP) work better. Generally, anybody who is current on payments and whose home is worth at least 80% of the outstanding loan is eligible to participate. But many homeowners have been put off by the red tape and by additional charges that Fannie Mae and Freddie Mac, which ultimately own or insure many of the mortgages, have imposed on applicants.
Then there are folks whose mortgages are way underwater. One option: Force the banks to foreclose on them and get the whole nightmare over with. But that would dump yet more properties on the market. A better solution, which has never seriously been tried, would be to expand the mortgage-modification program, offering interest rate reductions and principal write-offs in return for options on the upside value of the property. For example, the government and the bank could reduce my friend's mortgage to $150,000 -- 150% of the property's current value -- but demand half of any profit he makes when he eventually sells the property.
The details would need working on -- there's a tradeoff between maximizing uptake and minimizing rewards to irresponsible borrowers -- but surely it is worth trying. Three years of fiddling with the housing problem haven't gotten us very far.
--John Cassidy is a Fortune contributor and a New Yorker staff writer.
This article is from the October 17, 2011 issue of Fortune.
Before You Choose Foreclosure!
BEFORE YOU CHOOSE FORECLOSURE, CONSIDER A SHORTSALE!
House Is Gone but Debt Lives On By JESSICA SILVER-GREENBERG
LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71.
It turned out that at a foreclosure sale, his former house fetched less than a quarter of what Mr. Reilly owed on it. His bank sued him for the rest.
The result was a foreclosure hangover that homeowners rarely anticipate but increasingly face: a "deficiency judgment."
Remains of the Debt
Take a look at the homes in Lehigh Acres, Fla., where borrowers have been sued for deficiency judgments in the first seven months of 2011 and 2010.
View Interactive
..Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after a foreclosure sale. The economics of today's battered housing market mean that lenders are doing so more and more.
Foreclosed homes seldom fetch enough to cover the outstanding loan amount, both because buyers financed so much of the purchase price—up to 100% of it during the housing boom—and because today's foreclosures take place following a four-year decline in values.
"Now there are foreclosures that leave banks holding the bag on more than $100,000 in debt," says Michael Cramer, president and chief executive of Dyck O'Neal Inc., an Arlington, Texas, firm that invests in debt. "Before, it didn't make sense [for banks] to expend the resources to go after borrowers; now it doesn't make sense not to."
Indeed, $100,000 was roughly the average amount by which foreclosure sales fell short of loan balances in hundreds of foreclosures in seven states reviewed by The Wall Street Journal. And 64% of the 4.5 million foreclosures since the start of 2007 have taken place in states that allow deficiency judgments.
Lenders still sue for loan shortfalls in only a small minority of cases where they legally could. Public relations is a limiting factor, some debt-buyers believe. Banks are reluctant to discuss their strategies, but some lenders say they are more likely to seek a deficiency judgment if they perceive the borrower to be a "strategic defaulter" who chose to stop paying because the property lost so much value.
Enlarge Image
CloseEdward Linsmier for The Wall Street Journal
Truck driver Ray Falero of Minneola, Fla., faced a 'deficiency judgment' for debt left when a foreclosure sale of his house in Orlando, Fla., didn't cover all he owed.
.In Lee County, Fla., where Mr. Reilly's vacation home was, court records show that 172 deficiency judgments were entered in the first seven months of 2011. That was up 34% from a year earlier. The increase was especially striking because total foreclosures were down sharply in the county, as banks continued to wrestle with paperwork problems that slowed the process.
One Florida lawyer who defends troubled homeowners, Matt Englett of Orlando, says his clients have faced 20 deficiency-judgment suits this year, up from seven during all of last year.
Until recently, "there was a false sense of calm" among borrowers who went through foreclosure, Mr. Englett says. "That's changing," he adds, as borrowers learn they may be financially on the hook even after the house is gone.
In Mr. Reilly's case, "there's not a snowball's chance in hell that we can pay" the deficiency judgment, says the 39-year-old man, who remains unemployed. He says he is going to speak to a lawyer about declaring bankruptcy next week, in an effort to escape the debt. The lender that obtained the judgment against him, Great Western Bank Corp. of Sioux Falls, S.D., declined to comment.
More
California Pulls Out of Foreclosure Talks
.Some close observers of the housing scene are convinced this is just the beginning of a surge in deficiency judgments. Sharon Bock, clerk and comptroller of Palm Beach County, Fla., expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
In a paradox of the battered housing industry, trying to squeeze more money out of distressed borrowers contrasts with other initiatives that aim instead to help struggling homeowners, including by reducing what they owe.
The increase in deficiency judgments has sparked a growing secondary market. Sophisticated investors are "ravenous for this debt and ramping up their purchases," says Jeffrey Shachat, a managing director at Arca Capital Partners LLC, a Palo Alto, Calif., firm that finances distressed-debt deals. He says deficiency judgments will eventually be bundled into packages that resemble mortgage-backed securities.
Because most targets have scant savings, the judgments sell for only about two cents on the dollar, versus seven cents for credit-card debt, according to debt-industry brokers.
Silverleaf Advisors LLC, a Miami private-equity firm, is one investor in battered mortgage debt. Instead of buying ready-made deficiency judgments, it buys banks' soured mortgages and goes to court itself to get judgments for debt that remains after foreclosure sales.
Silverleaf says its collection efforts are limited. "We are waiting for the economy to somewhat heal so that it's a better time to go after people," says Douglas Hannah, managing director of Silverleaf.
Investors know that most states allow up to 20 years to try to collect the debts, ample time for the borrowers to get back on their feet. Meanwhile, the debts grow at about an 8% interest rate, depending on the state.
Enlarge Image
CloseMelissa Golden for The Wall Street Journal
Retiree Julia Ingham of Gaithersburg, Md., faced a judgment related to a foreclosed property in Lehigh Acres, Fla.
.Mr. Hannah expects the market to expand as banks "aggressively unload" their distressed mortgages in the next year, driving up the number of deficiency judgments being sought.
They are pretty easy to get. "If the house sold for less than you owe, the lender wins, plain and simple," says Roy Foxall, a real-estate lawyer in Fort Myers on Florida's west coast.
Mr. Foxall says five deficiency suits were filed against his clients this year, and he couldn't poke any holes in any of them. Lenders typically have five years following a foreclosure sale to sue for remaining mortgage debt.
Mr. Englett, the Orlando lawyer who has handled 27 such suits for homeowners in the past 21 months, says he didn't get the bank to waive the deficiency in any of the cases, but did reach six settlements in which the plaintiff accepted less.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, it has had more foreclosures than any other state that allows deficiency judgments—more than 9% of the U.S. total, according to research firm Lender Processing Services Inc.
A loan-deficiency suit can yank borrowers back to a nightmare they thought was over.
Ray Falero, a truck driver whose Orlando home was foreclosed on and sold in August 2010, says he thought he was hallucinating when, months later, he opened the door and saw a sheriff's deputy. The visitor handed him a notice saying he was being sued for $78,500 by the lender on the home purchase, EverBank Financial Corp., of Jacksonville, Fla.
"I thought I was done with this whole mess," he says.
Mr. Falero, 37, says he was about nine months behind on his loan when the bank foreclosed. Before it did, he bought another home in Minneola, Fla., where he now lives and where he says he is up to date on mortgage payments. Like Mr. Reilly, Mr. Falero says he didn't swell the foreclosed-on loan through refinancing or home-equity borrowing.
Leftover Debt
Some of the 41 U.S. states where lenders can pursue deficiency judgments:
Florida
Georgia
Illinois
Michigan
New Jersey
New York
North Carolina
Ohio
Pennsylvania
Texas
.EverBank won a deficiency judgment on Mr. Falero's Orlando loan. Mr. Falero and his lawyer are fighting to reduce the amount owed. EverBank declined to comment on his case.
Credit unions and smaller banks are the most aggressive pursuers of deficiency judgments, a review of court records in several states shows.
At Suncoast Schools Federal Credit Union in Tampa, Jim Simon, manager of loss and risk mitigation, says the institution has a responsibility to its members, and that means trying to recoup losses by going after loan deficiencies. He calls such legal action the credit union's "last arrow in the quiver."
The biggest banks appear to have stayed largely on the sidelines as they deal with the foreclosure-paperwork mess. One big bank, J.P. Morgan Chase & Co., "may obtain a deficiency" judgment in foreclosure cases but will "often waive" the leftover debt when a homeowner agrees to a so-called short sale of a house for less than is owed on it, a bank spokesman says.
Among the hardest-hit spots in Florida is Lehigh Acres, a 95-square-mile unincorporated sprawl of narrow, cracked-pavement streets about 15 miles inland from Fort Myers.
Lehigh Acres was carved out of scrub land and cattle farms in the 1950s by a Chicago businessman, Lee Ratner, who had made a fortune on d-CON rat poison, says Gary Mormino, a history professor at the University of South Florida in St. Petersburg. Before he died, Mr. Ratner sold prefabricated houses to families hungry for a slice of paradise.
Decades later, Lehigh Acres (population 68,265) attracted people eager to cash in on the housing boom, even though it is distant from the sugary white beaches on the Gulf of Mexico. Speculative investors bought more than half of homes sold in Lehigh Acres in 2005 and 2006, Bob Peterson, a real-estate agent, estimates.
Many of those stucco homes now stand empty, priced at about a third of the value they had at the peak of the housing boom, which was often around $300,000.
In the first seven months of this year, courts entered 42 deficiency judgments in Lehigh Acres, for a total of $7 million, up from 26 judgments for $4.6 million in the same period of 2010, according to a Wall Street Journal analysis of state-court records.
Fifth Third Bancorp, of Cincinnati, filed for the largest share of deficiency judgments in Lehigh Acres last year. The bank declined to comment.
"It's eerily quiet around here," says Jon Divencenzo, who bought a house in Lehigh Acres at a May foreclosure sale for $50,000. Some nights, he says, the only sounds are rustling pine trees and the idling car engines of former homeowners circling the block to glimpse what they lost.
The hard-hit area reveals a sharp contrast in homeowners' attitudes toward deficiency judgments.
Julia Ingham invested in four Lehigh Acres properties in June 2005, hoping to "drum up some real money for retirement."
All have since been foreclosed on by lenders, says the 62-year-old retired programmer for International Business Machines Corp.
A credit union, after selling one of the foreclosed houses for less than the debt on it, obtained a deficiency judgment against Ms. Ingham for $181,059.54. She worries she could face such judgments on the other properties, too.
Ms. Ingham says when she bought them, she misunderstood how much her investments put her on the hook for. Her builder, she says, promised she could invest $10,000 in four properties and then flip them for a profit. Ms. Ingham says deficiency judgments punish borrowers who were taken advantage of by lenders and builders.
Catherine Ortega, who owns a Lehigh Acres home around the corner from one of Ms. Ingham's foreclosed homes, says banks should leave people like her former neighbor alone. "Those people have suffered enough," she says.
In July 2005, Mr. Reilly took out a $223,000 mortgage to build a vacation home here, about 160 miles from his primary home in Odessa, Fla. He was laid off just as construction was being completed.
Mr. Reilly says he is current on the loan on his primary residence but couldn't afford the vacation home's $1,200-a-month loan payment. Great Western Bank, which is owned by National Australia Bank Ltd., foreclosed on his house in Lehigh Acres in July 2010.
Mr. Reilly, who was a mortgage broker before his layoff, says he knew that deficiency judgments were possible after a foreclosure but didn't expect to face one because he doesn't have any financial assets, and you can't get "blood from a stone."
Alfredo Callado, who lives next door to Mr. Reilly's former house, is unsympathetic. Like Ms. Ortega, Mr. Callado is troubled by the crime that a neighborhood full of empty houses attracts. He started watching over Mr. Reilly's former house to ward off thieves who steal air conditioners from vacant properties.
Mr. Callado, sitting on a lawn chair in his driveway, says lenders should use deficiency suits to punish defaulting homeowners for the damage they do to neighborhoods, including driving down property values.
"You have to make them pay for what they do to those of us left behind," he says.
House Is Gone but Debt Lives On By JESSICA SILVER-GREENBERG
LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71.
It turned out that at a foreclosure sale, his former house fetched less than a quarter of what Mr. Reilly owed on it. His bank sued him for the rest.
The result was a foreclosure hangover that homeowners rarely anticipate but increasingly face: a "deficiency judgment."
Remains of the Debt
Take a look at the homes in Lehigh Acres, Fla., where borrowers have been sued for deficiency judgments in the first seven months of 2011 and 2010.
View Interactive
..Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after a foreclosure sale. The economics of today's battered housing market mean that lenders are doing so more and more.
Foreclosed homes seldom fetch enough to cover the outstanding loan amount, both because buyers financed so much of the purchase price—up to 100% of it during the housing boom—and because today's foreclosures take place following a four-year decline in values.
"Now there are foreclosures that leave banks holding the bag on more than $100,000 in debt," says Michael Cramer, president and chief executive of Dyck O'Neal Inc., an Arlington, Texas, firm that invests in debt. "Before, it didn't make sense [for banks] to expend the resources to go after borrowers; now it doesn't make sense not to."
Indeed, $100,000 was roughly the average amount by which foreclosure sales fell short of loan balances in hundreds of foreclosures in seven states reviewed by The Wall Street Journal. And 64% of the 4.5 million foreclosures since the start of 2007 have taken place in states that allow deficiency judgments.
Lenders still sue for loan shortfalls in only a small minority of cases where they legally could. Public relations is a limiting factor, some debt-buyers believe. Banks are reluctant to discuss their strategies, but some lenders say they are more likely to seek a deficiency judgment if they perceive the borrower to be a "strategic defaulter" who chose to stop paying because the property lost so much value.
Enlarge Image
CloseEdward Linsmier for The Wall Street Journal
Truck driver Ray Falero of Minneola, Fla., faced a 'deficiency judgment' for debt left when a foreclosure sale of his house in Orlando, Fla., didn't cover all he owed.
.In Lee County, Fla., where Mr. Reilly's vacation home was, court records show that 172 deficiency judgments were entered in the first seven months of 2011. That was up 34% from a year earlier. The increase was especially striking because total foreclosures were down sharply in the county, as banks continued to wrestle with paperwork problems that slowed the process.
One Florida lawyer who defends troubled homeowners, Matt Englett of Orlando, says his clients have faced 20 deficiency-judgment suits this year, up from seven during all of last year.
Until recently, "there was a false sense of calm" among borrowers who went through foreclosure, Mr. Englett says. "That's changing," he adds, as borrowers learn they may be financially on the hook even after the house is gone.
In Mr. Reilly's case, "there's not a snowball's chance in hell that we can pay" the deficiency judgment, says the 39-year-old man, who remains unemployed. He says he is going to speak to a lawyer about declaring bankruptcy next week, in an effort to escape the debt. The lender that obtained the judgment against him, Great Western Bank Corp. of Sioux Falls, S.D., declined to comment.
More
California Pulls Out of Foreclosure Talks
.Some close observers of the housing scene are convinced this is just the beginning of a surge in deficiency judgments. Sharon Bock, clerk and comptroller of Palm Beach County, Fla., expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
In a paradox of the battered housing industry, trying to squeeze more money out of distressed borrowers contrasts with other initiatives that aim instead to help struggling homeowners, including by reducing what they owe.
The increase in deficiency judgments has sparked a growing secondary market. Sophisticated investors are "ravenous for this debt and ramping up their purchases," says Jeffrey Shachat, a managing director at Arca Capital Partners LLC, a Palo Alto, Calif., firm that finances distressed-debt deals. He says deficiency judgments will eventually be bundled into packages that resemble mortgage-backed securities.
Because most targets have scant savings, the judgments sell for only about two cents on the dollar, versus seven cents for credit-card debt, according to debt-industry brokers.
Silverleaf Advisors LLC, a Miami private-equity firm, is one investor in battered mortgage debt. Instead of buying ready-made deficiency judgments, it buys banks' soured mortgages and goes to court itself to get judgments for debt that remains after foreclosure sales.
Silverleaf says its collection efforts are limited. "We are waiting for the economy to somewhat heal so that it's a better time to go after people," says Douglas Hannah, managing director of Silverleaf.
Investors know that most states allow up to 20 years to try to collect the debts, ample time for the borrowers to get back on their feet. Meanwhile, the debts grow at about an 8% interest rate, depending on the state.
Enlarge Image
CloseMelissa Golden for The Wall Street Journal
Retiree Julia Ingham of Gaithersburg, Md., faced a judgment related to a foreclosed property in Lehigh Acres, Fla.
.Mr. Hannah expects the market to expand as banks "aggressively unload" their distressed mortgages in the next year, driving up the number of deficiency judgments being sought.
They are pretty easy to get. "If the house sold for less than you owe, the lender wins, plain and simple," says Roy Foxall, a real-estate lawyer in Fort Myers on Florida's west coast.
Mr. Foxall says five deficiency suits were filed against his clients this year, and he couldn't poke any holes in any of them. Lenders typically have five years following a foreclosure sale to sue for remaining mortgage debt.
Mr. Englett, the Orlando lawyer who has handled 27 such suits for homeowners in the past 21 months, says he didn't get the bank to waive the deficiency in any of the cases, but did reach six settlements in which the plaintiff accepted less.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, it has had more foreclosures than any other state that allows deficiency judgments—more than 9% of the U.S. total, according to research firm Lender Processing Services Inc.
A loan-deficiency suit can yank borrowers back to a nightmare they thought was over.
Ray Falero, a truck driver whose Orlando home was foreclosed on and sold in August 2010, says he thought he was hallucinating when, months later, he opened the door and saw a sheriff's deputy. The visitor handed him a notice saying he was being sued for $78,500 by the lender on the home purchase, EverBank Financial Corp., of Jacksonville, Fla.
"I thought I was done with this whole mess," he says.
Mr. Falero, 37, says he was about nine months behind on his loan when the bank foreclosed. Before it did, he bought another home in Minneola, Fla., where he now lives and where he says he is up to date on mortgage payments. Like Mr. Reilly, Mr. Falero says he didn't swell the foreclosed-on loan through refinancing or home-equity borrowing.
Leftover Debt
Some of the 41 U.S. states where lenders can pursue deficiency judgments:
Florida
Georgia
Illinois
Michigan
New Jersey
New York
North Carolina
Ohio
Pennsylvania
Texas
.EverBank won a deficiency judgment on Mr. Falero's Orlando loan. Mr. Falero and his lawyer are fighting to reduce the amount owed. EverBank declined to comment on his case.
Credit unions and smaller banks are the most aggressive pursuers of deficiency judgments, a review of court records in several states shows.
At Suncoast Schools Federal Credit Union in Tampa, Jim Simon, manager of loss and risk mitigation, says the institution has a responsibility to its members, and that means trying to recoup losses by going after loan deficiencies. He calls such legal action the credit union's "last arrow in the quiver."
The biggest banks appear to have stayed largely on the sidelines as they deal with the foreclosure-paperwork mess. One big bank, J.P. Morgan Chase & Co., "may obtain a deficiency" judgment in foreclosure cases but will "often waive" the leftover debt when a homeowner agrees to a so-called short sale of a house for less than is owed on it, a bank spokesman says.
Among the hardest-hit spots in Florida is Lehigh Acres, a 95-square-mile unincorporated sprawl of narrow, cracked-pavement streets about 15 miles inland from Fort Myers.
Lehigh Acres was carved out of scrub land and cattle farms in the 1950s by a Chicago businessman, Lee Ratner, who had made a fortune on d-CON rat poison, says Gary Mormino, a history professor at the University of South Florida in St. Petersburg. Before he died, Mr. Ratner sold prefabricated houses to families hungry for a slice of paradise.
Decades later, Lehigh Acres (population 68,265) attracted people eager to cash in on the housing boom, even though it is distant from the sugary white beaches on the Gulf of Mexico. Speculative investors bought more than half of homes sold in Lehigh Acres in 2005 and 2006, Bob Peterson, a real-estate agent, estimates.
Many of those stucco homes now stand empty, priced at about a third of the value they had at the peak of the housing boom, which was often around $300,000.
In the first seven months of this year, courts entered 42 deficiency judgments in Lehigh Acres, for a total of $7 million, up from 26 judgments for $4.6 million in the same period of 2010, according to a Wall Street Journal analysis of state-court records.
Fifth Third Bancorp, of Cincinnati, filed for the largest share of deficiency judgments in Lehigh Acres last year. The bank declined to comment.
"It's eerily quiet around here," says Jon Divencenzo, who bought a house in Lehigh Acres at a May foreclosure sale for $50,000. Some nights, he says, the only sounds are rustling pine trees and the idling car engines of former homeowners circling the block to glimpse what they lost.
The hard-hit area reveals a sharp contrast in homeowners' attitudes toward deficiency judgments.
Julia Ingham invested in four Lehigh Acres properties in June 2005, hoping to "drum up some real money for retirement."
All have since been foreclosed on by lenders, says the 62-year-old retired programmer for International Business Machines Corp.
A credit union, after selling one of the foreclosed houses for less than the debt on it, obtained a deficiency judgment against Ms. Ingham for $181,059.54. She worries she could face such judgments on the other properties, too.
Ms. Ingham says when she bought them, she misunderstood how much her investments put her on the hook for. Her builder, she says, promised she could invest $10,000 in four properties and then flip them for a profit. Ms. Ingham says deficiency judgments punish borrowers who were taken advantage of by lenders and builders.
Catherine Ortega, who owns a Lehigh Acres home around the corner from one of Ms. Ingham's foreclosed homes, says banks should leave people like her former neighbor alone. "Those people have suffered enough," she says.
In July 2005, Mr. Reilly took out a $223,000 mortgage to build a vacation home here, about 160 miles from his primary home in Odessa, Fla. He was laid off just as construction was being completed.
Mr. Reilly says he is current on the loan on his primary residence but couldn't afford the vacation home's $1,200-a-month loan payment. Great Western Bank, which is owned by National Australia Bank Ltd., foreclosed on his house in Lehigh Acres in July 2010.
Mr. Reilly, who was a mortgage broker before his layoff, says he knew that deficiency judgments were possible after a foreclosure but didn't expect to face one because he doesn't have any financial assets, and you can't get "blood from a stone."
Alfredo Callado, who lives next door to Mr. Reilly's former house, is unsympathetic. Like Ms. Ortega, Mr. Callado is troubled by the crime that a neighborhood full of empty houses attracts. He started watching over Mr. Reilly's former house to ward off thieves who steal air conditioners from vacant properties.
Mr. Callado, sitting on a lawn chair in his driveway, says lenders should use deficiency suits to punish defaulting homeowners for the damage they do to neighborhoods, including driving down property values.
"You have to make them pay for what they do to those of us left behind," he says.
Wednesday, May 4, 2011
General Motors Announces CORVETTE C7 to be Built in Bowling...
National Corvette Museum: General Motors Announces C7 to be Built in Bowling...:
The General Motors Corvette Assembly Plant was packed full of community and state leaders, GM officials, media and supporters of Corvette today in hopes of good news with regards to the future of Corvette and Bowling Green. It was good news indeed as GM North American President Mark Reuss took to the podium and announced their plans to invest $131 million in the Bowling Green Assembly Plant, "This facility is particularly thrilling for me to be at because I've had Corvettes, in fact, Corvette is one of the reasons why I went to work for the company a long time ago," said Reuss.
"It's a thrill for me to be here today in Bowling Green as the bearer of good news at one of our very best facilities building" our most iconic car," Reuss said. "When I say our most iconic car, I really mean America's most iconic car."
Reuss then cut to the chase and made the announcement everyone had been hoping for, "I'm here to announce that GM will invest $131 million in Kentucky to ensure that the next generation Chevrolet Corvette will be produced by this team, in this plant, in Bowling Green - the Home of Corvette.
Reuss's announcement was met by resounding applause, cheers and a standing ovation
"Thank you to you because you are the reason and the quality and the innovation and the craftmanship that happens here is a direct reflection of our re-investment, but more importantly as much money as that is, we really are adding about 250 jobs to the area..."
Reuss said the current generation will continue for about two more years while work happens behind the scenes work will begin to update the facility and ensure the Corvette will continue to be the true American sports car built here for many years to come. The C7 model is predicted to be debuted Spring of 2013 for a 2014 model year Corvette.
"As you know Bowling Green is a special place and not just to me and to GM but to Corvette lovers around the world. This place is THE mecca for those who appreciate true affordable sports car performance and they come from the four corners of the globe to see what you do here," said Reuss. "It is amazing and it is inspiring and it is very American. "
Reuss added that they come to see the birthplace of the American car that holds it own against Porsche, Ferarri, BMW and the rest of the legendary European sports car makers, both on the street and on the track. "They come to see how on earth Americans can build such a car... a car that meets and beats the best in the world, and the world has to offer, although typically the world has to offer theirs at a MUCH higher price point."
Reuss praised the craftsmanship of the Bowling Green Assembly Plant, that the plants in Italy wish they could match. He added that though GM boasts the Corvette getting 27 miles per gallon, that he had a Corvette in school and would get better than that - 29 miles per gallon from Detroit to Nashville. "Like the ad says, you are building rockets."
"Unlike any other facility in North America your doors are open to our customers who make pilgrimmages to Bowling Green to see their car being built, meet the people, and visit the National Corvette Museum." Reuss also praised the Museum pointing out that it is not funded by General Motors. "I'm one of the lovers of the Museum and the heritage of Corvette and this state means a lot to me personally."
Reuss closed his presentation saying "Tadge and the team are doing the next generation Corvette and it will thrill all of the sports car drivers of the future and it will be built right here." He added that this is just one of their ongoing investments of billions of dollars in their US facilities, keeping and creating jobs for their American workers.
Later in the presentation Kentucky Governor Steve Beshear named Reuss a Kentucky Colonel, presenting him with a framed certificate and mint julep cup.
Watch a complete video of Reuss's speech on the National Corvette Museum's You Tube channel at www.youtube.com/corvettemuseum. High res images are also available for download at:
https://picasaweb.google.com/corvettemuseum/GMC7Announcement
General Motors Corvette Plant in Bowling Green Kentucky to Undergo Major Renovation
General Motors Corvette Plant to Undergo Major Renovation
Corvette Assembly to Add 250 New Jobs, Invest More Than $131 million
BOWLING GREEN, KY - Governor Steve Beshear today joined community leaders and officials of General Motors in Bowling Green to announce the company will refurbish its Bowling Green facility, adding a new vehicle product program -- the next-generation Chevy Corvette -- creating 250 new jobs and a capital investment of more than $131 million.
"Kentucky has a longstanding, mutually beneficial relationship with GM and this significant investment further demonstrates the strength of our partnership," said Governor Beshear. "We are proud to be the exclusive home of the Corvette and look forward to continuing that tradition for years to come with the launch of the next-generation Chevy Corvette. We appreciate GM's continued confidence in Kentucky's workforce and business climate."
Governor Beshear met with senior GM executives last week in Detroit, Mich., to discuss the company's potential investment in Bowling Green. Warren County Judge Executive Michael Buchanon and Bowling Green Area Chamber of Commerce President & CEO Ron Bunch, CEcD also attended the meeting to emphasize the community's support for the project.
Refurbishment of the plant, which will include new manufacturing machinery, equipment and tooling will commence this spring. The new Corvette model is expected to hit dealer showrooms in mid-2013.
"Our announcement today is possible thanks to our great partnership with the Commonwealth of Kentucky, the Bowling Green community and the UAW," said Mark Reuss, GM North America president. "It represents our commitment to this plant, this area, and this nation."
General Motors began production of the Corvette in Bowling Green in 1981. The one million square-foot plant on 212 acres has remained the exclusive home of the iconic Corvette for 30 years and currently employs nearly 500 people. In 2010, the plant produced 15,791 Corvettes.
GM's presence has a tremendous impact on Kentucky's economy and is a major part of Kentucky's rich automotive history. It was for this reason that in 2010, legislation was passed naming the Corvette as Kentucky's official state sports car.
With this expansion, the South Central Kentucky region has announced the creation of 638 jobs and a capital investment of more than $158 million in 2011, already surpassing annual figures from previous years. Adding to the broad base of existing employment at the Corvette Assembly Plant, the 250 new jobs will create an additional 140 indirect jobs and $7.9 million in retail spending.
An economic impact study performed by the Cabinet for Economic Development shows the number of direct, indirect and induced jobs that will result from GM's existing and new employment in Bowling Green is nearly 1,950 jobs. Those jobs will provide an annual $222 million boost to Kentucky's Gross Domestic Product.
GM's local plant has a tremendous impact on the economy in Bowling Green and South Central Kentucky. Not only are automotive suppliers located here to serve the GM plant, but car dealerships, tourism and many other markets also benefit from being located in the same region as the Corvette. In turn, they support GM's continued investment in the community by promoting the plant and taking pride in its location here.
To encourage the investment by GM, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $7.5 million through the Kentucky Business Investment (KBI) program. The performance-based incentive allows GM to keep a portion of its investment over an eight-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
KBI is a part of Incentives for New Kentucky (INK), which was enacted by Governor Beshear and the state legislature, including Representatives Johnny Bell, Jim DeCesare, Jody Richards and Wilson Stone of Warren County, in June 2009 to revise previous incentive programs and create new incentive opportunities for economic development. Support given by these local legislators, as well as Senator Mike Wilson, to INK has enhanced business attraction, retention and expansion efforts throughout South Central Kentucky.
"Bowling Green has been proud to be home to General Motors' Corvette plant since the 1980's, and we're grateful for all this company does for our economy," said Bowling Green City Mayor Joe Denning. "The Corvette is a symbol of this community, and we look forward to many more years of partnership with General Motors. We congratulate the company on the announcement today."
Through a Job Development Incentive Program, the City of Bowling Green has established incentives that encourage economic development. The program helps maximize state incentives for companies creating new jobs in Bowling Green, such as GM's announcement today.
"It's an incredible honor for our community to be linked to the Corvette, and we want to continue our strong partnership with General Motors in the future," added Warren County Judge Executive Michael Buchanon. "We're proud to show our appreciation for the economic impact that the local plant makes on our region. We also thank Governor Beshear, our federal and state legislators, and our Chamber of Commerce leaders for the resources they have provided to General Motors to assist in meeting the company's needs."
"The Chamber is a proud supporter of GM and is honored to be able to assist them in meeting any needs they might have. We congratulate the company on today's announcement, and we look forward to continuing our partnership with them," said Rodney Rogers, Chamber Board of Directors chairman.
Rogers continued, "We also thank the City, County and State for partnering with the Chamber on this and all other economic development projects. Their work is invaluable in supporting our community's business-friendly atmosphere."
For more information on the Bowling Green GM plant, visit www.bowlinggreenassemblyplant.com.
Information on Kentucky's economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Bowling Green (Warren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=067.
Corvette Assembly to Add 250 New Jobs, Invest More Than $131 million
BOWLING GREEN, KY - Governor Steve Beshear today joined community leaders and officials of General Motors in Bowling Green to announce the company will refurbish its Bowling Green facility, adding a new vehicle product program -- the next-generation Chevy Corvette -- creating 250 new jobs and a capital investment of more than $131 million.
"Kentucky has a longstanding, mutually beneficial relationship with GM and this significant investment further demonstrates the strength of our partnership," said Governor Beshear. "We are proud to be the exclusive home of the Corvette and look forward to continuing that tradition for years to come with the launch of the next-generation Chevy Corvette. We appreciate GM's continued confidence in Kentucky's workforce and business climate."
Governor Beshear met with senior GM executives last week in Detroit, Mich., to discuss the company's potential investment in Bowling Green. Warren County Judge Executive Michael Buchanon and Bowling Green Area Chamber of Commerce President & CEO Ron Bunch, CEcD also attended the meeting to emphasize the community's support for the project.
Refurbishment of the plant, which will include new manufacturing machinery, equipment and tooling will commence this spring. The new Corvette model is expected to hit dealer showrooms in mid-2013.
"Our announcement today is possible thanks to our great partnership with the Commonwealth of Kentucky, the Bowling Green community and the UAW," said Mark Reuss, GM North America president. "It represents our commitment to this plant, this area, and this nation."
General Motors began production of the Corvette in Bowling Green in 1981. The one million square-foot plant on 212 acres has remained the exclusive home of the iconic Corvette for 30 years and currently employs nearly 500 people. In 2010, the plant produced 15,791 Corvettes.
GM's presence has a tremendous impact on Kentucky's economy and is a major part of Kentucky's rich automotive history. It was for this reason that in 2010, legislation was passed naming the Corvette as Kentucky's official state sports car.
With this expansion, the South Central Kentucky region has announced the creation of 638 jobs and a capital investment of more than $158 million in 2011, already surpassing annual figures from previous years. Adding to the broad base of existing employment at the Corvette Assembly Plant, the 250 new jobs will create an additional 140 indirect jobs and $7.9 million in retail spending.
An economic impact study performed by the Cabinet for Economic Development shows the number of direct, indirect and induced jobs that will result from GM's existing and new employment in Bowling Green is nearly 1,950 jobs. Those jobs will provide an annual $222 million boost to Kentucky's Gross Domestic Product.
GM's local plant has a tremendous impact on the economy in Bowling Green and South Central Kentucky. Not only are automotive suppliers located here to serve the GM plant, but car dealerships, tourism and many other markets also benefit from being located in the same region as the Corvette. In turn, they support GM's continued investment in the community by promoting the plant and taking pride in its location here.
To encourage the investment by GM, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $7.5 million through the Kentucky Business Investment (KBI) program. The performance-based incentive allows GM to keep a portion of its investment over an eight-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
KBI is a part of Incentives for New Kentucky (INK), which was enacted by Governor Beshear and the state legislature, including Representatives Johnny Bell, Jim DeCesare, Jody Richards and Wilson Stone of Warren County, in June 2009 to revise previous incentive programs and create new incentive opportunities for economic development. Support given by these local legislators, as well as Senator Mike Wilson, to INK has enhanced business attraction, retention and expansion efforts throughout South Central Kentucky.
"Bowling Green has been proud to be home to General Motors' Corvette plant since the 1980's, and we're grateful for all this company does for our economy," said Bowling Green City Mayor Joe Denning. "The Corvette is a symbol of this community, and we look forward to many more years of partnership with General Motors. We congratulate the company on the announcement today."
Through a Job Development Incentive Program, the City of Bowling Green has established incentives that encourage economic development. The program helps maximize state incentives for companies creating new jobs in Bowling Green, such as GM's announcement today.
"It's an incredible honor for our community to be linked to the Corvette, and we want to continue our strong partnership with General Motors in the future," added Warren County Judge Executive Michael Buchanon. "We're proud to show our appreciation for the economic impact that the local plant makes on our region. We also thank Governor Beshear, our federal and state legislators, and our Chamber of Commerce leaders for the resources they have provided to General Motors to assist in meeting the company's needs."
"The Chamber is a proud supporter of GM and is honored to be able to assist them in meeting any needs they might have. We congratulate the company on today's announcement, and we look forward to continuing our partnership with them," said Rodney Rogers, Chamber Board of Directors chairman.
Rogers continued, "We also thank the City, County and State for partnering with the Chamber on this and all other economic development projects. Their work is invaluable in supporting our community's business-friendly atmosphere."
For more information on the Bowling Green GM plant, visit www.bowlinggreenassemblyplant.com.
Information on Kentucky's economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Bowling Green (Warren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=067.
Monday, March 7, 2011
Bowling Green is a Top-Ranked Metro by Site Selection Magazine
Bowling Green is a Top-Ranked Metro by Site Selection Magazine
BOWLING GREEN, KY-Site Selection Magazine's March 2011 issue has recognized Bowling Green for an impressive 2010 in economic development projects. Amongst metropolitan areas with populations under 200,000, the city was ranked as third in the nation for its number of industry expansions and locations in 2010. Bowling Green is the only Kentucky metropolitan area other than Cincinnati/Middletown (Ohio, Ky., Ind.) to be listed in the magazine's Top 10 metropolitan areas by number of projects this year.
Site Selection ranked Bowling Green as No. 3 in the nation for its 12 expansion and location projects in 2010, with the city following behind No. 1 Lake Charles, La. and No. 2 Altoona, Pa. This year's ranking is the highest to date that Bowling Green has received from the magazine, and this is the third time in four years that Bowling Green has been listed in Site Selection's Top 10 Metros by Number of Projects.
"Site Selection is one of the premier magazines for the economic development industry, and we're proud to see our city and region receive national recognition for economic development projects," explained Ron Bunch, CEcD, president and CEO of the Bowling Green Area Chamber of Commerce. "It's an honor to be ranked in the magazine once again, especially at such a high level, and we are eager to continue our work to market South Central Kentucky to the world."
Site Selection publisher Conway Data's yearly analyses are regarded as "the industry scoreboard" by corporate real estate analysts. The magazine's circulation base consists of 44,000 executives involved in corporate site selection decisions. To determine the rankings, Site Selection utilized Conway Data's database to track industry location and expansion projects on a state and metropolitan area level. Qualified projects include those that meet at least one of three criteria: (1) involve a capital investment of at least $1 million, (2) create 50 or more jobs, or (3) add at least 20,000 square feet of new floor space.
In 2010, the Chamber participated in 21 economic development projects, 15 of which were expansions. These projects announced 1,653 new and retained jobs and a capital investment of more than $241 million for South Central Kentucky, and they will create an additional $140 million in annual economic impact. These are the highest job and capital investment figures that the Chamber has experienced to date. Below is a list of the announced projects that the Chamber supported in 2010.
New Projects
Integrated Pharmaceutical Company (Barren County) - $5.1 million capital investment, 100 new jobs
Certifed Flux Solutions (Butler County) - $863,000 capital investment, 12 new jobs
Renaissance Industries (Edmonson County) - $1 million capital investment, 15 new jobs
Kentucky Chrome Works LLC (Hart County) - $2.6 million capital investment, 80 new jobs
Medina Blankings (Shiloh Industries, Inc.) (Warren County) - $9.9 million capital investment, 60 new jobs
Pure Power Technologies (Warren County) - $884,440 capital investment, 10 new jobs
Expansion Projects
Amneal Pharmaceutical Company (Barren County) - $6.6 million capital investment, 48 new jobs
Corvac Composites LLC (Butler County) - $8.1 million capital investment, 75 new jobs
Gulfstar Energy (Butler County) - $5 million capital investment, 7 new jobs
Sister Schubert (Hart County) - $33.2 million capital investment, 65 new jobs
American Howa Kentucky (Warren County) - $11.5 million capital investment, 86 new jobs
Bando USA (Warren County) - $7 million capital investment, 15 new jobs
Country Oven Bakery (Warren County) - $10.6 million capital investment, 33 new jobs
Fruit of the Loom (Warren County) - $47 million capital investment, 600 new jobs
Magna Car Top Systems (Warren County) - $952,775, 30 new jobs
NASCO (Warren County) - $10 million, 206 retained jobs
Owl's Head Alloys Inc (Warren County) - $3 million capital investment, 30 new jobs
SCA Personal Care (Warren County) - $44.1 million capital investment, 65 new jobs
Sun Products Corporation (Warren County) - $23.9 million capital investment, 73 new jobs
Topura America Fastener (Warren County) - $9.3 million capital investment, 30 new jobs
Xhale Inc (Warren County) - $175,000 capital investment, 13 new jobs
As projects are completed, South Central Kentucky will see more residents, additional tax revenues, and increased sales because the impact of new manufacturing jobs carries through the region into all industries. For example, 100 manufacturing jobs in Warren County will create $15.96 million in economic impact for all industries, and that number continues to grow each year. One hundred new manufacturing jobs created in 2010 will have a 10-year cumulative impact of more than $196 million.
"It is great to once again be ranked in Site Selection for our many projects," said City of Bowling Green Mayor Joe Denning. "These rankings give our city national recognition and create top-of-mind awareness for professionals throughout the economic development industry."
Site Selection also recognized Glasgow (Barren County) as a top micropolitan area by number of projects. With three projects, Glasgow tied for 41st with cities in Georgia, Indiana, Ohio and Pennsylvania, among others.
"Rankings in Site Selection bring attention to the economic development progress being made by South Central Kentucky," said Warren County Judge Executive Michael Buchanon. "Because of our regional approach, we understand that a ranking for Bowling Green or for Glasgow is not limited to only those municipalities. Growth in one county equals growth for the entire region."
"Congratulations again to our economic development leaders in the region for their 2010 achievements," said 2011 Chamber Board of Directors Chairman Rodney Rogers. "It's an honor to be a part of a nationally recognized community like ours, and we look forward to continuing the tradition of delivering value to our current and expanding industries, as well as attracting new investments to the region."
The article and rankings can be viewed in their entirety at www.siteselection.com.
Monday, February 7, 2011
Governor Beshear Announces NHK of America Suspension Components
NASCO investing $20 million to construct second facility, create up to 108 new jobs
BOWLING GREEN, KY - Gov. Steve Beshear today joined community leaders and executives of NHK of America Suspension Components (NASCO) to announce the company will invest more than $20 million to construct a new 50,000 square-foot manufacturing plant at its current location in Bowling Green. As a result of the expansion, the Japanese automotive supplier will add up to 108 new jobs over the next several years to its existing workforce, which is currently just over 200 employees.
"Kentucky is proud to have a longstanding corporate citizen such as NASCO reaffirm its commitment to our state by making new investments and creating new jobs," said Gov. Beshear. "The Commonwealth has long been a hub for automotive manufacturers and suppliers and this expansion further strengthens our footprint in the automotive industry."
Established in Bowling Green in 1986, NASCO has become one of the world's largest manufacturing plants for suspension coil springs for passenger cars and light trucks. It is also a leading supplier of trunk lid torsion bars and stabilizer links for the North American automotive industry. The new facility, which is expected to be completed by October of this year, will manufacture motor armature parts for electric and hybrid vehicles.
"The new plant is a major investment in metal stamping technology and our Japanese parent company NHK Spring decided to locate it here in Bowling Green, Kentucky," said Fumiaki Kimura, president of NASCO and New Mather Metals in Franklin, Kentucky. "We are very excited to have been awarded the opportunity to build something new here in Bowling Green and create new jobs. We are grateful to the Commonwealth of Kentucky for providing tax incentives to help offset some of the costs of building and operating the new plant."
NASCO was the first Japanese company to locate in Bowling Green. With these investments, the company's total investment in the community will exceed $150 million. Construction will begin immediately and is scheduled to be completed by October of this year. Initial hiring is expected to begin at the end of 2011.
"This is really good news for Bowling Green, Warren County and our region of the state," said Rep. Jody Richards of Bowling Green. "It further confirms what we have long believed: that our area is business friendly and a true hub for the automotive industry."
"Since opening their first plant in 1987, NHK of America has grown into a leading corporate citizen in our community," said Rep. Jim DeCesare, of Bowling Green. "Their growth has helped lead to better high-paying jobs, which have helped support improvements in our schools and our economy. I am pleased that NHK will be expanding and creating more than 100 new jobs, which means they will continue to call Bowling Green home for years to come."
"NASCO's expansion announcement is another reminder of the value that industries find in locating facilities in Warren County and South Central Kentucky," said Warren County Judge Executive Michael Buchanon. "We thank NASCO for its announcement today and for doing business here for nearly 25 years."
"The city of Bowling Green congratulates NASCO on its expansion announcement," said Bowling Green Mayor Joe Denning. "NASCO continues to be a strong contributor to our local economy, and we're thrilled that the company will expand operations here."
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved NASCO for tax incentives up to $2.5 million through the Kentucky Business Investment program. The performance-based incentive will allow NASCO to keep a portion of its investment over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved NASCO for tax benefits up to $294,000 through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
These incentive programs are a part of Incentives for New Kentucky (INK), which was enacted by Governor Beshear and the state legislature, including Representatives Johnny Bell, Jim DeCesare, Jody Richards and Wilson Stone of Warren County, in June 2009 to revise previous incentive programs and create new incentive opportunities for economic development. Support given by these local legislators, as well as Senator Mike Wilson, to INK has enhanced industry attraction, retention and expansion efforts throughout South Central Kentucky.
When hiring is complete, the economic impact of NASCO's expansion will create an additional 32 jobs in the community. Additionally, the expansion will increase retail spending by more than $1.9 million. Bowling Green and Warren County will see an increased collection of more than $67,000 in residential property tax, and the county's commercial and industrial property tax will grow by more than $139,000.
BOWLING GREEN, KY - Gov. Steve Beshear today joined community leaders and executives of NHK of America Suspension Components (NASCO) to announce the company will invest more than $20 million to construct a new 50,000 square-foot manufacturing plant at its current location in Bowling Green. As a result of the expansion, the Japanese automotive supplier will add up to 108 new jobs over the next several years to its existing workforce, which is currently just over 200 employees.
"Kentucky is proud to have a longstanding corporate citizen such as NASCO reaffirm its commitment to our state by making new investments and creating new jobs," said Gov. Beshear. "The Commonwealth has long been a hub for automotive manufacturers and suppliers and this expansion further strengthens our footprint in the automotive industry."
Established in Bowling Green in 1986, NASCO has become one of the world's largest manufacturing plants for suspension coil springs for passenger cars and light trucks. It is also a leading supplier of trunk lid torsion bars and stabilizer links for the North American automotive industry. The new facility, which is expected to be completed by October of this year, will manufacture motor armature parts for electric and hybrid vehicles.
"The new plant is a major investment in metal stamping technology and our Japanese parent company NHK Spring decided to locate it here in Bowling Green, Kentucky," said Fumiaki Kimura, president of NASCO and New Mather Metals in Franklin, Kentucky. "We are very excited to have been awarded the opportunity to build something new here in Bowling Green and create new jobs. We are grateful to the Commonwealth of Kentucky for providing tax incentives to help offset some of the costs of building and operating the new plant."
NASCO was the first Japanese company to locate in Bowling Green. With these investments, the company's total investment in the community will exceed $150 million. Construction will begin immediately and is scheduled to be completed by October of this year. Initial hiring is expected to begin at the end of 2011.
"This is really good news for Bowling Green, Warren County and our region of the state," said Rep. Jody Richards of Bowling Green. "It further confirms what we have long believed: that our area is business friendly and a true hub for the automotive industry."
"Since opening their first plant in 1987, NHK of America has grown into a leading corporate citizen in our community," said Rep. Jim DeCesare, of Bowling Green. "Their growth has helped lead to better high-paying jobs, which have helped support improvements in our schools and our economy. I am pleased that NHK will be expanding and creating more than 100 new jobs, which means they will continue to call Bowling Green home for years to come."
"NASCO's expansion announcement is another reminder of the value that industries find in locating facilities in Warren County and South Central Kentucky," said Warren County Judge Executive Michael Buchanon. "We thank NASCO for its announcement today and for doing business here for nearly 25 years."
"The city of Bowling Green congratulates NASCO on its expansion announcement," said Bowling Green Mayor Joe Denning. "NASCO continues to be a strong contributor to our local economy, and we're thrilled that the company will expand operations here."
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved NASCO for tax incentives up to $2.5 million through the Kentucky Business Investment program. The performance-based incentive will allow NASCO to keep a portion of its investment over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved NASCO for tax benefits up to $294,000 through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
These incentive programs are a part of Incentives for New Kentucky (INK), which was enacted by Governor Beshear and the state legislature, including Representatives Johnny Bell, Jim DeCesare, Jody Richards and Wilson Stone of Warren County, in June 2009 to revise previous incentive programs and create new incentive opportunities for economic development. Support given by these local legislators, as well as Senator Mike Wilson, to INK has enhanced industry attraction, retention and expansion efforts throughout South Central Kentucky.
When hiring is complete, the economic impact of NASCO's expansion will create an additional 32 jobs in the community. Additionally, the expansion will increase retail spending by more than $1.9 million. Bowling Green and Warren County will see an increased collection of more than $67,000 in residential property tax, and the county's commercial and industrial property tax will grow by more than $139,000.
Monday, January 24, 2011
Sitel, Best Buy ink deal for Call Center in Glasgow, KY
By LISA SIMPSON STRANGE
Glasgow Daily Times The Glasgow Daily Times Thu Jan 20, 2011, 10:39 AM CST
GLASGOW — A well-known retailer of electronics and entertainment products has announced the company will be locating support services in Glasgow during the next few months, which will mean more than 500 additional jobs for the community’s workforce.
Best Buy Co. Inc. made public Wednesday that the business has signed a deal with Sitel, a leading global business process outsourcing provider, to set up call center operations at the Sitel facility adjacent to the Western Kentucky University-Glasgow Campus off Roseville Road.
Representatives from Best Buy did not respond to inquiries about the deal before press time.
It’s been a long and sometimes frustrating road for local and state officials in bringing the Sitel facility and the right client to the community. After two years of negotiations with the state of Kentucky, Sitel announced in July of 2007 that it would be building the call center in Glasgow. Construction began a year later during the summer of 2008 and was completed in January of 2009.
Dave Garner, president and CEO of Sitel, visited the community that month to tour the new building and announce his company’s plans for the site. At that time he thought Sitel would be able to find one or more clients for the facility quickly, according to a previous Glasgow Daily Times article. The task proved to be more challenging than he imagined.
Because of the local facility’s proximity to the company headquarters in Nashville, Sitel officials had previously said they wanted the operation in Glasgow to be a showplace with just the right client that they could bring prospective customers to see.
Working behind the scenes, local officials in conjunction with Sitel representatives brought multiple potential customers, including ones such as Apple, to tour the building and the community during the past two years, but in spite of their efforts no deals were signed.
Timothy Miller, the new Sitel site director for the Glasgow facility, said his company had received significant support from the local community and its representatives during the long process and he singled out former Mayor Darrell Pickett and IDEA Executive Director Dan Iacconi, along with Vicky Wade with the Office of Employment Training and Lisa Bosnell with WKU-Glasgow as being instrumental in sealing the deal with Best Buy.
“They were very helpful and welcoming. A lot of time, effort and energy has been put into this and I think we finally have the right fit for the center,” Miller said.
“It’s how my last day of work was spent. Bringing jobs to Glasgow is still important to me,” Pickett said Wednesday afternoon.
He and Iacconi used the last few days of 2010 to work with representatives from Best Buy and Sitel to finalize negotiations that had been ongoing for some time.
Officials with Best Buy were very pleased with their visit to the community, according to Miller and now that a contract has been signed, the hiring process for employees will begin very soon.
“It will move very quickly over the next few months. Hopefully, by the end of July we will have achieved the goal of more than 500 employees,” he said.
To help that process, Sitel will have a career open house at the facility next week on Tuesday from 9 a.m. until 3 p.m. and Wednesday from 9 a.m. to noon. The company is looking for employees with good people skills more than anything else because they will be dealing with warranty-related customer service issues.
“We need people who provide friendly customer service ... have warmth. We can train them on the technical side. They will need to have basic keyboarding skills. We’re also hiring for management positions, so we’re looking for those particular skill sets as well,” Miller said.
Sitel representatives are hoping for 1,500 to 2,000 applicants for the two-day career open house next week. Miller said people were already stopping by the Sitel building at 101 Hilltopper Way to make inquiries, but he stressed the best way to apply is online at www.sitel.com in the “Careers” section before the open house.
Glasgow Daily Times The Glasgow Daily Times Thu Jan 20, 2011, 10:39 AM CST
GLASGOW — A well-known retailer of electronics and entertainment products has announced the company will be locating support services in Glasgow during the next few months, which will mean more than 500 additional jobs for the community’s workforce.
Best Buy Co. Inc. made public Wednesday that the business has signed a deal with Sitel, a leading global business process outsourcing provider, to set up call center operations at the Sitel facility adjacent to the Western Kentucky University-Glasgow Campus off Roseville Road.
Representatives from Best Buy did not respond to inquiries about the deal before press time.
It’s been a long and sometimes frustrating road for local and state officials in bringing the Sitel facility and the right client to the community. After two years of negotiations with the state of Kentucky, Sitel announced in July of 2007 that it would be building the call center in Glasgow. Construction began a year later during the summer of 2008 and was completed in January of 2009.
Dave Garner, president and CEO of Sitel, visited the community that month to tour the new building and announce his company’s plans for the site. At that time he thought Sitel would be able to find one or more clients for the facility quickly, according to a previous Glasgow Daily Times article. The task proved to be more challenging than he imagined.
Because of the local facility’s proximity to the company headquarters in Nashville, Sitel officials had previously said they wanted the operation in Glasgow to be a showplace with just the right client that they could bring prospective customers to see.
Working behind the scenes, local officials in conjunction with Sitel representatives brought multiple potential customers, including ones such as Apple, to tour the building and the community during the past two years, but in spite of their efforts no deals were signed.
Timothy Miller, the new Sitel site director for the Glasgow facility, said his company had received significant support from the local community and its representatives during the long process and he singled out former Mayor Darrell Pickett and IDEA Executive Director Dan Iacconi, along with Vicky Wade with the Office of Employment Training and Lisa Bosnell with WKU-Glasgow as being instrumental in sealing the deal with Best Buy.
“They were very helpful and welcoming. A lot of time, effort and energy has been put into this and I think we finally have the right fit for the center,” Miller said.
“It’s how my last day of work was spent. Bringing jobs to Glasgow is still important to me,” Pickett said Wednesday afternoon.
He and Iacconi used the last few days of 2010 to work with representatives from Best Buy and Sitel to finalize negotiations that had been ongoing for some time.
Officials with Best Buy were very pleased with their visit to the community, according to Miller and now that a contract has been signed, the hiring process for employees will begin very soon.
“It will move very quickly over the next few months. Hopefully, by the end of July we will have achieved the goal of more than 500 employees,” he said.
To help that process, Sitel will have a career open house at the facility next week on Tuesday from 9 a.m. until 3 p.m. and Wednesday from 9 a.m. to noon. The company is looking for employees with good people skills more than anything else because they will be dealing with warranty-related customer service issues.
“We need people who provide friendly customer service ... have warmth. We can train them on the technical side. They will need to have basic keyboarding skills. We’re also hiring for management positions, so we’re looking for those particular skill sets as well,” Miller said.
Sitel representatives are hoping for 1,500 to 2,000 applicants for the two-day career open house next week. Miller said people were already stopping by the Sitel building at 101 Hilltopper Way to make inquiries, but he stressed the best way to apply is online at www.sitel.com in the “Careers” section before the open house.
Monday, February 1, 2010
The Bad Jobs Report Wasn't All Bad -- Mortgage Rates Fell
Despite the headlines, it’s important to remember that December’s jobs report wasn’t all bad news.
Sure, the economy shed 85,000 jobs last month and the Unemployment Rate failed to dip below 10%, but for home buyers and rate shoppers , the news was just fine.
The soft employment data led mortgage rates lower, making homes more affordable for buyers.
There are two sides to every economic coin.
Since early-2008, the U.S workforce has been closely tied to home financing. As the economy slowed and jobs were lost, Wall Streeters pulled money from the risky stock markets and moved it to of the relative safety of bond markets, instead.
Safe haven buying led mortgage bond prices higher which, in turn, caused rates to fall. Mortgage rates fell to 6 all-time lows in 2009. In a related statistic, 4.2 million jobs were lost last year.
And this is why Friday’s non-farm payrolls report was so good for buyers.
See, in November, the economy added new jobs for the first time since 2007, housing looked strong, consumer confidence was growing. The safe haven buying reversed and mortgage rates took off. Analysts believed the nation’s economic turnaround was complete.
But now, after December’s jobs report returned to the red, Wall Street is forced to rethink its position. Safe haven buying is back and mortgage rates are lower because of it.
Over the next few months, expect a lot of this back-and-forth action in rates. In general, positive news for the economy will be met with higher mortgage rates and negative economic news will be met with lower mortgage rates. There will be exceptions, but the general rule should hold.
Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties
Incentive Part of Ongoing Effort to Stabilize Neighborhoods
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
Monday, January 18, 2010
Simple Tips to Save Money
If you’ve weathered this past year’s wallet-squeezing, here’s some how-to advice for keeping more money in your pocket now that the New Year has arrived.
Use, don’t lose, those new gift cards. In California, most gift cards cannot have expiration dates or fees, unless clearly stated on the card itself. But if a store goes bankrupt, or if the card is issued by a mall or a bank, your card could be subject to service fees and expiration dates. Another money-saving tip: If your gift card balance is below $10, you can receive it in cash.
Guard against “free trial” offers that stealthily set you up for automatic debits or credit card charges. According to consumer warnings from the Better Business Bureau, Federal Trade Commission and Visa Inc., some companies offering free trials—on everything from colon cleansers to debt reduction plans—also create automatic deductions for special “services” or subscriptions. Read the fine print before opting for any “free trial” offers.
Calculate how quickly you can pay off credit card debt, especially after holiday spending. Use an online credit card calculator, such as at bankrate.com or credit.com. According to the California Society of CPAs, if you’ve got a $5,000 balance with an 18% interest rate and make only monthly minimum payments, it will take 12.5 years to pay off the card. And you’ll pay $2,916 in interest. If you get a year-end gift or bonus, consider applying it to your January balances.
Reduce your cell-phone bill. Eliminate services you don’t need or want: insurance, roadside service, ring tones, texting. Or if you or your kids are continually hit with too many fees for text messages, switch to an unlimited plan. Don’t use your cell phone much? Consider switching to a prepaid phone.
Sweep up energy savings. Just a few household changes can save hundreds of dollars a year. If you replace 20 household 100-watt light bulbs with 27-watt fluorescent bulbs, you’ll save $277.30 a year, according to SMUD (Sacramento Municipal Utility District). Shorter showers can save, too. A family of three dropping shower times from 17 minutes to 11 can save $100.20 a year, not to mention conserving gallons of water.
Say thanks to all the new federal tax breaks, including those for purchasing a home, buying a car, paying college expenses or adding household energy improvements. “There’ve been a lot of things loosened up for consumers this year,” said John Hogg, who oversees 16 Jackson-Hewitt tax preparation offices in Sacramento. “Many of these credits have never been available before; others, like the new home buyer’s credit and college tuition credits, are worth more this year than last. If people take advantage of these, their tax liability could be significantly less for 2009.”
The first-time home buyer’s credit increased to $8,000 and was extended to April 30, 2010. Existing homeowners who haven’t purchased a home in the last three years can get a maximum $6,500. The tax credit for college students has been extended to a full four years and up to $2,500 annually, including textbooks. The vehicle sales tax deduction applies to any new purchase made by Dec. 31 this year.
For families, there’s also the child-tax credit and the earned income tax credit (EITC) for low- income households. For instance, a married couple with three children and family income of $22,000 could qualify for a federal refund of more than $9,000 through the combined credits. Due to layoffs and furloughs, many families with reduced incomes may qualify for the first time this year, Hogg said.
Stay healthy: That’s one of the surest ways to save. And if you have a flexible spending account through your employer for health care expenses, don’t forget to submit your receipts for reimbursement by Dec. 31 or your company’s deadline. If you fill out the correct paperwork, you’ll get a nice check in the mail.
Ignore unsolicited e-mails, calls or letters asking for personal financial information. Phony messages pretending to be from the IRS, FDIC and your bank can siphon money faster than you can click open their fraudulent online messages.
Laugh: We’ve all made spending bloopers. If you want to share yours or ogle those of others, go to www.spendster.org, the “online confessional for bad spending.” Sponsored by the National Endowment for Financial Education, it’s a lighthearted look at how we can learn from our mistakes.
(c) 2009, The Sacramento Bee (Sacramento, Calif.).
By Claudia Buck Print Article
RISMEDIA, January 12, 2010—(MCT)—
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2010-01-11/simple-tips-to-save-money/#ixzz0czS5nwQb
Use, don’t lose, those new gift cards. In California, most gift cards cannot have expiration dates or fees, unless clearly stated on the card itself. But if a store goes bankrupt, or if the card is issued by a mall or a bank, your card could be subject to service fees and expiration dates. Another money-saving tip: If your gift card balance is below $10, you can receive it in cash.
Guard against “free trial” offers that stealthily set you up for automatic debits or credit card charges. According to consumer warnings from the Better Business Bureau, Federal Trade Commission and Visa Inc., some companies offering free trials—on everything from colon cleansers to debt reduction plans—also create automatic deductions for special “services” or subscriptions. Read the fine print before opting for any “free trial” offers.
Calculate how quickly you can pay off credit card debt, especially after holiday spending. Use an online credit card calculator, such as at bankrate.com or credit.com. According to the California Society of CPAs, if you’ve got a $5,000 balance with an 18% interest rate and make only monthly minimum payments, it will take 12.5 years to pay off the card. And you’ll pay $2,916 in interest. If you get a year-end gift or bonus, consider applying it to your January balances.
Reduce your cell-phone bill. Eliminate services you don’t need or want: insurance, roadside service, ring tones, texting. Or if you or your kids are continually hit with too many fees for text messages, switch to an unlimited plan. Don’t use your cell phone much? Consider switching to a prepaid phone.
Sweep up energy savings. Just a few household changes can save hundreds of dollars a year. If you replace 20 household 100-watt light bulbs with 27-watt fluorescent bulbs, you’ll save $277.30 a year, according to SMUD (Sacramento Municipal Utility District). Shorter showers can save, too. A family of three dropping shower times from 17 minutes to 11 can save $100.20 a year, not to mention conserving gallons of water.
Say thanks to all the new federal tax breaks, including those for purchasing a home, buying a car, paying college expenses or adding household energy improvements. “There’ve been a lot of things loosened up for consumers this year,” said John Hogg, who oversees 16 Jackson-Hewitt tax preparation offices in Sacramento. “Many of these credits have never been available before; others, like the new home buyer’s credit and college tuition credits, are worth more this year than last. If people take advantage of these, their tax liability could be significantly less for 2009.”
The first-time home buyer’s credit increased to $8,000 and was extended to April 30, 2010. Existing homeowners who haven’t purchased a home in the last three years can get a maximum $6,500. The tax credit for college students has been extended to a full four years and up to $2,500 annually, including textbooks. The vehicle sales tax deduction applies to any new purchase made by Dec. 31 this year.
For families, there’s also the child-tax credit and the earned income tax credit (EITC) for low- income households. For instance, a married couple with three children and family income of $22,000 could qualify for a federal refund of more than $9,000 through the combined credits. Due to layoffs and furloughs, many families with reduced incomes may qualify for the first time this year, Hogg said.
Stay healthy: That’s one of the surest ways to save. And if you have a flexible spending account through your employer for health care expenses, don’t forget to submit your receipts for reimbursement by Dec. 31 or your company’s deadline. If you fill out the correct paperwork, you’ll get a nice check in the mail.
Ignore unsolicited e-mails, calls or letters asking for personal financial information. Phony messages pretending to be from the IRS, FDIC and your bank can siphon money faster than you can click open their fraudulent online messages.
Laugh: We’ve all made spending bloopers. If you want to share yours or ogle those of others, go to www.spendster.org, the “online confessional for bad spending.” Sponsored by the National Endowment for Financial Education, it’s a lighthearted look at how we can learn from our mistakes.
(c) 2009, The Sacramento Bee (Sacramento, Calif.).
By Claudia Buck Print Article
RISMEDIA, January 12, 2010—(MCT)—
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2010-01-11/simple-tips-to-save-money/#ixzz0czS5nwQb
Wednesday, January 13, 2010
Program 3648 Representative Mark Tyree Providing Big Help to Homeowners in Small Towns - FOXBusiness.com
BOWLING GREEN, K.Y., Jan 11, 2010 (GlobeNewswire via COMTEX) ----Mark Tyree of Coldwell Banker Legacy Group partnered with Program 3648, a privately-sponsored, nationwide initiative to help homeowners avoid foreclosure, in November of 2008. Mark's efforts under the initiative have positively impacted the lives of many residents in small cities surrounding Bowling Green, Kentucky. In total, Mark Tyree has successfully assisted 20 families with short sale work-out solutions that prevented the families from going through the painful foreclosure process. Tyree is presently helping 26 additional families with many more on the horizon.
Debbie, one homeowner that Mark Tyree helped to avoid foreclosure, recently went through a divorce and as a result, could no longer afford the mortgage payments on her home. The stress of her circumstances began to be lifted from the moment she received a letter from Mark explaining that through Program 3648 he was volunteering his time and resources to help her at no cost whatsoever. She stated that she felt much better after speaking to Mark for the first time. She said, "Mark was a really big help. He was responsive to my needs and always answered my questions in a way I could understand. He did all the work for me; He was just a friend while I went through a difficult process. I felt much better once he solved my situation."
Tyree has only been a Realtor for three years, but since partnering with Program 3648 his Real Estate business has taken off. He states, "Leveraging with Program 3648 has given me the tools I need to reach distressed homeowners and then help them get a fresh start and rebuild their lives."
Program 3648 trains licensed real-estate professionals in most markets throughout the country. These licensed agents then act as a "ground army" of volunteers, reaching out to homeowners who may need assistance. Under Program 3648, Certified Program 3648 Representatives (CPR's), offer to help homeowners, at no cost whatsoever, avoid foreclosure and take advantage of any servicer or government incentives that apply to their particular situation. Allen Ciarlante, Mark Tyree's Program 3648 Transaction Coordinator states, "The best thing about Mark Tyree is that he really goes the extra mile for the homeowner. If I ever need any additional documents or information to complete the deal for the homeowner, I can always count on Mark to get me what I need right away. He is a pleasure to work with."
Co-founder of Program 3648 Jeremy Bowman states, "Hundreds of real-estate professionals throughout the country, like Mark Tyree, have responded to the call to action and are going above and beyond to help homeowners through one of the most difficult processes of their lives. Without them, we would be severely limited in our ability to penetrate most markets and help relieve distressed homeowners of their potential foreclosure." With certified representatives now positioned in most markets nationwide, Program 3648, along with their Representatives, stands poised, ready, and eager to help any homeowner who wants help.
The Program 3648 logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6979
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Program 3648
CONTACT: Program 3648
Cindy Thompson, Director of Administration
1.502.301.8865
1.800.915.1988
cindyt@program3648.org
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
Program 3648 Representative Mark Tyree Providing Big Help to Homeowners in Small Towns - FOXBusiness.com
Posted using ShareThis
Monday, January 4, 2010
Homeowners – Exterior Remodeling Projects Prove Best Bang for Your Buck
RISMEDIA—Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors who completed a recent survey.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80% of project costs upon resale. A steel entry door replacement–a new addition to this year’s list–recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%. Wood deck additions recouped 80.6% of costs.
“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors can help give your home curb appeal while adding value to the real estate transaction.
The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with Realtor Magazine, as Realtors provided their insight into local markets and buyer home preferences within those markets.
On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1% of remodeling costs compared to 73.8% in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3% costs recouped.
Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements–midrange wood, midrange vinyl, and upscale vinyl–all returned more than 76% of costs upon sale.
Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1% and 50.7% of project costs.
Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.
The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania).
Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, Realtors are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a Realtor who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.
For more information, visit www.realtor.org [2].
Posted By susanne On December 23, 2009 @ 4:07 pm In Homeowner's Toolkit,
Monday, December 21, 2009
U.S. Bank Announces Plans to Bring More than 50 New Jobs to Bowling Green
BOWLING GREEN, KY – U.S. Bank plans to bring more than 50 new jobs to Bowling Green, starting in the first quarter of 2010 when U.S. Bank will renovate and expand its 3170 Louisville Road Mortgage Operations Center. It will bring the total number of U.S. Bank employees to more than 300 in the area, nearly 170 at the mortgage service center and 130 working at U.S. Bank’s 15 local branch offices.
"We're very pleased to partner with our colleagues at U.S. Bank Home Mortgage to expand an already significant employee base in the Bowling Green area," said Craig Browning, U.S. Bank regional president for South Central Kentucky. "This expanded U.S. Bank Service Center illustrates our growth and commitment to this area in the form of new jobs and a new future for this existing facility. Our region produces high quality and caring employees that we are most proud to be associated with in serving our customers. We wish to extend a special thanks to city, county and Bowling Green Area Chamber of Commerce officials for their interest and contributions during our evaluation process."
Dan Prather, senior vice president of U.S. Bank Home Mortgage added, “We selected Bowling Green to grow our mortgage loan, servicing and production call center because we were excited and impressed with the labor quality in this community, and we expect to draw top rate job applicants from the community, including graduates of Western Kentucky University.”
Prather said that interested persons can apply online at usbank.com/careers.
“We congratulate U.S. Bank on the expansion of their existing mortgage call center here in Bowling Green,” said City of Bowling Green Mayor Elaine Walker. “We’re proud they saw our city as the best location for this expansion, and we thank them for their continued support of our community.”
“This is an exciting day for Bowling Green,” said Todd Davis, 2009 Board of Directors Chairman of the Bowling Green Area Chamber of Commerce. “U.S. Bank has made a commitment to this community through its work in bringing more high quality, good paying jobs with benefits. They chose to expand here because of our pro-business policies and highly skilled workforce. These are the assets we will continue to promote as we find responsible solutions to our current economic challenges.”
U.S. Bank also recently expanded its Owensboro mortgage service center, just 70 miles north, to accommodate up to 1,000 employees.
"We're very pleased to partner with our colleagues at U.S. Bank Home Mortgage to expand an already significant employee base in the Bowling Green area," said Craig Browning, U.S. Bank regional president for South Central Kentucky. "This expanded U.S. Bank Service Center illustrates our growth and commitment to this area in the form of new jobs and a new future for this existing facility. Our region produces high quality and caring employees that we are most proud to be associated with in serving our customers. We wish to extend a special thanks to city, county and Bowling Green Area Chamber of Commerce officials for their interest and contributions during our evaluation process."
Dan Prather, senior vice president of U.S. Bank Home Mortgage added, “We selected Bowling Green to grow our mortgage loan, servicing and production call center because we were excited and impressed with the labor quality in this community, and we expect to draw top rate job applicants from the community, including graduates of Western Kentucky University.”
Prather said that interested persons can apply online at usbank.com/careers.
“We congratulate U.S. Bank on the expansion of their existing mortgage call center here in Bowling Green,” said City of Bowling Green Mayor Elaine Walker. “We’re proud they saw our city as the best location for this expansion, and we thank them for their continued support of our community.”
“This is an exciting day for Bowling Green,” said Todd Davis, 2009 Board of Directors Chairman of the Bowling Green Area Chamber of Commerce. “U.S. Bank has made a commitment to this community through its work in bringing more high quality, good paying jobs with benefits. They chose to expand here because of our pro-business policies and highly skilled workforce. These are the assets we will continue to promote as we find responsible solutions to our current economic challenges.”
U.S. Bank also recently expanded its Owensboro mortgage service center, just 70 miles north, to accommodate up to 1,000 employees.
Monday, December 14, 2009
Around the Home – 10 No-Cost Tips for Saving Energy
Looking for fast, free ways to save on energy around the home this winter? According to Tom Kraeutler, host of the nationally-syndicated home improvement radio show, The Money Pit, there are many common-sense things you can do everyday in your home to lower energy bills.
Tip #1 – Lock your windows. Don’t just close them, but lock them to create an airtight seal that keeps out air leaks and drafts.
Tip #2 – Plug power-draining computers and electronic equipment into a power strip with a switch, so they can all be easily turned off when not in use.
Tip #3 – Turn off lights when leaving a room.
Tip #4 – Get free solar heat by opening the blinds and shades during the day.
Tip #5 – Chill out and do your laundry in cold water.
Tip #6 – Add a sweater and lower the thermostat. For every degree you lower your thermostat, you may be able to save 5% on heating costs.
Tip #7 – Run only full loads in your dishwasher.
Tip #8 – Remove lint often from your clothes dryer and its outside vent. And, run your dryer in the evening, when the extra heat helps warm your house.
Tip #9 – Close the doors (and the heating vents) in rooms with minimal use, like walk-in closets, laundry rooms and guest bedrooms, to reduce heat use in those areas.
Tip #10 – Snuggle up under more blankets at night and turn your heat down lower to reduce energy costs.
“Small things can add up to big energy savings in the home,” says Kraeutler. “You’ll be surprised to find your energy bills dropping by 20, 30 or more dollars each month when you consistently make the effort.”
Thursday, December 10, 2009
Bowling Green is a Best Place to Launch a Small Business
BOWLING GREEN, KY-Once again Bowling Green has been recognized for its positive environment for small business. CNNMoney.com recently released its "Best Places to Launch" list--ranking the best large, middle and small population metropolitan areas for small business start-ups.
Bowling Green ranked 12th in the small cities list (populations under 250,000), placing it in the ranks with cities such as Sioux Falls, S.D.; Dubuque, Iowa; and Abilene, Texas. No other Kentucky city was ranked in Bowling Green's small cities category.
CNNMoney notes, "While some entrepreneurs prefer to locate near major cities, others opt for the intellectual spark and intimacy of college towns and other small, close-knit communities. One size doesn't fit all, so our list is divided into three tiers: small, midsize and large metro areas."
The full rankings can be found online at http://money.cnn.com/smallbusiness/best_places_launch/2009/full_list/top_small.html
CNNMoney ranked the cities based on factors such as per capita income, hourly wages, workforce quality, crime rates, taxes and foreclosures, as well as population size. Partnering with the Ewing Marion Kauffman Foundation and enlisting the help of Robert Fairlie, an economist and leading scholar of entrepreneurship at the University of California, Santa Cruz, CNNMoney developed the list of the most business-friendly communities in America.
"Once again Bowling Green is receiving national attention for its ideal business climate," said Bowling Green Mayor Elaine Walker. "Small businesses thrive here, especially because of our strong network of business leaders through the Chamber and other organizations, and we're thrilled to see our name on another prestigious list."
Warren County Judge Executive Michael Buchanon agreed with Mayor Walker, "The entrepreneurial spirit thrives in Bowling Green and the entire South Central Kentucky region, so it's no surprise that we're being recognized for our small business environment."
According to the U.S. Census Bureau 2007 County Business Patterns, there are 2,704 small businesses with one to 49 employees in the Bowling Green metropolitan statistical area (MSA). The city's small business growth rate from 2004 to 2007 was 4.2% compared to the Best Places' average of 5.6%.
CNNMoney links Bowling Green's appeal to the downtown redevelopment project with the newly built Bowling Green Ballpark, Circus Square and the planned performing arts center. Other attractions include Fruit of the Loom and the Corvette plant as two of the MSA's largest and most well-known employers, as well as the city's ideal location off of Interstate 65. The article also listed the city's shift toward high-paying technology jobs, recognizing the state-of-the-art Kentucky Transpark and Western Kentucky University's small business and high-tech business incubators within the University's Center for Research and Development.
"Small businesses are an integral part of our community," said Todd Davis, 2009 Chamber Board of Directors chairman. "At the Chamber, we're proud to recognize small businesses through Small Business Appreciation Week, our CEO Roundtables and the Strategic Business Alliance. We work closely with WKU, as well as other organizations and educational institutions, to assist with resources for current and future small business owners."
Governor Beshear Announces Start Up of Kentucky Copper in Morgantown
India-based Copper Company to Create 106 New Jobs, Invest Nearly $32 Million
FRANKFORT, KY- Gov. Steve Beshear and Cabinet for Economic Development representatives today joined community and company officials in Butler County to announce that India-based Chandra Proteco Ltd. will start up a manufacturing operation in Morgantown under the name Kentucky Copper Inc. The new company will create 106 new jobs and invest nearly $32 million in the Commonwealth.
"The start-up of Kentucky Copper in Morgantown will create more than 100 direct jobs and a tremendous economic boost for not only Butler County, but for all of south central Kentucky," said Gov. Beshear. "Kentucky is proud to partner with Chandra Proteco on this new investment and will continue to work with the company to establish and grow its operations in the Commonwealth."
Chandra Group has been in the field of copper and copper cable business for more than 40 years and specializes in transposed cable and railway cables for traction. With more than 500 employees in India, the company's facilities are spread over India, Europe, Africa and China.
"We are delighted to bring the extensive experience of our parent company, Chandra Copper, to Kentucky along with a commitment to be an active part of the community and the Commonwealth of Kentucky," said Mukul Gupta, president of Kentucky Copper.
Kentucky Copper will be located in a 163,000 square-foot facility on Veterans Way and will include warehousing, manufacturing and office space, as well as a technology center. The company will manufacture products to be used in power transformers, energy transmission and distribution applications, as well as high-speed trains. Three product lines will be phased in and will produce magnet wires, profile and trolley wires and continuously transposed conductors.
The Kentucky Economic Development Finance Authority preliminarily approved Chandra Protecto Ltd. for tax benefits up to $6 million under the former Kentucky Rural Economic Development Act.
"We wish Kentucky Copper much success as they open their facility here in Butler County," said Butler County Judge-Executive David Fields. "The Bowling Green Area Chamber of Commerce introduced this company to our community through our involvement in the South Central Kentucky partnership, and we appreciate their work on this project as Kentucky Copper is a welcome addition to Butler County, particularly because of the 106 new jobs it will create."
"We're grateful for Kentucky Copper's investment of nearly $32 million in our community, and we look forward to working with Kentucky Copper in the future. We wish them as much prosperity as possible as we welcome them into our community," said Morgantown Mayor Eva Hawes. "We also thank the Bowling Green Area Chamber of Commerce's work in bringing this project to our community."
This announcement is one of only three announcements made in the Commonwealth in which a new industry has announced more than 100 new jobs this year.
Morgantown and Butler County are members of the South Central Kentucky Economic Development Partnership and its international-award-winning Menu of Services Program, designed and led by the Bowling Green Area Chamber of Commerce. Through this partnership, the Chamber worked with the state to assist in locating Kentucky Copper in Morgantown, providing the services of tenured economic development professionals.
Todd Davis, chairman of the Chamber Board of Directors, said, "We are proud to have introduced Kentucky Copper to South Central Kentucky. We draw no distinction between county lines in our South Central Kentucky partnership, enabling us to ensure that a client's needs are met. A new industry location in one county is a success for all counties involved."
Davis continued, "Morgantown, Butler County, South Central Kentucky and the Commonwealth are all winners because Kentucky Copper chose to locate in our region."
BGHS Among Top High Schools Nationwide
Bowling Green High School Receives Third Medal from US News and World Report
For the third consecutive year, Bowling Green High School is at the top of the class among high schools nationwide. Today, US News and World Report released their annual list of America’s Best High Schools. The top 100 high schools in the nation were awarded gold medals, the next 561 silver, and an additional 1,750 bronze. BGHS is one of only 8 high schools in Kentucky to earn a Silver Medal. There were no gold medals awarded in the Commonwealth.
Principal Gary Fields attributes Bowling Green High School’s most recent recognition to the work of everyone in the Bowling Green City Schools Purple family. He says, “I hope everyone takes personal pride in making this honor possible for our school. Our work from preschool to high school, and the support of our alumni and community, has led our students to achieve great things.” He also adds, “It is a great day to be a PURPLE.”
US News and World Report used a three-step formula to calculate the list of top schools. First, they measured how students performed on state tests, adjusting for student circumstances. Next, they evaluated the performance of each school's disadvantaged students. Finally, they looked at the school’s success in providing college-level coursework such as Advanced Placement courses.
BGHS has approximately 1,075 students enrolled in grades 9-12. Of the student population, 34% are minority students, and 44% are eligible for free or reduced lunch. Kentucky Core Content Test results from 2009 confirm Bowling Green High School is performing above the state average in all content areas.
Currently, Bowling Green High School offers 17 Advanced Placement Courses, which are open to all students. In the spring of 2009, 26% of BGHS students completed at least one Advanced Placement exam. Results from the College Board Exams show 62% of those students earned college credit.
US News and World Report will publish the America’s Best High School rankings in the January 2010 issue. Printed copies will be available to subscribers and on newsstands on or around December 17.
For more information, visit:
http://www.usnews.com/listings/high-schools/kentucky/bowling_green_high_school
Thursday, July 23, 2009
$5,000 New Construction Buyer Tax Credit
On June 26, 2009 as a result of a special legislative session, Governor Beshear signed into law HB3, which contains incentives for new home purchasers. This measure recognizes the importance of putting people back to work in the hard hit construction industry as a means of increasing economic activity and tax revenues. We compliment the Legislature and Governor for their progressive recovery plan. A summary of their plan is below and detailed components of the bill follows
* In effect from July 26, 2009 to July 26, 2010. The new home must close during this period.
* Purchasers of new homes during that period will receive up to $5,000 non-refundable tax credit (non-refundable means that the credit will go against a tax liability to the state. i.e. if your state tax liability is only $4,200 you can only take a tax credit of $4,200, if your state tax liability is $6,2000, you can only take $5,000).
* The new home buyer must live in the home for at least two years or pay back the tax credit to the state.
* There is a total program cap of $25 million (5,000 homes or more depending on size of actual credits). The tax credit is over when that cap is reached or July 26, 2010 whichever comes first.
* Purchases are defined as anyone other than first time home buyers.
* The new home must be the home owner’s principal residence. A new home is defined as either detached or attached and has never been occupied.
* Within seven calendar days after purchase of a qualified residence, the qualified buyer shall submit a completed application for the new home tax credit on forms provided by the Kentucky Department of Revenue.
* The Department of Revenue will create a web site to explain the credit to the public and to keep track of the amount of the program cap dollars remaining.
Watch for additional information as the final regulations are published and check with your tax advisor to conform eligibility and benefits of the program
* In effect from July 26, 2009 to July 26, 2010. The new home must close during this period.
* Purchasers of new homes during that period will receive up to $5,000 non-refundable tax credit (non-refundable means that the credit will go against a tax liability to the state. i.e. if your state tax liability is only $4,200 you can only take a tax credit of $4,200, if your state tax liability is $6,2000, you can only take $5,000).
* The new home buyer must live in the home for at least two years or pay back the tax credit to the state.
* There is a total program cap of $25 million (5,000 homes or more depending on size of actual credits). The tax credit is over when that cap is reached or July 26, 2010 whichever comes first.
* Purchases are defined as anyone other than first time home buyers.
* The new home must be the home owner’s principal residence. A new home is defined as either detached or attached and has never been occupied.
* Within seven calendar days after purchase of a qualified residence, the qualified buyer shall submit a completed application for the new home tax credit on forms provided by the Kentucky Department of Revenue.
* The Department of Revenue will create a web site to explain the credit to the public and to keep track of the amount of the program cap dollars remaining.
Watch for additional information as the final regulations are published and check with your tax advisor to conform eligibility and benefits of the program
REALTORS® SAY HOUSING INCENTIVES HELP ECONOMY, SMALL BUSINESSES
Having a sound and well-functioning real estate sector is critical to our country’s economic growth and development, as well as the growth and sustainability of many small businesses, according to the National Association of Realtors®.
In testimony on Capitol Hill before the House Committee on Small Business, NAR President Charles McMillan noted that the real estate industry supports millions of jobs and services. “By enacting provisions that stabilize America’s real estate markets, you are helping small businesses and America’s communities thrive and prosper,” said McMillan, a Realtor® and broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
NAR shared its belief that the 2009 stimulus legislation has proven helpful to small business owners - which includes many Realtors® - most notably by beginning to stabilize the housing market and stimulate the economy. “Along with other tax bills passed in 2007 and 2008, the 2009 stimulus legislation included a number of provisions that are helping the nation recover,” McMillan said.
The focus of NAR’s testimony was on three provisions that are having a positive impact on the real estate industry - the first-time homebuyer tax credit, the elimination of the mortgage cancellation tax, and the SBA loan programs.
The 2009 stimulus increased the amount of the homebuyer tax credit to $8,000 and eliminated the repayment feature of the credit. It also extended the program up to December 1, 2009. “It appears the tax credit is now being embraced based on the number of inquiries we and our members are receiving and the increased activity in the first-time homebuyer market,” said McMillan.
NAR has asked Congress to take steps to ensure the tax credit continues to stimulate the housing market and help families achieve the dream of homeownership. “We hope Congress will extend the tax credit through next year and make the credit available to all purchasers of primary residences,” McMillan said. “Additionally, to be fair, we’d like the repayment requirement from the 2008 stimulus bill to be eliminated so families are not penalized for buying their home just a few months before the new legislation went into effect.”
The second provision is the Mortgage Cancellation Relief Act passed by Congress in 2007. The tax relief has been extended through 2012, but NAR would like to see this become permanent. “It just doesn’t seem right to further penalize a family that has acted responsibly and has lost their home or been forced into a short sale because of market conditions. Eliminating the tax on the excused debt will help many families begin to recover more quickly and maybe will allow them to once again own a home,” McMillan said.
Lastly, NAR addressed the Small Business Administration loan program that provides fee waivers for some of its SBA programs and new loan programs and raised guarantees. “We applaud these efforts,” McMillan said. “However, the SBA often deems independent contractors, which most Realtors® are, ineligible for its programs and its standards are not always evenly applied across regions.” Realtors® and other independent contractors are often denied access to SBA programs. NAR asked Congress for assistance in making these loans available to more small businesses helping them to grow and prosper.
“NAR thanks you for all of your efforts to date. We stand ready to work with Congress and the Obama administration in any way possible to find further solutions to stabilize the real estate market and restore a strong marketplace and economy,” said McMillan.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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